Curriculum
For the first time ever, the award-winning ACIFE Accounting distills the entire AAOIFI Accounting Standards into one accelerated accounting program. Join the elite few who understand the machinery behind the core Islamic finance products covered in the CIFE™ certification. We know accounting isn't easy. That's why we had a chartered accountant with practical experience auditing over 1,000 Islamic banking transactions conduct "Accounting Masterclass" webinars. These webinar recordings will help consolidate concepts covered in the 9 modules and add a new dimension to your learning experience. Our expert trainer not only covers tough questions but also discusses case studies, walks through exercises, screen shares balance sheets and other ancillary material for that extra edge. Conveniently self-paced, you complete it in 3 weeks or 4 months. We give you 10 months of easy access.
The Understanding Accounting program distills the AAOIFI Accounting Standards into practical modules commencing with an overview of the major financial statements.
We continue with the financial statements before explaining the concepts of going-concern, periodicity, and accounting recognition. We then get right into it with a practical explanation of the actual products with a close look at how accounting for them differs in Islamic finance, beginning with Murabaha.
Now we get to the good part (accountants, we share your excitement). How do we account for products in the real world? We begin with Murabaha. After wrapping up an explanation of early settlement, client insolvency, and earnest money, we get right into it with case studies describing various profit and cost repayment structures.
We wrap up Murabaha with another case study before shifting into Musharakah accounting treatment. With Musharakahs, we look at the recognition and measurement of capital as well as the recognition and measurement of profit and loss.
With Murabaha and Musharakah accounting basics under our belt, we look at Mudarabah, which varies a little bit from Musharakah accounting, and then to one of the most common forms of Islamic financing: Ijarah leasing. We start off with a look at the bank as the lessor and as the lessee. Pay close attention to this module because Ijarah accounting is regularly used in a variety of retail and corporate products.
We now delve deep into the reporting guidelines for an Ijarah Muntahiya bi Tamleek, looking at the bank as the lessor; an asset sale to the lessee before, after, and gradually; and an asset to the bank as a gift or a sale.
This might be a good time to go back and do a quick review of Salam and Istisna in one of the introductory modules. You will recall that Salam and Istisna are sale-based structures that deal primarily in fungible commodities and manufactured goods, respectively. Here we learn how to account for them.
One of the most critical topics in any study of accounting, accounting for provisions and reserves is equally important in Islamic finance. Here we look at presentation and disclosure requirements for provisions as well as the measurement and presentation of profit equalization and investment risk reserves.
Individuals are not the only ones who pay zakah: so do companies. In this module we explain accounting for zakah. We also describe the accounting treatment of different types of investment funds (i.e. equity, lease, commodity, mixed) before concluding with a self- assessment quiz. Given the breadth and depth of topics in the accounting track of modules, you will benefit from a thorough review of all the modules before attempting the Advanced CIFE™ in Accounting certification examination.
Each question is reviewed by an Islamic finance expert and approved by a scholar.
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