| Título: | Exploring “Bay” in Search of New Dimensions for Accounting Theory and Standards |
| Autores: |
Amer, Shaukat Kasim, Raja Suzana Raja |
| Fecha: | 2013-05-17 |
| Publicador: | European Journal of Business and Management |
| Fuente: |
 |
| Tipo: |
info:eu-repo/semantics/article Peer-reviewed Article info:eu-repo/semantics/publishedVersion |
| Tema: | No aplica |
| Descripción: | 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. Key Words A new Accounting Theory, A new set of accounting Standards, Islamic teachings, “Bay”, |
| Idioma: | Inglés |
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