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Islamic accounting and financial reporting

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humanities/...
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Kenyatta...

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  1. Substance over form concept
  2. Time value of money concept
  3. Differences in interpretation of the concepts in the IFRS and AAOFFI
  4. Effect of the interpretations on accounting treatment of different contracts in practice
  5. Ways in which Convergence can be achievedbetween these Issues

To start with, substance over form is an accounting concept which is widely used by all accounting entities. This concept emphasizes more on the reality of the financial status of an entity instead of the legal standards that the entity has taken in its events and transactions as seen in their financial statements (College Accounting Coach, 2006).For the operationalization of this concept of accounting, it is very important that there be an understanding of the company in question, heredeepinvestigationd to have a deep investigationn into the issues to look for proof supporting the financial statements being evaluated (Supreme Justice, 1935).

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