The document compares and contrasts Islamic accounting and conventional accounting. It discusses their sources, aims, accountability, and disclosure. For sources, Islamic accounting is guided by religious sources while conventional accounting is based on human law and experience. Their aims also differ - Islamic accounting aims to fulfill religious obligations and achieve public welfare, while conventional accounting focuses on private interests. In terms of accountability, Islamic accounting emphasizes accountability to God and society, while conventional prioritizes accountability to private interests. Finally, Islamic accounting requires full disclosure in line with social responsibilities, whereas conventional accounting only provides limited, selective disclosure.
ISLAMIC ACCOUNTING PRACTICES - THE IMPORTANCE OF ISLAMIC CAPITAL MARKET IN MA...Nur Adillah Arifah Nazri
Capital markets are an important component of the financial system for raising funds for long-term investment. They provide opportunities for diversification of risk through cross-sectional risk sharing. The long-term investments are facilitated through a series of short-term contracts in the form of tradable securities enabling the investors an opportunity to exit or enter through trade. Thus they provide an element of liquidity to the otherwise illiquid assets. The secondary market also provides pricing and valuation of assets on a continued basis thus eliminating arbitrage and inefficiencies
ISLAMIC ACCOUNTING PRACTICES - THE IMPORTANCE OFISLAMIC CAPITAL MARKET IN MA...Nur Adillah Arifah Nazri
Capital markets are an important component of the financial system for raising funds for long-term investment. They provide opportunities for diversification of risk through cross-sectional risk sharing. The long-term investments are facilitated through a series of short-term contracts in the form of tradable securities enabling the investors an opportunity to exit or enter through trade. Thus they provide an element of liquidity to the otherwise illiquid assets. The secondary market also provides pricing and valuation of assets on a continued basis thus eliminating arbitrage and inefficiencies
ISLAMIC ACCOUNTING PRACTICES - THE IMPORTANCE OF ISLAMIC CAPITAL MARKET IN MA...Nur Adillah Arifah Nazri
Capital markets are an important component of the financial system for raising funds for long-term investment. They provide opportunities for diversification of risk through cross-sectional risk sharing. The long-term investments are facilitated through a series of short-term contracts in the form of tradable securities enabling the investors an opportunity to exit or enter through trade. Thus they provide an element of liquidity to the otherwise illiquid assets. The secondary market also provides pricing and valuation of assets on a continued basis thus eliminating arbitrage and inefficiencies
ISLAMIC ACCOUNTING PRACTICES - THE IMPORTANCE OFISLAMIC CAPITAL MARKET IN MA...Nur Adillah Arifah Nazri
Capital markets are an important component of the financial system for raising funds for long-term investment. They provide opportunities for diversification of risk through cross-sectional risk sharing. The long-term investments are facilitated through a series of short-term contracts in the form of tradable securities enabling the investors an opportunity to exit or enter through trade. Thus they provide an element of liquidity to the otherwise illiquid assets. The secondary market also provides pricing and valuation of assets on a continued basis thus eliminating arbitrage and inefficiencies
1. All the matters are determined by intention(al-umur bi maqasidiha)
2. Certainty may not be disproved by doubt (al yaqin la yazul bil as-shak)
3. Hardship begets facility (al-masyaqqah tajibul al-taysir)
4. HARM must be removed (AL DARAR YUZAL)
5. Custom is a basis of judgement (al-adah muhakkamah)
1. All the matters are determined by intention(al-umur bi maqasidiha)
2. Certainty may not be disproved by doubt (al yaqin la yazul bil as-shak)
3. Hardship begets facility (al-masyaqqah tajibul al-taysir)
4. HARM must be removed (AL DARAR YUZAL)
5. Custom is a basis of judgement (al-adah muhakkamah)
Made for presenting at the Students' Seminar organized by the Finance and Accountancy Association (2015-16) of Ramniranjan Jhunjhunwala College, representing Jai Hind College, Churchgate.
Won 3rd position, and got a Special Mention.
