Özet:

The Conceptual Framework of the Accounting and Audit Authority for Islamic Financial Institutions, the Interestless Financial Accounting Guide and 18 Standard Public Audit Authority translated into Turkish and published in the Official Gazette. From 01.01.2020 the standards that can be applied as elderly have been compared with the accounting standard texts applied in our country in order to deal with the effects of the standards that can be applied as elderly on the participating banks in Turkey. The financial statements of a foreign participating bank that adopts the AAOIFI standards are compared with the financial statements of a participating bank that operates in our country. Participation and deposit banks have also been compared through the obligatory account plan, the differences have been revealed. It is also included in the comparison of the main penses contained in the financial statements. The implementation of the AAOIFI standards in our country and the arrangement of additional financial statements, the application of zakat, the quality characteristics and additional aspects in the accounting assumptions, the addition of the pen specific to Islamic banking instead of the credit pen.

Özet:

This paper compares and contrasts the present accounting standards in Turkey to that of the Accounting and Auditing Organization for Islamic Financial Institutions , in terms of its effects to the Turkish Participation Banks when implemented. Comparison between an annual report of a participation bank abroad that is subject to AAOIFI standards and an annual report of a participation bank in Turkey has also been studied. In addition, paper also examines the accounting “Charts of Accounts” from the communiques of the Turkish Regulatory and Supervisory Agency (BRSA) for both participation banks and conventional banks searching for their resemblances and distinctions, along with the comparison of the main components of their financial statements. The work at hand sets forth that after the application of the standards of AAOIFI, additional financial reports will start to be prepared, comprising additional qualitative characteristics in terms of differentiation of the components which are peculiar to Islamic banks which are currently classified as credits in financials and extended applications on accounting projections. Furthermore, these standards will also make way for the application of zakah practice in participation banking system. 

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