Aaoifi

A rule making body issues authorative shari’a auditing standards for all Islamic banks and other Islamic businesses and it will be the most effective way to eliminate problems within the Islamic economy. The most effort to develop a body of consistent standards for shari’a audits has been undertaken by

IASB. 2010, "The Conceptual Framework for Financial Reporting" IFRS, pp. A21- A38, viewed 23 April 2014,

Propaganda is a tool that has many uses, such as persuading people to recycle. It can also be used to persuade people to join the military during war time, which some say contributes to the greater good. It may have devastating consequences to an individual, but successful ones for their cause. In the novel, the pig in charge of propaganda, Squealer, uses deception and denial to make the animals do Napoleon’s bidding. He used methods like fear, ad nauseum, scapegoat, revisionism, and generalizations to brainwash the animals to obey and support their cause.

Hannah Arendt’s chapter titled “The Meaning of Revolution” is used as a means to describe the origins and basis of modern revolution and how the social question impacted its meaning into modern times. She first addresses existing revolutions as ones that attempt to overthrow a tyrannical power such as a king or a Machiavellian prince who refuses to distribute wealth amongst his people. Thus, she finds that people in pre-modern times revolted against authority because of their lack of wealth. It is here that Arendt makes the distinction between revolutions by citing America as the first nation to address the “social question” in that they felt strongly that poverty was not a natural human condition. This in turn prompted American society to

Being important to the discipline of accounting, the objectives of IFRS and IAS are to give guidance on the presentation of financial statements. IFRS as

In 1973, the private sector International Accounting Standards Board (IASB) was formed. The IASB is a natural extension of a global market that has been evolving over the last three decades. The IASB formulates and publishes accounting standards to be observed when presenting financial statements and promote their global acceptance. As an overarching mission, the IASB works to improve and harmonize accounting standards, regulations, and procedures as it relates to financial statements. IASB standards provide a reference model and set of examples for financial reporting in developing countries. The IASB has no authority with the Financial Accounting Standards Board (FASB) or the Securities and

This report will address the main features of the International Accounting Standards Board’s (IASB) Conceptual Framework (CF) by explaining the purpose and intent of these standards together with the structure of the framework. The important features of these standards will be highlighted, analysing of the significance of these and ultimately whether the CF has impacted on accounting practice.

The IASC Board approved the IASB (International Accounting Standards Board) Framework ( in April 1989) which was a successor of the IASC Board, and it accepted its Framework in April 2001 (Wells, 2011). International standards are developed by IASB which are named International Financial Reporting Standards (IFRS). Although IASB took the place of IASC with its accounting standards, its IAS (International Accounting Standards) was enforced by IASB and available into practice until now. The conceptual framework is helpful when it is used to develop the setting of International accounting standards. First of all, the definition of conceptual framework provided by Melville (2014, p. 17)[ Melville, A. (2014). International Financial Reporting.(4th ed.). Edinburgh Gate:

It is undeniable fact that Islamic banking system has been flourishing for last few decades and now has become the focus of global market forces. Pioneers of Islamic banking proclaim that foundational principles of Islamic banking is allied with Shari’ah guidance and their accounting practices, policies and financial reporting mechanism is based on Sharai’ah values. Consequently, Islamic institutions have the responsibility to follow Islamic rulings in all their practices. The core purpose of this study is to confirm that either current practices are align with Islamic ethical values or just based on shari’ah terminologies. However, author find that current practice of Modarbah are not just contrary to its theoretical foundation of Islamic Banking but also to basic shari’ah guidance to some extent. It has been also identified that whenever an issue arises in Islamic banks they try to make it shari’ah compliant instead of resolving particular issue they are busy in just manipulating or islamizing conventional banking products by using Shari’ah terminologies to capture the attention of Muslims who are thirsty for transparent ideal Islamic system. This behavior of Islamic banks has made the practices of Islamic banks more controversial. Proper implication of current study can make great contribution in the literature of Islamic banking as it will help Islamic banks to review their practices in order to fulfill the basic ethical principles of Islam.

IASB aims to develop in the public interest by setting a high quality accounting standards which are understandable and enforceable worldwide. The accounting standard is transparent and comparable information in the financial statements. IASB also operate to work actively with the national standard setters to bring union of national accounting standards and International Financial Reporting Standards (IFRS). These aims are set based on the consideration on providing important, reliable information which is easily accessible by the users of the IAS and to look for future development in the quality of the standards to restrain resources. In the consideration process, the staffs of the IASB are asked to identify, review and raise issues that might warrant the IASB’s attention. (IFRS, 2014, Online)

"International Financial Reporting Standards (IFRS)" are an arrangement of international accounting norms expressing how specific sorts of exchanges and different occasions ought to be accounted for in money related explanations. "IFRS" are issued by the "International Accounting Standards Board", and they indicate precisely how "accountant" must keep up and report their records. "IFRS" were built up keeping in mind the end goal to have a typical "international language", so business and records can be comprehended from "organization to organization and nation to nation". (www.iasplus.com, n.d.)

The international financial accounting standards is a non for profit private sector. Their aim is to serve the public interests. With the growing globalisation of business and finance, it has stimulated a standardisation of accounting standards among countries. This measure aims to

There are many different types of accounting standards and principles in the business world. It would be difficult for financial markets to operate and compare reports with these different various standards. Therefore, the International Accounting Stands Board have developed a new way of reporting financial information. The International Financial Reporting Standards (IFRS) foundation and the International Accounting Standards Board (IASB) were established in 2001 in order to develop a set of high quality and acceptable financial accounting standards. ("IFRS - Organisation history", 2016). The aim of this report is to firstly summarise the significant changes in the Australian Accounting Standards Board (AASB 15) and how they address perceived deficiencies in the current standards. Then, it will highlight the future implications of adopting the AASB 15 for Australian companies.

The IASB laid out in its discussion paper proposed changes and updates to: definitions of assets and liabilities, recognition and de-recognition of assets and liabilities, measurement, equity, profit or loss and other comprehensive income (OCI), and presentation and disclosure. The IASB believes that the International Financial Reporting Standards (IFRS) does not define some matters adequately enough. In the discussion paper, some areas are being completely rewritten while others just need some clarification and guidance.

The International Accounting Standards Boards (IASB) and the Financial Accounting Standards Board (FASB) are making an effort to converge to develop International Financial Reporting Standards (IFRS) by gathering accounting standards that can be used in financial reporting whether it is in the home country or in the host country. Both the International Accounting Standards Board and the US FASB have proven to be vital promoters of the globalization of international financial accounting standards (Kirsch, 2012). These efforts have focused on a cohesive setting that will eliminate the controversy that revolves around accounting standards. I will present to you the facts and differences between the two, state the facts and identify