SEMINAR IN ISLAMIC ACCOUNTING AND REPORTING

About this Course

This course is designed to discuss the emerging issues in Islamic accounting, auditing, governance and risk management in the Shariah Compliant institutions (SCIs). Shariah Compliant institutions encompass Islamic Finance, zakat & waqaf institutions.The first part of this course focuses on how accounting is being influenced by the Islamic worldview legally and ethically. The second part discusses on emerging issues such as differences in accounting concepts from the conventional perspective, harmonization of the accounting standards and accounting for Islamic investment & securities. The final part of the course focuses on auditing, governance and risk management in SCIs. The course examines and analyzes contemporary issues on the needs for and the process of Shariah audit, corporate governance requirements and risk management for Islamic financial institutions, financial services industry and Shariah Compliant institutions.

Course Learning Outcomes

1) Explain current practices, issues and development of Islamic accounting and reporting in Shariah compliant institutions
2) Demonstrate communication skill in dealing with Islamic accounting and reporting of Shariah compliant institutions.
3) Adhere to professionalism for ethical decision making related to emerging issues of Islamic accounting and reporting of Shariah Compliant institutions.

Course Syllabus

+ Course Syllabus

1) Introduction to Islamic Accounting and Reporting
Introduction to Islamic financial system
Development of tIslamic financial system.
Overview of Capital Market in Malaysia and Waqf Institutions


2) Foundation of Islamic Accounting Theory
Islamic worldview
Accounting concepts from Islamic perspective
Zakat Accounting

3) International Accounting Harmonization
International accounting harmonisation
AAOIFI
IFRS on accounting

4) Corporate Reporting for Shariah Compliant Institutions
Reporting requirements from Islamic perspectives
AAOIFI Code of Ethics for Accountants
Corporate Reporting for Shariah Compliant Institutions

5) Shariah Auditing and Governance of Shariah Compliant Institutions
Introduction to Auditing and Governance of Shariah Compliant Institutions
Shariah compliance, Shariah audit & Shariah review
Shariah Governance Framework

6) Risk Management of Shariah Compliant Institutions
Unique risk for Shariah Compliant Institutions
Guiding principles of risk management for Shariah Compliant Institutions
Issues in risk management

Frequently Asked Questions

Q1 : Is the course require knowledge of other discipline?
A1 : Having knowledge in other discipline such as accounting, economics, muamalat definitely gives advantages in understanding the course

Q2 : Who should enrol the course?
A2 : Anyone with interest with Islamic economics, Islamic accounting, Islamic banking, Islamic finance, Zakat, waqf, Shariah compliant institutions are welcomed to enrol in the course.

Q3 : What are the most difficult topics in the course?
A3 : Most probably, Foundation of Islamic Accounting Theory and International Accounting Harmonisation because basically it involves a bit technical content such as Shariah contract applications to product offerings, substance over form and time value of money issues.