Principles of Islamic Accounting
Your introduction to Islamic accounting Principles of Islamic Accounting is the first and only text that covers the fundamentals of Islamic accounting in English. A comprehensive guide, this groundbreaking reference offers both insight into Islamic accounting best practices and disclosure for Sharia...
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| Main Author | |
|---|---|
| Format | eBook |
| Language | English |
| Published |
Newark
Wiley
2018
John Wiley & Sons, Incorporated Wiley-Blackwell |
| Edition | 1 |
| Series | Wiley Finance |
| Subjects | |
| Online Access | Get full text |
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| Abstract | Your introduction to Islamic accounting Principles of Islamic Accounting is the first and only text that covers the fundamentals of Islamic accounting in English. A comprehensive guide, this groundbreaking reference offers both insight into Islamic accounting best practices and disclosure for Shariah-compliant instruments. Covering everything from basic transaction analysis to the preparation of financial statements, this reference serves as a broad framework around which undergraduate students can build their understanding of the Islamic business environment by offering context and showcasing how Islamic values can influence the disclosure of financial information. Islamic accounting is becoming an increasingly important aspect of the business field as globalization results in a surge in business partnerships and transactions around the world. Today's students need to understand Islamic accounting principles in order to effectively work with professionals who adhere to these standards—and accessing this information via text in English was not possible until this revolutionary reference. * Review the basics through an introduction to Islamic accounting * Understand the recording process, and how to complete the accounting cycle and adjust accounts as necessary * Explore accounting for assets, liabilities, equity, and sukuk, as well as zakat and takaful accounting * Discover details regarding Islamic commercial law, accounting for Islamic financial institutions, and Islamic corporate governance and sustainability, and look at auditing from an Islamic perspective Principles of Islamic Accounting is an essential text for first-year university students who are studying Islamic accounting, as well as professional societies and organizations that support the use of Islamic accounting principles, such as The Islamic Finance Professionals Association. |
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| AbstractList | Your introduction to Islamic accounting Principles of Islamic Accounting is the first and only text that covers the fundamentals of Islamic accounting in English. A comprehensive guide, this groundbreaking reference offers both insight into Islamic accounting best practices and disclosure for Shariah-compliant instruments. Covering everything from basic transaction analysis to the preparation of financial statements, this reference serves as a broad framework around which undergraduate students can build their understanding of the Islamic business environment by offering context and showcasing how Islamic values can influence the disclosure of financial information. Islamic accounting is becoming an increasingly important aspect of the business field as globalization results in a surge in business partnerships and transactions around the world. Today's students need to understand Islamic accounting principles in order to effectively work with professionals who adhere to these standards—and accessing this information via text in English was not possible until this revolutionary reference. * Review the basics through an introduction to Islamic accounting * Understand the recording process, and how to complete the accounting cycle and adjust accounts as necessary * Explore accounting for assets, liabilities, equity, and sukuk, as well as zakat and takaful accounting * Discover details regarding Islamic commercial law, accounting for Islamic financial institutions, and Islamic corporate governance and sustainability, and look at auditing from an Islamic perspective Principles of Islamic Accounting is an essential text for first-year university students who are studying Islamic accounting, as well as professional societies and organizations that support the use of Islamic accounting principles, such as The Islamic Finance Professionals Association. Your introduction to Islamic accountingPrinciples of Islamic Accounting is the first and only text that covers the fundamentals of Islamic accounting in English. A comprehensive guide, this groundbreaking reference offers both insight into Islamic accounting best practices and disclosure for Shariah-compliant instruments. Covering