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Influence of confessional institutions on accounting reporting

Umarov Kh.S. IPT OOO (PAYMO), Moscow, Russian Federation ( khusan0000@gmail.com )

Journal: International Accounting, #9, 2019

Subject This article deals with the accounting (financial) reports of Islamic financial institutions.
Objectives The article aims to describe the particularities of the accounting (financial) reports of Islamic financial institutions.
Methods For the study, I used the methods of comparative analysis, systematization, classification, analogy, and comparison.
Results The article describes a model developed by accounting professionals and Sharia experts that helps users obtain relevant information to make economic decisions.
Conclusions and Relevance The article concludes that the complete accounting set of Islamic financial institutions and their financial instruments differ from the traditional ones to some extent. Islamic financial institutions, like other financial institutions, provide generally accepted reports, but additionally, they publish other reports. The results of the article can be applied in the accounting theory development.


Ethical constituents of accounting data in Islamic financial institutions

Umarov Kh.S. IPT OOO (PAYMO), Moscow, Russian Federation ( khusan0000@gmail.com )

Journal: International Accounting, #8, 2019

Subject The article discusses the conceptual framework for the Islamic accounting model and basic requirements to accounting data quality.
Objectives The research unfolds ethical principles (moral values) of the Islamic accounting model and determines constituents of financial data.
Methods The research uses methods of comparative analysis, systematization, classification, analogy and comparison.
Results The article presents constituents and qualities of accounting data in the Islamic accounting model, which rests upon fundamental laws of the Quran and Sunnah, such as non-interest lending, prohibition of some gambling activities, investment in high uncertainty projects.
Conclusions and Relevance The Islamic accounting model is based on principles of the Islamic law and constitutes a new accounting system in economics. The accounting model originated with reference to religious values and relates to the Islamic economy. The Islamic economy encompasses a set of Muslim views on economic principles and mechanisms. It pursues social justice and cost-effective development of social relations. The Islamic economy calls to put spiritual and moral values into practice, which are human universal, making the economic development model versatile, since it appeals to economic and ethical issues. The findings can be used in the theory of accounting development.


Islamic model of accounting as a socio-economic phenomenon

Umarov Kh.S. Plekhanov Russian University of Economics, Moscow, Russian Federation ( khusan0000@gmail.com )

Journal: International Accounting, #7, 2017

Subject The article discusses the Islamic model of accounting from the social and ethical perspective, where attention is paid both to the personal ethics of accountant and business ethics.
Objectives The article aims to disclose the institutional framework of Islamic accounting and identify its model characteristics.
Methods For the study, I used various scientific methods and techniques such as analysis, analogy, classification, and a forecasting method. The dialectic method of scientific knowledge and systems approach are the research methodological basis.
Results The article presents the principles of the Islamic accounting model. It focuses on the issues of social responsibility of organizations applying the Islamic accounting model, in part of tax payment for the poor and the use of tools based on a division of profits and losses.
Conclusions and Relevance Islamic accounting model is a system of accounting which makes it possible not only to provide accurate information in the format of various financial indicators, but also send a message to the stakeholders that the company runs business and performs its socio-economic function. The Islamic accounting model is sufficiently promising in developing accounting, and it can act as a guide in developing social accounting standards and also be an information system for management decisions regarding the impact of companies' activities on society. The results of the study can be used both practically and theoretically in the field of accounting.


Accounting distinctions of partnership finance (Musharakah) and trade (Murabaha) of Islamic financial institutions

Umarov Kh.S. OOO PAYMO, Moscow, Russian Federation ( khusan0000@gmail.com )

