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Islamic Accounting
內容大綱
Measurements tend to be consistent and translatable across countries, cultures, and languages. If an object's length is measured in feet in the United States, the measurement will need to be converted to meters for those in the United Kingdom to understand. The physical length stays exactly the same; the description of it is what differs. Time, temperature, weight, and distance are all other measurements that are consistent no matter the place and that simply have to be translated. However, value is a measurement that can vary widely within a single country and between countries. Costs and selling prices fluctuate for a number of reasons, which can result in problems when measuring in the same currency, and it's difficult to create an international standard for how to calculate cost. This text examines financial transactions where accounting rules have tried to solve this inconsistency problem and outlines global differences generally and on a country-specific level. Chapter 4 explores the Islamic religion, Islamic law (Sharia), and how they affect accounting in Muslim countries. Islamic financial institutions have grown vastly in the past few decades; however, international accounting-specifically International Financial Reporting Standards (IFRSs)-differ from Islamic accounting. Zakat (charitable donation) is offered as an example of a distinction and conflict between Islamic accounting and IFRS. A brief history and description of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is provided as well as an outline of accounting standards in several Muslim countries. Accounting concepts and assumptions in Islamic accounting are described, including the entity concept, money measurement, and conservatism. Interest is prohibited by Sharia law, so Islamic institutions use different modes of borrowings and investments to meet financing needs.