True and fair view of financial reporting practices : accountants’ perspective
Joint Authors
Zia, Mubashshir Hasan
Shihzad, Faysal
Akhtar, Muhammad
Source
Journal of Islamic Business and Management
Issue
Vol. 8, Issue (s) (30 Jun. 2018), pp.301-319, 19 p.
Publisher
Riphah International University Riphah Centre of Islamic Business
Publication Date
2018-06-30
Country of Publication
Pakistan
No. of Pages
19
Main Subjects
Abstract EN
The purpose of this case article is to bridge the gap between theory and practice of financial reporting by analyzing the reporting practices from an accountant’s perspective.
True and fair financial reporting is the basic requirement for achieving the objectives if Islamic financial system.
Importantly, what causes the accountants to mismark the financial status of the companies has been spotlighted.
It depicts the impact of aggressive revenue recognition, outright fraud, failing to accrue liability, misclassification of operating and non operating income and expenses, understatement and capitalization of expenses on financial statements.
The management manipulates financial statements to have good impression about its performance and to shoe profitability, better return on assets, return on equity and debt ratios.
Study provides evidence for the mechanics used for manipulation and provides valuable input for the motives for aggressive reporting and outright fraud.
It highlights the importance of accounting model to help and trace the manipulated financial statements for ecient investment decisions.
The results of the study cannot be generalized to all countries because of di erence in the adoption of international accounting standards, international financial reporting standards, generally accepted accounting principles and AAOFI standards in some cases.
American Psychological Association (APA)
Akhtar, Muhammad& Zia, Mubashshir Hasan& Shihzad, Faysal. 2018. True and fair view of financial reporting practices : accountants’ perspective. Journal of Islamic Business and Management،Vol. 8, no. (s), pp.301-319.
https://search.emarefa.net/detail/BIM-934580
Modern Language Association (MLA)
Akhtar, Muhammad…[et al.]. True and fair view of financial reporting practices : accountants’ perspective. Journal of Islamic Business and Management Vol. 8, Special issue (2018), pp.301-319.
https://search.emarefa.net/detail/BIM-934580
American Medical Association (AMA)
Akhtar, Muhammad& Zia, Mubashshir Hasan& Shihzad, Faysal. True and fair view of financial reporting practices : accountants’ perspective. Journal of Islamic Business and Management. 2018. Vol. 8, no. (s), pp.301-319.
https://search.emarefa.net/detail/BIM-934580
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 319
Record ID
BIM-934580