The Financial Statements of BRIC Countries

The financial statements of BRIC countries.The aim of this paper is to investigate the accountingsystems used in those countries that today are driving thegrowth of the world economy, the so-called "BRIC"(Brazil, Russia, India and China), and to verify whetherand to what extent the current global process ofconvergence of the different accounting systems with theInternational accounting Standards would also involvethese countries. After an early introduction, an analysis isreported on the accounting practices adopted by each ofthe four countries and on the similarities and differenceswith IFRS. As you can read from the article, the BRICcountries are an active part of the process of convergenceto IAS, however there are still many differences betweenthe accounting practices used by individual countries andthe international ones, due both to the specific economicconditions of developing countries and their peculiarities,and to a certain "resistance" to a full adoption of themodel of international accounting standards. At the endof the article there is a table which highlights the distancebetween the accounting systems adopted in the BRICcountries with International Accounting Standards bycomparing the financial statements of some companiesprepared in accordance with both the two types ofaccounting standards

Business Combinations Under Common Control (BCUCC): the Italian Experience

Business combinations under commoncontrol (BCUCC): the Italian Experience. The aim ofthis paper was to analyze the phenomenon ofbusiness combinations under common control(BCUCC) with emphasis on the Italian experience,focusing on information deduced from a sample ofItalian financial statements and comparing themwith each other and with the same number ofEuropean listed companies. We started from atheoretical analysis of the phenomenon,contextualizing it within the IAS/IFRS framework,and discussing the different visions and possiblesolutions that have been suggested by otherimportant national and international organizations(US GAAP, Assirevi, China GAAP), and thenproceeded to analyze the financial statements of themost important Italian companies in detail. Wesubsequently considered the two differentmethodologies for accounting, delineating theanalogies and differences between them, in anattempt to investigate the reasons why one of themcould be preferable to the other and the differenteffects of each on consolidated financial statements.Finally we analyzed the different informationalneeds of users of the financial statement comparedwith cases of “normal” business combinations. Thesamples chosen for our research comprised acertain number of companies randomly chosenfrom Italian stock exchange quotations as well asfrom the other major Italian stock index FTSEMIB

Accounting Issues in Sukuk Issuance

<p>This research aims to establish an accounting guideline for Sukuk <br />issuance in non-financial companies and it has a special <br />significance in solving various accounting problems during the <br />Sukuk issuing process. Online survey has been conducted to <br />obtain the accountants’, academic and professional perceptions <br />about the research questions, it covers several accounting issues, <br />and it had received 25 on-line responses. In conclusion, we point, <br />among other things, that the IFRS are accepted to account for <br />Sukuk transactions, as using Special Purpose Vehicle is necessary <br />to issue Sukuk, it should be consolidated by the Originator as <br />well; it showed that Sukuk certificate could represent ownership <br />of assets, represent liability or claim on the SPV and Right of <br />usufruct of Assets. But the biggest part of respondents replied <br />that Sukuk certificate should appear under liability.</p

The equity crowdfunding italy: a model sharia compliant

The Islamic financial instruments is an opportunity to arise the equity crowdfunding in Italy? The study try to answer, throuth the analisys of the equity crowdfunding business model and the sharia compliance. A certification by a recognized Islamic body of the Italian equity crowdfunding company would make a great "business card" for observant Muslims who would like to invest in Italy and that can be a good opportunity also to develop Islamic Finance in Europ

FUTURE TRENDS AND FINANCE APPROACHES IN ISLAMIC BANKING

Briefly, Islamic banking refers to financial activities that are governed by the teachings of Islamic law (Quran, Sharia) and essentially prevent payments and receive interests. Islamic banking today attracts Muslim and non-Muslim market player. While the global financial tension has created new weaknesses in the international financial system around the world, Islamic banking demonstrates symptoms of relative resistance to these shocks. It is even argued that if Islamic principles were implemented, it would prevent a financial crisis. Despite the fact that the growth of Islamic banking in recent years has promised a bright future in this area, it is imperative that Islamic financial institutions and Islamic banks do many things. Islamic banks, which are now focusing on strategic options and basic operations and infrastructure, will be in a more powerful position in order to achieve the intact market excellent opportunities and manipulate the changing dynamics of their industry

Using Islamic Finance for Infrastructure projects in non-Muslim Countries

Using Islamic project finance is the solution to fill the gap between infrastructure demand and available finance. This study aims to investigate if it is appropriate to use Islamic finance to fund the infrastructure project, as one specific sector that is facing major challenges in long-term financing, and it intends to select the most appropriate instrument that is inconsistent with Non-Muslim countries’ law and culture.The methodology and approach that will be used is a qualitative method which is used to study the Islamic financial tools, compare them with other financial instruments, and discuss the potential implementation of Islamic project finance structure to fund the infrastructure project in Italian environment. The study concentrates on exploring the Italian laws that are resembled to Shariah principle in order to make it more acceptable for the Italian culture.The study concludes that using Islamic finance can be used to finance infrastructure projects by using existing laws and regulations. This study is also expected to benefit the Italian government and investors in making their financial decision, and it will be a new experience for Europe countries.