With the implementation of the principles that are different from conventional banks, Islamic banks provide the accounting implications of differences in accounting principle in terms of both presentation and reporting. Islamic banks accounting report will consist of:
- Consolidated financial position / balance sheet
- Consolidated profit and loss
- Statements of cash flows
- Report changes in capital
- Report changes in investment does not free / unlimited
- Notes to the financial statements
- Report the source and use of "zakat"
- Report of the sources and uses of funds qard / "qardul hasan"
Some things that stand out in the Islamic bank accounting are:
- Demand deposits and savings "wadiah" recorded / shown as debt on the balance sheet.
- Accounts are free "mudaraba investment" / deposit is recorded / presented as a separate account between debt and equity (not debt).
- Investment accounts are not free to be recorded separately as an off-balance sheet accounts in the form of statement of changes in investment position is not free.
- Accounts receivable are recorded at rest murabaha Uninvoiced sale price reduced by a margin that has not received
- Investment mudaraba and musharaka presented at residual values are included or invested capital.The assets leased are recorded at cost less accumulated depreciation.
- Revenue is generally recognized as cash basis are fixed expenses are accrual basis.
- For results between "mudharib and sahibul mall" was conducted on profit loss sharing or revenue sharing, while revenue from investment banks that own funds or from funds not derived from the investment account fully into the bank revenue, in addition to bank services revenues fully into income bank that is not shared produce.
Accounting principles of Islamic banking refers to the Accounting and Auditing Standard for Islamic Financial Institution issued by the Accounting and Auditing Organization for Islamic Financial Institution based in Bahrain which was founded in 1991 on the initiative of the IDB and several major Islamic financial institutions and now has members of almost all Islamic financial institutions.
Read Also:
Read Also:
Islamic Economics
- Definition of Islamic Economics
- Design of Islamic Economics
- Economy in Islam According to the Experts
- Islamic Economics method
- Law Resources on Islamic Economics
Islamic Banking
- Introduction of Islamic Banking
- Definition of Islamic Banking
- Islamic Banking, Definition and History
- History of Islamic Banking
- Islamic Banking Principles
- Islamic Banking Products
- Scheme of Islamic Banking Products
- Basic Concepts of Accounting for Islamic Banking
- Islamic Economics and Islamic Banking, the basic concepts andrelationships
- The Difference between Islamic banking and Conventional Banking
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