University of Tasmania
Browse

File(s) under permanent embargo

Islamic Corporate Reports

journal contribution
posted on 2023-05-18, 10:07 authored by Baydoun, N, Willett, RJ
This article develops a theory about the form and the content of the financial information that should be contained in Islamic financial statements. The theory suggests that the presence of the Islamic religion as a cultural variable affects the way certain accounting measures are interpreted and the manner in which accounting information should be disclosed. Two important criteria for disclosure in Islamic accounting are identified: a form of social accountability and a rule of full disclosure. This leads to a modification of the form of the conventional Western set of financial statements, which are referred to in the paper as Islamic corporate reports (ICRs). The specific recommendations are that ICRs should contain a value-added statement as the focus of performance of the accounting entity and a current value balance sheet in addition to the historic cost balance sheet. It is argued that ICRs, extended in this way, would better serve the needs of users wishing to act in accordance with the Islamic code.

History

Publication title

Abacus: A Journal of Accounting, Finance and Business Studies

Volume

26

Pagination

71-90

ISSN

0001-3072

Department/School

TSBE

Publisher

Wiley-Blackwell Publishing Asia

Place of publication

Australia

Rights statement

Copyright 2000 Blackwell

Repository Status

  • Restricted

Socio-economic Objectives

Religion and society

Usage metrics

    University Of Tasmania

    Exports

    RefWorks
    BibTeX
    Ref. manager
    Endnote
    DataCite
    NLM
    DC