Question 1 "Accounting and Auditing Organization for Islamic Financial Institutions (IFis) (AAOIFI) produces Islamic Accounting, Auditing, Governance, Ethics & Shari'ah standards for IFls based on Shari'ah framework" The existing accounting standards contain accounting concepts which (10 Marks) are argued to be inconsistent with Shari'ah and hence it explains the need for Islamic accounting. (a) using appropriate examples, those IDENTIFY and EXPLAIN accounting concepts. (b) (5 Marks) Do you agree that the objective of accounting in IFRS is NOT really "unlslamic"? EXPLAIN. (c) DISCUSS how the three elements of Islam, Accounting (and (10 Marks) Reporting) and Accountability are conceptually connected to each other