Publication:
A comparison of MASB and AAOFI accounting conceptual frameworks
| DC Field | Value | |
|---|---|---|
| dc.contributor.author | Shamsher Mohamad Ramadili Mohd | |
| dc.contributor.author | Zulkarnain Muhamad Sori | |
| dc.date.accessioned | 2018-04-29T08:24:39Z | |
| dc.date.available | 2018-04-29T08:24:39Z | |
| dc.date.issued | 2017 | |
| dc.description.abstract | This paper aims to present comparison of conceptual framework published by the Malaysian Accounting Standards Board (MASB) (fully converged with the standards issued by the International Accounting Standards Board (IASB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). As the Islamic finance industry evolved, some scholars proposed that the Islamic Financial Institutions (IFIs) should have different accounting standards to serve their need to report the unique financial information needs. The research is motivated by the introduction of accounting standards by the AAOIFI to fulfill the financial reporting needs of Islamic finance industry that offered Shariah complied products and services. AAOIFI divided the objective of financial reporting into two parts, namely, objective of financial accounting and objective of financial reports. However, only a limited number of countries adapted the AAOIFI accounting standards as mandatory for their IFIs. The other 120 countries apply standards issued by IASB for their IFIs. For MASB, the objective of financial reporting is to generate useful financial information for creditors and investors. An analysis of the accounting principles outlined in the conceptual framework of the MASB shows substantial replication of the AAOIFI's conceptual framework. In the Malaysian Islamic finance industry perspective, though the regulator requires the IFIs to apply the IFRS, yet it issued relevant regulations as a guide for IFIs financial reporting and to close the gap. | en_US |
| dc.identifier.citation | Muhamad Sori, Zulkarnain & Ramadili Mohd, Shamsher Mohamad. (2017). A comparison of MASB and AAOFI accounting conceptual frameworks. Journal of Islamic Finance Accounting, 1 (1), pp. 30-37. | en_US |
| dc.identifier.uri | https://ikr.inceif.org/handle/INCEIF/2876 | |
| dc.language | English | |
| dc.language.iso | en | en_US |
| dc.publisher | AAOIFI | en_US |
| dc.rights | 2017. AAOIFI | |
| dc.source | SEDONA | |
| dc.subject | Accounting conceptual framework | en_US |
| dc.subject | MASB | en_US |
| dc.subject | AAOIFI | en_US |
| dc.subject | Islamic accounting | en_US |
| dc.subject | Islamic finance | en_US |
| dc.title | A comparison of MASB and AAOFI accounting conceptual frameworks | en_US |
| dc.type | Journal Article | en_US |
| dlc.maintopic | Islamic accounting | en_US |
| dspace.entity.type | Publication | |
| ikr.doctype | Scholarly Works | |
| ikr.topic.maintopic | Islamic accounting | en_US |
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