@article{Mohd Hussan_Sulaiman_2016, title={BETWEEN INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRSS) AND FINANCIAL ACCOUNTING STANDARDS (FASS): THE DEBATE CONTINUES}, volume={24}, url={https://journals.iium.edu.my/enmjournal/index.php/enmj/article/view/395}, DOI={10.31436/ijema.v24i1.395}, abstractNote={<p>This article continues the on-going debate on what would be the more relevant accounting standards for Islamic banks. It addresses this important issue by first examining the differences between IFRSs and FASs in light of their objectives, scope, and suitability for adoption by Islamic banks in reporting their <em>sharī‘ah</em>-compliant transactions. Specifically, the study approaches the issue from the ethics of reporting, that is on the possibility of misreporting leading to <em>sharī‘ah</em> non-compliance. Most importantly, in reviewing selected standards of IFRSs and FASs, the study finds that the over-emphasis on ‘comparability’ may potentially lead to misreporting.  Thus, it views <em>sharī‘ah a</em> compliance from a broader perspective instead of only limiting it to the execution of underlying transactions. Finally, it calls for collaboration between the International Accounting Standards Board (IASB) and the Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI).</p>}, number={1}, journal={International Journal of Economics, Management and Accounting}, author={Mohd Hussan, Subithabhanu and Sulaiman, Maliah}, year={2016}, month={Jun.}, pages={107–123} }