Accounting of financial institute

Assignment 1

Deadline: 27/2/2021 @ 23:59

For Instructor’s Use only

Instructions – PLEASE READ THEM CAREFULLY

· The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.

· Assignments submitted through email will not be accepted.

· Students are advised to make their work clear and well presented; marks may be reduced for poor presentation. This includes filling your information on the cover page.

· Students must mention question number clearly in their answer.

· Late submission will NOT be accepted.

· Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.

· All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).

· Submissions without this cover page will NOT be accepted.

Assignment 1-MARKS -5

1- As we have studied Fair Value Accounting from the book, in your opinion, how does fair value accounting work in general and how it is being used in the Kingdome of Saudi Arabia? (1 mark)

2- With reference to the Saudi Arabian’s banking systems, what do you mean by Financial Institutions? (1.5 mark)

What are the main functions of Financial Institutions?

Who is authorize to issue rules, regulations and licenses to the banking and non-banking financial institution? List the finance firms are operating in Saudi Arabia.

3- Briefly explain Sukuk in your own words, what are the basic difference between the traditional bond and the sukuk? What is the plan of Saudi Arabia to invest in sukuk bond market? (1.5 marks)