Resumo:
Propsito do Trabalho:
The objective of this paper is to analyse determinants that influence implementation of Accounting Standards for Islamic Financial Institutions (IFIs) by examining the history of accounting standards and two different contexts as applied to IFIs in the United Kingdom and Indonesia. The paper explores available texts and literature mainly from international journals and textbooks. Employing the Ibn Khaldun perspective, this study analyses two determinants i.e. institutional setting that may be suitable in the context of the United Kingdom, and accounting needs in the case of Indonesia. The research shows the determinants are well fitted with interdisciplinary characters of Ibn Khaldun model of civilization i.e. G = f(S, N, W, j and g). This explains the political authority (G) which is influenced concurrently by factors such as the direction of Shariah (S), the role of people (N), the use of wealth (W), the development of a country (g), and the promotion of justice (j) leads a civilized society. This paper has practical significance for accounting standard setters in the Islamic finance industry and policy makers, for understanding the environmental determinant perspective of the country and using this perspective for positioning important aspect in accounting standard setting, developing policies; and articulating procedures to maximize development of Islamic finance, including Latin American Countries.
Base da plataforma terica:
Several researches have been identified which discussed the setting of international accounting standard adoption in general i.e. IAS and IFRS in both developed and developing countries (Briston, 1978; Chamisa, 2000; Cooke & Wallace, 1990; Perera & Baydoun, 2007; Sudarwan & Fogarty, 1996; Tarca, 2004; Zeghal & Mhedhbi, 2006). Very little evidence is provided on the determinants influencing accounting standards adoption by Islamic financial institutions. There is a related study, in this case AAOIFI compliance by Islamic financial institutions carried out by Vinnicombe (2010, 2012) but this does not address the reasons why a country adopts or does not adopt accounting standards. The following studies discuss arguments on the determinants on adoption of accounting standards, taking experiences from a developed country i.e. the United Kingdom and a developing country i.e. Indonesia.
Mtodo de investigao:
A qualitative methodology using an exploratory approach is employed in this study. Social exploratory research "seeks to find out how people get along in the setting under question, what meanings they give to their actions, and what issues concern them. The goal is to learn 'what is going on here?' and to investigate social phenomena without explicit expectations" (Schutt, 2001). This research adopts qualitative-narrative method for exploring the available texts and literatures (Easterby-Smith, Thorpe, & Jackson, 2008; Newman & Benz, 1998). The method starts from collecting texts and literatures on accounting history in the United Kingdom and Indonesia from 1800s time to the current stage of development. It also captures the accounting standards development for Islamic financial institutions in both countries. Determinants are categorized based on the past literatures that are mainly derived from international accounting journal and text books. Eight main papers are carefully selected from international accounting journals that recorded only those with more than 10 citations. These literatures suggest various determinants on accounting standards adoption both in the UK and Indonesia. Common suggestions that may represent condition in the UK and Indonesia are concluded and used in the analysis. The perspective of Ibn Khaldun as presented in the earlier section will be combined to explain how these countries react to Islamic based accounting standards adoption and whether the suggested determinants could apply.
Resultados, concluses e suas implicaes:
Accounting standards development in the United Kingdom and Indonesia experienced different path and history. Legal foundation as well as political and social differences of the two countries exhibit unique development and results. From the narrative literatures and understanding on the Ibn Khaldun perspective, it can be concluded that determinants in the implementation of accounting standards for Islamic financial institutions are mainly contributed by institutional setting as the case of the United Kingdom and accounting needs for the context of Indonesia.
The start of Islamic finance development in the United Kingdom was not evidenced driven by the Muslim population in the country (being a minority of 3 per cent in total). Instead, according to Financial Services Authority, it was mainly due to market-based economy where London financial markets activity highlighted the existence of Shariah-compliant transactions. The direction for the IFIs comes from Financial Services Authority and Accounting Standard Board where Islamic message is not considered as important values to be yet instilled in the accounting standard process. While Indonesia that was witnessed with the moral duty of the Muslims to develop Islamic based financial institutions, the factor in adopting the Islamic based accounting standards is due to its accounting needs that the government believes it is to govern the IFIs to be more prosperous in the future. Therefore, in Indonesia, there is a strong enforcement from Bank Indonesia together with The Institute of Indonesian Accountants and National Shariah Board Indonesian Council of Ulama on such implementation.
In conclusion, one main role of Islamic financial institutions is responsible for ensuring that the IFIs code of conducts in business must be in accordance with the principles of the Shariah (S). Therefore, all their activities should be made transparent in disclosing all activities and therefore specific financial reporting is required.