[PS, flow may seem abrupt as there are hyperlinks used throughout the presentation, which is not supported on slideshare.]
Naim Wakil is one of the most well-known and intelligent chief accountants of the Angel Trust of Los Angeles, California. He has completed his master’s degree in Business Administration from the University of California and started his career working with a leading company 'Skyland finance Inc.' His keen interest in mathematics and detail-oriented aspect made him a successful accountant.
Principles of Islamic Sharia Economic Law in Facing the Challenges of Global ...AJHSSR Journal
ABSTRACT: This research is to examine the principles of Islamic Sharia Economic Law in Facing the
Challenges of Global Competition. Challenges about the readiness of the Indonesian nation in facing global
competition, especially the ASEAN economic community, have been carried out by many components of the
nation. The increase in global competition and the dynamics of society, causing the ability to survive for this
nation is something important so that they can compete in the life of the nation and do business and avoid
predatory predators. The problem that will be discussed in this study is How the Principles of Islamic Sharia
Economic Law in Facing the Challenges of Global Competition. The research method used is a normative
research method with a conceptual approach and analyzed using content analysis.
KEYWORDS : Shari'a Economic Law, Global Competition
MANAGERIAL ECONOMICS FROM ISLAMIC PERSPECTIVES (PROFIT MAXIMIZATION)Afifah Nabilah
An individual assignment for Managerial Economics subject. The topic discussed in the report is MANAGERIAL ECONOMICS FROM ISLAMIC PERSPECTIVES on the Profit Maximization.
Relationship Between Shariah Principles Adherence, Corporate Social Responsi...inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Running head What does a good accountant need to do good work .docxrtodd599
Running head: What does a good accountant need to do good work? 1
What does a good accountant need to do good work? 4
Group 2
What Does a Good Accountant Need to do Good Works?
and
Does the Bible speak of those?
Characteristics of a Good Accountant
The job of an accountant is to keep or inspect financial accounts of others. Accountants are responsible for reporting financial results, whether for an individual or a company, in accordance with government and regulatory rules. Whether they work in a company’s accounting department, at an auditing firm, or in a private practice, an accountant’s work generally entails recording, measuring, and presenting financial information accordingly. Of course, in order to be successful in this field, accountants must have excellent organizational skills and master the skill of attention to detail. However, there are several other characteristics that are included in teachings of the Bible that are necessary to be a good accountant and do good work in this field. These characteristics include: Accuracy and accountability, strong moral character, fairness, great communication skills, and adaptability.
Accuracy and Accountability
Accuracy and accountability are both very important characteristics of a good accountant. Accuracy in all aspects of accounting is extremely important. Inaccurate accounting and documentation can lead to disaster for a business. Accurate information is important for managers to make sound decisions for success and make plans for the future. Luke 14:28 says, for which of you, intending to build a tower, does not sit down first and count the cost, whether he has enough to finish it. This says much about the planning involved for any endeavor. Additionally, one must take full responsibility for their work. If an honest mistake is made, you must own up to that mistake and make amends. Galatians 6:5 says, for each one shall bear his own load. Purposeful fraud can and will be punishable with fines and even jail time. “The Institute of Management Accountants, the professional association for management accounts, has issued a code of ethics to help accountants solve ethical dilemmas” (Wild & Shaw, 2018). This code gives accountant guidelines in order to avoid fraudulent behavior and should be adhered to by all individuals in the accounting field.
Strong Moral Character
Accounting Ethics is an ongoing topic of discussion in the business world. Being that accountants have access to unlimited financial information for both individuals and businesses, this allows potential for abuse and manipulation. This abuse is reflected in Proverbs 11:1 says, a false balance is an abomination to the LORD, but a just weight is his delight. Ethical behavior references back to general principals such as honesty, integrity, and morals. This behavior is appa.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
This assessment plan proposal is to outline a structured approach to evaluati...
