The Financial Accounting Standards For Islamic Banking

The Islamic Financial Reporting Goals and convergence with International Financial Reporting Standards (IFRS

According to some accountants, financial reporting in the islamic countries should be based on fairness, goodness and morality. This study examined the possibility of modifying the conventional framework for reporting in line with Islamic accounting objectives and to adapt the process of recognition and reporting financial events in accordance with the Shari'a principles. The research method is...

A prototype system for temporal reconstruction of financial accounting standards

This paper presents a prototype system to support the temporal reconstruction of financial accounting standards (FASs). The FASs have been subject to rapid expansion, increased complexity and frequent changes (amendments), which in combination make it difficult to determine the accurate rendering of FASs at specific points in time. The prototype allows a user to specify an FAS (e.g., SFAS 35) a...

ACCOUNTING FOR FINANCIAL INSTRUMENTS FOR BANKS Joint Working Group of Banking Associations on Financial Instruments

Investigating the Impact of the Financial Crisis on Conservative Accounting and Transparency of Banking Information

The phenomenon of the financial crisis is not a new phenomenon around the world. The structure of an economy or a set of economies may face a financial crisis. In fact, it is deformation, dimensions, causes and roots of the financial crisis which create a state of change from this crisis. Recently, evidence has shown that the market value of firms subject to bankruptcy is significantly reduced....

Islamic Shari'a Concepts governing Islamic Banking finance

Introduction It is submitted that accepting Islamic Banking within the western regulatory framework has encountered many impediments. A conventional bank is an institution that holds a banking license issued by banks' regulatory authorities which authorizes the chartered institution to conduct fundamental banking services such as receiving deposits, making loans, providing and saving account se...