Formation of Financial Statements at Islamic Financial Institutions

Firdaus I. Kharisova*, Gulia M. Iskhakova, Alfiya R. Yusupova and Ildar K. Kharisov
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Firdaus I. Kharisova*: Kazan Federal University
Gulia M. Iskhakova: Kazan Federal University
Alfiya R. Yusupova: Russian Islamic Institute
Ildar K. Kharisov: Expert Technologies LLC

The Journal of Social Sciences Research, 2018, 128-132 Special Issue: 5

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.

Keywords: AAOIFI; Zakat; Kard; Concept; International accounting standards board; Sharia. (search for similar items in EconPapers)
Date: 2018
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