Ibn Katsir interprets this verse as an important message for human life (in relation to business transactions) that is to record transactions in truth. The scribe is not allowed to cheat any party of the contract and is to only record what the parties of the contract agreed to, without addition or deletion (Tafsir, 2012). Islam aims to bring the message of rahmatan lil alamin that cater the needs of the people regardless of their beliefs or value systems. Thus, existence of Islamic financial institutions should be guarded by reliable accounting standards so they will be able to learn and strive to create value and bring benefits to every market they are operating in the world.
This study is far from perfect; there may be some limitations in the context of interpreting Ibn Khalduns model on the development of society and the samples of this study are taking two different countries with different background and context. It is then recommended that other researchers may take samples of similar countries for the study i.e. GCC countries to see how this research would contribute both to the knowledge and practice.
Referncias bibliogrficas:
AAOIFI. (2010/1432H), Accounting, Auditing and Governance Standards for Islamic Financial Institutions, Accounting and Auditing Organisation for Islamic Financial Institutions, Bahrain.
Adnan, M. A. and Furywardhana, F. (2009), "Evaluasi Non Performing Loan (NPL) Pinjaman Qardhul Hasan (Studi Kasus di BNI Syariah Cabang Yogyakarta)", Jurnal Akuntansi & Auditing Indonesia, Vol. 10 No. 2.
Alatas, S. F. (2006), "Ibn Khaldun and contemporary sociology", International sociology, Vol. 21 No. 6, pp. 782-795.
AOSSG. (2012), "Research Paper; Financial Reporting Issues Relating to Islamic Finance", in. AOSSG.
ASB. (2012), "About the ASB", available at: http://www.frc.org.uk/asb/about/ (accessed 11 March 2014).
Ball, R. (2006), "International Financial Reporting Standards (IFRS): pros and cons for investors", Accounting and Business Research, Vol. 36 No. sup1, pp. 5-27.
Barth, M. E., Landsman, W. R. and Lang, M. H. (2008), "International Accounting Standards and Accounting Quality", Journal of Accounting Research, Vol. 46 No. 3, pp. 467-498.
Bedford, N. M. and Ziegler, R. E. (1975), "The contributions of AC Littleton to accounting thought and practice", The Accounting Review, Vol. 50 No. 3, pp. 435-443.
Benston, G. J., Bromwich, M., Litan, R. E. and Wagenhofer, A. (2011), "Worldwide financial reporting: the development and future of accounting standards", OUP Catalogue.
Briston, R. (1978), "The evolution of accounting in developing countries", International Journal of Accounting Education and Research, Vol. 14 No. 1, pp. 105-120.
Cahyati, A. D. (2011), "Peluang Manajemen Laba Pasca Konvergensi IFRS: Sebuah Tinjauan Teoritis dan Empiris ", Jurnal F. Ekonomi: JRAK, Vol. 2 No. 01.
Chamisa, E. E. (2000), "The relevance and observance of the IASC standards in developing countries and the particular case of Zimbabwe", The International Journal of Accounting, Vol. 35 No. 2, pp. 267-286.
Chapra, U. (2008/1429H), Muslim Civilization; The Causes of Decline and the Need to Reform, The Islamic Foundation, United Kingdom.
GIFR. (2012), "Global Islamic Finance Report", in. BMB Islamic UK Limited.
Haniffa, R. (2011), "Improving Transparency and Fostering Credibility by Harmonising the Best Practices", in Morality & Finance Conference, Markfield, Leicester, United Kingdom.
Haniffa, R. and Hudaib, M. (2002), "A Theoritical Framework for The Development of The Islamic Perspective of Accounting", Accounting, Commerce and Finance: The Islamic Perspective Journal, Vol. 6 No. 1&2, pp. 1-71.
Haniffa, R. and Hudaib, M. (2007), "Exploring the ethical identity of Islamic banks via communication in annual reports", Journal of Business Ethics, Vol. 76 No. 1, pp. 97-116.
Hayashi, T. (1989), On Islamic Accounting: Its Future Impact on Western Accounting, Institute of Middle Eastern Studies, International University of Japan.
IAI. (2012), "Sejarah IAI", available at: http://www.iaiglobal.or.id/tentang_iai.php?id=6 (accessed 11 March 2014).
IBOB. (2012), " Annual Report 2005", available at: http://www.islamic-bank.com/media/news/2005/sep/interim-results/ (accessed 11 March 2013).
Ibrahim, S. H. M. (2007), "IFRS vs AAOIFI: The clash of standards?", in. MPRA Paper No. 12539.
ICAEW. (2012), "Knowledge guide to UK Accounting Standards", available at: http://www.icaew.com/en/library/subject-gateways/accounting-standards(accessed 10 March 2014).
Karim, R. A. A. (2001), "International accounting harmonization, banking regulation, and Islamic banks", The International Journal of Accounting, Vol. 36 No. 2, pp. 169-193.
Laughlin, R. (1995), "Methodological them
|
