ACCT41115: ISLAMIC ACCOUNTING

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• To provide students with an advanced understanding of the accounting and reporting framework, standards and practices of Islamic Financial Institutions (IFI).
• To provide an overview of the accounting treatments and disclosures of various Islamic financing activities (e.g. Mudarabah, Musharakah, Murabahah and Ijarah).
• To critically examine the role of regional and international standard setting bodies, (e.g. Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI).
• To highlight other contemporary issues in related specialised areas, such as Auditing and Governance of Islamic Financial Institutions, and Social Accounting and Reporting in Islam; Impact of Islamic Accounting on International Accounting Harmonization Efforts.

• Framework of Financial Reporting for IFI: The importance of financial reporting in Islam; Limitations of traditional reporting framework for IFI;
• Standards and Standard Setting: Developments in International Financial Reporting Standards (IFRS) and Implications for IFI; The development and role of standard setters in conventional and IFI;
• Comparison of Financial Statements of conventional and IFI: Islamic accounting policies (e.g. classification and presentation of equity and investment accounts, income determination, profit distribution, etc); Additional statements of IFI; Financial performance analysis.
• Financial Reporting for Islamic Banking and Finance: Reporting requirements for various Islamic finance and investment transactions and contracts;
• Contemporary issues such as the Auditing and Governance of Islamic Financial Institutions, and Social Accounting and Reporting in Islam; Impact of Islamic Accounting on International Accounting Harmonization Efforts.

Subject-specific Knowledge:

• An advanced understanding of the accounting and reporting framework, standards and practices of Islamic Financial Institutions (IFI).
• Specialised knowledge of the accounting treatments and disclosures of various Islamic financing activities.
• A critical appreciation of the role of regional and international Islamic accounting standard setting bodies; Implications this may have on international harmonization efforts.
• Knowledge of complex contemporary issues and debates in the evolving discipline.

Subject-specific Skills:

• The ability to critically evaluate the principles underpinning the Islamic accounting framework
• The ability to identify the accounting treatments and reporting requirements of various Islamic financing activities.
• The ability to analyse the financial performance of Islamic Financial Institutions.

Key Skills:

• Independent learning within a defined framework of study at an advanced level.
• Independent thought in analyzing and critiquing existing scholarship on the subject area and in evaluating its contribution.
• The ability to work to a deadline and complete written work within word limits.
• Advanced essay-writing skills.
• The ability to seek out and use relevant data sources, including electronic and bibliographic sources.

• The modes of teaching are seminars, which allow the students to discuss freely the assigned topics. Guidelines will be given by the tutor. At MA/MSC level, seminars are appropriate for the students because they are from different academic backgrounds. Seminars also allow a better exchange of views and ideas.
• Assessment is through formative presentation and discussion, as well as a summative essay on a specific topic. Essay writing is an appropriate method with the maximum freedom for the students to respond with what they have learnt.

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