Islamic Finance

Evidence of IFRS Adoption in Moslem Finance- Kuwait, Jordan In jimmy to the parallel amidst conventional and Islamic invoice, many authors judge such(prenominal) comparison in general or for unique(predicate) standards (see for slip Baydoun and Willett, 2000; Haniffa and Hudaib, 2001). According to them, the main differences between conventional and Islamic invoice read to do with the following: a) General economic aspects such as: ? Secular versus religious; ? Economic rationalism versus concurrence of graven image; ? Individualism versus collectivism; ? Profit maximization motive versus commonsense profit; ? Absolute versus relative ownership.

b) special acco unting issues alike: ? Conservatism: apply prudent rating methods and avoid victimisation the most favorable impact on owners versus most favorable to eccentricnership; ? On going concern: billet concern goes forever versus ground on contractual agreement between parties; ? Measuring unit: fiscal 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 benefit versus fulfilling all duties before Allah; ? Users of financial study: identifying economic events and legal proceeding 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, see contracts, and specialty investment account (where the investors bear part of the business risk), related party transactions; whereas others (Baydoun and Willett, 2000)! analyze the contents of Islamic corporate reports suggesting that a current value added statement should also be part of Islamic corporate reports in secern to provide greater sentience of the social impact of fraternitys activities. Sulaiman (2000) supports the use of some(prenominal) current value balance sheets and value...If you indirect request to get a effective essay, order it on our website: OrderEssay.net

If you want to get a full information about our service, visit our page: write my essay