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1、TheNeedofAccountingStandardsforIslamicFinancialInstitutions[Abstract]TheaccountingandauditingorganizationforIslamicfinancialinstitutions(AAOIFI)hastakentheproperinitiativetodevelopaccounting,auditing,governance,ethics,andShari"ahstandardsforlslamicFinancialInstitutions(IFI
2、s).TheAAOIFIstandardsserveasaguidelinethatmayreflecttheuniquecharacteristicsofIFIsandbecomeausefultooltomeetthevariousneedsofIFIs・Currently,onethemajorchallengesfacingIslamicFinancialInstitutions(IFSs)liesinthepreparationoffinancialstatementsunderdifferentaccountingstandar
3、dsandwhichmayresulttoproblemofcomparability,reliabilityandcompliancelevefsmeasurement.ImplementionoftheIslamicAccountingStandardsVinnicombe(2010)arguedtheextenttowhichIslamicfinancialinstitutionscomplywiththeaccountingandgovernancestandardsissuedbytheAAOIFIintheirfinancial
4、reporting・BecauseIslamicbanksoperateundervastlydifferentregulatoryregimesandpoliticalandeconomicconditionsacrosstheglobe,thesampledbankswereselectedfromthekingdomofBahrain.ThecomplianceforthepurposeofthisstudycanbedefinedasthedegreetowhichIslamicfinancialinstitutionscomply
5、withthemultitudeofissuesinthefinancialaccountingstandards(FASs)issuedbytheAAOIFI.However,thefindingsofthestudyindicatehighlevelofcompliancewithrespecttothegovernancestandardsrelatingtothein-housesupervisoryboardsofIslamicbanksandreportingtheIslamicMurabahahcontract.Incontr
6、ast,compliancewiththeAAOIFFsrequirementsregardingthezakah,otherwisecalledthereligioustax,andtheMudarabahcontractisrelativelylow.Inaddition,ahighernumberofcomplianceitemsareassociatedwithretailasopposedtowholesalebanks・However,让shouldbenotedthatthesamplesoftheretailbankarem
7、orehomogeneousandconsistentovertimecomparedtothoseofthewholesalebanks・AbdulRahim(2003)investigatedtheclassification,recognition,measurement,presentation,anddisclosureofSukuk(Islamicbonds)basedonthestandardsrequiredbytheAAOIFI.Consideringthefunctionoftheaccountingsystemtopr
8、ovidetheinformation,theintroductionofAAOIFIstandardsaimstoenhancethetransparencyandcompar
