Between international financial reporting standards (IFRSS) and financial accounting standards (FASS): the debate continues

This article continues the on-going debate on what would be the more relevant accounting standards for Islamic banks. It addresses this important issue by first examining the differences between IFRSs and FASs in light of their objectives, scope, and suitability for adoption by Islamic banks in repo...

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Main Authors:	Mohd Hussan, Subithabhanu, Sulaiman, Maliah
Format:	Article
Language:	English
Published:	International Islamic University Malaysia 2016
Subjects:	BP173.75 Islam and economics HG4001 Financial management. Business finance. Corporation finance.
Online Access:	http://irep.iium.edu.my/50987/ http://irep.iium.edu.my/50987/ http://irep.iium.edu.my/50987/1/50987_Between_international_financial_reporting_standards_%28IFRSS%29_and_financial_accounting_standards_%28FASS%29.pdf

id	iium-50987
recordtype	eprints
spelling	iium-509872016-07-27T09:28:42Z http://irep.iium.edu.my/50987/ Between international financial reporting standards (IFRSS) and financial accounting standards (FASS): the debate continues Mohd Hussan, Subithabhanu Sulaiman, Maliah BP173.75 Islam and economics HG4001 Financial management. Business finance. Corporation finance. This article continues the on-going debate on what would be the more relevant accounting standards for Islamic banks. It addresses this important issue by first examining the differences between IFRSs and FASs in light of their objectives, scope, and suitability for adoption by Islamic banks in reporting their sharī‘ah-compliant transactions. Specifically, the study approaches the issue from the ethics of reporting, that is on the possibility of misreporting leading to sharī‘ah non-compliance. Most importantly, in reviewing selected standards of IFRSs and FASs, the study finds that the over-emphasis on ‘comparability’ may potentially lead to misreporting. Thus, it views sharī‘ah a compliance from a broader perspective instead of only limiting it to the execution of underlying transactions. Finally, it calls for collaboration between the International Accounting Standards Board (IASB) and the Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI). International Islamic University Malaysia 2016 Article PeerReviewed application/pdf en http://irep.iium.edu.my/50987/1/50987_Between_international_financial_reporting_standards_%28IFRSS%29_and_financial_accounting_standards_%28FASS%29.pdf Mohd Hussan, Subithabhanu and Sulaiman, Maliah (2016) Between international financial reporting standards (IFRSS) and financial accounting standards (FASS): the debate continues. International Journal of Economics, Management and Accounting, 24 (1). pp. 107-123. E-ISSN 2462-1420 http://journals.iium.edu.my/enmjournal/index.php/enmj/article/view/395
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	BP173.75 Islam and economics HG4001 Financial management. Business finance. Corporation finance.
spellingShingle	BP173.75 Islam and economics HG4001 Financial management. Business finance. Corporation finance. Mohd Hussan, Subithabhanu Sulaiman, Maliah Between international financial reporting standards (IFRSS) and financial accounting standards (FASS): the debate continues
description	This article continues the on-going debate on what would be the more relevant accounting standards for Islamic banks. It addresses this important issue by first examining the differences between IFRSs and FASs in light of their objectives, scope, and suitability for adoption by Islamic banks in reporting their sharī‘ah-compliant transactions. Specifically, the study approaches the issue from the ethics of reporting, that is on the possibility of misreporting leading to sharī‘ah non-compliance. Most importantly, in reviewing selected standards of IFRSs and FASs, the study finds that the over-emphasis on ‘comparability’ may potentially lead to misreporting. Thus, it views sharī‘ah a compliance from a broader perspective instead of only limiting it to the execution of underlying transactions. Finally, it calls for collaboration between the International Accounting Standards Board (IASB) and the Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI).
format	Article
author	Mohd Hussan, Subithabhanu Sulaiman, Maliah
author_facet	Mohd Hussan, Subithabhanu Sulaiman, Maliah
author_sort	Mohd Hussan, Subithabhanu
title	Between international financial reporting standards (IFRSS) and financial accounting standards (FASS): the debate continues
title_short	Between international financial reporting standards (IFRSS) and financial accounting standards (FASS): the debate continues
title_full	Between international financial reporting standards (IFRSS) and financial accounting standards (FASS): the debate continues
title_fullStr	Between international financial reporting standards (IFRSS) and financial accounting standards (FASS): the debate continues
title_full_unstemmed	Between international financial reporting standards (IFRSS) and financial accounting standards (FASS): the debate continues
title_sort	between international financial reporting standards (ifrss) and financial accounting standards (fass): the debate continues
publisher	International Islamic University Malaysia
publishDate	2016
url	http://irep.iium.edu.my/50987/ http://irep.iium.edu.my/50987/ http://irep.iium.edu.my/50987/1/50987_Between_international_financial_reporting_standards_%28IFRSS%29_and_financial_accounting_standards_%28FASS%29.pdf
first_indexed	2023-09-18T21:12:09Z
last_indexed	2023-09-18T21:12:09Z
_version_	1777411324051980288

Between international financial reporting standards (IFRSS) and financial accounting standards (FASS): the debate continues

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