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Exploring “bay” in search of new dimensions for accounting theory and standards

The accounting standards prepared and issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) are specifically meant for Islamic financial Institutions and hence limited in application. Moreover, in most of the cases the Islamic financial institutions have not...

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Main Authors: Shaukat Amer, Raja Suzana Raja Kasim
Format: Non-Indexed Article
Published: 2013
Online Access:http://discol.umk.edu.my/id/eprint/8400/
http://iiste.org/Journals/index.php/EJBM/article/view/5426
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id my.umk.eprints.8400
record_format eprints
spelling my.umk.eprints.84002022-05-23T10:27:18Z http://discol.umk.edu.my/id/eprint/8400/ Exploring “bay” in search of new dimensions for accounting theory and standards Shaukat Amer Raja Suzana Raja Kasim The accounting standards prepared and issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) are specifically meant for Islamic financial Institutions and hence limited in application. Moreover, in most of the cases the Islamic financial institutions have not adopted these standards and their accounts are still being prepared and reported under IFRS or GAAP or National or a mix of these standards. Under the circumstances there is a need of a complete set of standards based on Islamic teachings which can replace the conventional accounting standards in the Islamic world. The subject matter of "bay" is very vast. The “Hadith” on “bay” mainly deals with the valuation aspect of business transactions. The topics covered under "bay" can be classified according to the nature of the transaction. Each topic can be converted into a separate accounting standard. In this respect the Islamic principles of "Amanah" (Custody) (Amer, 2007), "Shahadat" (Testimony) (Amer, 2007) settlement in "Bay" (business deal), “Shura" (Counseling) (Amer, 2010) and “Adal & Ihsan” (Amer, 2013) can provide a solid theoretical foundation. Moreover, by default, such Islamic concepts are integrated parts of concept of “bay”. The purpose of this paper is to explore the concept for a new set of accounting standards. 2013-06 Non-Indexed Article NonPeerReviewed Shaukat Amer and Raja Suzana Raja Kasim (2013) Exploring “bay” in search of new dimensions for accounting theory and standards. EJBM-Special Issue: Islamic Management and Business, 5 (11). pp. 83-93. ISSN 2222-2863 http://iiste.org/Journals/index.php/EJBM/article/view/5426
institution Universiti Malaysia Kelantan
building Perpustakaan Universiti Malaysia Kelantan
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaysia Kelantan
content_source UMK Institutional Repository
url_provider http://umkeprints.umk.edu.my/
description The accounting standards prepared and issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) are specifically meant for Islamic financial Institutions and hence limited in application. Moreover, in most of the cases the Islamic financial institutions have not adopted these standards and their accounts are still being prepared and reported under IFRS or GAAP or National or a mix of these standards. Under the circumstances there is a need of a complete set of standards based on Islamic teachings which can replace the conventional accounting standards in the Islamic world. The subject matter of "bay" is very vast. The “Hadith” on “bay” mainly deals with the valuation aspect of business transactions. The topics covered under "bay" can be classified according to the nature of the transaction. Each topic can be converted into a separate accounting standard. In this respect the Islamic principles of "Amanah" (Custody) (Amer, 2007), "Shahadat" (Testimony) (Amer, 2007) settlement in "Bay" (business deal), “Shura" (Counseling) (Amer, 2010) and “Adal & Ihsan” (Amer, 2013) can provide a solid theoretical foundation. Moreover, by default, such Islamic concepts are integrated parts of concept of “bay”. The purpose of this paper is to explore the concept for a new set of accounting standards.
format Non-Indexed Article
author Shaukat Amer
Raja Suzana Raja Kasim
spellingShingle Shaukat Amer
Raja Suzana Raja Kasim
Exploring “bay” in search of new dimensions for accounting theory and standards
author_facet Shaukat Amer
Raja Suzana Raja Kasim
author_sort Shaukat Amer
title Exploring “bay” in search of new dimensions for accounting theory and standards
title_short Exploring “bay” in search of new dimensions for accounting theory and standards
title_full Exploring “bay” in search of new dimensions for accounting theory and standards
title_fullStr Exploring “bay” in search of new dimensions for accounting theory and standards
title_full_unstemmed Exploring “bay” in search of new dimensions for accounting theory and standards
title_sort exploring “bay” in search of new dimensions for accounting theory and standards
publishDate 2013
url http://discol.umk.edu.my/id/eprint/8400/
http://iiste.org/Journals/index.php/EJBM/article/view/5426
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score 13.223943

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