This paper analyzes the influence of International Financial Reporting Standard (IFRS) 9 on Indonesia’s sukuk accounting standard. The latter was revised to be more in harmony with the dominant global standard. The writer interviewed senior accountants of Islamic banks who were aware of the issue, as well as reviewing and comparing the sukuk accounting of Islamic banks after the revised standards were applied. IFRS adds market valuation and any changes recognized in other comprehensive income (OCI). Therefore, Indonesia’s Statement of Financial Accounting Standard (SFAS) 110 was revised to accommodate IFRS, but a more complete adoption of IFRS 9 requires further review from Islamic scholars, especially in regard to the use of discount and interest rates for valuation. Islamic scholars in Indonesia prohibit this method for valuation.