Purpose

The global insurance industry has implemented International Financial Reporting Standards (IFRS) 17 insurance contracts effective from January 1, 2023. The Islamic insurance (Takaful) industry would find itself at a crossroads if IFRS 17 should also be adopted for Takaful contracts. This paper aims to explore the process of IFRS 17 adoption for Takaful contracts in Malaysia and the implementation of the standard in the early adoption year.

Design/methodology/approach

Applying a qualitative approach, this study uses a literature review search and interviews to analyze deeper into the adoption process in Malaysia. Using institutional work, this paper analyses the process timeline, the actors and their roles and actions in the adoption process. The authors interviewed 12 informants from different backgrounds comprising the national standard setters, preparers and the IFRS 17 consultants.

Findings

The adoption process of IFRS 17 in Malaysia is an interplay between the accounting standard setter, the government and the industry associations who are the major actors in the process. These actors have different roles and contributions, but they work together to accomplish a single vision, adopting IFRS 17 for all. There is an interplay between actors to disrupt the accounting practice and involved in creating various institutional work to ensure the concerns of Takaful practitioners are well addressed. This research also found that the companies faced significant challenges in applying the standard in the early months of implementation.

Research limitations/implications

This paper contributes to the literature by providing an explanation and examples of the IFRS adoption for Shariah transactions. The story of Malaysia can become a case study for other countries that are still deciding on adopting IFRS 17, especially for the Islamic insurance industry.

Practical implications

The story of Malaysia can become a case study for other countries that are still deciding on adopting IFRS 17, especially for the Islamic insurance industry.

Originality/value

This paper contributes to the literature on the debate of the application of IFRS to Shariah transactions by using institutional work theory as a framework.

中文翻译：

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采用 IFRS 的制度工作：马来西亚伊斯兰保险 IFRS 17 保险合同案例

目的

全球保险业已自 2023 年 1 月 1 日起实施国际财务报告准则 (IFRS) 17 保险合同。如果回教保险合同也采用 IFRS 17，伊斯兰保险（回教保险）行业将发现自己处于十字路口。本文旨在探讨马来西亚回教保险合同采用 IFRS 17 的过程以及该标准在早期采用年份的实施情况。

设计/方法论/途径

本研究采用定性方法，通过文献综述搜索和访谈来更深入地分析马来西亚的收养过程。本文利用机构工作，分析了流程时间表、参与者及其在采用过程中的角色和行动。作者采访了 12 位来自不同背景的知情人士，其中包括国家标准制定者、编制者和 IFRS 17 顾问。

发现

马来西亚 IFRS 17 的采用过程是会计准则制定者、政府和行业协会之间的相互作用，而行业协会是该过程的主要参与者。这些参与者具有不同的角色和贡献，但他们共同努力实现单一愿景，即为所有人采用 IFRS 17。参与者之间存在相互作用，扰乱会计实践，并参与创建各种机构工作，以确保回教保险从业者的担忧得到妥善解决。这项研究还发现，这些公司在实施的最初几个月应用该标准时面临着重大挑战。

研究局限性/影响

本文通过提供伊斯兰教法交易采用国际财务报告准则的解释和示例来为文献做出贡献。马来西亚的故事可以成为其他仍在决定采用 IFRS 17 的国家（尤其是伊斯兰保险业）的案例研究。

实际影响

马来西亚的故事可以成为其他仍在决定采用 IFRS 17 的国家（尤其是伊斯兰保险业）的案例研究。

原创性/价值

本文以制度工作理论为框架，为有关《国际财务报告准则》在伊斯兰教法交易中的应用的争论提供了文献。