THE DIFFERENCES BETWEEN ISLAMIC ACCOUNTING AND CONVENTIONAL ACCOUNTING
1. BWFS 3023: ISLAMIC ACCOUNTING GROUP ASSIGNMENT
1
1.0INTRODUCTION
The debating between the best practice either the Islamic accounting or conventional accounting
in the accounting line still being non-ending issue until today. Even in the Muslim countries such
as Malaysia, this country still not fully practice all parts of Islamic accounting guidelines which
was proved by the conducting of dual accounting system, Islamic accounting and conventional
accounting in the same time.
It’s reality of existing Islamic accounting and conventional accounting division practices
also caused by the formation of non-halal business such as prostitutions and pornography in a
one country at the same time mixed with the halal business activities, besides the lack of deep
understanding among the people about these two differences accounting and also caused by the
non-serious stressing by government to implement non dual accounting method in the Muslim
country.
As for common understanding, accounting is the process of measuring, processing and
communicating of financial information of business entity or it is also known as “the language of
business”. Refer to Abdul Rahim Bin Abdul Rahman (2010), “ the better you understand the
language, the better you can manage the financial aspect of business”. Accounting also basically
involved the quantitative and qualitative methods which used in economy to get the useful result
in business for the judgements and decision making by the economy users.
However, when refer to the Islamic accounting, mostly people especially the non-Muslim
community, they are actually was misunderstood by judging and assuming it’s concept was
duplicate from the conventional accounting. They assuming the Islamic accounting and
conventional accounting both are the same things with the different names. Moreover, in the real
scenario, it still have some Muslim, frustratedly, also in misconception by stated that Islamic
accounting only serve for Muslim, not allowed to non-Muslim.
According to this problems arise, it is important to highlight and explain the differences
between Islamic accounting and conventional accounting to show a lot of contradict aspects
among these two accounting practices. So, to differentiate, the deeply focus will be rely to the
source, aim, accountability and disclosure of these both accounting.
2. BWFS 3023: ISLAMIC ACCOUNTING GROUP ASSIGNMENT
2
2.0SOURCES
To differentiate between these two accounting practices, firstly, a deeply look should be put on
the actual sources grounded by them. For Islamic accounting, it is the only accounting practice in
this world which made all accounting process guided from the religion sources. However, for the
conventional one, the development of this science only based to the human law besides deserting
some ethical value.
"And O my people, give full measure and weight in justice and do not deprive the people of their
due and do not commit abuse on the earth, spreading corruption.
"What remains (lawful) from Allah is best for you, if you would be believers. But I am not a
guardian over you.
Al - Quran (Surah Hud,verses 85-86)
“And I did not create the jinn and the mankind except to workship Me”
Al-Quran (Surah Adh-Dhariyat:verse 56)
Based to the above verses in the Surah Hud and Surah Ad-Dhariat, the clarity of Allah
SWT commands was used as the argument in the Islamic accounting, so that all the accounting
users act fairly, justice and without break the law of Islam besides realize the duty of humankind
even in accounting line to be a vicegerent of Allah SWT.
However, for the conventional accounting, the law in this accounting only created based
to the human experience, knowledge and thinking. Richard Brown (2004) “The art of
numeration, or the method of counting, whether by words or signs or symbols goes back to the
dawn of intelligence among human beings, though it can hardly be said to begin with the
moment when one things can be distinguishable from another”. So, as the result, the system only
monopolized by the those who have big power and interest to control it until causing injustice
and exploitation in the field.
The conventional accounting which dominated by Christianity and Buddhism shown
clearly that they are not impose their religion prohibited such as immoral conducts or defraud in
delivery accounting information, and not put the real religion, ethical or right principal matter or
abstain it all in the accounting line as well.
So, the source of accounting was bringing a big impact to accounting conduct. If the
ground of accounting was rely purely to religion basis as Islam, the real welfare not only
3. BWFS 3023: ISLAMIC ACCOUNTING GROUP ASSIGNMENT
3
achieved by a few people who empower and control the economy, but also share to all part of
person in the line.
