The Accounting Application Mechanism "Istisna'a and Parallel Istisna'a " in Iraqi Banks in the Light of the Islamic Financial Accounting Standard No. (10)

Abstract

    The accounting systems in Iraqi banks lack a mechanism for the accounting application of the contract with the people of workmanship "Istisna'a and parallel Istisna'a contract", which can identify the process of record, measurement and presentation of the financial operations of the contract and disclose them in their financial statements.

      The aim of the research is to define the form of this  contract "Istisna'a contract" as one of the forms of Islamic  investment and finance, A mechanism for the accounting application of the contract and the proposed accounting treatment in the light of Islamic Accounting Standard No. (10).

     The importance of the research comes from the fact that it deals with one of the contemporary Islamic accounting topics by shedding light on one of the forms of Islamic investment and finance "Istisna" as one of the Islamic alternatives to the system of interest in the traditional banks and this formula will contribute to provide Islamic banks with one of the contemporary financial instruments (Istisnaa), Strengthening the role played by these banks at the national level.

       The establishment of a mechanism for the accounting application of the Istisna'a contract in the Iraqi banks will contribute to the development of the accounting systems in these banks in accordance with the requirements of the formula of the Istisna'a contract and contribute to determining the process of proof, measurement and presentation of the financial operations of the contract and disclosure in the financial statements.