Islamic Capital Market

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ICM Series - Accounting, Auditing and Taxation Explained

ICM Series - Accounting, Auditing and Taxation Explained

Dates:  17 - 18 November 2018
Venue: Securities Commission Malaysia
Accreditation: SIDC CPE-approved: 10 CPE points


Islamic financial products and services differ from conventional financial products and services in terms of philosophy and structure. This creates a challenge for Islamic financial institutions to produce a “true and fair” view of Islamic financial transactions. This task is further compounded by the rapid expansion in the breadth and depth of Islamic capital market activity as measured in terms of the number of institutions as well as by the variety, complexity and sophistication of products and services.

  • Programme Delivery

    Programme Objective

    This programme is designed to explain the essentials and implications of the accounting, auditing, taxation and zakat on the Islamic capital market products and services.

    Learning Outcomes

    By the end of this programme, participants will be able to:
    • describe the accounting recognition, measurement and disclosure for Islamic capital market products and instruments;
    • explain the taxation principles, framework and implications to the capital market participants;
    • identify the Shariah audit process; and
    • explain the accounting and reporting of Zakat for Islamic capital market products and instruments.

    Topics Covered

    • Accounting from an Islamic Perspective
    • Accounting Recognition, Measurement and Disclosure
    • AAOIFI Governance Standards & The Relationship with Shariah Supervisory Board
    • Taxation for Islamic Capital Market Instruments
    • Shariah Audit Process
    • Zakat for Different Institutions
    • Case Study on Accounting Treatments
    • Accounting Treatment for Sukuk Default and Restructuring

    Target Audience

    Individuals
    Experienced and new professionals or industry practitioners in the capital market, ICM and academia.
     
    Institutions
    Asset management companies, advisory firms, legal firms, accounting firms,  stockbroking firms, investment banks, insurance companies, public listed companies and SMEs.

    Competencies

    Foundational (Product Knowledge) - Islamic Capital Market Products
    Foundational (Regulatory Knowledge) - Islamic Capital Market Regulations
  • Programme Outline

    Day 1
     
    8.30 am Registration
    9.00 am Accounting From an Islamic Perspective
    • Economic and religious aspects
    • Needs of islamic accounting
    10.30 am Refreshments
    11.00 am Accounting Recognition, Measurement And Disclosure
    • Contracts
    • Forms over substance
    • Substance over form
    • Substance and form
    • Four objectives of accounting disclosure
    • Different perspectives of AAOIFI, MASB, IFRS, DSOP-i
    AAOIFI Governance Standards & The Relationship with Shariah Supervisory Board
    12.30pm Lunch
    2.00 pm Taxation for Islamic Capital Market Instruments
    • The basic principles of taxation
    • Taxation framework in Malaysia & corporate tax
    • Tax implications for Islamic financial institutions
    • Treatment on profit
    3.30 pm Refreshments
    3.45 pm Taxation for Islamic Capital Market Instruments (continued)
    • Tax neutrality
    • Deduction for expenditure on issuance of Islamic securities
    • Tax implications for Special Purpose Vehicle (SPV)
    • Incentives
    5.00 pm End of Session

    Day 2
     
    8.30 am Registration
    9.00 am Shariah Audit Process
    • Framework and regulation
    • Evidence and Investigation
    • Auditor's independence and liability
    10.30 am Refreshments
    11.00 am Zakat for Different Institutions
    • An introduction to the Islamic concept and objectives of zakat
    • The basic principles of zakat on business wealth
    • Zakat for financial securities i.e. shares and Sukuk
    • Accounting and reporting for zakat
    • Example of zakat computation ( measurement)
    12.30pm Lunch
    2.00 pm Case Study on Accounting Treatments
    • Ijarah & Ijarah Muntahia Bittamleek (IMB) - leasing
    • Istisna'
    • Mudharabah
    • Musharakah & diminishing Musharakah
    3.30 pm Refreshments
    3.45 pm Accounting Treatment for Sukuk Default And Restructuring
    • Simulation and case study exercises
    5.00 pm End of Programme
  • Programme Fees

    Items Standard Early Bird (Before 6 July 2018)
    ICM Programmes Combo - 6 Programmes* RM650/ Programme RM550/ Programme
    Custom Combo -3 or more Programmes (Any programmes under ICM Series)* RM700/Programme RM600/ Programme
    1 Programme* RM750/Programme RM650/ Programme
    *Upon registration, please email to registration@sidc.com.my to entitle for the combo price