Journal: International Accounting, #12, 2019

Subject The article discusses Islamic financial instruments and their accounting recognition by Islamic financial institutions (IFI), specifically focusing on Musharakah and Murabaha as one of the most popular products used in the jurisdiction of the Islamic financial system.
Objectives The study reveals the specifics of partnership financing and trade in the Islamic accounting model.
Methods I apply methods of comparative analysis, systematization, classification, analogy and collation.
Results The article unfolds financial instruments of Islamic institutions, such as Murabaha and Musharakah, specifies the semblance of Musharakah with identical instruments used in Islamic and traditional financial systems. I also enlist key requirements to Murabaha, made accounting entries concerning the instrument.
Conclusions and Relevance The article examines contracts of joint activities Musharakah, its specifics and distinctive features and compares it with the trust finance contract Mudarabah. As part of such contracts, profit and loss are shared among parties in a certain proportion. I provide examples of accounting entries depending on possible results of such joint projects. The article also describes accounting entries on capital construction, project investment, accrual of profit/loss, and allocation of the result among the parties. I give a detailed account of Murabaha, legal force of the contract provided some financing requirements are met. The study also describes the costing of goods or a service, origination of accounts receivable and payable, revaluation of goods and services to be recognized in the balance sheet, and reveals some results of trade finance and the way they are posted to accounting ledgers. The findings are of applied and theoretical significance for accounting practices.


The specifics of accounting for lease (Ijarah) and bonds (Sukuk) of Islamic financial institutions

Umarov Kh.S. OOO PAYMO, Moscow, Russian Federation ( khusan0000@gmail.com )

Journal: International Accounting, #1, 2020

Subject The article discusses the Islamic financial mechanisms and their accounting recognition by Islamic financial institutions. The study reveals the specifics of Islamic instruments, such as Ijarah and Sukuk, which are one of the most popular instruments in the Islamic finance practice.
Objectives The study discovers the specifics of lease finance and investment in securities as per the Islamic accounting model.
Methods Research employs methods of comparative analysis, systematization, classification, analogy and matching.
Results I unveil financial instruments, such as Ijarah and Sukuk, find the difference between traditional analogies and exemplify how they are carried in accounting books in Russia. What makes a lease contract under IFRS and Islamic accounting rules different is the subject of the contract, risks a party undertakes and the recognition of assets. The Islamic bond Sukuk is secured with a tangible asset, without providing for fixed interests.
Conclusions and Relevance The article reviews the accounting standard on lease Ijarah and compares it with the identical IFRS 16 – Lease. I point out the difference between the Islamic and international accounting models. The article describes the usage of the instrument, probable risks, accounting records to enter and derecognize the asset, its values and impairment, distribution of earnings and expenses among the lessor and lessee, accrual of profit and loss in accounting ledgers, provisions for each particular case and recognition of some off-balance sheet entries. I also refer to operating and finance lease when the lessee leases the property for its subsequent purchase. The article gives a detailed account of Sukuk and classifies types and classes of Sukuk, showing accounting records on income, provisions, valuation and revaluation of the asset and accrual of profit and losses. The findings is of applied and theoretical use in accounting.


The specifics of accounting for bank deposits, trust financing (Mudarabah) and tax for the poor and needy (Zakat) of Islamic financial institutions

Umarov Kh.S. IPT LTD (PAYMO), Moscow, Russian Federation ( khusan0000@gmail.com )

Journal: International Accounting, #11, 2019

Subject The article deals with Islamic financial mechanisms and their recognition in accounting records of Islamic financial institutions.
Objectives The study unfolds the specifics of bank deposits, trust financing and tax paid to the poor under the Islamic accounting model.
Methods The study involves methods of comparative analysis, systematization, classification, analogy and comparison.
Results I examine financial mechanisms of Islamic institutions and give examples how the mechanisms are recognized in accounting books. I also classified their types and emphasized their distinctions. Islamic banks accrue no interests on savings. Financial instruments are based on principles of profit and loss sharing. In addition to income tax, Islamic financial institutions pay the religious tax. The article presents AAOIFI standards governing the above accounts and reveals accounting records of capital proceeds and/repayment, accrual of profit and/loss, informs on the requirement to prepare a special report, which is published along with other traditional reports. The article also gives a detailed account of a special tax to the poor (Zakat), terms of its collection and payment, rules and method for its calculation, who is entitled to the payments and the reasons for doing so, measurement of assets and liabilities that are subject to the tax.
Conclusions and Relevance The Islamic accounting model provides for three types of on?call deposits, i.e. Wadiah, Amanah and Qard hasan. They are recorded in accounting books as if it were the conventional accounting model. Investment deposits (Mudarabah) are different. They do not provide for any return. The return solely depends on the outcome of a project. Accounts are based on profit and loss sharing principles and resemble venture capital existing in the modern economic practice.


