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IFRS vs AAOIFI: The Clash of Standards?

Author

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  • Mohamed Ibrahim, Shahul Hameed

Abstract

“The Islamic financial industry needs a corresponding alternative set of accounting standards which can at best be harmonized, not standardized due to the different nature and activities of the Islamic banks and financial institutions. These standards already exist, developed by an industry led non profit organization based in Bahrain- the Accounting and Auditing Organization for Islamic Financial Institutions established in 1991. The IASB should reconsider its position and allow alternatives- live and let live, just as there is a need for differential reporting requirements for small and medium businesses.”

Suggested Citation

  • Mohamed Ibrahim, Shahul Hameed, 2007. "IFRS vs AAOIFI: The Clash of Standards?," MPRA Paper 12539, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:12539
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    File URL: https://mpra.ub.uni-muenchen.de/12539/1/MPRA_paper_12539.pdf
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    More about this item

    Keywords

    Islamic Accounting; Accounting Standards; Islamic Accounting Standards; Alternatives to IFRS;

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M4 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting

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