How the absence of Islamic Banking regulations & accounting standards affect Profit-Sharing Investment Account management & its disclosure practices?

Off course, the absence of proper accounting standards and regulations affects the management and disclosure practices of profit-sharing investment  PSIA. However, the case might not be as you ask. There are certain rules and standards related to the PSIA but they are not adopted by most of the Islamic banks. In other words, there is a problem of adopting these standards not the not only absence. As you may know that the AAOIFI standards are not applied and adopted in all countries. In Malaysia for example, the central bank has specific guidelines to deal with these issues and banks should comply.