everything from basic transaction analysis to the preparation of financial statements, this reference serves as a broad framework around which undergraduate students can build their understanding of the Islamic business environment by offering context and showcasing how Islamic values can influence the disclosure of financial information. Islamic accounting is becoming an increasingly important aspect of the business field as globalization results in a surge in business partnerships and transactions around the world. Today's students need to understand Islamic accounting principles in order to effectively work with professionals who adhere to these standards—and accessing this information via text in English was not possible until this revolutionary reference. Review the basics through an introduction to Islamic accountingUnderstand the recording process, and how to complete the accounting cycle and adjust accounts as necessaryExplore accounting for assets, liabilities, equity, and sukuk, as well as zakat and takaful accountingDiscover details regarding Islamic commercial law, accounting for Islamic financial institutions, and Islamic corporate governance and sustainability, and look at auditing from an Islamic perspectivePrinciples of Islamic Accounting is an essential text for first-year university students who are studying Islamic accounting, as well as professional societies and organizations that support the use of Islamic accounting principles, such as The Islamic Finance Professionals Association. |
| Author | Nabil Baydoun, Maliah Sulaiman, Roger J. Willett, Shahul Ibrahim |
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| Snippet | Your introduction to Islamic accounting Principles of Islamic Accounting is the first and only text that covers the fundamentals of Islamic accounting in... Your introduction to Islamic accountingPrinciples of Islamic Accounting is the first and only text that covers the fundamentals of Islamic accounting in... |
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| SubjectTerms | Accounting BUSINESS & ECONOMICS Finance-Religious aspects-Islam |
| TableOfContents | Chapter 3 Adjusting Islamic Accounting Records at the Close of the Accounting Period -- Accrual Accounting -- Adjusting the Accounts at the Accounting Period End -- Prepaid and Accrued Expenses -- Accumulated Depreciation -- Carrying Amount -- Summary of the Adjusting Entries -- The Extended or Adjusted Trial Balance -- Recording the Adjusting Entries -- The Financial Statements -- Vocabulary -- Multiple-Choice Questions -- Discussion Questions -- Exercises -- Chapter 4 Islamic Financial Statements -- The Accounting Cycle -- The Worksheet -- Closing the Accounts -- Post-Closing Trial Balance -- Assets and Liabilities Classifications -- Financial Accounting Disclosure in Islamic Business Environments -- Balance Sheet -- Classified Balance Sheet -- Other Formats of the Balance Sheet -- Income Statement -- Cash Flow Statement -- Statement of Changes in Owners' Equity -- Statement of Sources and Uses of Zakat and Charity Funds -- Statement of Sources and Uses of Qard Funds -- Statement of Changes in Restricted Investments -- Market Values -- Illustrative Example of a Multicolumn Balance Sheet for Al-Madini Group -- The Value-Added Income Statement -- Vocabulary -- Multiple-Choice Questions -- Discussion Questions -- Exercises -- Chapter 5 Accounting for Sukuk -- Differences between Bonds and Sukuk -- Issuing Sukuk -- Sukuk Issued Through the SPV -- Sukuk without SPV -- Asset-Backed or Asset-Based Sukuk -- Asset-Backed Sukuk -- Asset-Based Sukuk -- Types of Sukuk -- Sukuk Mudaraba -- Sukuk Musharaka -- Sukuk Murabaha -- Sukuk Ijarah -- Sukuk Salam -- Sukuk Istisna -- Accounting for Sukuk -- Accounting for Sukuk under IFRS -- The Originator -- The SPV -- The Sukuk Holder (Investor) -- Accounting for Sukuk under AAOIFI -- The Originator -- Sale and Lease Back -- The Sukuk Holder (Investor) -- Worked Example: Sukuk Ijara -- PART A: The Process Flow PART B: Accounting for Sukuk under IFRS -- PART C: Under AAOIFI's Standard -- Conclusion -- Vocabulary -- Multiple-Choice Questions -- Discussion Questions -- Exercises -- Chapter 6 Accounting for Zakat -- Zakat and Charity -- Zakat and Tax -- Sources of Zakat -- Liability for Zakat -- Determination of Wealth for Zakat -- General Conditions for Liability to Zakat -- Unencumbered Possession -- Capable of Growth or Increase -- Nisab -- Exceeding Basic Personal or Trade Needs -- Free of Debt -- Haul and Zakat Rates -- Specific Conditions of Zakat on Trading Assets -- Intention to Trade -- Current Assets -- Current Liabilities -- Others -- Fixed and Noncurrent Assets -- Valuation of Trading Assets -- Payment of Zakat in Kind -- Gains -- Methods of Computing Zakat -- Treatment of Zakat in Financial Statements -- Zakat as an Expense -- Zakat as an Appropriation out of Profits -- Disclosure Requirements -- Worked Example I -- Solution -- Worked Example II -- Solution -- Conclusion -- Vocabulary -- Multiple-Choice Questions -- Discussion Questions -- Exercises -- Chapter 7 Islamic Commercial Contracts -- Introduction: Law and the business environment -- Different systems of law in the world -- The Origins and Development of Islamic Commercial Law and its Revival -- Sharia and Fiqh: Definitions, Differences, Origins, and Objectives -- Components of the Sharia -- Islamic Contracts: Pillars and Conditions -- Principles of Contract Laws in Islam -- Contracting parties -- Offer and acceptance -- Prohibited Elements in Contracts -- Forbidden subject matter and forbidden elements -- Intentional and nonintentional prohibited elements in contracts -- Classifications of contracts according to legal effects -- Valid (sahih) Contracts -- Invalid (batil) Contracts -- Imperfect (fasid) Contracts -- Financial Contracts under the Sharia -- Murabaha Contracts -- Bai As Salam Cover -- Title Page -- Copyright -- Contents -- Preface -- About the Authors -- About the Companion website -- Chapter 1 The Islamic Accounting Environment -- Islamic Accounting -- A Brief History of Islamic Accounting -- Ethical Considerations in Islamic Accounting -- Islamic Principles Affecting Financial Reporting -- The Users of Islamic Accounting Information -- Financial Accounting and Management Accounting -- Islamic Accounting Services -- Sharia Auditing -- Zakat Accounting -- Other Specialist Areas of Accounting -- The Islamic Accounting Profession -- Types of Islamic Business Organisations -- Vocabulary -- Multiple-Choice Questions -- Discussion Questions -- Chapter 2 Recording Transactions and Market Values in Islam -- Accounting Concepts and the Islamic Sharia -- The Accounting Entity Concept -- The Time Period Concept -- The Cost Principle -- The Matching Principle -- The Profit Recognition Principle -- The Conservatism Principle -- The Going Concern Principle -- Social Accountability and Full Disclosure -- Market Value -- Transactions and the Accounting Equation -- Assets, Liabilities, and Equity -- Transactions Analysis Using the Accounting Equation -- Summary of Business Transactions -- Keeping Accounting Records in Islamic Businesses -- Double-Entry Accounting -- The T-Account -- Increases and Decreases in the Accounts -- Recording Transactions in the Journal -- Posting Entries from the Journal to the Ledger -- Flow of Accounting Data from Transaction to Ledger -- Balancing the Accounts -- The Trial Balance -- Correcting Trial Balance Errors -- Formats of Journals and Ledgers -- Chart of Accounts -- Owners' Equity Accounts: Revenues and Expenses -- The Financial Statements -- Using Accounting Information for Decision Making -- Vocabulary -- Multiple-Choice Questions -- Discussion Questions -- Exercises Bai al Istisna' -- Ijarah -- Investment/Partnership Contracts -- Conclusion -- Vocabulary -- Multiple-Choice Questions -- Discussion Questions -- Exercises -- Chapter 8 Application of Islamic Financial Contracts to Accounting -- AAOIFI and IFRS Accounting Standards -- Accounting for Murabaha Financing Transactions under AAOIFI Standards -- Issues to Be Considered -- Accounting Entries -- Financial Statement Presentation of Murabaha Financing -- Worked Examples -- Illustration 1: Simple Murabaha Accounting under AAOIFI -- Illustration 2: Murabaha Profit Recognition Using Double-Declining Method -- Profit Recognition Using Effective Profit Rate Method under IFRS -- Comprehensive Illustration of Murabaha Accounting under AAOIFI and IFRS -- Vocabulary -- Multiple-Choice Questions -- Discussion Questions -- Exercises -- Chapter 9 Social Responsibility Accounting -- Development of CSR -- Advantages of CSR Reporting -- The Islamic Worldview -- Tawhid (Unity) -- Khilafah (Vicegerency) -- Rubbubiyyah (Perfect State) -- Adalah (Justice) -- Tazkiyah (Growth and Purification) -- Accountability -- Responsibility -- Equilibrium (Balance) -- Shura (Mutual Consultation) -- Islam and CSR -- Accountability and CSR -- Full Disclosure and Social Accountability -- Environmental Reporting -- The Proposed Islamic CSR Model -- The Global Reporting Initiative Framework on Sustainability -- The Current Value Balance Sheet (CVBS) -- The Value-Added Statement (VAS) -- Statement of Sources and Uses of Zakat and Charity Funds -- Statement on Earnings or Expenditures Prohibited by Islam -- Statement of Source and Application of Qard Funds -- Report on Fulfilment of Other Social Responsibility Issues -- A Declaration? -- Conclusion -- Examples of CSR Reporting -- Vocabulary -- Multiple-Choice Questions -- Discussion Questions -- Bibliography -- Index -- EULA |
| Title | Principles of Islamic Accounting |
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