Islamic accounting and financial reporting Essay - 1

Islamic accounting and financial reporting - Essay Example 16). On the other hand, IFRS was enacted to harmonize the universal accounting procedures and processes into a harmonized system. This study will cover the implementation of the IFRS by the country of Malaysia. The paper will have a candid review of the adoption of the IFRS by Malaysia, and the conflicts that this move presents to the application of the AAOIFI standards. As a start off, the paper evaluates the financial and accounting system in Malaysia. AAOFIFI and IFRS are then evaluated with respect to their components, procedures of application and treatment of various financial transactions. The paper then compares and contrast the accounting treatment of both standards before discussing the procedures that are used by the Malaysian authorities to implement IFSR and overcome Conflicts with AAOIFI (Schoon 2009, p.50). The study finalizes by analysing the effectiveness of the IFRS implementation strategy in Malaysia. The financial system of Malaysia is made up of Islamic and conventional financial institutions which operate in parallel. The apex of financial and monetary structure in Malaysia is the Bank Negara, which is the Malaysian Central bank. The financial system comprises the banking and non-banking system. The banking system is made up of 21 Islamic banks, 25 commercial banks and 15 investment banks. To compliment banking institutions are the non-banking financial institutions. In Malaysia, there are 43 insurance and re-insurance companies, 13 Takaful Operators, four retakaful operators and six development financial institutions. The Islamic financial system in Malaysia has continued to grow and develop. Currently, the Islamic financial system comprise of Takaful, Retakaful, Islamic Capital Market and Islamic Interbank Money market. MIFC (International Islamic Financial Centre) was opened in the year 2006, with the aim of strengthening

Homelessness Essay Example | Topics and Well Written Essays - 750 words - 2

Homelessness - Essay Example I have found many people around me who forced to spend their final days of their lives in rescue homes even though they have enormous wealth. An old age couple who was staying near my home forced to transfer their lives to a near rescue home recently since they failed to get enough attention from their parents. These couple had huge wealth, but their children were working abroad. They failed to get enough protection from their children and finally forced to take shelter in a rescue home conducting by a charitable trust. In another case, I have seen a person forced to live in a rented house because of unemployment. The recent recession resulted in this person losing his job. He forced to sell his house in order to repay some of his debts and forced to shift to a small rented house with his wife and two children. Before recession itself, they were struggling to find their livelihood. When we analyze both the cases mentioned above, we can see that the homelessness problem is due to structural reasons rather than the individual reasons. Unemployment, poverty, lack of affordable housing, housing policies etc are some of the structural reasons commonly cited by many sociologists for homelessness (What causes homelessness?). But in the first case given above, we can see that the family set up forced the couple to take shelter in rescue homes. Kendall (2008) mentioned that people like to form groups to meet instrumental and expressive needs. Instrumental or task oriented needs cannot be met by one persona alone, so the group work cooperatively to fulfill the goal. Moreover small groups are better for all the members to acquaint well and to interact simultaneously (Kendall, p.151-152). The first case given above can be analyzed with respect to the above perspective. As per the current trends, people like to live in nuclear families, a family with husband, wife and one or two children. It is difficult for them to accommodate more