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n in line with Sharia and avoiding the forbidden in Muslims. The conflicts arise when the enforcement mechanisms that based on Islamic laws in not important because of the main point is the ultimate accountability to Allah. They also argues that religious is not the obstacles to adopt IFRS because the political accountants and regulators are the person who influences the regulations. The study clearly emphasized that interest that exists in the business operation is not consistent with the principles of Sharia and meanwhile not compatible with the religious beliefs of Saudi society.

Zakat calculations in Saudi are not based on the standard and special financial statement but using the financial report of each company hence the zakat payment for the companies is not accurate. The objectives of Zakat is achieved when Saudi Arabic adopts the IFRS theory in the calculation of zakat by taking the fair values which is same as the principles in Sharia but the Saudi measure the zakat standard that based on the historical cost, the conflict arises because the Saudi choice to follow the Sharia principles but they still performance the measurement that are against the rules. Besides in conventional perspective the recorded of amortization is based on the fixed rate which the Sharia rules only recorded it after the items are sell and the profit is make. In valuation of financial instrument, the Islamic principles are enforcing to using the present value instant of the discounted rate.

Conclusions

The accounting practice in Saudi Arabia is not fully in line with the requirement of Sharia hence the limitation appear in the accounting regulations practice that also influence the religious. The researcher found that the adoption of IFRSs in developing country is acceptance and the adoption of Sharia – compliant accounting standard may created a new role for the standard setters.

Would The Objectives And Characteristics Of Islamic Accounting For Islamic Business Organizations Meet The Islamic Socio-Economic Objectives?

Introduction

Rizal (2004) try to discover the objectives and characteristics of what is perceived as Islamic accounting and try to assess its problems in meeting the Islamic socio-economic objectives. He finds that a number of the suggested characteristics of Islamic accounting are suspected in meeting the objectives of Islamic perspectives.

Main Content

The arguments on the characteristics of Islamic accounting are mainly discussess in two aspects:

Disclosure and Presentation Aspects.

Islamic corporations are expected to disclose consist of any prohibited transection there had made for the year, Zakat payable and their social responsibility has been done for the year, it is more detailed than conventional accounting disclosure. They suggest that Value Added Statement should be applied which have some influence on the company policy so that the company aware of their social responsibility such as bonus payment to employees.

Financial Measurement Aspects.

Zakat is important in the Islamic perspective in dealing wi本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。