Staff View: Adoption of international financial reporting standards and international accounting standards in islamic financial institutions from the practitioners' viewpoint

Adoption of international financial reporting standards and international accounting standards in islamic financial institutions from the practitioners' viewpoint

Globally, International Financial Reporting Standards (IFRS) are used by more than 100 countries for various types of organizations. The purpose of this paper is to examine the opinion of practitioners in Islamic financial institutions (IFIs) on Shariah issues when adopting IFRS and International Ac...

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Main Authors:	Z, Shafii,, N., Zakaria,
Format:	Article
Language:	en_US
Published:	2015
Subjects:	Accounting principles International Financial Reporting Standards Islamic financial institutions
Online Access:	http://ddms.usim.edu.my/handle/123456789/8504
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spelling	my.usim-85042017-02-23T03:43:03Z Adoption of international financial reporting standards and international accounting standards in islamic financial institutions from the practitioners' viewpoint Z, Shafii, N., Zakaria, Accounting principles International Financial Reporting Standards Islamic financial institutions Globally, International Financial Reporting Standards (IFRS) are used by more than 100 countries for various types of organizations. The purpose of this paper is to examine the opinion of practitioners in Islamic financial institutions (IFIs) on Shariah issues when adopting IFRS and International Accounting Standards (IAS) to report Islamic financial transactions. Primary data collection involved a group interview with representatives, such as Shariah officers, accountants and academic experts to obtain insights on how the industry practitioners deal with general and specific IFRS issues in applying IFRS and IAS. The result from the group interview revealed that practitioners are highly concern on various Shariah issues, such as the applicability of time value of money, the terminologies used in IFRS and IAS that reflect conventional concepts of banking and takaful. This study provides both the conceptual and practical issues faced by practitioners in applying IFRS for reporting Islamic financial transactions. It suggests the need for collaboration between academicians, standard setter and regulator in providing technical guidance applicable for reporting Islamic financial transactions. 2015-06-25T06:48:58Z 2015-06-25T06:48:58Z 2013 Article 19909233 http://ddms.usim.edu.my/handle/123456789/8504 en_US
institution	Universiti Sains Islam Malaysia
building	USIM Library
collection	Institutional Repository
continent	Asia
country	Malaysia
content_provider	Universit Sains Islam i Malaysia
content_source	USIM Institutional Repository
url_provider	http://ddms.usim.edu.my/
language	en_US
topic	Accounting principles International Financial Reporting Standards Islamic financial institutions
spellingShingle	Accounting principles International Financial Reporting Standards Islamic financial institutions Z, Shafii, N., Zakaria, Adoption of international financial reporting standards and international accounting standards in islamic financial institutions from the practitioners' viewpoint
description	Globally, International Financial Reporting Standards (IFRS) are used by more than 100 countries for various types of organizations. The purpose of this paper is to examine the opinion of practitioners in Islamic financial institutions (IFIs) on Shariah issues when adopting IFRS and International Accounting Standards (IAS) to report Islamic financial transactions. Primary data collection involved a group interview with representatives, such as Shariah officers, accountants and academic experts to obtain insights on how the industry practitioners deal with general and specific IFRS issues in applying IFRS and IAS. The result from the group interview revealed that practitioners are highly concern on various Shariah issues, such as the applicability of time value of money, the terminologies used in IFRS and IAS that reflect conventional concepts of banking and takaful. This study provides both the conceptual and practical issues faced by practitioners in applying IFRS for reporting Islamic financial transactions. It suggests the need for collaboration between academicians, standard setter and regulator in providing technical guidance applicable for reporting Islamic financial transactions.
format	Article
author	Z, Shafii, N., Zakaria,
author_facet	Z, Shafii, N., Zakaria,
author_sort	Z, Shafii,
title	Adoption of international financial reporting standards and international accounting standards in islamic financial institutions from the practitioners' viewpoint
title_short	Adoption of international financial reporting standards and international accounting standards in islamic financial institutions from the practitioners' viewpoint
title_full	Adoption of international financial reporting standards and international accounting standards in islamic financial institutions from the practitioners' viewpoint
title_fullStr	Adoption of international financial reporting standards and international accounting standards in islamic financial institutions from the practitioners' viewpoint
title_full_unstemmed	Adoption of international financial reporting standards and international accounting standards in islamic financial institutions from the practitioners' viewpoint
title_sort	adoption of international financial reporting standards and international accounting standards in islamic financial institutions from the practitioners' viewpoint
publishDate	2015
url	http://ddms.usim.edu.my/handle/123456789/8504
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score	13.211869

Adoption of international financial reporting standards and international accounting standards in islamic financial institutions from the practitioners' viewpoint

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