Publication:
The need of accounting standards for Islamic financial institutions: evidence from AAOIFI

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dc.citedby17
dc.contributor.affiliationsAhlia University
dc.contributor.affiliationsUniversiti Sains Islam Malaysia (USIM)
dc.contributor.authorMohammed Sarea A.en_US
dc.contributor.authorMohd Hanefah M.en_US
dc.date.accessioned2024-05-29T01:59:31Z
dc.date.available2024-05-29T01:59:31Z
dc.date.issued2013
dc.description.abstractPurpose – The purpose of this paper is to determine the need of Islamic Accounting Standards – a review of the literature – for Islamic financial institutions (IFIs). Design/methodology/approach – The basis of the paper was stakeholder theory to analyse the need of accounting standards and to design the conceptual framework as evidenced from Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The evidence reviewed suggests the need for Islamic accounting standards to fill the gap in accounting practice among Islamic financial institutions. Findings – The AAOIFI accounting standards serve as a guideline that may reflect the unique characteristics of IFIs and become a useful tool to meet the various needs of IFIs. Currently, one of the major challenges facing IFIs lies in the preparation of the financial statements under different accounting standards and which may lead to problems of comparability, reliability and compliance level measurement. This has resulted in a heated debate among scholars which has hitherto translated to the evolving existing literature surrounding the interpretation of the level of compliance with the Islamic accounting standards. The paper concludes with various recommendations for future research, the most important of which is the need for future studies on how AAOIFI accounting standards can be made mandatory in all Muslim countries. Originality/value – This paper contributes towards a better understanding and acceptability of the need of Islamic Accounting Standardsen_US
dc.description.natureFinalen_US
dc.identifier.doi10.1108/17590811311314294
dc.identifier.epage76
dc.identifier.issn17590817
dc.identifier.issue1
dc.identifier.scopus2-s2.0-84943238971
dc.identifier.spage64
dc.identifier.urihttps://www.scopus.com/inward/record.uri?eid=2-s2.0-84943238971&doi=10.1108%2f17590811311314294&partnerID=40&md5=04f1b05fa64f3c82f746a90f3a3915bd
dc.identifier.urihttps://oarep.usim.edu.my/handle/123456789/10066
dc.identifier.volume4
dc.languageEnglish
dc.language.isoen_USen_US
dc.publisherEmerald Group Publishing Ltd.en_US
dc.relation.ispartofJournal of Islamic Accounting and Business Researchen_US
dc.sourceScopus
dc.subjectAAOIFI Standardsen_US
dc.subjectAccountingen_US
dc.subjectIslamen_US
dc.subjectIslamic accountingen_US
dc.subjectIslamic financial institutionsen_US
dc.titleThe need of accounting standards for Islamic financial institutions: evidence from AAOIFIen_US
dspace.entity.typePublication

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