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All Journal International Journal of Economics, Business and Accounting Research (IJEBAR)
Mohammad Shamsus Sadekin
Associate Professor, Chittagong University of Engineering & Technology
Economics, Econometrics & Finance

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REPORTING DISCLOSURE LEVELS AND COMPLIANCE WITH BB, AAOIFI, B/IFRS AND SEC OF ISLAMIC FINANCIAL INSTITUTIONS IN BANGLADESH Md Robiul Islam; Mohammad Shamsus Sadekin
International Journal of Economics, Business and Accounting Research (IJEBAR) Vol 4, No 02 (2020): IJEBAR, VOL. 04 ISSUE 02, JUNE 2020
Publisher : LPPM ITB AAS INDONESIA (d.h STIE AAS Surakarta)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/ijebar.v4i02.1020

Abstract

Compliance with financial reporting guidelines/standards promulgated by Regulatory Bodies has become a crucial issue of the day after a series of corporate debacles over a few years. Regulators, professional bodies and researchers throughout the world have expressed their concern about the need for improved accounting pronouncements and compliance for providing better information than previously required for the preparation and presentation of corporate financial reporting. The present study primarily focuses on the reporting disclosure levels and compliance with Bangladesh Bank (BB) Guidelines, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Accounting Standard, Bangladesh/International Financial Reporting Standard (B/IFRS) and Securities and Exchange Commission (SEC) Rules of Islamic Financial Institutions in Bangladesh. Annual reports of (08) eight Islamic banks in Bangladesh have been examined for the year ending 2015. The results showed that the Islamic banks significantly followed the selected accounting guidelines/standards under review and did bring remarkable changes in the financial reporting practices made by the Islamic banks in Bangladesh. The study attempted to examine empirically the levels of disclosure in corporate annual reports of Islamic banks in Bangladesh. The study recommended increasing the level of compliance to make their financial reports more informative. The study also tries to ascertain the regulatory necessary requirements in preparing the financial statements of banks under Islamic shariah and tries to display the compliance status of these banks with legislations. The average compliance rate is 93.28% for BB guidelines, 46.54% for AAOIFI Accounting Standard, 48.50% for B/IFRS and 51.99% for SEC rules considering all required aspects of financial reports. Compiling all of the requirements regarding financial reports of regulatory bodies will be helpful for banks to make financial reports convenient.
Disclosure of Financial Reporting of Islamic Financial Institutes of Bangladesh: A Concept of Relevant Reviews Mohammad Shamsus Sadekin
International Journal of Economics, Business and Accounting Research (IJEBAR) Vol 4, No 03 (2020): IJEBAR, VOL. 04 ISSUE 03, SEPTEMBER 2020
Publisher : LPPM ITB AAS INDONESIA (d.h STIE AAS Surakarta)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/ijebar.v4i03.1077

Abstract

Islamic banking is a system of banking that avoids receipt and payment of interest in its transactions and conducts its operations in accordance with Shariah principles to achieve the objectives of Islamic economy. The main objective of this review paper is to compare the level of disclosure of information by the Islamic Banking sector in Bangladesh. Multiple linear regression techniques will be used to test the hypotheses under study. The findings of this review paper is the supervisory authorities should recognize the need to set up a regulatory framework that, while consistent with Islamic precepts, would be pragmatic and flexible enough to meet internationally-accepted prudential and supervisory requirements. Effective prudential supervision of Islamic Banks in their home countries is important to foster integration between Islamic and conventional banking systems.
Co-Authors Md Robiul Islam