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Islamic Corporate Reports


Baydoun, N and Willett, RJ, Islamic Corporate Reports, Abacus: A Journal of Accounting, Finance and Business Studies, 26, (1) pp. 71-90. ISSN 0001-3072 (2000) [Refereed Article]

Copyright Statement

Copyright 2000 Blackwell

DOI: doi:10.1111/1467-6281.00054


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.

Item Details

Item Type:Refereed Article
Keywords:Accounting theory; Islamic accounting; Religion.
Research Division:Commerce, Management, Tourism and Services
Research Group:Accounting, auditing and accountability
Research Field:Financial accounting
Objective Division:Culture and Society
Objective Group:Religion
Objective Field:Religion and society
UTAS Author:Willett, RJ (Professor Roger Willett)
ID Code:100529
Year Published:2000
Deposited By:TSBE
Deposited On:2015-05-19
Last Modified:2015-06-12

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