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tive users. In Islamic perspective, information which helps to determination of Zakat, support in estimating cash flows that might be realized from trade with the Islamic bank, weighing the Islamic bank’s discharge of its fiduciary responsibility to safeguard fund, discharge of their social responsibility, and etc. should be disclosed. From conventional point of view, the information that needed by the user are such information associated with the financial liquidation of a company in facing their debt and routine operation, profit make and the potential dividend distributed, ability of the firm to generate favourable cash flow and etc..

Differences of stewardship concept with conventional accounting are potential investors and creditors are not included in user categories, it is not serving as prediction model for the users and it is emphasize on what has been accomplished in the past. Ibrahim.S.H.M & Rizal.Y(2005), Mirza and Baydoun (2000) support this objective and suggest that the stewardship function must be the focus of attention of accountants of Islamic institutions in reporting to external parties.

In an ideal world, Islamic accounting assume that all people tend to avoid unwanted practice of cheating as Allah always watches them so the accounting information may assume to be accurate. But in real life, it may be not! Since arising such possibility of payment of zakat not because of Allah, we cannot just assume that creative accounting does not exist. Islamic accounting has transform profit maximization to Zakat optimization, activities carried on by an entity should be based on Shari’ah. Balancing between individual character and social responsibility as well as surplus (rich person) and deficit (poor people) should be the main objective through the use of Zakat.

Current cost valuation are acceptable in Islamic accounting practice as they claim that historical cost seem to underestimated the asset of a company. Zakat is calculated based on current valuation but argument arising saying that historical cost calculation may be provide highly reliable source of information about the financial position of a company. The other researcher oppose the former statement by saying that use of historical cost could dishonest the principles of disclosing the truth (Al-Qur’an 2:42).

Conclusion

Islamic accounting perspectives are based on the guidance of Syari’ah through Quran by their Allah. The main concern of their objective toward business is their social responsibility which meant by equalizing wealth between rich and poor. This can be done by zakat payment. According to Qur’an, they can be purified with the payment of zakat. But, can we conclude that they are no manipulation in their financial statement as Allah keep watching over people’s act? Can we assume that all Muslim are obey the law of Syariah law? Islamic community is a case in point. Under Islam the social order is closer to collectivism and the rights of private ownership are ultimately subordinate to Allah. Consequently, the forms of presentation and disclosure which are most applicable to a moderately individualistic society may not be so relevant to the kind of accountability required by the Islamic Shari'ah.

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