Accounting for Bank Deposits, Trust Financing (Mudarabah) and Tax for the Poor and Needy (Zakat) of Islamic Financial Institutions: Distinctions

Umarov Kh.S. IPT LTD (PAYMO), Moscow, Russian Federation ( khusan0000@gmail.com )

Journal: Digest Finance, #4, 2019

Subject The article deals with Islamic financial mechanisms and their recognition in accounting records of Islamic financial institutions.
Objectives The study unfolds the specifics of bank deposits, trust financing and tax paid to the poor under the Islamic accounting model.
Methods The study involves methods of comparative analysis, systematization, classification, analogy and comparison.
Results I examine financial mechanisms of Islamic institutions and give examples how the mechanisms are recognized in accounting books. I also classified their types and emphasized their distinctions. Islamic banks accrue no interests on savings. Financial instruments are based on principles of profit and loss sharing. In addition to income tax, Islamic financial institutions pay the religious tax. The article presents AAOIFI standards governing the above accounts and reveals accounting records of capital proceeds and/or repayment, accrual of profit and/or loss, informs on the requirement to prepare a special report, which is published along with other traditional reports. The article also gives a detailed account of a special tax to the poor (Zakat), terms of its collection and payment, rules and method for its calculation, who is entitled to the payments and the reasons for doing so, measurement of assets and liabilities that are subject to the tax.
Conclusions and Relevance The Islamic accounting model provides for three types of on?call deposits, i.e. Wadiah, Amanah and Qard Hasan. They are recorded in accounting books as if it were the conventional accounting model. Investment deposits (Mudarabah) are different. They do not provide for any return. The return solely depends on the outcome of a project. Accounts are based on profit and loss sharing principles and resemble venture capital existing in the modern economic practice.


Research on the institutional design of accounting systems: Theoretical and methodological considerations

Umarov Kh.S. OOO PAYMO, Moscow, Russian Federation ( khusan0000@gmail.com )

Journal: International Accounting, #4, 2020

Subject. The article discusses rules, ethical principles for the emergence of institutional design of accounting systems and their distinctions.
Objectives. The study identifies and evaluates how ethical principles will influence the institutional design of the national accounting system. We also provide hands-on advise on the use of its constituents.
Methods. The study is based on general and special methods of research, such as theoretical principles of the institutional theory, dialectical method, methods of abstract research, logic method, systems analysis, generalization, classification, comparative analysis and synthesis of data.
Results. I analyzed general methods of accountancy and sorted comparative characteristics inherent in the establishment of the accounting process given there is a limited number of accounting methods and accounting judgments, limited room for the artificial manipulation of data and transactions, prohibition to depart from effective rules for the institutional design of accounting systems that stemmed from the existing moral and ethical principles. I substantiated the content of moral and ethical principles in the concept of law and their use in accounting, considering that they unveil key dealing restrictions. The article sets forth the procedure for making them, determining how they can be practiced across jurisdictions in accordance with the existing macroeconomic development traits.
Conclusions and Relevance. What really matters for the development of accounting is an opportunity for business to continue their usual working process during crises and under pressure of the external market. In such circumstances, it is crucial to exclude unreasonable expectations of accounting users in case of risk events which do not result from corporate operations. What else deserves further research is a variety of accounting models that exist worldwide, rather than characteristics of the accounting system that we spotlight. As the accounting system evolves and gets more refined as an inseparable part of a greater accounting system, cross-disciplinary approaches become more and more relevant, since they blend some scientific visions. The findings can be used in the theory of accounting development.


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