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.
Umarov Kh.S. [Islamic model of accounting as a socio-economic phenomenon]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2017, vol. 20, iss. 7, pp. 385–396. (In Russ.) URL: Link
Al Hamar A.M.Y. Accounting, Auditing and Governance Standards for Islamic Financial Institutions. Accounting and Auditing Organization, 2010, 809 p.
Rahman A.R.A. An Introduction to Islamic Accounting Theory and Practice. CERT Publications, 2010, 228 p.
Napier С. Other Cultures Other Accounting? Islamic Accounting from Past to Present. 5th Accounting History International Conference. Banff Center, 2007, 34 p.
Chapra M.U. Islamic Economic Thought and the New Global Economy. Islamic Economic Studies, 2001, vol. 9, no. 1, pp. 1–16.
Bekkin R.I. [The Islamic model of non-interest economy and the present]. Vestnik Sankt-Peterburgskogo universiteta. Ser. 5. Ekonomika = St. Petersburg University Journal of Economic Studies, 2007, no. 2, pp. 79–89. (In Russ.)
Voronova E.Yu. [Theoretical principles of the Russian and Islamic accounting]. Auditor, 2016, no. 9, pp. 35–40. (In Russ.)
Pankov V.V. [The future development of the institutional theory of accounting]. Audit, 2016, no. 12, pp. 16–19. (In Russ.)
Voronova E.Yu. [The influence of the religious factor in Islamic accounting model]. Evraziiskii yuridicheskii zhurnal = Eurasian Law Journal, 2016, no. 5, pp. 335–337. (In Russ.)
Voronova E.Yu. [Inter-organizational accounting: The role of transaction costs]. Auditorskie vedomosti = Audit Journal, 2011, no. 7, pp. 80–92. (In Russ.)
Voronova E.Yu. [Ethics as a part of the Islamic accounting model]. Auditor, 2016, no. 8, pp. 29–34. (In Russ.)
Chaikovskaya L.Yu. [Finance and taxation of religious denominations in a secular State]. Daidzhest-Finansy = Digest Finance, 2013, no. 4, pp. 41–45. URL: Link (In Russ.)
Evdokimov V.V., Grishein D.A. [Islamic accounting model in overcoming the social and economic consequences of globalization]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2012, no. 41, pp. 60–68. URL: Link (In Russ.)
Napier С. Defining Islamic Accounting: Current Issues, Past Roots. Accounting History, 2009, vol. 14, iss. 1-2, pp. 121–144. URL: Link
Khamidullina Z.Ch. [The social orientation as a defining feature of Islamic accounting]. Finansovyi biznes = Financial Business, 2016, no. 2, pp. 49–52. (In Russ.)
Voronova E.Yu. [Islamic accounting model: Approaches to measuring assets and liabilities]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2016, no. 8, pp. 938–941. (In Russ.)
DiVanna J.A. Understanding Islamic Banking: The Value Proposition That Transcends Cultures. London, Leonardo and Francis Press Ltd., 2006, 192 p.
Hameed S. Islamic Accounting – Accounting for the New Millennium? The 1st Asia Pacific Conference. Asia Pacific University, 2001, pp. 1–11.
Umarov Kh.S. [To financial reporting in Islamic insurance companies: AAOIFI’s FAS 12]. Strakhovoe delo = Insurance, 2013, no. 6, pp. 52–57. (In Russ.)