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Ethical constituents of accounting data in Islamic financial institutions

Vol. 22, Iss. 8, AUGUST 2019

PDF  Article PDF Version

Received: 10 June 2019

Received in revised form: 18 July 2019

Accepted: 1 August 2019

Available online: 15 August 2019

Subject Heading: INTERNATIONAL STANDARDS OF ACCOUNTING AND REPORTING

JEL Classification: М41

Pages: 921–929

https://doi.org/10.24891/ia.22.8.921

Umarov Kh.S. IPT OOO (PAYMO), Moscow, Russian Federation
khusan0000@gmail.com

ORCID id: not available

Subject The article discusses the conceptual framework for the Islamic accounting model and basic requirements to accounting data quality.
Objectives The research unfolds ethical principles (moral values) of the Islamic accounting model and determines constituents of financial data.
Methods The research uses methods of comparative analysis, systematization, classification, analogy and comparison.
Results The article presents constituents and qualities of accounting data in the Islamic accounting model, which rests upon fundamental laws of the Quran and Sunnah, such as non-interest lending, prohibition of some gambling activities, investment in high uncertainty projects.
Conclusions and Relevance The Islamic accounting model is based on principles of the Islamic law and constitutes a new accounting system in economics. The accounting model originated with reference to religious values and relates to the Islamic economy. The Islamic economy encompasses a set of Muslim views on economic principles and mechanisms. It pursues social justice and cost-effective development of social relations. The Islamic economy calls to put spiritual and moral values into practice, which are human universal, making the economic development model versatile, since it appeals to economic and ethical issues. The findings can be used in the theory of accounting development.

Keywords: Islamic accounting, reporting, AAOIFI, principles, religion

References:

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