This website uses cookies to ensure you have the best experience. Learn more

Acceptance Of Islamic Accounting Essay

951 words - 4 pages

Chapter 3: Islamic Accounting
Question: Do you think the Islamic accounting (process, transactions, development and etc.) will be increased or decreased? Why?

The world accounting in Islam has many meanings according to the situation where it is mentioned and used. In Arabic dictionaries it refers to count and record the financial actions and transactions. Also, it refers to accountability and responsibility by the man self or by others.
In the Holy Quran, there are have a several meaning of accounting such as accountability. In Surah Attalaq-8, Allah says that “people who opposed the command of their God and hid apostles. Did we call to account, to severe account”. In other verse, ...view middle of the document...

In Holy Quran stated all about matter that can we adopt in nowadays including accounting field. Moreover, we are taught will be accountable by doing something in this world.

Regarding on the meaning, I believe that the Islamic Accounting can be increased and will be accepted around the world. It is because based on the meaning, we can find in Islamic Accounting have a strong sense of accountability and trust in doing the work and this will attract non-Muslim to accept this method.
In the Islamic accounting world, one of the early institutions to regulate the market and prevent fraud was ‘al-Hisba’ established in 7th and 8th centuries for the promotion of good and the prevention of evil. Among the unlawful (haram) business practices in Islam, there is ‘riba’ (interest on credit), manipulation, fraud, speculative transactions, gambling, uncertainty/risks, free market interference.
In Islam, it very concern about doing good with other people and this can be a example how Islamic accounting influence people to responsible and do the job properly because every act done will be calculated later. Therefore it can create a sense of integrity in every person. Nowadays, we knows that Islamic banking are going be accepted in the world. Islamic banking has become in the last two decades. The reality is that there are, in our time, around 300 Islamic financial institutions globally, with assets of about $200 - $300 billion, a Dow Jones Islamic Market Index created in 1999 and another index - Dow Jones Citigroup Sukuk (Islamic Bond) Index in Kuala Lumpur - created in 2003 (Pollard and Samers, 2007).

To this situation also contributed the so called “Islamic windows”, which represent separate divisions of the multinational banks devoted to marketing Shari’ah - compliant financial products. This became a trend which spread rapidly into countries where large Islamic communities lived, such as...

Other assignments on Acceptance Of Islamic Accounting

Ethics In Business Essay

819 words - 4 pages /management/Em-Exp/Ethics.html Education Committee Meeting. (2014). Professional ethics for accountants: Approaches to the development and maintenance of professional values, ethics and attitudes in accounting education programs. Kuala Lumpar. Mintz, S. M. (2008). Ethical Obligations and Decision Making in Accounting, Text and Materials. McGraw Hill Irwin. Oppel, R. A. (2015, February 15). ENRON'S COLLAPSE: THE OVERVIEW; ENRON COLLAPSES AS SUITOR

Forensic Accounting Essay

1320 words - 6 pages committed on behalf of the organization is the financial date restatement by the company’s finance department in conjunction with the senior management. While it is usually an acceptance of the accounting errors on the part of the company’s financial team, it can result in financial mistakes in the application of the accounting principles, mathematical errors and the misuse of the financial acts (Ferris, 2013). Another example is in the case of an audit

Bjhkh

2668 words - 11 pages , Toronto Hermalin, B and Weisbach, M (1991). “The Effects of Board Composition and Direct Incentives on Firm Performance,” Financial Management, 20(4), 101-112. Mahar, M., & Andersson, T., 2008, “Corporate Governance: Effects on Firm Performance and Economic Growth”, Contemporary Accounting Research Vol. 25, pp 351-405. Nafis, Alam, and Bala Shanmugan. 2007. “ Strong Regulatory Framework: A Vital Tool for Islamic Banking. “Islamic Finance

Auditing Work

826 words - 4 pages Cut Off: Cutoff relates to whether transactions and events have been recorded in the correct accounting period. Audit procedures must ensure that transactions occurring near year-end are recorded in the financial statements in the proper period. For example, the auditor may want to test proper cutoff of revenue transactions at December 31. This can be done by examining a sample of shipping documents and sales invoices for a few days before

Ocean Manufacturing

3076 words - 13 pages Identify and evaluate factors important to the client acceptance decision [4] Understand the process of making and justifying a recommendation regarding client acceptance [3] INTRODUCTION The accounting firm of Barnes and Fischer, LLP, is a medium-sized, national CPA firm. The partnership, formed in 1954, now has over 6,000 professionals on the payroll. The firm mainly provides auditing and tax services, but it has recently had success

