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

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dc.citedby5
dc.contributor.affiliationsFaculty of Economics and Muamalat
dc.contributor.affiliationsIslamic Finance and Wealth Management Institute (IFWMI)
dc.contributor.affiliationsUniversiti Sains Islam Malaysia (USIM)
dc.contributor.authorShafii Z.en_US
dc.contributor.authorZakaria N.en_US
dc.date.accessioned2024-05-29T01:56:36Z
dc.date.available2024-05-29T01:56:36Z
dc.date.issued2013
dc.description.abstractGlobally, 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.en_US
dc.description.natureFinalen_US
dc.identifier.doi10.5829/idosi.mejsr.2013.13.1880
dc.identifier.epage49
dc.identifier.issn19909233
dc.identifier.issueSPLISSUE
dc.identifier.scopus2-s2.0-84879496327
dc.identifier.spage42
dc.identifier.urihttps://www.scopus.com/inward/record.uri?eid=2-s2.0-84879496327&doi=10.5829%2fidosi.mejsr.2013.13.1880&partnerID=40&md5=5c58afbce4fcd99b063aefaf5d2934c1
dc.identifier.urihttps://www.idosi.org/mejsr/mejsr13(cifwm)13/8.pdf
dc.identifier.urihttps://oarep.usim.edu.my/handle/123456789/9853
dc.identifier.volume13
dc.languageEnglish
dc.language.isoen_USen_US
dc.relation.ispartofMiddle East Journal of Scientific Researchen_US
dc.sourceScopus
dc.subjectAccounting principlesen_US
dc.subjectInternational Financial Reporting Standardsen_US
dc.subjectIslamic financial institutionsen_US
dc.titleAdoption of international financial reporting standards and international accounting standards in islamic financial institutions from the practitioners' viewpointen_US
dc.typeArticleen_US
dspace.entity.typePublication

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