Islamic Finance

Evidence of IFRS Adoption in Muslim Finance- Kuwait, Jordan In lever to the parallel betwixt conventional and Islamic account, many authors stoppage such comparison in general or for unique(predicate) standards (see for grammatical case Baydoun and Willett, 2000; Haniffa and Hudaib, 2001). According to them, the main differences between conventional and Islamic accountancy read to do with the following: a) General economic aspects such as: ? Secular versus religious; ? Economic rationalism versus wizard of graven image; ? Individualism versus collectivism; ? Profit maximation motive versus commonsense profit; ? Absolute versus relative ownership.

b) ad hoc accounting issues alike: ? Conservatism: apply prudent military rating methods and avoid victimisation the most favorable impact on owners versus most favorable to eccentricnership; ? On going concern: care goes forever versus ground on contractual agreement between parties; ? Measuring unit: monetary value versus quantity and monetary based (according to zakat calculation); ? Consistency based on the standards/regulations used by the entity versus consistency with Islamic law; ? corporality: decision making good versus fulfilling all duties before Allah; ? Users of financial study: identifying economic events and transactions versus identifying socio-economic and religious events and transactions. In addition, some (Razik, 2009) consider that Islamic accounting and IFRS differ in five issues that are related to to leases, turn back contracts, and specialty investment account (where the investors bear part of the assembly line risk), related party tran! sactions; whereas others (Baydoun and Willett, 2000) analyze the contents of Islamic corporate reports suggesting that a current value added statement should alike be part of Islamic corporate reports in golf-club to provide greater sentience of the social impact of conjunctions activities. Sulaiman (2000) supports the use of some(prenominal) current value balance sheets and value...If you fatality to get a effective essay, order it on our website: BestEssayCheap.com

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