Malaysia Goods And Services Tax

2824 words - 12 pages living costs (Bernama, 2014). IAP is a new Sharia-compliant investment platform with the objective to attract participation from individual and institutional investors to invest and boost the development of SEMs. It is believed that the implementation of the Islamic Financial Services Act 2013 Additionally, some professional parties indicated that IAP plays a crucial role to for Islamic financial markets as well as economic growth for the

Verifone And Ncr

5191 words - 21 pages Verifone Systems, Inc. & NCR Corporation Verifone Systems, Inc. & NCR Corporation Manhattan College B.S. Accounting and Finance Professor Phillips MBA 609-01 Alison Landy 5/3/12 Table of Contents I. Executive Summary Page 3 II. Description of the Companies Page 4 III. Description of the Industry Page 4-5 IV. Business Risk: Nature of the Industry Page 5 V. Business Risk: Economic Climate

Essay Religion

2494 words - 10 pages becomes a part of the daily life of a Muslim as it is not only said at the declaration of one to the following of Allah, but it is also pronounced at a birth of a child, and the hour of death (Jomier, J. 1989: 53). The commitment from the faithful leads to acceptance of Quran as the miracle that was formulated by Allah, to then give to the messenger Muhammad; therefore if the individual believes in the holy Quran they are also committing themselves

International Management

3768 words - 16 pages various Islamic countries. The Islamic countries are the leading exporters of oil. When a petroleum firm operates in a country like Libya, it would be faced by a number of challenges in its activities, in the country (Mead & Andrews, 2009). The political structure of the main oil producing countries is also changing. The world is embracing democracy, and a firm like BP must be able to understand these new forces in the environment. This firm must

Bkaf3092

3267 words - 14 pages accounting procedures of enterprises conducting insurance business. MFRS 111 -7 Acts, Standards and Guidelines • The Bank also issues regulations and guidelines from time to time to complement the Insurance Act. • GPI 3 – Guidelines of Director General of Insurance (the Guidelines), which helps to ensure that the bank’s rules and regulations are adhered. • GPI 15, which gives an example on how the report and annual accounts are prepared. MFRS 111

I Love This Padge

3812 words - 16 pages (HIS/BA), 2009) As one of three countries that monitor the Strait of Malacca, universal exchange accepts an extensive part in Malaysia's economy. In the past, it was the biggest manufacturer of tin, rubber and palm oil in the world. Manufacturing has a huge impact in the country's economy, accounting more than 40% of the GDP. Malaysia is additionally the world's biggest Islamic banking and financial center. 3.0 Description of the Malaysian

Similar Documents

Financial Regulation Essay

954 words - 4 pages Financial Regulation Banking and Financial Institutions Act, 1989 (BAFIA) is one of the financial regulation The Banking and Financial Institutions Act, 1989 (BAFIA) was passed in Parliament and came into force on October 1, 1989. The BAFIA has effectively replaced the Banking Act 1973 and the Finance Companies Act 1969. The Islamic Banking Act 1983, however, is not affected. The BAFIA is a comprehensive act and extends comprehensive powers to

Accounting Essay

4883 words - 20 pages practical difficulty of changing standards to make them globally consistent with all other standards. CONCLUDING REMARKS We have a poor track record of improving financial reporting. In many cases, it is difficult to claim that particular accounting standards that seem to exhibit an evolutionary stability (and general acceptance) are consistent with one another, let alone any conceptual framework. As Hatfield (1939) remarked, ‘‘[i]t will indeed be

Document Essay

4071 words - 17 pages Definitions It seems fitting to begin with a more formal definition of accounting: Accounting is a set of concepts and techniques that are used to measure and report financial information about an economic unit. The economic unit is generally considered to be a separate enterprise. The information is reported to a variety of different types of interested parties. These include business managers, owners, creditors, governmental units, financial

Kieso Essay

7986 words - 32 pages CHAPTER 1 Financial Reporting and Accounting Standards ASSIGNMENT CLASSIFICATION TABLE Topics Questions Cases 1. Global markets. 1 2. Environment of accounting. 2, 3, 4 4, 5, 7 3. Objective of financial reporting. 5, 6, 7, 8, 9, 10 2 4. Standard-setting organizations. 11, 12, 13, 14, 15, 16, 17, 18 1, 3, 6 5. Financial reporting challenges. 19, 20, 21, 22, 23, 24, 25 8, 9, 10