The Impact of the Islamic Religion on the Harmonisation of International Accounting Standards Justin Lingard – S200990 October 2010 Table of Contents Introduction 4 User requirements of financial reports 5 IFRS Compliance Issues with Shari ‘a law 6 Riba 6 Gharar 7 Zakat 7 Conclusion 8 References 10 Introduction Islam is the world’s second largest religion with over 1.65 billion followers‚ which constitutes 24% of the world’s population (Kettani‚ 2010). Islam is a religion
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asset or renew the lease contract. The three major types of leases are the operating lease‚ financial/capital lease and the direct financing lease. The operating lease is a short-term lease contract where the lessor bears all operating and repairing costs of the asset and the lessee pays periodic rental payments to the lessor‚ and where the lease is cancelable‚ and there is no bargain purchase option. Financial/capital lease is a long-term lease contract where the lessee bears all operating‚ repairing
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Framework for Financial Reporting: A Critical Analysis Author: American Accounting Association’s Financial Accounting Standards Committee George J. Benston (Primary author); Douglas R. Carmichael; Joel S. Demski; Bala G. Dharan; Karim Jamal; Robert Laux; Shiva Rajgopal; George Vrana. Summary: FASB organizes the discussion of these conditions: users of financial reports‚ primary use of financial statements- management and investment decisions‚ cash flow as the objective of financial reporting‚ limitations
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A REPORT IN DEFENCE OR FAVOUR FOR THE ADVOCATE OF AN INTERNATIONAL STANDARD OF ACCOUNTING PRACTICE. INTRODUCTION Internationalization of economic trade and globalization of businesses is on the ascendency. Consequently‚ financial statements prepared according to a nation’s local accounting system may hardly meet the needs of investors‚ business partners‚ financiers and decision-makers who are conversant with international standards. Meanwhile‚ developing and emerging markets are the target
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Harmonization of International Accounting Standards: Advantages & Disadvantages‚ Obstacles & Solutions As the trend for globalization in business becomes increasingly important for economic success‚ many issues arise through international business practices for corporations‚ governments‚ and investors. Due to the many conflicting codes and practices that exist between various national financial accounting standards throughout the world‚ international business becomes harder to analyze
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events and pressures. This pattern certainly holds true in regards to financial reporting. The first financial reporting regulations were set in place during the Great Depression in reaction to the stock market collapse of 1929. These regulations were The Securities Act of 1933 and The Securities Exchange Act of 1934‚ which established the Securities and Exchange Commission (SEC) and became the foundation for future financial reporting regulations. While addressing Congress‚ President Roosevelt said that
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This short paper shall assess the significance of conceptual-primacy to the process of developing a conceptual-framework for financial reporting. Furthermore‚ we shall explore how conceptual-framework producers‚ such as the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB)‚ have treated conceptual-primacy‚ and seek to determine whether or not they have made the correct choice in their treatment. ‘Conceptual-primacy are concepts that are used to
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Accounting System and Financial Reporting of NGOs: Case Study of a BRAC’s Project Munima Siddika1‚ Mohammad Sarwar Jahan Rekabder2 and A.K.M. Delwar Hossain3 tawheedfj@yahoo.com Abstract: In the absence of specific accounting and financial reporting standards and diverse interpretation of certain terms under the laws of the land‚ it has become a very difficult task to follow a standardized procedure in generation and presentation of accounting and financial information of NGOs. The practices
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of Fair Value Disadvantages of Fair Value The debate on Financial Stability Conclusion References Introduction Society’s major concern is the recent financial crisis which had an unprecedented impact and dire consequences on the global economy and the current economic regulations around the world. The beginning of the economic paradigm change was the major collapse of previously leading financial institutions such as Wachovia‚ Bear Stearns‚ Merrill Lynch and Lehman
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undermined the confidence of investors and the general public in the international financial system. It has been as a result of these corporate failure that corporate governance has take center stage drawing the attention of the international financial services industry to the increasing significance of corporate governance and opened the subject to intensive and extensive discussions and debate at various international financial and economic fora. In 1999 alone there were 274 conferences in 39 countries
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