Management Accounting

Definition of Management Accounting:

According to the Chartered Institution of Management Accountants (CIMA), Management Accounting is the process of identification, measurement, accumulation, analysis, preparation, interpretation and communication

Islamic Financial Services Board

The   Islamic Financial Services Board (IFSB) was officially inaugurated on  3 November, 2002.
Its establishment was the culmination of an extensive two-year consultative process initiated by a group of governors and senior officials of central banks and monetary authorities of various countries, together with the support of the Islamic Development Bank (IDB), the International Monetary Fund (IMF) and The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

Deliquency Cost

Deliquency means failure to pay an obligation when due. Normally consumer installment laons are considered deliquent if two consecutive payments are missed. A bank credit car is often treated as a deliquent account if a payment is not received within the allowed say 7-15 days grace preiod.

Mark-to-Market

Mark-to-Market: 
This is a process through which the treasury back-office values all outstanding positions at the current market rate to determine the current market value of these. This exercise also provides the profitability of the outstanding contracts. The treasury back office gathers the market rates from an independent source. ie. other than dealers of the same organization which is required to avoid any conflict of interest.