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t in the uncertainty associated with the calculations. In the basis for financial calculations in an Islamic context, the time value of money concept is not recognized.

Zakah.

Lewis and Algaoud (2001) have stated that the Qur’an required the payment of zakah. The major aim of Islamic accounting standards is to find the accurate asset valuation techniques for zakah. Gambling and Karim (1991), for conventional accounting practices, assets should be valued at current market value. Islamic enterprises should be possible to select appropriate options from those available in relevant international standards in respect to accounting harmonization.

Forbidden Business Activities.

There are forbidden business activities in Shari’a compliant accounting standards such as transactions which involve in alcohol, sale of pork, pornography and any uncertain contracts, while Karim (1996) stated that in Western accounting practices, the nature of business are not important.

Recognition and measurement.

In IAS 37, the liability is requires disclosing only when these three conditions are present: i) obligation, ii) reliable measurement and iii) probability of an outflow of resources. While in Islamic standard, they only recognize when the information are available indicate an event will result in the impairment of asset.

Conclusion

In compliance with Shari’ah law, the Islamic accounting standards are more focused on the needs of Islamic users. The law applies to all aspects of Muslim life, including economics and business life and also accounting principles and practices. This could support or reject the suggestion that in revising conventional standards to meet the requirements of Islamic jurisprudence the subsequent standards differ substantially from their original format and purpose.

Accounting Postulates and Principles from an Islamic Perspective

Eltegani Abudlgader Ahmed (1994)

Introduction

The paper discuss about the compatibility of accounting postulates and principles with Islamic Law and principles.

Main Content

Accounting Entity.

The business and the owner are to be viewed as separate entity, income derived from business is not deemed to be income of the owner but the business itself. The financial accounting information shows the activities of the business entity but not the owners. The postulate is accepted in Islamic though, because Muslim jurisprudence (Fiqh) is used to the idea of entity or nominal personality as it is the case for endowment (Waaf), treasury (Baitul Mal) and government.

The Going Concern Postulate.

According to the postulate, except the entity has face to liquidation, it will continue for an unlimited period of time. Thus, the financial statements are only part of a series of continuous reports. However, many accountants disagreed and argued about this postulate as an un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。