3.0AIM
The third one is about their aim or objective. It is also important to determine of why the existing
and the functioning of these both accounting are different from each other. Basically, the
conventional accounting’s aim only to fulfill the interest of influential person in the field but for
Islamic accounting, it wide’s aim is more than that.
For Islamic accounting, all the activities were aim to get a blessing from Allah SWT. It is
also to achieve al- falah, which is not only limited in the in the world but also in the hereafter. To
make it possible, the accountant must ensure the accounting activity and process follow the
principal of Syariah which the information detail in accounting must show a clear and separately
with the prohibited earning and expenditures either in the business or government. Some part of
asset in business wil be used to pay the zakah to clean the shubhah items which found in
accounting information beside as an obligation toward Allah SWT.
In contrast, the conventional accounting objective only based to the certain part of the
individual interest. It may lead to the neglect and suppression on public welfare such as
permitting higher interest in loan to gain higher profit and stopped reporting the information of
subprime borrowers to protect the customers picked by other competitors which actually will
make the customer difficult to borrow from other institutions that he want.
So, as we seen, the Islamic accounting aim is preferable to be a best example and to be
followed in the real world rather than conventional accounting. Even the aim is to achieve higher
profit, it is impermissible to neglect the public interest.
4.0ACCOUNTABILITY
To differentiate the Islamic accounting and Conventional accounting, also can be see through
the accountability between both of them.
For the Islamic accounting, actually, the accountability is involve with the essential goal
in Islam because the belief is that resources are provided to an individual from God in the form
of trust. So, from this, everyone will be accountable for their action as a trustee to Allah s.w.t.
Futhermore, accountability also means the accountability to the community which is ummah or
4. BWFS 3023: ISLAMIC ACCOUNTING GROUP ASSIGNMENT
4
society at large. This is because, in Islamic thoughts, individual or organizations are expected to
feel socially responsible for others in community especially for those who are needy people.
Meanwhile, for the conventional accounting, many of the accounting practices are most
control the resources that is absolutely do not seem to be relevant to the types of accountability
required under Shari’ah. Through this also, the accountability for conventional accounting, had
seek to address pattern of inequality and marginalization that are globally present and it
strategies aimed at challenging power resonate with poor people experiences. This will
absolutely violated the poor and needy people in the accounting and business.
So, from the explanation, the accountability for Islamic accounting is more to the action of
individual himself which is difference from Conventional accounting.
5.0 DISCLOSURE
Last but not least, the differences between the Islamic accounting and Conventional accounting
is disclosure that had been make by this two accounting, which can provide more deeply
information about both accounting.
For Islamic accounting, the term of disclosure actually has related with the concept social
accountability in Islam which is involved with the principle of full disclosure. This can be prove
when in the al- quran, which is in surah al- baqarah, verses 71, had stated about the meaning of
“relevance” that referred to the disclosure of all facts. Therefore, if the purpose of the accounting
information is to serve the public interest, and it also follows the Islamic context, then, the
community or the ummah has the right to know about the consequences of the operations in
organization on its well being and to be advised within the requirements of Shari’ah.
Meanwhile, for the conventional accounting, the disclosure is only emphasizes on users
requirement of information, which is mean only limited disclosure provision of information
subject will be provided for the public interest . According to this concept, all the information
relating to the organization should be disclosed completely in the financial statement without
any clarification from the accountants. Moreover, in the conventional accounting, many of the
disclosure in annual reports are manipulated to provide a favorable impact of business
operations.
5. BWFS 3023: ISLAMIC ACCOUNTING GROUP ASSIGNMENT
5
So, through this, we can concluded that, the Islamic accounting disclosure relate with the
social accountability which is involved with the principle of full disclosure, which really
different with conventional accounting that is more to private sociability and limited disclosure.
6.0 OVERVIEW
Basically, there are many contradicts between Islamic accounting and conventional accounting
that should be understand by the users including the layman. As to educate the public and to give
the best explanation about the best accounting that should be applied, the government who is the
lawmaker should change the accounting education system by giving the emphasis about this two
types of accounting starting from school education besides aggressively applied only one type of
accounting, which is Islamic accounting in the economic system because of the wide advantages
to everyone.
