The Presentation and Disclosure of Islamic Banks’ Financial Statements: A Comparative Analysis of IFRS and AAOIFI Financial Accounting Standards
Financial reporting is a formal recording of transaction and activities of a financial entity. The demand for standards in financial reporting started way back before introducing the Malaysian Accounting Standards Board (MASB). A compar-ative analysis of the presentation and disclosure of Islamic ba...
Saved in:
Main Authors: | , , |
---|---|
Format: | Book Chapter |
Language: | English English English |
Published: |
Springer
2023
|
Subjects: | |
Online Access: | http://irep.iium.edu.my/105882/11/105882_The%20Presentation%20and%20Disclosure%20of%20Islamic%20Banks%E2%80%99%20Financial%20Statements%20A%20Comparative%20Analysis%20of%20IFRS%20and%20AAOIFI%20Financial%20Accounting%20Standards.pdf http://irep.iium.edu.my/105882/2/A%20Comparative%20Analysis%20of%20IFRS%20and%20AAOIFI%20Financial%20Accounting%20Standards.pdf http://irep.iium.edu.my/105882/17/105882_The%20Presentation%20and%20Disclosure%20of%20Islamic%20Banks%E2%80%99%20Financial%20Statements_Scopus.pdf http://irep.iium.edu.my/105882/ https://link.springer.com/bookseries/15179 |
Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
id |
my.iium.irep.105882 |
---|---|
record_format |
dspace |
spelling |
my.iium.irep.1058822023-11-06T06:26:45Z http://irep.iium.edu.my/105882/ The Presentation and Disclosure of Islamic Banks’ Financial Statements: A Comparative Analysis of IFRS and AAOIFI Financial Accounting Standards Pazilaiti, Ababaike Rosman, Romzie Sharofiddin, Ashurov BPH Islamic Economics HG3368 Islamic Banking and Finance Financial reporting is a formal recording of transaction and activities of a financial entity. The demand for standards in financial reporting started way back before introducing the Malaysian Accounting Standards Board (MASB). A compar-ative analysis of the presentation and disclosure of Islamic banks’ financial statement based on IFRS and AAOIFI financial accounting standard (FAS) is essential in explaining Islamic banks’ reporting and compliance. Therefore, this study was conducted to compare the two accounting standards and their effectiveness in different Islamic banks. A critical literature review showed the origin and different opinions of several studies about IFRS and AAOIFI FAS. This study adopts semi-structured interview which has been conducted with industry practitioners and academicians to investigate the underlying issues in general on the different reporting based on the two standards, particularly on the reporting and disclosure of the profit-sharing investment accounts. The results show that IFRS focuses on reporting the economic substance of transactions, while the AAOIFI focuses on ensuring the IFIs regulations adhere to Shariah laws. The AAOIFI has been unwelcomin Springer 2023-07-28 Book Chapter PeerReviewed application/pdf en http://irep.iium.edu.my/105882/11/105882_The%20Presentation%20and%20Disclosure%20of%20Islamic%20Banks%E2%80%99%20Financial%20Statements%20A%20Comparative%20Analysis%20of%20IFRS%20and%20AAOIFI%20Financial%20Accounting%20Standards.pdf application/pdf en http://irep.iium.edu.my/105882/2/A%20Comparative%20Analysis%20of%20IFRS%20and%20AAOIFI%20Financial%20Accounting%20Standards.pdf application/pdf en http://irep.iium.edu.my/105882/17/105882_The%20Presentation%20and%20Disclosure%20of%20Islamic%20Banks%E2%80%99%20Financial%20Statements_Scopus.pdf Pazilaiti, Ababaike and Rosman, Romzie and Sharofiddin, Ashurov (2023) The Presentation and Disclosure of Islamic Banks’ Financial Statements: A Comparative Analysis of IFRS and AAOIFI Financial Accounting Standards. In: Islamic sustainable finance, law and innovation: opportunities and challenges. Contributions to Management Science . Springer, pp. 473-482. ISBN 978-3-031-27859-4 https://link.springer.com/bookseries/15179 |
