Statement of Investment Deposits Performance: Improvement of Accountability in the Business Model of Usury-free Banking in Iran, Consistant with IFRS

Ahmad Badri ()
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Ahmad Badri : Shahid Beheshti University

Journal of Money and Economy, 2015, vol. 10, issue 1, 131-158

Abstract: Statement of investment deposits performance is a separate and supplementary financial statement that is designed with two objectives: 1. Improvement in the level of disclosure and accountability of the banks to the owners of investment deposits as the main providers of the banks' resources, and 2. Implementation of the IFRS standards on banking business in Iran. In this paper, the principles governing the banking business in Iran, and statements of the conceptual framework proposed by the Joint Working Group on IASB and FASB have been combined in order to provide a supporting framework for designing this financial statement. Materiality, comprehensiveness, comparability, maintaining the intrinsic relationship between financial statements, and concordance with the business model are the main features being considered in the design of the supplement. Moreover, the introduction of this financial statement provides some evidence in support of a concept, so called "reasonable flexibility" of universal conceptual framework for financial reporting.

Keywords: Accountability; Usury-free Banking Business Model in Iran; Statement of investment deposits performance; Conceptual framework for international financial reporting; Financial statements (search for similar items in EconPapers)
JEL-codes: G14 G21 (search for similar items in EconPapers)
Date: 2015
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