Faithful representative

Relevance

Enhancing Qualitative Characteristic

High Quality

Comparability

Relevance

Reliability

Prudence

Income

Equity

Liabilities

Expenses

Asset

Equity on investment account holder

Off-balance sheet

Same as stated in MASB

Return on investment account

MASB: Future economic benefits flow to the entity
AAOIFI: Transaction satisfies certain criteria

MASB: Concurrent effect

Obligation one party to another party

Revenue collect with reasonable & certainty

substantially completed

MASB: Occurrence of decrease future economic benefits

AAOIFI: Conjunction to effect generate revenues

Primary statement

Statement of accounting policies

Explanatory note

Supplementary statement

Asset and liability covered under particular contract

Statement of income and expenditure

Income statement for the purpose income taxation

MASB conceptual framework

Structure process of creating fin.reporting

Identify the users and explicity define the obj.

Developing financial standard

Act as guidance

Encourage harmonization

Unique relationship of IFI and parties vs. conventional inst.

Demonstrate that IFI shariaah compliance

Provide useful information that is useful to users

Determine rights & obligation of intersted parties

Provide useful information

Enhance the managerial and productive capabilities

IFI's economic resources & related obligations

Assist in the determination of zakat

Discharge of its fiduciary responsibilities

IFI's compliance with shariaah

IFI's discharge its social responsibilities