MEASUREMENT PROBLEMS IN INTEREST-FREE FINANCIAL INSTRUMENTS

Year 2019, , 787 - 807, 01.11.2019

İlker Gülençer , Emrah Ertugay Rabia Kübra Tünel

https://doi.org/10.29067/muvu.473313

Cited By: 1

Abstract

The greatest challenge in terms of interest-free
financial instruments is the difficulties encountered in different accounting
standards, the involvement of different expressions, and the resulting
comparability of financial statements in terms of reliability, reliability and
compliance. The existing standards, based on traditional frameworks, are insufficient
to explain and measure interest-free financial instruments. Since there is no
single Islamic financial reporting set applied worldwide, different financial
reporting approaches are applied to interest-free financial instruments in
different countries. In this context, the need for Islamic accounting standards
has been assessed and the standards, interpretations and evaluations of
Musharaka, Mudarabah, Ijarah, Sukuk and Qard, which are the most used financial
instruments of Islamic financial institutions, within the framework of AAOIFI
(Accounting and Auditing Organization for Islamic Financial Institutions), MASB
(Malaysian Accounting Standards Board) and IASB (International Accounting
Standards Board) are included in this study. The methods applied by Islamic
financial institutions in accounting and measurement of financial instruments
are specified.

Keywords

Interest-Free Financial Instruments, Methods Approaches for Interest-Free Financial Instruments, Islamic Accounting Standards, Islamic Financial Institutions

FAİZSİZ FİNANSAL ARAÇLARDA ÖLÇÜM SORUNLARI

Abstract

Faizsiz
finansal araçların raporlanması açısından karşılaşılan en büyük zorluk farklı
muhasebe standartlarında, farklı ifadelerin yer alması ve bunların sonucunda
üretilen finansal tabloların karşılaştırılabilirlik, güvenilirlik ve uyum
konusunda karşılaştığı zorluklardır. Geleneksel çerçevelere dayalı olarak
oluşturulan mevcut standartlar, faizsiz finansal araçları açıklamakta ve ölçmekte
yetersiz kalmaktadır. Tüm dünyada uygulanan tek bir İslami finansal raporlama
seti olmadığı için faizsiz finansal araçlara, farklı ülkelerde farklı finansal
raporlama yaklaşımları uygulandığı görülmektedir. Bu bağlamda çalışmada islami muhasebe
standartlarına olan ihtiyaç değerlendirilmiş ve İslami finansal kuruluşların en
fazla kullandığı finansal araçlardan Muşaraka, Mudaraba, İcara, Sukuk ve Qard
için AAOIFI (İslami Finansal Kurumlar Muhasebe ve Denetimi Organizasyonu), MASB
(Malezya Muhasebe Standartları Kurulu) ve IASB (Uluslararası Muhasebe
Standartları Kurulu) çerçevesinde uygulanan standartlar, yorumlar ve
değerlendirmelere yer verilmiştir. Ayrıca finansal araçların
muhasebeleştirilmesinde ve ölçülmesinde İslami finansal kuruluşların uygulamış
olduğu yöntemler belirtilmiştir.

Keywords

Faizsiz Finansal Araçlar, Faizsiz Finansal Araçlar Ölçüm Yaklaşımları, İslami Muhasebe Standartları, İslami Finansal Kuruluşlar

