Question: Please fast and good answer I'm in exam Model financial accounting Question 1 A rich Sheikh from the Kingdom of Saudi Arabia approach you to
Model financial accounting Question 1 A rich Sheikh from the Kingdom of Saudi Arabia approach you to advise him on accounting for Sukuk, where he is currently investing in Sukuk issued in Malaysia capital market. He is complaining that the accounting for Sukuk is not well established and the provision in the IFRS is too general and did not specifically address accounting for Sukuk. He passed to you the following notes. You are required to write your response to the note. I. What are the differences between Sukuk and bond? (10 Marks) 2. Discuss on the application of Asset-Based' and Asset Backed' concepts in sukuk. As an accountant in a company that issue a Sukuk, what is the disclosure of an issuance of Sukuk that applies the above concepts? (10 Marks) 3. What are the possible accounting treatments for sukuk issuance from the IFRS perspective? Show an extract disclosure for each possible options. (12 Marks) 4. Describe the accounting treatments for an SPV (Special Purpose Vehicle) that undertake an Issuance of Sukuk using al-Ijarah contract. (8 Marks) Total-40 Marks) Question 2
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