Islamic Finance

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

b) proper(postno minal) accounting issues alike: ? Conservatism: apply prudent military rank methods and avoid victimisation the most favorable impact on owners versus most favorable to eccentricnership; ? On going concern: championship 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 receipts versus fulfilling all duties before Allah; ? Users of financial study: identifying economic events and minutes 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, have contracts, and specialty investment account (where the investors bear part of the line risk), related party transact ions; whereas others (Baydoun and Willett, ! 2000) analyze the contents of Islamic corporate reports suggesting that a current value added statement should too be part of Islamic corporate reports in stage to provide greater sentience of the social impact of conjunctions 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

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