COMPARATIVE STUDY OF ISTISNA’ ACCOUNTING IN THE ISLAMIC REPUBLIC OF IRAN BANKING SYSTEM AND ACCOUNTING AND AUDITING ORGANIZATION FOR ISLAMIC FINANCIAL INSTITUTIONS

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GHOLAMI JAMKARANI REZA

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Journal: ISLAMIC FINANCE RESEARCHES Year:2018 | Volume:7 | Issue:2 (14) Page(s): 453-494

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Title

COMPARATIVE STUDY OF ISTISNA’ ACCOUNTING IN THE ISLAMIC REPUBLIC OF IRAN BANKING SYSTEM AND ACCOUNTING AND AUDITING ORGANIZATION FOR ISLAMIC FINANCIAL INSTITUTIONS

Author(s)

GHOLAMI JAMKARANI REZA | Issue Writer Certificate

Keywords

ACCOUNTING OF ISTISNA CONTRACTQ1

ISTISNAQ1

CONTRACTQ1

PARALLEL ISTISNAQ1

Abstract

The financial reporting of the country's banks, especially accounting of the Islamic CONTRACTs, has no comprehensive accounting standards. The accounting system of ISTISNA facilities in the banking system of Iran has an accounting instruction issued by the Central Bank. On the other hand, the standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), in accordance with its Statement No.1, are applicable to all Islamic banks, regardless of the country's governing system. In this research, using the comparative method, the comparison of the ISTISNA CONTRACTing accounting procedure in Iranian banking with the AAOIFI has been investigated. The results of the research indicate that the accounting procedure of ISTISNA in Iran's banking system is not consistent with the usual accounting practices of AAOIFI, so that in the initial recognition of financial events, the recognition of the profit of the ISTISNA and grant of the first ISTISNA is not in full conformity. Also, these two procedures do not comply with the recognition of balance sheet items at the end of the financial period and in terms of disclosure or presentation in the financial statements. This discrepancy requires the need to pay more attention to regulations in the field of accounting and financial reporting of Islamic CONTRACTs, particularly the CONTRACT of ISTISNA.

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APA: Copy

GHOLAMI JAMKARANI, REZA. (2018). COMPARATIVE STUDY OF ISTISNA’ ACCOUNTING IN THE ISLAMIC REPUBLIC OF IRAN BANKING SYSTEM AND ACCOUNTING AND AUDITING ORGANIZATION FOR ISLAMIC FINANCIAL INSTITUTIONS. ISLAMIC FINANCE RESEARCHES, 7(2 (14) ), 453-494. SID. https://sid.ir/paper/254988/en

Vancouver: Copy

GHOLAMI JAMKARANI REZA. COMPARATIVE STUDY OF ISTISNA’ ACCOUNTING IN THE ISLAMIC REPUBLIC OF IRAN BANKING SYSTEM AND ACCOUNTING AND AUDITING ORGANIZATION FOR ISLAMIC FINANCIAL INSTITUTIONS. ISLAMIC FINANCE RESEARCHES[Internet]. 2018;7(2 (14) ):453-494. Available from: https://sid.ir/paper/254988/en

IEEE: Copy

REZA GHOLAMI JAMKARANI, “COMPARATIVE STUDY OF ISTISNA’ ACCOUNTING IN THE ISLAMIC REPUBLIC OF IRAN BANKING SYSTEM AND ACCOUNTING AND AUDITING ORGANIZATION FOR ISLAMIC FINANCIAL INSTITUTIONS,” ISLAMIC FINANCE RESEARCHES, vol. 7, no. 2 (14) , pp. 453–494, 2018, [Online]. Available: https://sid.ir/paper/254988/en

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