7.0 CONCLUSION
So, regarding to the elaborations of differences between Islamic accounting and conventional
accounting in this assignment, it shown that Islamic accounting actually serve a wide and
comprehensive welfare to the accounting users rather than the conventional accounting which
contains injustice or desertion elements to some minor influential parties in the arena.
So, as a part of muamalah connection in Islam, Islamic accounting should be a way of
best accounting practice especially in the Islamic countries since the guidelines itself was parallel
with the government function which is to provide a public welfare which is not only in the
education and social scope but also in the economy.
The conventional accounting, even it is progressively profitable for some users while
conducting by mostly users in the world, should be remember that it methods still contains some
weakness because of human-made law in it conduct. Humankind was not prohibited to earn and
enjoy the wealth, but at the same time, any negative conduct in conventional accounting must be
varnished.
Finally, it is necessary to encourage the business organization to practice Islamic
accounting in their work as not only limited to Muslim, but also non-Muslim would willingly to
practice it. Islamic accounting also should not be seen as divisive but as the alternative to set the
6. BWFS 3023: ISLAMIC ACCOUNTING GROUP ASSIGNMENT
6
actual ethical practicing to replace the disability of conventional accounting which only
benefiting one side of party in economy.
7.0 REFERENCES
Internet
The History of Accounting, retriviewed at 10.58pm, 14 April 2014, from
http://www.library.unisa.edu.au/about/exhibitions/historyacc.aspx
Accounting, retriviewed at 10.34pm, 16 April 2014, from http://en.wikipedia.org/wiki/Accounting
What is Objective of Islamic Accounting, retriviewed at 9.54pm,17 April 2014, from
http://wiki.answers.com/Q/What_is_objectives_of_Islamic_Accounting?#slide=33
Kabir Tahir Hamid, IBF 8211 Accounting for Islamic Financial Institutions, retrieved at 9.32 pm,
18 April 2014, from
http://www.academia.edu/2027832/IBF_8211_Accounting_for_Islamic_Financial_Institutions
Farhan Zaheer, Breaking New ground : Setting Misunderstanding Aside, Islamic Banking
Grow Rapidly, published in April 25, 2013, retriviewed at : 5.46pm, 20 April 2014, from
http://tribune.com.pk/story/540161/breaking-new-ground-setting-misunderstandings-aside-
islamic-banking-grows-rapidly/
Misconceptions About Islamic Finance, retriviewed at 5.49pm, 20 April 2014, from
http://www.inceif.org/islamic-finance/misconceptions/
Al -Quran, Surah Hud, chapter 11 verses 85-86, retriviewed at 10.45 pm, 3 Mei 2014, from
http://quran.com/11
Al-Quran, Surah Adh-Dhariyat, chapter 51, verse 56, retriviewed at 10.57 pm, 3 Mei 2014, from
http://quran.com/51
Book
1) David Crowther ( 2008 ) “Culture and Corporate Governance”, page 209- 210
2) Mohamed Ariff, Munawar Iqbal, Edward Elgar Publishing (Jan 1, 2011) “The
Foundations Of Islamic Banking : Theory, Practice and Education”, pages 91
3) Abdul Rahim Abdul Rahman (3rd
Print 2012 )”An Introduction To Islamic
Accounting Theory and Practice”, CERT Publications Sdn. Bhd , page 4, 10 and 11
7. BWFS 3023: ISLAMIC ACCOUNTING GROUP ASSIGNMENT
7
4) Peter Newel and Joanna Wheler (August 7, 2006) “Rights, Resources and The
Politics of Accountability”, pages xiv- 4.
5) Robert Anthony Rayman ( January 26, 2013) “A Multi- Gear Strategy For Economic
Recovery” page 153.
6) Richard Brown (2004) “A History of Accounting and Accountants” Cosimo Books Inc,
New York, page 3