About this product

Product Identifiers

PublisherTaylor & Francis Group

ISBN-10103246402X

ISBN-139781032464022

eBay Product ID (ePID)25062256890

Product Key Features

Number of Pages304 Pages

LanguageEnglish

Publication NameFinancial Reporting for Islamic Financial Institutions : Accounting and Auditing Standards, Interpretation and Application

SubjectAccounting / Financial, Accounting / General, Commerce, Auditing

Publication Year2024

TypeTextbook

AuthorMuhammad Junaid Ashraf, Asfand Zubair Malik, Ayesha Bhatti, Abdul Rauf Mahar

Subject AreaBusiness & Economics

SeriesRoutledge Studies in Accounting Ser.

FormatHardcover

Dimensions

Item Length9.2 in

Item Width6.1 in

Additional Product Features

Intended AudienceCollege Audience

LCCN2023-037858

Dewey Edition23

IllustratedYes

Dewey Decimal657.091767

Table Of Content1. Islamic Finance and Islamic Accounting Environment 2. AAOIFI Conceptual Framework for Financial Reporting 3. Murabaha 4. Salam 5. Istisna'a 6. Ijarah 7. Mudaraba 8. Musharakah 9. Investment Accounts 10. Sukuk 11. Zakah 12. Impairment

SynopsisThe book explains the Islamic accounting principles and practices for Islamic Financial institutions and juxtaposes them to mainstream accounting principles in a simple and practical manner. It will be a useful guide for students, academics and practitioners concerned with the subject of financial reporting in Islamic Institutions., 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. The book 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. The book 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 discusses the basic accounting and reporting issues vis-à-vis Sukuk, leaving more complex issues for advanced texts on the topic. Zakah accounting (charity) and provisions and impairments are covered in Chapters 11 and 12. The chapters are arranged so that they start with a discussion of the product itself, followed by the AAOIFI accounting treatment and ending with the IFRS perspective. Each chapter begins with the learning objectives and a cover story and closes with a summary of the learning objectives. To facilitate the learning of readers, each chapter contains a glossary of the terms introduced as well as end of chapter multiple choice questions. In addition, each chapter includes practical insights and concept checks to enhance and test the understanding of the readers. This will be a useful guide for students, academics and practitioners concerned with the subject of financial reporting in Islamic Institutions.

LC Classification NumberHF5616.I74M34 2024