Cookies

We use cookies to ensure that we give you the best experience on our website. You can change your cookie settings at any time. Otherwise, we'll assume you're OK to continue.

Durham University

Postgraduate Modules 2019/2020

Module Description

Please ensure you check the module availability box for each module outline, as not all modules will run in each academic year. Each module description relates to the year indicated in the module availability box. Please be aware that modules may change from year to year, and may be amended to take account of, for example: changing staff expertise, disciplinary developments, the requirements of external bodies and partners, and student feedback.

Department: Economics and Finance

ECON43215: ISLAMIC ACCOUNTING

Type Tied Level 4 Credits 15 Availability Available in 2019/20
Tied to N3K809 Islamic Finance
Tied to N3K909 Islamic Finance and Management

Prerequisites

  • None.

Corequisites

  • None.

Excluded Combination of Modules

  • None.

Aims

  • To provide students with an advanced understanding of the accounting and reporting framework, standards and practices of Islamic Financial Institutions (IFI).
  • To provide an overview of the accounting treatments and disclosures of various Islamic financing activities (e.g. Mudarabah, Musharakah, Murabahah and Ijarah).
  • To critically examine the role of regional and international standard setting bodies, (e.g. Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI).
  • To highlight other contemporary issues in related specialised areas, such as Auditing and Governance of Islamic Financial Institutions, and Social Accounting and Reporting in Islam; Impact of Islamic Accounting on International Accounting Harmonization Efforts.

Content

  • Framework of Financial Reporting for IFI: The importance of financial reporting in Islam; Limitations of traditional reporting framework for IFI;
  • Standards and Standard Setting: Developments in International Financial Reporting Standards (IFRS) and Implications for IFI; The development and role of standard setters in conventional and IFI;
  • Comparison of Financial Statements of conventional and IFI: Islamic accounting policies (e.g. classification and presentation of equity and investment accounts, income determination, profit distribution, etc); Additional statements of IFI; Financial performance analysis.
  • Financial Reporting for Islamic Banking and Finance: Reporting requirements for various Islamic finance and investment transactions and contracts;
  • Contemporary issues such as the Auditing and Governance of Islamic Financial Institutions, and Social Accounting and Reporting in Islam; Impact of Islamic Accounting on International Accounting Harmonization Efforts.

Learning Outcomes

Subject-specific Knowledge:
  • An advanced understanding of the accounting and reporting framework, standards and practices of Islamic Financial Institutions (IFI).
  • Specialised knowledge of the accounting treatments and disclosures of various Islamic financing activities.
  • A critical appreciation of the role of regional and international Islamic accounting standard setting bodies; Implications this may have on international harmonization efforts.
  • Knowledge of complex contemporary issues and debates in the evolving discipline.
Subject-specific Skills:
  • The ability to critically evaluate the principles underpinning the Islamic accounting framework
  • The ability to identify the accounting treatments and reporting requirements of various Islamic financing activities.
  • The ability to analyse the financial performance of Islamic Financial Institutions.
Key Skills:
  • Independent learning within a defined framework of study at an advanced level.
  • Independent thought in analyzing and critiquing existing scholarship on the subject area and in evaluating its contribution.
  • The ability to work to a deadline and complete written work within word limits.
  • Advanced essay-writing skills.
  • The ability to seek out and use relevant data sources, including electronic and bibliographic sources.

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

  • The modes of teaching are seminars, which allow the students to discuss freely the assigned topics. Guidelines will be given by the tutor. At MA/MSC level, seminars are appropriate for the students because they are from different academic backgrounds. Seminars also allow a better exchange of views and ideas.
  • Assessment is through formative presentation and discussion, as well as a summative essay on a specific topic. Essay writing is an appropriate method with the maximum freedom for the students to respond with what they have learnt.

Teaching Methods and Contact Hours

Activity Number Frequency Duration Total/Hours
Lectures 9 Every week 2 hours 18
Seminars 2 Fortnightly 2 hour 4
Preparation and Reading 128
Total 150

Summative Assessment

Component: Essay Component Weighting: 100%
Element Length / duration Element Weighting Resit Opportunity
Essay 3000 words 100% Same

Formative Assessment:

Individual presentation and 1000-word discussion paper.


Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University


    If you have a question about Durham's modular degree programmes, please visit our User Guide. If you have a question about modular programmes that is not covered by the User Guide, or a query about the Postgraduate Module Handbook, please contact us using the Comments and Questions form below.