Background 이슬람금융회계 - 특성 - Conceptual Environment - 필요성 - AAOIFI - Financial Reporting Framework - Financial Report 정보 - IFRS vs 이슬람회계 (AAOIFI) - Eleme

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1 이슬람금융의회계시스템소개 17 April 2013 회계법인평진 송종찬

2 Background 이슬람금융회계 - 특성 - Conceptual Environment - 필요성 - AAOIFI - Financial Reporting Framework - Financial Report 정보 - IFRS vs 이슬람회계 (AAOIFI) - Elements of Financial Statements - IFI 의 Auditing Standards - Shari ah Committee 역할 - 회계기준, 감사및지배구조 Framework - Challenges in Islamic Financial Reporting Pyung Jin Accounting Corporation 2

3 Introduction to Islamic Finance Accounting System Development of Accounting System 1973 ~ 1991 ~ 2001 ~ IAS IAS IAS/IFRS International Accounting Standards Other Standards International Accounting Standards AAOIFI Other Standards International Accounting Standards AAOIFI Other Standards Pyung Jin Accounting Corporation 3

4 Introduction to Islamic Finance Accounting System Overview of Accounting Frameworks applied to Islamic Finance Source : Pyung Jin Accounting Corporation 4

5 Introduction to Islamic Finance Accounting System 이슬람금융의리더 : 말레이시아, 사우디아라비아, UAE, 바레인 Level of Commitment Business Innovation Market Innovation Competitor Matching Cluster 3 Cluster 4 말레이시아, 사우디아라비아,UAE, 바레인, 파키스탄, 요르단, 수단, 이란 인도네시아, 모로코, 터키, 카타르, 남아프리카 Minimum Presence Cluster 2 알제리, 시리아, 레바논, 독일, 미국 Monitor Development Cluster 1 중국, 홍콩, 인도, 프랑스 Wait and See Explore Market Potential Sporadic Development Market Development Activities Market Expansion Activities Market Research Source: Kuwait Finance House, McKinsey: Islamic Banks Competitiveness Report 2006 Pyung Jin Accounting Corporation 5

6 Background 이슬람금융회계 - 특성 - Conceptual Environment - 필요성 - AAOIFI - Financial Reporting Framework - Financial Report 정보 - IFRS vs 이슬람회계 (AAOIFI) - Elements of Financial Statements - IFI 의 Auditing Standards - Shari ah Committee 역할 - 회계기준, 감사및지배구조 Framework - Challenges in Islamic Financial Reporting Pyung Jin Accounting Corporation 6

7 Introduction to Islamic Finance Accounting System 이슬람금융회계의특성 Quran:...Never get bored with recording it, however small or large, up to its maturity date, for this is seen by Allah closer to justice, more supportive to testimony, and more resolving to doubt.. 부의개념 : General well being. 알라 - 부의궁극적소유자이고인간은그수탁자임. al-adl - Socio Economic Justice, al-falah : Success in this world and hereafter 단순한기술적행위가아닌사회정의와공정을실현하는수단 Uqud - 알라와그피조물과의계약까지확장된개념 Zakat Prohibition of Riba(Interest), Gharar(Uncertainty), Maisir(Speculation), Haram ( 금지된거래 / 서비스 ) Pyung Jin Accounting Corporation 7

8 Introduction to Islamic Finance Accounting System Conceptual Environment The Rules of Islamic Shrai ah Islamic Society Firms/Organizations Contracts/Transactions/Products Accounting & Reporting Standards Accounting Policies Accounting Cycle 거래분석 분개기록계정분류 T/B_ 총계정원장제무제표작성제무정보해석 / 분석 Pyung Jin Accounting Corporation 8 BS, PL, Changes in Equity, CF 주석 : Zakat 계산및사용 금지된수입및비용 사회적책임

9 Introduction to Islamic Finance Accounting System 이슬람금융회계의필요성, 계속 급속히증가하는이슬람금융의수요에대응하기위해효율적인 Financial Reporting Standard 기존의 Financial Reporting Standard 로는이슬람금융을제공하는기관의정보 Needs 충족못함 적법하고공정한금융활동을확보하기위한이슬람금융기관들의특성을반영할수있는회계기준의정립 기존의회계기준에없는이슬람금융상품의회계처리 Shari ah 해석 Pyung Jin Accounting Corporation 9