institution |
Universiti Islam Antarabangsa Malaysia |
building |
IIUM Library |
collection |
Institutional Repository |
continent |
Asia |
country |
Malaysia |
content_provider |
International Islamic University Malaysia |
content_source |
IIUM Repository (IREP) |
url_provider |
http://irep.iium.edu.my/ |
language |
English English English |
topic |
BPH Islamic Economics HG3368 Islamic Banking and Finance |
spellingShingle |
BPH Islamic Economics HG3368 Islamic Banking and Finance Pazilaiti, Ababaike Rosman, Romzie Sharofiddin, Ashurov The Presentation and Disclosure of Islamic Banks’ Financial Statements: A Comparative Analysis of IFRS and AAOIFI Financial Accounting Standards |
description |
Financial reporting is a formal recording of transaction and activities of a financial entity. The demand for standards in financial reporting started way back before introducing the Malaysian Accounting Standards Board (MASB). A compar-ative analysis of the presentation and disclosure of Islamic banks’ financial statement based on IFRS and AAOIFI financial accounting standard (FAS) is essential in explaining Islamic banks’ reporting and compliance. Therefore, this study was conducted to compare the two accounting standards and their effectiveness in different Islamic banks. A critical literature review showed the origin and different opinions of several studies about IFRS and AAOIFI FAS. This study adopts semi-structured interview which has been conducted with industry practitioners and academicians to investigate the underlying issues in general on the different reporting based on the two standards, particularly on the reporting and disclosure of the profit-sharing investment accounts. The results show that IFRS focuses on reporting the economic substance of transactions, while the AAOIFI focuses on ensuring the IFIs regulations adhere to Shariah laws. The AAOIFI has been unwelcomin |
format |
Book Chapter |
author |
Pazilaiti, Ababaike Rosman, Romzie Sharofiddin, Ashurov |
author_facet |
Pazilaiti, Ababaike Rosman, Romzie Sharofiddin, Ashurov |
author_sort |
Pazilaiti, Ababaike |
title |
The Presentation and Disclosure of Islamic Banks’ Financial Statements: A Comparative Analysis of IFRS and AAOIFI Financial Accounting Standards |
title_short |
The Presentation and Disclosure of Islamic Banks’ Financial Statements: A Comparative Analysis of IFRS and AAOIFI Financial Accounting Standards |
title_full |
The Presentation and Disclosure of Islamic Banks’ Financial Statements: A Comparative Analysis of IFRS and AAOIFI Financial Accounting Standards |
title_fullStr |
The Presentation and Disclosure of Islamic Banks’ Financial Statements: A Comparative Analysis of IFRS and AAOIFI Financial Accounting Standards |
title_full_unstemmed |
The Presentation and Disclosure of Islamic Banks’ Financial Statements: A Comparative Analysis of IFRS and AAOIFI Financial Accounting Standards |
title_sort |
presentation and disclosure of islamic banks’ financial statements: a comparative analysis of ifrs and aaoifi financial accounting standards |
publisher |
Springer |
publishDate |
2023 |
url |
http://irep.iium.edu.my/105882/11/105882_The%20Presentation%20and%20Disclosure%20of%20Islamic%20Banks%E2%80%99%20Financial%20Statements%20A%20Comparative%20Analysis%20of%20IFRS%20and%20AAOIFI%20Financial%20Accounting%20Standards.pdf http://irep.iium.edu.my/105882/2/A%20Comparative%20Analysis%20of%20IFRS%20and%20AAOIFI%20Financial%20Accounting%20Standards.pdf http://irep.iium.edu.my/105882/17/105882_The%20Presentation%20and%20Disclosure%20of%20Islamic%20Banks%E2%80%99%20Financial%20Statements_Scopus.pdf http://irep.iium.edu.my/105882/ https://link.springer.com/bookseries/15179 |
_version_ |
1783876084861763584 |
score |
13.154949 |