The Impact of the Islamic Religion on the Harmonisation of International Accounting Standards Justin Lingard – S200990 October 2010 Table of Contents Introduction 4 User requirements of financial reports 5 IFRS Compliance Issues with Shari ‘a law 6 Riba 6 Gharar 7 Zakat 7 Conclusion 8 References 10 Introduction Islam is the world’s second largest religion with over 1.65 billion followers‚ which constitutes 24% of the world’s population (Kettani‚ 2010). Islam is a religion
Premium International Financial Reporting Standards Islam Sharia
The Benefits of Adopting International Financial Reporting Standards (IFRS) In The United States by Michelle Minor Accounting 203 5/20/09 Most people believe that the conversion from each country’s GAAP to IFRS is inevitable‚ though there is nothing conclusive of how effective or successful this would be. In short‚ making the switch to IFRS is a great leap of faith by all who participate. Ideally IFRS is designed to be used by all companies worldwide‚ which is highly unlikely unless they
Premium International Financial Reporting Standards Financial statements
Workshop Safety Practices Any accident may happen in the workshop while dealing with metal‚ tools and machines mostly because of sharp metal edges and rotating parts of machines. The accident may cause a serious injury that can even be lethal. Therefore‚ to avoid the accidents‚ following are a few steps that we should follow during the work in workshop: There are rules and regulations provided to use every machine available in the workshop. We should strictly abide by them. Take help from manuals
Premium Screw
European Journal of Scientific Research ISSN 1450-216X Vol.34 No.4 (2009)‚ pp.550-560 © EuroJournals Publishing‚ Inc. 2009 http://www.eurojournals.com/ejsr.htm Vehicular Emissions and Air Quality Standards in Nigeria F. I. Abam Department of Mechanical Engineering‚ Cross River University of Technology P.M.B 1123. Calabar‚ Nigeria E-mail: faibiang@yahoo.com Tel: +2348054383418 G. O. Unachukwu National Centre for Energy Research and Development University of Nigeria Nsukka‚ Nigeria E-mail: godwinogechi@yahoo
Premium Air pollution
one must first identify what the phrases “accounting standards” and “financial reporting” refer to. Accounting standards refer to the accounting methods used in an accounting system like the IFRS. Financial reporting refers to the representation of financial information‚ in order to be uniform the financial reporting must be based on a fixed set of rules‚ invole complete objectivity and no bias. The IFRS (International financial reporting standards) has indeed helped the uniformity of financial reporting
Premium Balance sheet Generally Accepted Accounting Principles Financial statements
Harmonization of International Accounting Standards: Advantages & Disadvantages‚ Obstacles & Solutions As the trend for globalization in business becomes increasingly important for economic success‚ many issues arise through international business practices for corporations‚ governments‚ and investors. Due to the many conflicting codes and practices that exist between various national financial accounting standards throughout the world‚ international business becomes harder to analyze
Premium International Financial Reporting Standards Financial statements
This work contains ACC 541 Week 1 - Accounting Standards Boards Paper ACC 541 Week 1 Individual Accounting Standards Boards Paper The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are currently working on a joint venture referred to as the convergence project. Write a 1‚050- to 1‚400-word paper describing the relationship between the IASB and the FASB. Include the following in your paper: A brief history of the relationship
Premium International Financial Reporting Standards Financial Accounting Standards Board International Accounting Standards Board
REPORT IN DEFENCE OR FAVOUR FOR THE ADVOCATE OF AN INTERNATIONAL STANDARD OF ACCOUNTING PRACTICE. INTRODUCTION Internationalization of economic trade and globalization of businesses is on the ascendency. Consequently‚ financial statements prepared according to a nation’s local accounting system may hardly meet the needs of investors‚ business partners‚ financiers and decision-makers who are conversant with international standards. Meanwhile‚ developing and emerging markets are the target of the
Premium International Financial Reporting Standards Financial statements
called “The Art of Living with Eyes Wide Open‚” he covers the ideas of an individual’s psychological and emotional well-being. His main focus was to really focus on positive thinking. I believe that his presentation was similar to the PAPM Model‚ The Precaution Adoption Process Model. The reason I state this is by this model being determined by a mental state. This stage theory is how a person comes to the decision to take action. This behaviors is aimed at protecting themselves. The audience was Unware
Premium Psychology Medicine Sociology
Before drying kiln‚ it needs to ensure there is enough pulverized coal to be supplied‚ to ensure the stable operation of rotary kiln‚ and the uninterrupted flow‚ as well as the system of rotary kiln heat distribution is balanced. In the process of drying kiln‚ it also focus on the system and instrument display‚ such as temperature‚ pressure‚ also includes the rotary kiln cylinder of different period of body surface temperature and electric current of the motor and seal. Operators for temperature
Premium Thermodynamics Heat Degrees of freedom