10 Introduction to Islamic Finance Accounting System 이슬람금융회계의필요성 Example : Islamic Bank 의일반적예금거래 1. No Riba -> Riba 없는구조의도출 -> Mudarahah 거래 -> No Riba but Profit? -> 거래의성격변경 -> 거래과정이변경 -> 거래의리스크변경 Mudarabah(Contract) 에따른금융거래과정결정 -> 회계처리예 ) Revenue 의성격 (No Interest Income, Profit), Revenue 인식시점등 2. Sharia Interpretation : 본거래의이익이어디로부터오는이익? 이익이확정되는시점은? 순수회계적원칙과샤리아율법에근거하여해석 3. Concept : 투자, 신탁, 예금, JV 등 Contract : Mudarahah, ijarah etc. Products : 자동차 / 주택매매, 공장건설, 인프라투자, 플랜트건설 Sukuk 등 Pyung Jin Accounting Corporation 10

11 Islamic Accounting 이슬람금융기관을위한회계감사기구 (AAOIFI) 1991 년설립, 바레인 목적 : - IFI 의금융활동 : Shari ah 에부합하는회계기준, 지배구조및윤리기준의개발및전파 - 이슬람회계기준을통한 IFI 의회계정책및회계처리의일치 - 감사및지배구조기준을통한 IFI 의감사및지배구조의질적향상 회원사 : 바레인, 사우디아라비아, UAE, 말레이시아등 45 여개국에걸쳐약 200 여개금융기관이가입 9 개의국가및특별자치기구에서 IFI 에대해강제성있는규준으로체택 ( 바레인, 수단, 요르단, 카타르,DIFC 등 ) 회계기준 : 기존의 IAS/IFRS 를기초로개발 - 회계기준 26, 감사기준 5, Governance 기준 7, 윤리기준 2, Shari ah 기준 41 Pyung Jin Accounting Corporation 11

12 Islamic Accounting Financial Reporting Framework User Groups Shari ah Principles 이슬람금융기관 Finnancial Reporting Objectives Accounting Principles Pyung Jin Accounting Corporation 12

13 Islamic Accounting 이슬람금융 - Financial Report 정보 Relevant (Timely, Feedback, Predictive) Reliable (Verifiable, Neutral) Cost effective Comprehensiveness Safety, Liquidity and Profitability of IFI 적법한거래 (Shari ah에따른계약조건의이행 ) 적법한상품및서비스 ( 특성, 형태및목적적합성 ) Zakat 공정한배분 ( 주주및 Depositor에대한적절한수익률배분 ) Pyung Jin Accounting Corporation 13

14 Islamic Accounting Financial Information 의 User Conventional Accounting Shareholders Current/Potential Investor Creditor Employees Customers Regulatory Agency Current & Savings Account Holders N/A N/A N/A Islamic Accounting Shareholders Current/Potential Investor Creditor Employees Customers Regulatory Agency Current & Savings Account Holders Investment Account Holders Zakat Agency Shari ah Supervisory Board Others (Social Accountability) Pyung Jin Accounting Corporation 14

15 Islamic Accounting Conventional & Islamic Accounting, 계속 IFRS Objective Max profit/min loss 부의공유 Islamic Accounting Zakat N/A 가장중요한의무중하나 Inventory 저가법 Selling price 대손충당금 Yes No 보수적접근 Yes Not Necessarily Bank 수익이자 Profit/Loss Sharing 리스 운용리스 / 금융리스 Ijarah, Ijarah Muntahia Bittamleek 리스계약종료시별도계약 Disclosure Material Risk Riba, Zakat, Social Accountability, Full Disclosure Pyung Jin Accounting Corporation 15

16 Islamic Accounting Conventional & Islamic Accounting IFRS Islamic Accounting 금융자산평가공시가격, DCF Riba가적용된 DCF? Takaful Fund Legal entity(fund 와분리관리원칙보험사 ( 운용사 ) 독립여부에따라연결여부판단 Sukuk Asset backed or based? UIA under 부채로계상 부채와자본과별도계상 Mudaraba) 적용국가 광범위하게적용됨 일부이스람국가의 IFI에한정 범위 산업일반에걸친회계기준 이슬람금융활동관련 회계, 감사, 윤리, 지배구조 및 Shari ah 거래규정 특정거래형태에 따른 거래형태, 구조목적등전반에 처리규정 걸친규정 Pyung Jin Accounting Corporation 16

