The paper is an earnest effort to inspect the prevailing accounting standard for
the Islamic banks and find out the extent of their compliance. Banking industry’s
nature of operation is totally diverse. Recognizing this aspect, some specific
IFRS (International Financial Reporting Standard) have been prescribed for
them. One of which is IFRS 7. Institute of Chartered Accountants of Bangladesh
prescribed to comply with IFRS-7 from on or after 1st January, 2010. As per
requirement, all Islamic banks are required to comply with the standard to
uphold the stakeholders’ interest. And the result of the study shows that all of
the Islamic banks compliance almost 70.71% of the IFRS # 7 requirement.
Finally this study recommend on the degree of compliance for the Islamic banks
financial reporting.
