Business Archives – Page 50 of 52

 

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This study was carried out to look into the approaches made to the launching of IFRS (International Financial Reporting Standards) in a country like KSA, which had its own financial and book keeping criteria and principles country formerly. The position in KSA is more complex due to the enforcement of Sharia law as well as the dominance of Islamic law on all financial organizations of the Kingdom. Despite the fact that application of Islamic economics has grown to be progressively more prevalent throughout the last three decades, the IFRS standards do not provide an explanation for the essential proficient reporting standards. Specifically, Islamic investors need data or information concerning the disbursement, i.e. payment, interest (considered forbidden in Sharia law) and the payment of Zakat, i.e. charity (or special tax decided according to religion). Quantitative survey method was applied and the finance executives in KSA banks gave their views on International Financial Reporting Standards (IFRS) and the way they regarded the incorporation of Islamic accounting conditions. The samples revealed that the finance executives considered the implementation of IFRS standards positive. Actually, they observed that clientele definitely required greater information than before. However, this kind of information is offered in non-standard additional or complementary reports. Conversely, analysis points out that a standard associated with the requirements of Islamic finance would be proper and appropriate supplement to the IFRS principle, considering the growing recognition of IFRS as well as Islamic finance.

 

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