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Compliance of AAOIFI Guidelines in Presentation and Disclosure in the Financial Statements of Islamic banks in Bangladesh
Journal article   Peer reviewed

Compliance of AAOIFI Guidelines in Presentation and Disclosure in the Financial Statements of Islamic banks in Bangladesh

Md Hafij Ullah
International Journal of Social Science Research, Vol.1(2), pp.111-123
2013
DOI: https://doi.org/10.14239/ijssr.2013.01205
url
https://doi.org/10.14239/ijssr.2013.01205View
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Abstract

Banking, Finance and Investment disclosure financial statements Islamic banks Bangladesh
Islamic banking companies in Bangladesh mandatorily required following different rules, regulations, ordinance, guidelines in accounting and reporting practices but AAOIFI standards are not mandatory for them. But as Islamic organizations, they are supposed to comply with AAOIFI standards. The objective of this study is to reveal the level of Compliance of AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions)guidelines regarding General Presentation and Disclosure in the Financial Statements of Islamic Banks listed in Bangladesh. The study considered the annual report of 7 listed Islamic banking companies of 2011. The study found that these banks comply on an average 44.68 percent (90.71 items of 203) of AAOIFI Guidelines regarding General Presentation and Disclosure in the Financial Statements. Standard deviation of total compliance score is 3.14 indicate that there is very poor difference among the Islamic banks in this regard. The study recommended increasing the level of compliance to make their report more informative and to inform their stakeholder that they are doing their business complying the rules and regulation of regulatory bodies.

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