IFRS vs AAOIFI: The Clash of Standards?

Mohamed Ibrahim, Shahul Hameed (2007): IFRS vs AAOIFI: The Clash of Standards? Published in: International Accountant (2007)

Abstract

“The Islamic financial industry needs a corresponding alternative set of accounting standards which can at best be harmonized, not standardized due to the different nature and activities of the Islamic banks and financial institutions. These standards already exist, developed by an industry led non profit organization based in Bahrain- the Accounting and Auditing Organization for Islamic Financial Institutions established in 1991. The IASB should reconsider its position and allow alternatives- live and let live, just as there is a need for differential reporting requirements for small and medium businesses.”

• Item Type: MPRA Paper
• Language: English
• Keywords: Islamic Accounting;Accounting Standards;Islamic Accounting Standards;Alternatives to IFRS
• Subjects: M - Business Administration and Business Economics ; Marketing ; Accounting ; Personnel Economics > M4 - Accounting and Auditing > M41 - Accounting; M - Business Administration and Business Economics ; Marketing ; Accounting ; Personnel Economics > M4 - Accounting and Auditing

References

Hamid, S.,Craig,R. and Clarke, F. (1993, Religion: A confounding element in the Harmonization of Interantional Accounting Standards, Abacus, Vol. 29, No.2