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ACCT 311 Islamic Accounting Answer UAEU

ACCT311 Islamic Accounting Assignment UAEU, UAE

This assignment sample will discuss Islamic accounting course learning outcomes.

This course enables accounting students to identify and apply the accounting principles and procedures of the various modes of Islamic financial transactions. It covers topics such as Islamic banking and finance, zakat, takaful, insurance, and awqaf.

The course also emphasizes ethics and accountability in accounting for Islamic products and services. While the ACCT311 is on AAOIFI accounting standards, comparisons to IFRS standards are as well. The prerequisite for this course is ACCT245, a minimum grade of D.

 

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Islamic Accounting (ACCT311) course learning outcomes

At the end of the course, students will be able to :

Calculate Zakat For Individual And Islamic Business Organizations

Zakat is an Islamic form of charity and is one of the five main pillars of Islam. It applies to all types of wealth, from farming and crafting to major stocks, which means Saudi companies must abide by it and make it part of their financial equation every year. 

Zakat for Businesses

A company’s Zakat value is by adding the overall value of whatever products you have in stock since the last time you paid Zakat to the current assets. Which is the overall existing amount of money on the day of Zakat payment, plus your accrued income, 2.5% of that sum is your company’s Zakat. 

Zakat for Rented and Intangible Products 

For businesses that do not sell their products, like companies that develop for rent and not for sale, Zakat is the current assets, plus the accrued income, divided by 40. The outcome is the actual value of Zakat. Zakat does not need to be for the value of furniture and other possessions within the company. 

Zakat for Stocks

 If investors pay Zakat individually, stocks are on the day Zakat is due, and 2.5% of that value is Zakat. It is common for business partners to sum up all their income values and pay 2.5% of that income. Bank bonds are in this case excluded since interest is involved, money from which cannot be as Zakat. 

Explain The Importance Of Ethics For Accountants And Auditors In Islam.

Accountants deal with the intimate financial details of individuals and organizations. Some can execute million-dollar transactions, and others assist with safeguarding retirement funds of cab drivers and social workers.

Ethical codes are the fundamental principles that accounting professionals choose to abide by to enhance their profession, maintain public trust, and demonstrate honesty and fairness. People who join organizations and secure the credentials to present themselves to the public as CPAs or IIAs strive to protect the profession.

Sadly, not everyone who works in the accounting field is trustworthy. Daily violations of public and private trust occur, and resolving ethical dilemmas doesn’t always end favorably. The following are five areas that deserve the attention of anyone considering working in the accounting profession.

 

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Identify The Differences Between Conventional Accounting And Accounting In Islamic Perspective

The Key Difference between Islamic and Conventional Accounting lies in different factors such as the nature and definition of their Financial Instruments, Principles of Islamic Finance, Major Differences between Conventional Financial Instruments (CFIs) and Islamic Financial Instruments (IFIs), and Forms of Financial Instruments. The discussion of this article will focus on these topics.

  • In Conventional Finance, taxes impose if products and services enter a country from another point of origin. We call it a trade tax. While, in Islamic Finance, these practices are. What’s allowed is the sharing of profit and loss. If the bank profited in a year of a certain amount, it should be with all its depositors. The same principle applies if the bank experiences losses.
  • The assets backing up CFIs are money-based while IFIs by assets other than money. According to Islamic Banks, money is a medium of exchange and not a Financial Instrument. Some instruments are for IFIs.

Use Ethical Reasoning In Any Ethical Issues Faced By Accountants And Auditors.

The four standards in the Islamic Accounting Statement(IAS) of Ethical Professional Practice are as follows:

  • Competence. Members of the IAS must maintain an adequate level of skill to perform duties accurately and professionally.
  • Confidentiality. Members of the IAS must not disclose confidential information for any reason unless legally obligated to do so.
  • Integrity. Members of the IAS must avoid any actual or apparent conflict of interest, including receiving gifts or favors and must not engage in any activity that would discredit the profession.
  • Credibility. Members of the IAS must disclose all relevant information fairly and objectively.

Demonstrate A Comprehensive Knowledge Of The Concepts And Standards For Accounting And Financial Reporting Of Islamic Financial Institutions (Aaoifi And Ifsb).

The IFSB is active on several levels in its aim to set the standards of thought leadership in Islamic Finance, including:

  • Compiling a library of reference books, standards, and industry reports
  • Issuing IKFC research and reports to industry stakeholders
  • Conducting surveys of Islamic Finance leaders
  • Sharing webcasts featuring discussions with experts and policy-makers
  • Publishing an e-magazine to share thought leadership with clients and markets

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