References

• Adnan, M. A., Gaffıkin, M. (1997). The Sharia, İslamic Banks and Accounting Concepts and Practices. Accounting, Commerce and Finance: The İslamic Perspective İnternational Conference, University of Western Sydney, Macarthur.
• Alam, K. F. (1998). İslam, Ethics and Accounting Practices. Commerce and Finance: The İslamic Perspective Journal, 2(2), 67-85.aosgg.org, Financial Reporting Issues Relating to Islamic Finance. Çevrimiçi http://www.aossg.org/docs/AOSSG_IF_WGResearch_Paper_11Oct2010.pdf
• Baydoun, N., Willett, R. (1994). Islamic Accounting Theory. Paper presented at the Accounting Association of Australia and New Zealand Annual Conference, 3-6 Temmuz, Avustralya.
• Baydoun, N; Willett, R. (1997), Islam and Accounting: Ethical Issues in the Presentation of Financial Information. Accounting, Commerce & Finance: The Islamic Perspective, 1(1), 1-25.
• Baydoun, N., Willet, R. (2000). İslamic Corporate Reports, Abacus, 36(1), 71-90.
• Dar, H., Presley, J. (2000). Lack of Profit Loss Sharing in Islamic Banking: Management and Control Imbalances. International Journal of Islamic Financial Services, 2(2), 1-27.
• Gambling, T., Karim, R. A. A. (1986). Islam and Social Accounting. Journal of Business Finance and Accounting, 13(1), 39-50.
• Gambling, T., Karim, R. A. A. (1991). Business and Accounting Ethics in Islam, London: Mansell.
• Gifr (2014), Global İslamic Financial Report, United Kingdom. Çevrimiçi http://www.gifr.net/gifr_2014.htm
• Gifr (2016), Global İslamic Financial Report, United Kingdom. Çevrimiçi http://www.gifr.net/gifr_2016.htm
• Haniffa, R. (2001). Social Responsibility Disclosure: An İslamic Perspective. Indonesian Management and Accounting Journal, 1(2), 128-146.
• Haniffa, R., Hudaib, M., Mirza, A.M. (2002). Accounting Policy Choice Within The Shari’ah İslami’iah Framework. Discussion Papers in Accountancy and Finance Sobe University of Exeter, 2, 4-19.
• Haniffa, R.; Hudaib, M. (2002), A Theoretical Framework for the Development of the Islamic Perspective of Accounting. Accounting, Commerce & Finance: The Islamic Perspective Journal, 6 (1/2), 1-42.
• Hasan, Z. (2002). Mudaraba as a Mode of Finance in Islamic Banking Theory, Practices and Problems. Journal of Middle East Business and Economics, 14(2), 41-53.
• Ibrahim, S. H. M. (2007). IFRS vs AAOIFI: The Clash of Standards. International Center for Education in İslamic Finance, 1-10.
• ifrs.org, IFRS-9 Discussion Paper. Çevrimiçi http://www.ifrs.org/Meetings/MeetingDocs/Other%20Meeting/2014/September/IFRS-9- Discussion-paper-September-2014.pdf
• Kamla, R. (2009), Critical İnsights İnto Contemporary İslamic Accounting. Critical Perspectives Soon Accounting, 20, 921-932.
• Kamla, R., Gallhofer, S., Haslam, J. (2006). Islam, Nature and Accounting: Islamic Principles and the Notion of Accounting for the Environment. Accounting Forum, 30, 245-265.
• Karim, R., Ahmed A. (1995). The Nature and Rationale of a Conceptual Framework for Financial Reporting by İslamic Banks. Accounting and Business Research, 2(5), 285-300.
• Maali, B., Casson, P., Napier, C. (2006). Social Reporting by İslamic Banks, Abacus, 42(2), 266-289.
• Maali, B., Napier, C. (2010). Accounting, Religion and Organizational Culture: The Creation of Jordan İslamic Bank. Journal of İslamic Accounting and Business Research, 1(2), 92-111.
• Magid, A. (1981). The Theory of Islamic Banking: Accounting Implications. International Journal of Accounting Education and Research, 17(1), 79-102.
• masb.org.my, (2006) Accounting for Zakat on Business. Çevrimiçi http://www.masb.org.my/pdf.php?pdf=Accounting%20for%20Zakat%20TRi-1.pdf&file_path=uploadfile
• masb.org.my, (2012) (a). A Word about Islamic Finance: Part I Çevrimiçi http://www.masb.org.my/pdf.php?pdf=A%20Word%20about%20Islamic%20Finance-Part%201%20Nov.pdf&file_path=pdf
• masb.org.my, (2012) (b). A Word about Islamic Finance: Part II. Çevrimiçi http://www.masb.org.my/pdf.php?pdf=A%20Word%20about%20Islamic%20Finance%20-%20Part%202%20Dec.pdf&file_path=pdf
• Mirza, M. (1991). Social Reporting and Managers. Accounting Research Journal, 7-17.
• Mirza, M., Baydoun, N. (1999). Do İslamic Societies and Their Own Accounting and Reporting Standards?. Journal of the Academy of Business Administration, (2), 39-45.
• Mirza, M., Baydoun, N. (2000). Accounting Policy Choice in a Riba-free Environment. Accounting, Commerce & Finance: The Islamic Perspective Journal, 4, (1-2), 30-47.
• Mohammed, A. M. (2018). Determinants of Implementation of Accounting Standards for İslamic Financial İnstitutions in İraq: A Conceptual Framework. Academy of Accounting and Financial Studies Journal, (22), 1-6.
• Napier, C. (2007). Other Cultures, Other Accountings? İslamic Accounting From Past to Present. Paper Presented at the 5th Accounting History İnternational Conference, Banff, Canada, 9-11 Ağustos, 1-34.
• Napier, C. (2009). Defining İslamic Accounting: Current İssues, Past Roots, Accounting History. 14(1-2), 121-144.
• Rahman, A. A., Bukarir, A. A. (2013). The İnfluence of the Shari’ah Supervision Board on Corporate Social Responsibility Disclosure by İslamic Banks of Gulf Co-Operation Council Countries. Asian Journal of Business and Accounting, 6(2), 65-104.
• Rasmussen, B. (2007). Business Models and the Theory of the Firm. Pharmaceutical Industry Project Working Paper Series.
• Ros, S. A. M., Rahman, A. R. A. (2003). An Exploratory Study of Ijarah Accounting Practices in Malaysian Financial İnstitutions. International Journal of İslamic Financial Services, 5(3), 1-16.
• Sarea, M., Hanefah, M. M. (2013). The Need of Accounting Standards for İslamic Financial İnstitutions: Evidence From AAOIFI. Journal of İslamic Accounting and Business Research, 4(1), 64-76.
• Siddiqi, M. N. (1991). Some Economic Aspects of Mudarabah. Review of İslamic Economics. 1(2), 21-33.
• Sole, J. (2007). Introducing İslamic Banks İnto Conventional Banking Systems. IMF Working Paper.
• Sulaiman, M. (2001). Testing A Model of İslamic Corporate Financial Reports: Some Experimental Evidence. IIUM Journal of Economics and Management, 9(2), 116-139.
• Sulaiman, M., Willet, R., (2001). Islam, Economic Rationalism and Accounting. The American Journal of İslamic Social Sciences, 18(2), 1-36.
• Van Greuning, H., Iqbal, Z., (2008). Risk Analysis for Islamic Banks, The International Bank for Reconstruction and Development. World Bank Publi-cations, Washington.
• Wagenhofer, A. (2011). Towards a Theory of Accounting Regulation: A Discussion of the Politics of Disclosure Regulation along the Economic Cycle. Journal of Accounting and Economics, 52(2-3), 228-234.
• Yanpar, A. (2014). İslami Finans İlkeler Araçlar ve Kurumlar, Scala Yayıncılık: İstanbul.
• Zaini, N. B. (2007). An Exploratory Study on the Understanding of AAOIFI Accounting Standards for Investment in Islamic Bonds: The Case of Malaysian’s Accounting Academics. Malezya Uluslararası İslam Üniversitesi, Yayımlanmamış Doktora Tezi, Kuala Lumpur.