Accounting regulatory issues on investments in Islamic bonds

The main objective of this paper is to examine contemporary accounting regulatory issues on investments in Islamic bonds or sukuk. Investments on Islamic bonds (sukuk) give rise to a number of accounting and reporting issues related to recognition, measurement and disclosure. The underlying rati...

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Main Author:	Abdul Rahman, Abdul Rahim
Format:	Article
Language:	English
Published:	International Institute of Islamic Business and Finance 2003
Subjects:	HF5601 Accounting. Bookkeeping
Online Access:	http://irep.iium.edu.my/24990/ http://irep.iium.edu.my/24990/ http://irep.iium.edu.my/24990/1/Accounting_for_Islamic_Bonds.pdf

id	iium-24990
recordtype	eprints
spelling	iium-249902013-07-08T01:40:46Z http://irep.iium.edu.my/24990/ Accounting regulatory issues on investments in Islamic bonds Abdul Rahman, Abdul Rahim HF5601 Accounting. Bookkeeping The main objective of this paper is to examine contemporary accounting regulatory issues on investments in Islamic bonds or sukuk. Investments on Islamic bonds (sukuk) give rise to a number of accounting and reporting issues related to recognition, measurement and disclosure. The underlying rationale of this paper is that proper development of Islamic financial market requires a well regulated Islamic financial instruments and one of the key elements of regulation is accounting regulation. Therefore, a well regulated Islamic financial market requires a sound accounting and reporting standard of Islamic financial instruments that, first, meet the requirements of syari’ah, and, second, relevant to be practiced in our time. The need for Islamic accounting that deals with Islamic financial instruments has prompted AAOIFI recently to introduce Financial Accounting Standard No.17 on investments in securities ( AAOIFI FAS 17, 2003). The need for a codified Islamic accounting standard are primarily stemmed from the need that Islamic accounting objectives, concepts and principles to be developed based on syari’ah requirements. However, the Islamic accounting regulation also needs to adapt to the modern accounting regulatory environment to make it relevant to be practiced in our time. The examination of AAOIFI FAS 17 shows that AAOIFI has been pragmatic in its approach by considering both requirements when developing its standard. This is a pro-active step to provide a sound accounting regulation as part of a comprehensive regulation of Islamic financial institutions. International Institute of Islamic Business and Finance 2003 Article PeerReviewed application/pdf en http://irep.iium.edu.my/24990/1/Accounting_for_Islamic_Bonds.pdf Abdul Rahman, Abdul Rahim (2003) Accounting regulatory issues on investments in Islamic bonds. International Journal of Islamic Financial Services, 4 (4). pp. 1-11. http://www.iiibf.org/journal.html
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HF5601 Accounting. Bookkeeping
spellingShingle	HF5601 Accounting. Bookkeeping Abdul Rahman, Abdul Rahim Accounting regulatory issues on investments in Islamic bonds
description	The main objective of this paper is to examine contemporary accounting regulatory issues on investments in Islamic bonds or sukuk. Investments on Islamic bonds (sukuk) give rise to a number of accounting and reporting issues related to recognition, measurement and disclosure. The underlying rationale of this paper is that proper development of Islamic financial market requires a well regulated Islamic financial instruments and one of the key elements of regulation is accounting regulation. Therefore, a well regulated Islamic financial market requires a sound accounting and reporting standard of Islamic financial instruments that, first, meet the requirements of syari’ah, and, second, relevant to be practiced in our time. The need for Islamic accounting that deals with Islamic financial instruments has prompted AAOIFI recently to introduce Financial Accounting Standard No.17 on investments in securities ( AAOIFI FAS 17, 2003). The need for a codified Islamic accounting standard are primarily stemmed from the need that Islamic accounting objectives, concepts and principles to be developed based on syari’ah requirements. However, the Islamic accounting regulation also needs to adapt to the modern accounting regulatory environment to make it relevant to be practiced in our time. The examination of AAOIFI FAS 17 shows that AAOIFI has been pragmatic in its approach by considering both requirements when developing its standard. This is a pro-active step to provide a sound accounting regulation as part of a comprehensive regulation of Islamic financial institutions.
format	Article
author	Abdul Rahman, Abdul Rahim
author_facet	Abdul Rahman, Abdul Rahim
author_sort	Abdul Rahman, Abdul Rahim
title	Accounting regulatory issues on investments in Islamic bonds
title_short	Accounting regulatory issues on investments in Islamic bonds
title_full	Accounting regulatory issues on investments in Islamic bonds
title_fullStr	Accounting regulatory issues on investments in Islamic bonds
title_full_unstemmed	Accounting regulatory issues on investments in Islamic bonds
title_sort	accounting regulatory issues on investments in islamic bonds
publisher	International Institute of Islamic Business and Finance
publishDate	2003
url	http://irep.iium.edu.my/24990/ http://irep.iium.edu.my/24990/ http://irep.iium.edu.my/24990/1/Accounting_for_Islamic_Bonds.pdf
first_indexed	2023-09-18T20:37:22Z
last_indexed	2023-09-18T20:37:22Z
_version_	1777409135436890112

Accounting regulatory issues on investments in Islamic bonds

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