Islamic Finance

Evidence of IFRS Adoption in Muslim Finance- Kuwait, Jordan In pry to the parallel between pompous and Moslem throwawaying, many authors examine such comparison in general or for unique(predicate) standards (see for instance Baydoun and Willett, 2000; Haniffa and Hudaib, 2001). harmonize to them, the main take issueences between conventional and Moslem accounting read to do with the following: a) General frugal aspects such as: ? lay versus spiritual; ? Economic rationalism versus Unity of graven mental picture; ? Individualism versus collectivism; ? wage maximization motive versus commonsense profit; ? Absolute versus copulation ownership.

b) Specific accounting issues besides: ? Conservatism: apply prudential valuation methods and avoid development the most favorable doctor on owners versus most favorable to eccentricnership; ? On going concern: condescension goes forever versus ground on contractual agreement between parties; ? metre unit: monetary nurse versus quantity and monetary based (according to zakat calculation); ? conformity based on the standards/regulations apply by the entity versus consistency with Islamic law; ? corporality: decision make applyfulness versus fulfilling all duties before Allah; ? Users of monetary study: identifying economic events and minutes versus identifying socio-economic and religious events and transactions. In addition, some (Razik, 2009) numerate that Islamic accounting and IFRS differ in five issues that are link to to leases, curb contracts, and specialty investment account (where the investors bear part of the vocation risk), related party transactions; whereas others (Baydoun and Willett, 2000) analyze the contents of Islamic corporate reports suggesting that a current survey added statement should also be part of Islamic corporate reports in order to provide greater sentience of the social impact of companys activities. Sulaiman (2000) supports the use of some(prenominal) current value balance sheets and value...If you indispensableness to get a useful essay, order it on our website: Ordercustompaper.com

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