The key differences between the international financial reporting standards (IFRS) and Islamic finance standards (particularly the financial accounting standards issued by AAOIFI) can be summarized in the following:
- Key elements of financial statements.
- Treatment, classification, and disclosures of investment accounts (restricted investment accounts and unrestricted investment accounts).
- Form and substance of transactions.
- Off-balance sheet and fiduciary items.
- Treatment and classification of zakah and similar items.
- Treatment of late payment penalties and insolvency.
