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23:115].We think that everyone have to bear on the consequence they had brought in themselves but not implicate their posterity to undertake their debts. In the same place, God had gift us an independent body and mind so we can take up decision ourselves but not by rule. If the concept proposed by Islamic accounting had become official concept in Islamic perspective, it becomes a “must”. We think that posterity “should” bear their parent debt in the ethical sense but not a “must”.

Islamic perspective of disclosure required additional disclosure over conventional accounting which is social accountability. Stakeholder interest is the main concern of Islamic perspective of disclosure. Islamic Social Reporting (ISR) is serving as a way to fulfil the need of disclosure in Islamic accounting. In IFRS, the purpose of accounting is to provide relevant and reliability of information for the user to making decision. All information relating to the organization should be disclosed objectively and completely in financial statement. However, Islamic accounting concern on ethical disclosure as the accountability to the nation, because Allah [SWTA] knows everything what we conceal and disclose [Al Qur’an, 14:38].Will the firm disclosing negative information to the public about their organization such as unfair treatment of employees, environmental pollution, cheating income tax calculation, etc? Islamic accounting did not generate a standard calculation or characteristic on how to regard such company are fair treatment to their employee, environment pollution or achieving fair social responsibility. Profit can show us an amount but social oriented accounting can’t even show us a figure to justify a good company.

On the other hands, our group might not agree with Islamic accounting perspective in argument of going concern concept and entity concept. In Islamic context, going concern concept and entity theory are disagree by Islamic researcher in the explanation of “no one else can live forever except Allah” and “no one can own wealth or properties in the world except Allah”. If we do not assume that the entity is going concern, this would be misleading to financial statement user. Without going concern theory, all transaction should be complete in that year and no continuous effect should be carried forward to the next year. Provisions for estimate liability such as doubtful debt and warranty cost are also prohibited as Islamic accounting is only concern only current year.

While the prohibition of partaking in interest based transactions is clearly fundamental to Islamic finance, it must be noted that the use of discounted cash flows is merely to derive an approximation of a market value. It does not result in an interest charge. Does this therefore necessarily cause a conflict with Shari’ah? Many Islamic financial institutions explicitly refer to using discounted cash flows when calculating value in use for impairment testing and valuation techniques for their financial instruments measured at fair value.We think that the first step for Islamic researcher to investigate deeply in Islamic context for the meaning of “interest” that being prohibited but not ban all word with “interest”.