Comparison of Ifrs And Islamic Financial Reporting Standards For Conceptual Framework
AbstractNowadays, the converenges between the countries have provided cross-border investment and trading opportunities to the the investors and businesses. This situation has caused some difficulties for the financial information users to interpret the financial reports prepared by the entities. Therefore, the International Accounting and Financial Reporting Standards have been developed by International Accounting Standards Board to eliminate the differences in the financial reports prepared at the national level, so that the information in the financial reports can be internationally comparable. However, there has been many difficulties in the implementation of this regulation for rapidly developing Islamic economics and finance system attracted the interest of whole world, particularly western world and foreseen as a solution to the economic crisis in the reecnt years. As a result, institutions such as the Malaysian Accounting Standards Board (MASB), the Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOFI) have formulated alternative accounting standards. The purpose of this study is to compare the international accounting standards and the Islamic financial reporting standards developed by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOFI) in terms of conceptual framework.