Do Islamic Societies Need Their Own Accounting and Reporting Standards?
Islamic societies generally discourage the use of interest in business transactions. Usury is disallowed. Therefore, there exists a need for developing accounting and reporting standards that are relevant to Muslim firms. Accounting standards for firms in Islamic societies need to be broad and flexible. Too specific and complex rules are likely to impose costs on the firms and on the community. The accounting and reporting policy choices are likely to reflect the firms’ contracting environments. Given the nature of the contracts, managers need to be encouraged to provide detailed information about the firms’ performance both in financial and social domains.
Impact and interest:
Citation counts are sourced monthly from and citation databases.
These databases contain citations from different subsets of available publications and different time periods and thus the citation count from each is usually different. Some works are not in either database and no count is displayed. Scopus includes citations from articles published in 1996 onwards, and Web of Science® generally from 1980 onwards.
Citations counts from theindexing service can be viewed at the linked Google Scholar™ search.
Full-text downloads displays the total number of times this work’s files (e.g., a PDF) have been downloaded from QUT ePrints as well as the number of downloads in the previous 365 days. The count includes downloads for all files if a work has more than one.
|Item Type:||Journal Article|
|Keywords:||Islamic societies, business environment, contracting, accounting and reporting|
|Subjects:||Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > ACCOUNTING AUDITING AND ACCOUNTABILITY (150100) > International Accounting (150104)|
|Divisions:||Current > QUT Faculties and Divisions > QUT Business School|
|Copyright Owner:||Copyright 1999 Academy of Business Administration|
|Copyright Statement:||Reproduced in accordance with the copyright policy of the publisher.|
|Deposited On:||26 Sep 2006 00:00|
|Last Modified:||05 Jan 2011 13:27|
Repository Staff Only: item control page