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ACCOUNTING STANDARDS
FOR ISLAMIC FINANCIAL INSTITUTIONS
TRAINING COURSE - DURATION 5 DAYS
Learning Objectives
This introductory level course is designed to provide the participants
with an understanding of AAOIFI standards and the key accounting issues
that they are trying to address. Through a review of the twenty-three
(23) AAOIFI Standards (2007-2008) delegates will gain an understanding
of how this provides a picture of the financial health and Sharia’a
compliance of the institution.
Some key differences to international accounting standards will also
be highlighted to enable counterparty credit risk comparisons to be undertaken.
Who Should Attend
- Chief Financial Officers
- Finance management and staff
- Risk management staff
- Internal auditors
- Sharia’a committee members
Methodology
Classroom style, seminar - workshop format, using up-to-date and relevant
examples of published (in English) sets of accounts from major Islamic
banks in the GCC region and UK.
Knowledge Pre-Requisites
An appreciation of accounting principles and an understanding of accounting
practises and reporting will be advantageous.
Course Content
Session 1: Overview
- Objectives of Financial Accounting for Islamic Banks &Financial
Institutions
- Concepts of Financial Accounting for Islamic Banks & Financial
Institutions
- Presentation and Disclosure in the Financial Statements of Islamic
Banks & Financial Institutions
- Cost-plus Trade Financing
- Trust Financing
Session 2: Equities & Investment
- Disclosure of Bases for Profit Allocation between Owners’ Equity
and Investment Account Holders
- Equity of Investment Account Holders and Their Equivalent
- Contracts & Conditions
- Salam and Parallel Salam
- Financial Leasing
- Ijarah and Ijarah Muntahia Bittamleek
- Welfare Contributions
- Zakah
- Contracts of Exchange
- Istisna’a and Parallel Istisna’a
- Provisions and Reserves
Session 3: Insurance
- Presentation and Disclosure in the Financial Statements of Islamic
Insurance Companies
- Disclosure of Bases for Determining and Allocating Surplus or Deficit
in Islamic Insurance Companies
- Investment Funds
- Provisions and Reserves in Islamic Insurance Companies
- Contributions in Islamic Insurance Companies
Session 4: Foreign Exchange and Currency
- Foreign Currency Transactions and Foreign Operations
Session 5: Various
- Investments
- Islamic Financial Services Offered by Conventional Financial Institutions
- Deferred Payment Sale
- Disclosure on Transfer of Assets
- Segment Reporting
- Consolidation (new)
State of the art facilities
Delegates can study in our comfortable hi-tech learning environment in
London, near Liverpool Street Station.
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