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The need of accounting standards for Islamic financial institutions:evidence from AAOIFI

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Purpose – The purpose of this paper is to determine the need of Islamic Accounting Standards –
a review of the literature – for Islamic financial institutions (IFIs).
Design/methodology/approach – The basis of the paper was stakeholder theory to analyse the need of
accounting standards and to design the conceptual framework as evidenced fromAccounting andAuditing
Organization for Islamic Financial Institutions (AAOIFI). The evidence reviewed suggests the need for
Islamic accounting standards to fill the gap in accounting practice among Islamic financial institutions.
Findings – The AAOIFI accounting standards serve as a guideline that may reflect the unique
characteristics of IFIs and become a useful tool to meet the various needs of IFIs. Currently, one of the
major challenges facing IFIs lies in the preparation of the financial statements under different
accounting standards and which may lead to problems of comparability, reliability and compliance
level measurement. This has resulted in a heated debate among scholars which has hitherto translated
to the evolving existing literature surrounding the interpretation of the level of compliance with the
Islamic accounting standards. The paper concludes with various recommendations for future research,
the most important of which is the need for future studies on how AAOIFI accounting standards can
be made mandatory in all Muslim countries.
Originality/value – This paper contributes towards a better understanding and acceptability of the
need of Islamic Accounting Standards.

Keywords Islamic accounting, Islamic financial institutions, AAOIFI Standards, Accounting, Islam

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Informasi Detail

Judul Seri

Journal of Islamic Accounting and Business Research

No. Panggil

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Penerbit

: Emerald Group., 2013

Deskripsi Fisik

Journal of Islamic Accounting and Business Research Vol. 4 No. 1, 2013 pp. 64-76

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

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