The Impact of the Islamic Religion on the Harmonisation of International Accounting Standards

In post-classical history, Islam was recognized for its loyalty to Allah and its precise rules of religion. Muhammad, founder of Islam, was born from a nomad-merchant class, giving a pulse to the traveling trait of Islam and its literal veins of expansion throughout the Eurasian borders. While keeping the classic code of Muhammad’s original law underway, Islam’s expansion during 600- 1200 C.E. introduced advanced authority and systems of economic control.

S., & Hassan, M. K. (2012). The domination of financial accounting on managerial Commerce & Management, 22(4), 306-327. doi:10.1108/10569211211284502

The purpose of accounting is to record the financial information, such as transactions and performance, related to a business. The accounting profession has been in existence for as long as business transactions have occurred. It wasn’t until 1494, however, when Luca Pacioli, a Venetian merchant, wrote Summa de Arithmetica, Geometrio, Proportioni et Proportionalita. His writings described a two-entry system of debits and credits, which became the basis for modern accounting systems. Three centuries later, with the emergence of the Industrial Revolution and the development of corporations, the profession of being an accountant became a necessity to keep track of the rising costs and cash flows. As a result, the American Association of Public

Even if uniformity were to be reached, the IOSCO disclosure standards do not encircle all of the information required of an easy access to cross-border capital markets.

Islamic studies has become a subject of strategic importance in our multicultural society. With all of the political upheaval and ever present fear of extremism and terrorism in the world today, it is essential to promote the understanding of Islam and the role Muslims have in the contemporary world. To do this, one must first have an understanding of the culture and religious tenets surrounding Islam, compare and contrast these beliefs with Christianity and Judaism, and discuss how the perceptions or

Islam is more than a religion, it’s a culture, and as such has an effect on political, social, and economic aspects of life—this is especially true outside of the Western world. Followers of Islam believe in full submission to God and this submission is practiced in the secular realm (Taha, 114). Of the five pillars of Islam, one (the zakat) has a direct affect on economic policy and ethics. The culture of Islam has shaped economic and business guidelines In the Islamic World and continues to do so. Cultural ideals attributed to the Qur’an or the Prophet Muhammad, have been a vital source for economic and business practices that have helped to shape the history of many Islamic nations, and are guiding the creation of policies

Islam accepts the fact that accounting is a social construction and itself constructs social reality but this social reality which the accounting constructs must conform to the dictates of Islamic belief.

To be ethic, to be responsible to the society should be the new role of accounting in society. That’s the reason critical perspective accounting have been put forward. It is a theory that questions prevailing social order and how accounting practices actually contribute to inequities. One breach of it is to provide a sustainability report or tribe bottom line that report the social, environment and economic.

The region of the Middle East and its inhabitants have always been a wonder to the Europeans, dating back to the years before the advent of Islam and the years following the Arab conquest. Today, the Islamic world spreads from the corners of the Philippines to the far edges of Spain and Central Africa. Various cultures have adopted the Islamic faith, and this blending of many different cultures has strengthened the universal Islamic culture. The religion of Islam has provided a new meaning to the lives of many people around the world. In the Islamic world, the religion defines and enriches culture and as a result the culture gives meaning to the individual. Islam is not only a religion, it is in its own way a culture. It may be this very

The objective of this work is to examine Islam, a highly controversial sensitive issue in today's world and specifically to examine the misconceptions, beliefs, and values of those of the Islamic faith. Most people think that the majority of Muslims live in the Middle East, while in reality there are more people of the Islamic faith living in Indonesia. Islam, just as Judaism and Christianity, is practiced in various cultures, serves to shape, and is shaped by those cultures. This study examines the perceptions of those of the three faiths in various countries and how they view one another and seek to answer how a level of threat is felt by those belonging to these three religious groups in various countries. Countries examined in this study include those of the United States, Great Britain, India, Pakistan, and the Middle East. The depth of understanding or the teachings of Islam among the various religious groups in these various countries will also be examined in terms of how these understandings impact the ways that Muslims and non-Muslims interact and communicate with one another.

Becoming an expert in Islamic economics and finance field is one of my long-term goals in life. I started to organize and made a plan towards achieving that dream since senior high school. The concern towards Islamic economics and finance concept, and its application for society and the country began when I was reading a book entitled Islamic banking-theory and practice. After finishing reading the book, my interest in Islamic economic and finance topics rose and strengthen my own determination to become the expert of Islamic economics and finance. The main principle of Islamic economics and finance which offers the just and ethics in economic activity, poverty alleviation through income distribution mechanism, and prevention of economic and

As long as the largest quantity of people is receiving the greatest benefit as a result of a particular action, that action can be rationalized. With a greater understanding of the two major ethical systems proposed for the accounting profession, the evaluation of those systems becomes simpler.

It has been become an issue of great concern that the accounting profession must find a common theory in order to address and put the issue at rest. This therefore, has called for the study of this topic under review “the demand for and supply of accounting theories: the market for excuses. As a result of this several questions have been raised. For instance, the question of why accounting theories are predominantly normative has been put forward by this article? Secondly, why no single theory in accounting profession that is generally or widely accepted? It has been argued that the financial accounting theories have been found to be ineffective most especially in the area of impacting accounting practice and policy, though, this has been

Accounting is the language of business. It is a profession that is being guided by principles, concepts, conventions, laws, etc. All these fundamental building blocks serve as common and general compasses to all practitioners of the profession. In some cases, they are nation-wide tailored, while in other cases, they are universally tailored. Accounting as a living, practical, dynamic and realistic profession covers so many areas of social, economic (business), and governmental activities. Surely, any endeavour that involves monetary and material activities create a room for the services of Accounting. Many of the human endeavours for which the accounting profession plays significant (some times inevitable) roles include; Banking, Insurance, Manufacturing, Farming Contracting, Oil and Gas, Mining, Transportation (Air, Land and Sea), Educational Institutions, Churches, Ministries, ICT, Hire Purchase, Local Government Authorities, Estate Businesses, Export and Import Businesses, Bill of Exchange Transactions, Royalties Transactions, Consignment Transactions, Stock Market Transactions, Sports, Entertainment, Hospitals and Hospitality Industry, etc.

Both papers propose a roadmap to fix the conventional accounting shortness through the use of Value Based Management (VBM) as a real and effective management system of value creation and measurement. Economic Value Added (EVA) plays the main role in this management approach, as a very effective performance metric in the alignment of the organization