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Islamic Finance

Islamic Finance | Tutorial

Fincyclopedia

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January 12, 2022

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Key Differences Between IFRS and AAOIFI Standards

The key differences between the international financial reporting standards (IFRS) and Islamic finance standards (particularly the financial accounting standards issued by AAOIFI) can be summarized in the following:

Key elements of financial statements.
Treatment, classification, and disclosures of investment accounts (restricted investment accounts and unrestricted investment accounts).
Form and substance of transactions.
Off-balance sheet and fiduciary items.
Treatment and classification of zakah and similar items.
Treatment of late payment penalties and insolvency.

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