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Accounting treatment for corporate zakat: a critical review

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Purpose – The purpose of this paper is to review the accounting treatments for corporate zakat, as
advocated by accounting standards and guidelines, as well as those been practised by relevant
corporations. The aim is to determine their appropriateness and adherence to both the Islamic as well
as the accounting theoretical perspectives.
Design/methodology/approach – Accounting standards and guidelines related to zakat, including
the Financial Accounting Standard No. 9 and the Technical Release i-1, are examined. Additionally,
analyses are made on the practices of Islamic financial institutions to determine their compliance with
both standards and ontological aspects of zakat.
Findings – The study reveals that there is a general misconception of zakat, as indicated in several
standards and guidelines, which has consequently resulted in inappropriateness in their proposed
corporate zakat recognition and measurement and hence presentations. These inaccuracies, in one way
or another, have not been in line with the true spirit of zakat in Islam. More worryingly, some
unfavorable consequences may and in fact have already been implicated on the larger Muslim
community as a result.
Research limitations/implications – An alternative view on the accounting treatment of
corporate zakat is offered in this paper with the aim to provide a fair and proper assessment of zakat
on corporate wealth, which is more parallel to the true spirit of zakat.
Originality/value – The paper integrates both the revealed and the contemporary accounting
knowledge in scrutinizing the standards and practices as well as in recommending an improved and
meaningful alternative.

Keywords Islam, Accounting procedures, Accounting standards, Social economics

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Ketersediaan

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Informasi Detail

Judul Seri

International Journal of Islamic and Middle Eastern Finance and Management

No. Panggil

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Penerbit

: Emerald Group., 2009

Deskripsi Fisik

International Journal of Islamic and Middle Eastern Finance and Management Vol. 2 No. 1, 2009 pp. 32-45

Bahasa

English

ISBN/ISSN

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Klasifikasi

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Tipe Isi

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Tipe Media

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Tipe Pembawa

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Edisi

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Subjek

AKUNTANSI

Info Detail Spesifik

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Pernyataan Tanggungjawab

Asmawati/Syahrial

Versi lain/terkait

Lampiran Berkas

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