财务管理专业外文翻译资料.docxVIP

The Need of Accounting Standards for Islamic Financial Institutions [Abstract] The accounting and auditing organization for Islamic financial institutions (AAOIFI) hastaken the proper initiative to develop accounting, auditing, governance, ethics, and Shari’ah standards forIslamic Financial Institutions (IFIs). The AAOIFI standards serve as a guideline that may reflect theunique characteristics of IFIs and become a useful tool to meet the various needs of IFIs. Currently, one the major challenges facing Islamic Financial Institutions (IFSs) lies in the preparation of financial statements under different accounting standards and which may result to problem of comparability,reliability and compliance level’s measurement. Implemention of the Islamic Accounting Standards Vinnicombe (2010) argued the extent to which Islamic financial institutions comply with the accounting and governance standards issued by the AAOIFI in their financial reporting. Because Islamic banks operate under vastly different regulatory regimes and political and economic conditions across the globe, the sampled banks were selected from the kingdom of Bahrain. The compliance for the purpose of this study can be defined as the degree to which Islamic financial institutions comply with the multitude of issues in the financial accounting standards (FASs) issued by the AAOIFI. However, the findings of the study indicate high level of compliance with respect to the governance standards relating to the in-house supervisory boards of Islamic banks and reporting the Islamic Murabahah contract. In contrast,compliance with the AAOIFIs requirements regarding the zakah, otherwise called the religious tax, and the Mudarabah contract is relatively low. In addition, a higher number of compliance items are associated with retail as opposed to wholesale banks. However, it should be noted that the samples of the retail bank are more homogeneous and consistent over time compared to those of the wholesale banks. Abdul