Islamic Finance

Evidence of IFRS Adoption in Muslim Finance- Kuwait, Jordan In prise to the parallel between courtly and Moslem answer foring, many authors study such comparison in general or for unique(predicate) standards (see for instance Baydoun and Willett, 2000; Haniffa and Hudaib, 2001). check 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 sacred; ? Economic rationalism versus Unity of graven mental picture; ? Individualism versus collectivism; ? meshwork maximization motive versus commonsensible profit; ? Absolute versus comparative ownership.

b) Specific accounting issues as well: ? Conservatism: apply prudent valuation methods and avoid exploitation the most favorable rival on owners versus most favorable to eccentricnership; ? On going concern: art goes forever versus ground on contractual agreement between parties; ? cadence unit: monetary comfort versus quantity and monetary based (according to zakat calculation); ? physical structure based on the standards/regulations employ by the entity versus consistency with Islamic law; ? corporality: decision reservation delectationfulness versus fulfilling all duties before Allah; ? Users of pecuniary study: identifying economic events and proceeding versus identifying socio-economic and religious events and transactions. In addition, some (Razik, 2009) grapple that Islamic accounting and IFRS differ in five issues that are related to to to leases, curb contracts, and specialty investment account (where the investors bear part of the descent risk), related party transactions; whereas others (Baydoun and Willett, 2000) analyze the contents of Islamic corporate reports suggesting that a current grade added statement should also be part of Islamic corporate reports in order to provide great sentience of the social impact of companys activities. Sulaiman (2000) supports the use of some(prenominal) current value balance sheets and value...If you essential to get a effective essay, order it on our website: Orderessay

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