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Implementation of IFRS 13 fair value measurement : issues and challenges faced by the Islamic financial institutions in Malaysia

Fair value (FV) is claimed to be superior to other forms of measurement mainly because the former is easily understood by investors and stakeholders. However, the challenges faced in deploying International Financial Reporting Standards (IFRS) 13 FV Measurement could result in inconsistent applicati...

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Main Authors: Nathasa Mazna Ramli,, Abdul Rahim Abdul Rahman,, Ainulashikin Marzuki,, Marziana Madah Marzuki,, Wan Amalina Wan Abdullah@Wan Muda,
Format: Article
Language:English
Published: Penerbit Universiti Kebangsaan Malaysia 2021
Online Access:http://journalarticle.ukm.my/18446/1/49756-174571-1-PB.pdf
http://journalarticle.ukm.my/18446/
https://ejournal.ukm.my/pengurusan/issue/view/1456
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spelling my-ukm.journal.184462022-04-18T02:31:49Z http://journalarticle.ukm.my/18446/ Implementation of IFRS 13 fair value measurement : issues and challenges faced by the Islamic financial institutions in Malaysia Nathasa Mazna Ramli, Abdul Rahim Abdul Rahman, Ainulashikin Marzuki, Marziana Madah Marzuki, Wan Amalina Wan Abdullah@Wan Muda, Fair value (FV) is claimed to be superior to other forms of measurement mainly because the former is easily understood by investors and stakeholders. However, the challenges faced in deploying International Financial Reporting Standards (IFRS) 13 FV Measurement could result in inconsistent application and unexpected costs related to the requirements of the standard. As such, this study explored the issues and challenges of implementing IFRS 13 FV Measurement faced by financial instruments, particularly within the context of Islamic Financial Institutions (IFIs). Upon adopting the qualitative approach, in-depth interview sessions were held with several academicians, accountants, auditors, and professional body representatives. The study outcomes revealed that issues in implementation of FV measurement were related to the relevance of measurement and hierarchy of level of FV measurement. Notably, issues pertaining to FV measurement were highlighted from the Shariah perspective. Valuable insights on the issues revolving around IFRS 13 implementation, particularly on financial instruments in Malaysia, are presented in this study. Penerbit Universiti Kebangsaan Malaysia 2021 Article PeerReviewed application/pdf en http://journalarticle.ukm.my/18446/1/49756-174571-1-PB.pdf Nathasa Mazna Ramli, and Abdul Rahim Abdul Rahman, and Ainulashikin Marzuki, and Marziana Madah Marzuki, and Wan Amalina Wan Abdullah@Wan Muda, (2021) Implementation of IFRS 13 fair value measurement : issues and challenges faced by the Islamic financial institutions in Malaysia. Jurnal Pengurusan, 63 . pp. 1-12. ISSN 0127-2713 https://ejournal.ukm.my/pengurusan/issue/view/1456
institution Universiti Kebangsaan Malaysia
building Tun Sri Lanang Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Kebangsaan Malaysia
content_source UKM Journal Article Repository
url_provider http://journalarticle.ukm.my/
language English
description Fair value (FV) is claimed to be superior to other forms of measurement mainly because the former is easily understood by investors and stakeholders. However, the challenges faced in deploying International Financial Reporting Standards (IFRS) 13 FV Measurement could result in inconsistent application and unexpected costs related to the requirements of the standard. As such, this study explored the issues and challenges of implementing IFRS 13 FV Measurement faced by financial instruments, particularly within the context of Islamic Financial Institutions (IFIs). Upon adopting the qualitative approach, in-depth interview sessions were held with several academicians, accountants, auditors, and professional body representatives. The study outcomes revealed that issues in implementation of FV measurement were related to the relevance of measurement and hierarchy of level of FV measurement. Notably, issues pertaining to FV measurement were highlighted from the Shariah perspective. Valuable insights on the issues revolving around IFRS 13 implementation, particularly on financial instruments in Malaysia, are presented in this study.
format Article
author Nathasa Mazna Ramli,
Abdul Rahim Abdul Rahman,
Ainulashikin Marzuki,
Marziana Madah Marzuki,
Wan Amalina Wan Abdullah@Wan Muda,
spellingShingle Nathasa Mazna Ramli,
Abdul Rahim Abdul Rahman,
Ainulashikin Marzuki,
Marziana Madah Marzuki,
Wan Amalina Wan Abdullah@Wan Muda,
Implementation of IFRS 13 fair value measurement : issues and challenges faced by the Islamic financial institutions in Malaysia
author_facet Nathasa Mazna Ramli,
Abdul Rahim Abdul Rahman,
Ainulashikin Marzuki,
Marziana Madah Marzuki,
Wan Amalina Wan Abdullah@Wan Muda,
author_sort Nathasa Mazna Ramli,
title Implementation of IFRS 13 fair value measurement : issues and challenges faced by the Islamic financial institutions in Malaysia
title_short Implementation of IFRS 13 fair value measurement : issues and challenges faced by the Islamic financial institutions in Malaysia
title_full Implementation of IFRS 13 fair value measurement : issues and challenges faced by the Islamic financial institutions in Malaysia
title_fullStr Implementation of IFRS 13 fair value measurement : issues and challenges faced by the Islamic financial institutions in Malaysia
title_full_unstemmed Implementation of IFRS 13 fair value measurement : issues and challenges faced by the Islamic financial institutions in Malaysia
title_sort implementation of ifrs 13 fair value measurement : issues and challenges faced by the islamic financial institutions in malaysia
publisher Penerbit Universiti Kebangsaan Malaysia
publishDate 2021
url http://journalarticle.ukm.my/18446/1/49756-174571-1-PB.pdf
http://journalarticle.ukm.my/18446/
https://ejournal.ukm.my/pengurusan/issue/view/1456
_version_ 1731226538787995648
score 13.211869

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