Islamic Acc & Fin Reporting
Run by Bangor Business School
15 Credits or 7.5 ECTS Credits
Organiser: Mr Mohamed Asaria
Overall aims and purpose
To develop a critical awareness of theoretical and practical approaches to Islamic accounting and financial reporting, to compare Islamic accounting standards with IFRS and to examine the content and impact of relevant academic research to the area.
Objectives, conceptual framework of Islamic accounting; Islamic Ethics in Accounting; Islamic and conventional Accounting: similarities and differences; Accounting for Islamic financial contracts: Murabaha, Mudaraba, Ijarah and Istisna; Accounting for zakah and provisions/reserves; Accounting for Islamic Mutual Funds, Sukuk and Investments; Accounting for Islamic Insurance (Takaful); Presentation and disclosure for financial statements of Islamic financial institutions.
No major omissions or inaccuracies in the deployment of information/skills; Some grasp of theoretical/conceptual/practical elements; Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.
Much of the relevant information and skills mostly accurately deployed; Adequate grasp of theoretical/conceptual/practical elements; Fair integration of theory/practice/information in the pursuit of the assessed work's objectives; Some evidence of the use of creative and reflective skills.
High Standard: Very good performance; Most of the relevant information accurately deployed; Good grasp of theoretical/conceptual/practical elements; Good integration of theory/practice/information in pursuit of the assessed work's objectives; Evidence of the use of creative and reflective skills.
An outstanding performance, exceptionally able.; The relevant information accurately deployed; Excellent grasp of theoretical/conceptual/practice elements; Good integration of theory/practice/information in pursuit of the assessed work's objectives; Strong evidence of the use of creative and reflective.
Demonstrate an understanding of the objectives and concepts of Islamic accounting and financial reporting.
Understand the requirements of the Accounting Standards promulgated by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
Compare and contrast the AAOIFI's accounting standards with the International Financial Reporting Standards (IFRS).
Assess the practical application of AAOIFI's accounting, shari'a and governance standards.
Analyse, summarise and synthesise independently researched academic and professional studies of Islamic accounting and financial reporting.
Teaching and Learning Strategy
20 hours of lectures, delivered in four blocks of 5 hours spread over two days.
Courses including this module
Optional in courses:
- N3AD: MBA Banking and Finance year 1 (MBA/BIF)
- N3DG: MBA Banking and Finance (with Incorporated Pre-Masters) year 1 (MBA/BIF1)
- N3BM: MBA Islamic Banking and Finance year 1 (MBA/IB)
- N3DK: MBA Islamic Banking & Finance (with incorp pre-Masters) year 1 (MBA/IB1)
- N4AJ: MSc Accounting year 1 (MSC/ACC)
- N4AM: MSc Accounting (with Incorporated Pre-Masters) year 1 (MSC/ACC1)
- N4AP: MSc Accounting and Finance (with Incorporated Pre-Masters) year 1 (MSC/ACCF1)
- N4AG: MSc Accounting and Finance year 1 (MSC/ACCFIN)
- N3CK: MSc Banking & Finance (Chartered Banker) year 1 (MSC/BFCB)
- N3BF: MSc Islamic Banking and Finance year 1 (MSC/IBF)