| Issue |
SHS Web Conf.
Volume 34, 2017
The 17th Annual Conference of the Asian Academic Accounting Association (2016 FourA Conference)
|
|
|---|---|---|
| Article Number | 09004 | |
| Number of page(s) | 4 | |
| Section | Corporate Social Responsibility | |
| DOI | https://doi.org/10.1051/shsconf/20173409004 | |
| Published online | 14 February 2017 | |
Accounting for inflation: arguments of recognition in Islamic accounting standards
Tunku Puteri Intan Safinaz Scool of Accountancy, Universiti of Utara Malaysia, Malaysia
The current Islamic Accounting Standards gives little prominence to changes in prices, instead of developing a full blunt standard to address the menace of changes in prices fair value accounting was used. Changes in prices otherwise referred to Inflation may affect and substantially injures sustainability of Islamic financial institutions. An economy that is characterized also as Inflationary may have its financial statements produced under AAOIFI derailing in quality. From transactionary angle, creditors are going to be shortchanged and Debtors benefits; debtor- creditor Hypotheses. In this paper effort was made to explore the fundamental reasons for non- recognition of inflation in Islamic Accounting Standards and fundamental Islamic framework that may permit that.
© The Authors, published by EDP Sciences, 2017
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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