There are many key differences between Islamic accounting when compared to its traditional counterpart.

There are many key differences between Islamic accounting when compared to its traditional counterpart.

There are many key differences between Islamic accounting when compared to its traditional counterpart. One of the differences can be seen from the financial statements are communicated.
For Islamic financial institutions, other than the usual financial statements such as the balance sheet, income statement, cash flow, and statement of retained earnings, there are also other financial statements that are required, as per AAOIFI’s FAS No. 1.
– Mention and thoroughly explain the 3 unique financial statements that Islamic banks include
– Why do you think these additional financial statements are good to have?

 

Answer preview for there are many key differences between Islamic accounting when compared to its traditional counterpart.

Islamic accounting auditing and governance

Access the full answer containing 507 words by clicking the below purchase button