Please use this identifier to cite or link to this item:
http://studentrepo.iium.edu.my/handle/123456789/2207
Title: | The impact of International Financial Reporting Standard (IFRS) on the tax payable : the case of takaful operators | Authors: | Nur Hazlina binti Al Shaari | Subject: | Financial Statements--Standards--Malaysia Accounting--Standards--Malaysia Insurance--Religious aspects--Islam Insurance--Malaysia |
Year: | 2014 | Publisher: | Kuala Lumpur : International Islamic University Malaysia, 2014 | Abstract in English: | International Financial Reporting Standard ( IFRS ) has been announced to be adopted fully in Malaysia starting from 1st January 2012. All business entities including Islamic banks and financial institutions in Malaysia have to follow this new accounting guideline. As for conventional insurers, they have to adhere to the requirement of IFRS 4. Islamic insurer which is known as takaful operators also have to apply IFRS 4 in their financial reporting. The purpose of this research is to study the impact of IFRS 4 and also other IFRS on the tax payable of the takaful operators. The study is significant in order to ensure that adoption of the IFRS will not jeorpadize the takaful business and at the same time can be at level playing field with the conventional insurer. Primary data collection is done by interviewing the tax agents and officers of Inland Revenue Board of Malaysia ( IRB ). The result of the interview revealed that there is no impact on the tax payable of takaful operators even though IFRS has been adopted. All of the interviewees agreed that the way financial transactions are recorded may be different. However, tax for takaful operators still can be computed based on the current provision of income tax law. As for now tax for the takaful operators is governed by Section 60 AA of the Income Tax Act 1967. Since IFRS has no impact on the tax computation for the takaful operators, there is no need to change, repeal or amend the existing provision. | Degree Level: | Master | Call Number: | t HF 5616 M4 N974I 2014 | Kullliyah: | IIUM Institute of Islamic Banking and Finance | Programme: | Master of Science in Islamic Banking and Finance | URI: | http://studentrepo.iium.edu.my/jspui/handle/123456789/2207 | URL: | https://lib.iium.edu.my/mom/services/mom/document/getFile/uSs4mySHQ7kSRHU6ITqtgbJhmQXBV20520150528123258312 |
Appears in Collections: | IIBF Thesis |
Files in This Item:
File | Description | Size | Format | |
---|---|---|---|---|
t11100337848NurHazlina_SEC_24.pdf | 24 pages file | 583.87 kB | Adobe PDF | View/Open |
t11100337848NurHazlina_SEC.pdf Restricted Access | Full text secured file | 917.88 kB | Adobe PDF | View/Open Request a copy |
Page view(s)
18
checked on May 20, 2021
Download(s)
12
checked on May 20, 2021
Google ScholarTM
Check
Items in this repository are protected by copyright, with all rights reserved, unless otherwise indicated. Please give due acknowledgement and credits to the original authors and IIUM where applicable. No items shall be used for commercialization purposes except with written consent from the author.