Write a research paper focusing on an in depth analysis of the issues in applying IFRS (International Financial Reporting Standard) to Islamic Financial Transactions.

This research paper will focus on an in depth analysis of the issues in applying IFRS (International Financial Reporting Standard) to Islamic Financial Transactions. The research will include exploring the issue of the recognition of sales on contracts, the accounting treatment of Ijarah, and applying IFRS to Takaful. The paper will explore the treatment of each under Islamic accounting rules under IFRS. The paper need to explain what is Islamic Finance and Islamic Accounting and the history of them, and what is the different rules between the IFRS and Islamic Finance and Accounting. The research is mainly comparison between Islamic Finance and Accounting to IFRS, and What will it change if the IFRS is applied to the Islamic Accounting and Finance and what is the issues. The paper also needs to explain what is sharia law for Islamic Finance. Also the explanation of IFRS in depth. The paper purpose is to focus on depth analysis in Applying IFRS to Islamic Financial Transaction.

The paper also needs to include:-

Recognizing a financial effect – Contract sales
Recognizing a financial effect – Security sales
Classification of Shirkah- based payments on accounts
Accounting treatment of Ijarah
Applying IFRS to Takaful
Effects of IFRS application on financial statements