SHOULD ISLAMIC ACCOUNTING STANDARD FOLLOW TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)? A LESSON FROM MALAYSIA
It has been clearly shown that financing based Islamic teaching has inherent characteristics as well as its accounting. For that reason, it may not be so easy to convert Islamic accounting standard into International Financial Reporting Standard (IFRS) as it may violate some basic principles of Isla...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Lembaga Penerbit Fakultas Ekonomi dan Bisnis (LPFEB)
2017-05-01
|
| Series: | Media Riset Akuntansi, Auditing & Informasi |
| Online Access: | http://www.trijurnal.lemlit.trisakti.ac.id/index.php/mraai/article/view/1736 |
| Summary: | It has been clearly shown that financing based Islamic teaching has inherent
characteristics as well as its accounting. For that reason, it may not be so easy to
convert Islamic accounting standard into International Financial Reporting
Standard (IFRS) as it may violate some basic principles of Islamic teaching.
Accounting and Auditing Organization for Islamic Financial Institution (AAOIFI)
still commits to have different accounting standard as it is based on the fiqh
(maxims). Furthermore, some countries adopt directly or indirectly the concept in
IFRS, for example, in Malaysia. This paper tries to show some evidences on
accounting standard which does not have a strong foundation of Islamic teaching
would like probably to change by its milieu, especially in the IFRS convergence
trend. This is because Islamic accounting standard itself merely based on “the
convention” of the so called Islamic scholars.
Keywords : Islamic Accounting, IFRS, and standard |
|---|---|
| ISSN: | 1411-8831 2442-9708 |