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Formation of Financial Statements at Islamic Financial Institutions

Author

Listed:
  • Firdaus I. Kharisova*

    (Kazan Federal University)

  • Gulia M. Iskhakova

    (Kazan Federal University)

  • Alfiya R. Yusupova

    (Russian Islamic Institute)

  • Ildar K. Kharisov

    (Expert Technologies LLC)

Abstract

Conceptually, the key approaches to the formation of financial reporting for an Islamic financial institution (IFI) have much in common with approaches developed for economic entities in the traditional economy. At the same time, the AAOIFI Concept and the Financial Accounting Standard No. (1) provide for Islamic financial institution-specific provisions and reporting forms that reflect the requirements of the Sharia. Disclosure of methods in published accounts is intended to help its users distinguish between changes in the financial position of an Islamic financial institution, the results of its operations, cash flow, limited investment managed by it, the sources and use of Zakat (poor-due) and Kard funds and charitable foundations. Further development of the regulation of the issues on the formation of financial statements seems to us in the making common approaches to its formation closer for companies operating in the traditional economy and Islamic financial institutions.

Suggested Citation

  • Firdaus I. Kharisova* & Gulia M. Iskhakova & Alfiya R. Yusupova & Ildar K. Kharisov, 2018. "Formation of Financial Statements at Islamic Financial Institutions," The Journal of Social Sciences Research, Academic Research Publishing Group, pages 128-132:5.
    • Handle: RePEc:arp:tjssrr:2018:p:128-132
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    References listed on IDEAS

    as
    1. Bassam Maali & Peter Casson & Christopher Napier, 2006. "Social reporting by islamic banks," Abacus, Accounting Foundation, University of Sydney, vol. 42(2), pages 266-289, June.
    2. Zakaria Ali Aribi & Simon S. Gao, 2011. "Narrative disclosure of corporate social responsibility in Islamic financial institutions," Managerial Auditing Journal, Emerald Group Publishing, vol. 27(2), pages 199-222, December.
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