Financial Reporting for Islamic Financial Institutions : Accounting and Audit...

by Mahar, Abdul Rauf; Bhatti, Ayesha; Ashraf, Muhammad Junaid; Malik

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Financial Reporting for Islamic Financial Institutions : Accounting and Auditing Standards, Interpretation and Application, Hardcover by Mahar, Abdul Rauf; Bhatti, Ayesha; Ashraf, Muhammad Junaid; Malik, Asfand Zubair, ISBN 103246402X, ISBN-13 9781032464022, Like New Used, Free P&P in the UK "Mainstream accounting rules, namely International Financial Reporting Standards (IFRS), used in conventional banking, employ financial logics and principles which are at odds with Shariah and therefore unsuitable for reporting the results of Islamic banks. Th is an effort to explain the Islamic accounting principles and practices for Islamic Financial institutions and to juxtapose them to mainstream accounting principles in a simple and practical manner. Th begins with an overview of the Islamic Finance environment, the rationale for Islamic accounting and a brief introduction of AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions), the professional body responsible for the issuance of Islamic accounting standards. The main features of the AAOIFI Conceptual Framework and its comparison with IFRS framework are covered in Chapter 2. Chapters 3-9 cover the accounting treatment of the major Islamic finance products including trade-based (Murabaha, Salam and Istisna'a), rental-based (Ijarah) and risk-sharing based products (Mudarabah and Musharakah). Given the significance and complexity of Islamic bonds (Sukuk) for the Islamic finance industry, Chapter 10 discusse

• ISBN: 9781032464022
• Condition: Fine

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