Accountability to the community or society at large is a critical aspect of the Islamic practice. Hence, a shift to the Islamic Accounting is expected to increase focus on accountability and expanding the currently narrow focus of reporting entities' responsibility to a wider group of stakeholders. Required: a) b) c) d) Identify TWO (2) stakeholders that can benefit the most from the implementation of Islamic Accounting. (4 Marks) Entities have a social and ethical responsibility not to mislead stakeholders. As an accountant, identify the Islamic concepts that should be embedded in the daily business activities to ensure that the rights of stakeholders are protected. (6 Marks) Islamic accounting standards should follow the International Financial Reporting Standards (IFRS). Provide your views on this statement. (6 Marks) Discuss the challenges for Malaysian Islamic Financial Institutions in implementing Accounting and Auditing Organization for Islamic Financial Institutions (AAIOFI) accounting standards in the financial reporting. (4 Marks)