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Accounting for Islamic financial transactions: a case study on financial reporting practices

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dc.contributor.authorZulkarnain Muhamad Sori
dc.date.accessioned2018-11-05T11:03:55Z
dc.date.available2018-11-05T11:03:55Z
dc.date.issued2018
dc.description.abstractThis hypothetical case study was developed based on the financial statements of Bahrain Islamic Bank and Bank Islam Malaysia Berhad. The banks were registered in two different countries namely Bahrain and Malaysia that adopted Financial Accounting Standards (FAS) issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and International Financial Reporting Standards (IFRS) (the standards are locally adopted and named as Malaysian Financial Reporting Standards (MFRS)) issued by International Accounting Standards Board (IASB) respectively. The key issues explored in this case are: the motivation for recording and reporting Islamic financial transactions; types and purposes of financial statements prepared by Islamic financial institutions (IFIS) in the two different financial reporting regimes; Shari'ah perspectives of key accounting assumptions such as substance over form, time value of money, fair value and principles of probability. Understanding the Shari'ah perspective of key accounting assumptions would help preparers and users of financial statements to appreciate the effect of accounting policy adopted for financial reporting.en_US
dc.identifier.citationMuhamad Sori, Zulkarnain. (2018). Accounting for Islamic financial transactions: a case study on financial reporting practices. In Ahmed Ali Siddiqui, Sarwat Ahson & Shazia Farooq. (Eds.), Case studies in Islamic finance and Shari'ah compliance (pp. 8-40). Karachi, Pakistan: IBA Press.en_US
dc.identifier.isbn9789699759093
dc.identifier.urihttps://ikr.inceif.org/handle/INCEIF/2976
dc.languageEnglish
dc.language.isoenen_US
dc.publisherIBA Pressen_US
dc.rights2018. IBA Press
dc.sourceSEDONA
dc.subjectIFRS/MFRSen_US
dc.subjectAAOIFIen_US
dc.subjectFinancial Statements, Substance over formen_US
dc.subjectTime value of moneyen_US
dc.titleAccounting for Islamic financial transactions: a case study on financial reporting practicesen_US
dc.typeChapter in Booken_US
dlc.maintopicIslamic accountingen_US
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.licenseAvailable in physical copy only
ikr.topic.maintopicIslamic accountingen_US
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