Islamic accounting and financial reporting Essay

Islamic accounting and financial reporting - Essay Example However, in certain scenarios, the accounting principles in most of the Islamic countries have also experienced major complexities due to their dissimilarities prevailing within the globally accepted accounting standards (Yaya, 2004). In relation to conventional insurance principle, the primary objective of Shari’ah is generally identified to be a concept of survival of individuals. With regard to this particular notion, the primary objective of insurance industry in the Islamic countries is to protect each individual from various risks that are likely to link with their life, health and/or wealth. In the context of the Islamic law agenda, the term insurance is acceptable owing to the general standards and provisions of Sharia’ah’s law (Arbouna, n.d.). The primary purpose of this essay is to critically explore the particular features of Takaful operations that differs them from the conventional insurance firms. The study also explains the key factors and reporting requirements that are frequently observed to create various conflicts with International Financing Reporting Standard (IFRS) for insurance companies. Term ‘Takaful’ is defined as a system in the Islamic insurance segment based on the guiding codes of ‘ta’awun† (mutual assistance) and ‘tabarru’ (voluntary contribution) (Matsawali & et.al, 2012). The Takaful industry in the Islamic accounting and reporting sector is often observed to experience rapid development in different nations since the previous few decades (Matsawali & et.al, 2012). In relation to the recent guidelines followed in the insurance sector, the Islamic insurance companies are able to formulate effective methods that are generally applied by conventional insurance companies to maximise profit and build strong relationship with a valid form of contract among both the parties involved in particular insurance. However, Takaful can be observed as such a system, which does not ensure offering adequate rights to the

English 2 Essay Example | Topics and Well Written Essays - 250 words - 1

English 2 - Essay Example If indeed it is found that soccer is a good way to help troubled youths, that fact will provide a major incentive for governments to invest more money in these kinds of recreational activities. This autobiography shows the affect soccer has had on one of the all-time great players. Beckham indicates that soccer kept him on a straight and narrow path. This book is good for background information. This book provides a great deal of information on the professional aspect of soccer. Interviews in it with players indicate that the sport shaped their lives in a positive manner. This is good for background. Another useful biographical book that shows the impact of the game on the life of Pele. This provides insight into how soccer influences young people growing up in the Third World. Examples in this book are useful. Another invaluable look at problems suffered by adolescents. This book discusses disciplined activities such as sports which can help troubled young people. A great deal of insight is provided by the author. Another survey of how troubled youth can be brought into athletic activities at schools. This book provides advice to practitioners and suggest strategies to integrate disaffected teenagers. Sports can be a big part of