17 Islamic Accounting Conventional & Islamic Accounting 이슬람금융회계추가주석공시, 예 :- - UIA : 의결권없는 UIA 의수익률, 투자수익감액, 주주와의관계 / 배분등 - Takaful : 피보험자는 Takaful Fund (qardh) 의운용실적에직접적인관심보험사의주주또한회사전체의수익과는별도로개별펀드의 실적에관심 - Profit/Loss : 금지된거래수입여부, 수입의분리관리, Profit/Loss Sharing - Zakat : - 사회적책임 - SSB 구조, 규정및 Compliance 여부 - Profit Equalization Reserve Pyung Jin Accounting Corporation 17

18 Islamic Accounting Elements of Financial Statements 대차대조표손익계산서 자산 - Receivables(Murabaha,Salam,Istisna) - Mudaraba investment - Musharakah investment - Investment in other entities - Inventory ( Murabaha 자산포함 ) - Investment in real estate - Fixed asset - 기타자산 부채 - Current/Savings account payable - Salam payable - Istisna payable - Zakat and tax payable - Investment Deposits 총투자수입 Distribution to Depositors Income from Islamic Transaction 수수료수입 / 비용 기타수입 / 비용 Zakat 및세전이익 Zakat 및 Tax 순이익 자본 Pyung Jin Accounting Corporation 18

19 Islamic Accounting IFI 의 Auditing Standards Bahrain* 감사의견재무제표주석 /SSB Report 국제감사기준과 IFI 감사기준 AAOIFI 회계기준, SSB 의 Shari ah 규정 / 원칙 Malaysia* Company Act 1965 UAE* MASB 국제감사기준 IFRS UK* Company Act 1985 IFRS BS : IAH 별도분리 IS : - Joint Investment acct. - Return on UIA - Zakat (SH 부담 ) BS : IAH_ 부채계상 IS : Zakat BS : Financial Obligation_IAH IS : Zakat (SH 부담 ) BS : IAH_ 부채계상 IS : No Zakat Profit Equalization Reserve Zakat, SSB 구조 SSB : Shari ah Compliance - 계약, 운영, 거래,Zakat - 이익분배및손실분담, Profit Equalization Reserve Zakat, SAC 구조 SAC : Shari ah Compliance - 리뷰한거래, 계약 - Disclosed 된투자, 자원 작성기준 : IFRS, SSB의 Shari ah 규정 / 원칙 Zakat SSB Report? 작성기준 : IFRS Profit Stabilization Reserve SSC : Shari ah Compliance - Management 제시정보 * Bahrain_Albaraka Islamic Bank, Malaysia_Hong Leung Islamic Bank, UAE_Tamweel PJSC, UK_Islamic Bank of Britain Pyung Jin Accounting Corporation 19

20 Islamic Accounting Shari ah Committee 역할 Another External Auditor? Regulator? Supervisor? Advisor? Internal Review, External Review Shari ah Compliance 의범위 Level Activity Assurance 이해관계자 Products Endorsement 적법, 타당, 계약당사자 공정 Transaction Endorsement 적법, 타당 계약당사자 System ICS Review 효율적, 신뢰성 경영진, BOD Entity Policy, Governance & Opinion 적법, 타당, 공정, 신뢰 SH, IAH, Stakeholders National Policy Policy, Governance & Regulation 건전, 안정적, 지속가능, 국제적용인 SH, IAH, Stakeholders, Public Interest Pyung Jin Accounting Corporation 20

21 Islamic Accounting 회계기준, 감사및지배구조 Framework Shareholders AAOIFI IFSB Audit Committee IAH 이슬람금융기관 SSB Other Stakeholders Regulatory Authorities Governance Committee Pyung Jin Accounting Corporation 21

22 Tax Issues on Islamic Finance Challenges in Islamic Financial Reporting Financial Reporting의질과투명성차이 좀더강력한 Disclosure 필요 회계기준의적용 -IFRS: 이슬람금융회계기준의근간 - AAOIFI : 56개 IDB 회원국중소수의회원국만체택 - MASB - IFRS + AAOIFI + Local central bank reporting guideline AAOIFI : 유럽 _ 적용가능성희박 - 영국 : 이슬람금융상품 _ Alternative Investment Product - 바레인등에서는 Well accepted - MASB? Key Challenge : 회계기준의표준화 - 예 ) Mortgage 상품 : IFI에따라각기다른구조로제공 -> 회계처리차이발생 ( 이슬람금융을표현하는광범위한회계기준의수립필요 ) Islamic Finance_Islamic Accounting and Tax system Pyung Jin Accounting Corporation 22

23 Add closing statement here Thank You! 회계법인평진 Pyeong Jin Accounting Corporation 송종찬 Islamic Finance_Islamic Accounting and Tax system Pyung Jin Accounting Corporation 23

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