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.

Purpose The purpose of this paper is to investigate the effects and challenges of the new amendment of International Financial Reporting Standards (IFRS) 9 in Malaysia from the perspectives of regulators, auditors, accountants and academicians in Malaysian Islamic financial institutions. For the purpose of this study, this paper focuses on the recognition criteria perspective of the standard, which provides a basic understanding of the financial reporting framework. Design/methodology/approach Using 10 series of semi-structured interviews undertaken with key individuals in regulatory bodies, audit companies, full-fledged Malaysian Islamic Banks and Malaysian higher learning institutions. Findings The findings revealed that IFRS 9 strengthens International Accounting Standards 39 in terms of relevance and reliability, recognition of financial instruments and identification of business models. Nevertheless, Islamic financial institutions face challenges in terms of a faithful representation of fair value, substance over form, identification of financial instruments before recognition criteria and the extent of the role of risk management in reducing manipulation in identifying business models. Research limitations/implications This study provides implications to regulators and standard setters in Malaysia to enhance the quality of financial reporting framework and practices in Islamic financial institutions in this country using IFRS 9. Practical implications Practically, the findings of this study can be used by the regulators to resolve the issues that arise in adopting IFRS 9 among Islamic financial institutions to further enhance financial reporting quality. Originality/value The findings of this study are very important to ensure that the adoption of IFRS among Islamic financial institutions are in line with Sharīʿah principles. To date, no studies have been done on the challenges of adopting IFRS 9 among Islamic financial institutions in Malaysia.

This book is a continuous effort from previous effort form textbook Governance and Shariah Audit in Islamic Financial Institution. Practitioners and academics who have interests in Shariah Audit and Assurance practices in Islamic Financial Institutions (IFIS) will also benefit from this book. Readers who wish to have a comprehensive understanding on Shariah audit and assurance practice include its activities, programmes, processes, fieldwork and communication will find this book interesting.

Values assist in shaping individuals’ moral. Ethical principles and integrity are the outcome of strong moral. Previous research highlighted those values can be viewed from western and Islamic perspectives. The objective of this paper is twofold, and they are (i) to provide a comparison of western and Islamic values and highlight the difference in values (ii) to analyze the application of Islamic values in an Islamic focused university in Malaysia, namely Universiti Sains Islam Malaysia (USIM). USIM has five Core Values, namely (i) Professional; (ii) Trustworthy; (iii) Efficient; (iv) Global and (v) Consensus. Islamic values have been found to also include a majority of Islamic values except for Power and Hedonism of Western values. This is expected as all community would want to instil good values amongst its community members to ensure the integrity and sustainability of its community in the long run. Islamic values do not include Power and Hedonism of Western values, because in Islam, Muslims believe that only Allah SWT has the ultimate will and power over life and death. As for hedonism which refers to worldly pleasures, Islam encourages the attitude of promoting mashlahah rather than focusing on worldly pleasures. USIM’s core values are much in line with Islamic values and it too does not include Power and Hedonism in its core values. Value of Tawheed is not included in the core value of USIM but it is embedded in its Vision. This paper has provided some preliminary analysis of the difference between Islamic and Western values and the adoption of Islamic values in an Islamic focused university being USIM. With the practice of Islamic values in USIM, it is hoped that USIM will be able to achieve its vision of producing “competent intellectual, leaders and professional based on the Muslim intellectual tradition, noble values of religion and culture for the universal good”.