Accounting in accordance with the Islamic economic model

In recent decades, interest in cooperation with Islamic financial institutions has been growing in the Russian Federation. Countries with the principles of the Islamic model of the economy are playing an increasingly active role in the global economy. The information needs of the institutions of the Islamic economic model are ensured by the “Islamic model of accounting. Islam is first and foremost a religion, it is very systemic and affects all spheres of life professed by its people, including financially. Sharia norms determine the setting and organization of accounting, auditing, and ethics. The organization of accounting and auditing of Islamic financial institutions plays a crucial role in the harmonization of Sharia law with existing national accounting standards. This article discusses the basic principles of the Islamic accounting model, purpose and objectives. The role of the Organization for Accounting and Auditing for Islamic Financial Institutions (AAOIFI, Accounting and Auditing Organization for Islamic Financial Institutions - AAOIFI) in the development and implementation of accounting standards and financial reporting is disclosed. The problems of harmonization of IFRS and the consolidation of AAOIFI standards with national accounting models are identified as the most relevant today.