Islamic accounting mostly follows the IFRS accounting framework, but differs from it in a few key areas. We discuss these differences in the Islamic Accounting course, including prohibited business activities, how to calculate Zakat, and the different sukuk structures used. The course also addresses differences in how financial statements are structured, additional disclosure requirements, and the use of social responsibility accounting.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Identify the key issues governing Islamic accounting.
Specify the types of business activities that are prohibited under Islamic law.
Identify the requirements for paying Zakat.
Recall the different types of sukuk structures that a business may use.
Identify the unique characteristics of Islamic financial statements.
Major Topics
Alignment with IFRS
Types of Islamic Business Entities
The Concept of Zakat
The Concept of Sukuk
Islamic Financial Statements
Sharia Auditing
Users of Islamic Accounting Information
