Accountability In Islamic Accounting; Between Normative to Positive Period

“We are emphasizing the motivation of individual,rather than the political-economic from the society in which they live. We use the term capitalistic spirit because historically it has been under Capitalism that accounting has flourished “ Vernnon Kam, Accounting Theory

There is must a different between Islamic Accounting than it’s opposite in accounting world, if none what a will be people get from that discipline ??. Islamic Accounting is not a normative way to make it user bussines and monetary sure they can applying old custom but only with ethic standard as has happened in west. The most important post for Islamic Accounting not in it’s custom or it’s ethic. As same as to Islamic Economic as only part of islam building. If one of them not complete, both, it’s user or standard can’t apply to establishing a pure shariah Islamic financial institution. In Macroly, you are can’t to establish a truly health and strong Economic system.


So what differ in Islamic Accounting. When you read PSAK 101-109 launched by IAI, Indonesian bundle accountant and  Indonesian Accounting Standard Board,  Islamic Accounting provided for Islamic Financial Institution or a entity in it’s operates using shariah product or shariah way even it’s not part from one of Islamic Financial Instituion. You can use it for cooperation or microfinance but you want to develop a new model from microfinance without any interest,and easier for your object in microfinance

Yes, it is indeed so, in PSAK 101-109  you will not find a philosophy from Islamic Accounting if only you will finding a accounting principle such as accounting unit, periodicity, going concern, monetary and stability of unit measurement, conservastism. But actually the philosophy and the reason why we should using Islamic Accounting if commit to Islamic Financial Instituion are not only to fulfill shariah compliance even not due to we are muslim. Islamic Accounting talk to us that it’s a appear from Islamization Knowledge and come back it’s face to muslim world suppose stated “we are from you muslim “  nobody now can hiding Islamic Accounting have it’s roots truth from it’s history.


As recognized by Eldon van Breda in Accounting Theory that West Culture should give thanks to Muslim Civilazation without zero number, west culture, according to Eldon Van Breda, can’t imagine their biggest problem facing complexity thing if still use romans number. What Eldon Van Breda stated remind me to Tim Murphy’s Book “ What West Borrow From Islam “ that stated too much in West culture and civilization debt from Islam. Both by modification or carry away roughly.


Accounting in normative way, talk to us, what and whoever can using it’s system and it’s face. According to Murniati Mukhlisin (2009 ) accountability in Islamic Accounting emphasize to a good relationship between corporate and and it’s environtment or between the accountor and the accounte. So there is must be transparency and transcendental paradigm in business understanding. In Contrast, according to iwan Triyuwono & Hendry Y Setiabudi (2002 ) when explaining about Enterprise theory, both of them said that as social institution, Corporate is viewed should to include their responsibility for any effect in socio economic or non economic related corporate’s activities and their operation in production and information system.


So that’s all a responsibility by corporate how to communicate financial report fairly and honestly to all stakeholder on around them. Capitalist Thought are not happy with this way, they usually use secondary financial report to any stakeholder. When facing taxation, they have other version from their financial report. When facing government, they provide financial report different when they facing taxation. That’s why Iwan Triyuwono & Hendry Y Setiabudi, in their book Akuntansi Ekuitas; Dalam Narasi Kapitalisme,Sosialisme,dan Islam, stated Accounting in traditional or modern custom are not free value from any interest and interest conflict. It’s value laden both it’s user or bussines environment. So Islamic Accounting needed here. As answer for muslim world to talk to the world in recession time, “we are already to replace you !!”


We’ve explain shortly around the reason for any asking why we need Islamic accounting and what a differ from old custom. Now we are step forward to make a another reason. After establish Islamic  Accounting then what we should do ??. honestly without reduce  it’s worth value from philosophy Islamic Accounting,till now we don’t have some alternatives in transaction model in it’s measuring,recognizing and disclosing to replace a capitalist or traditional face accounting like capital budgeting which loaded interest and speculations. If yes we have, like using musyarakah or mudharabah scheme it’s very less from empirical studies to make truly answer we can replace some traditional legacy from Capitalist Thought in Accounting face.


Suppose, this is a part from autocritique to muslim professional in any Islamic Financial Instituion, as long as we can’t replace some traditional legacy from capitalist thought in accounting face we couldn’t pass from a old bussines and economic environment which full from conflict of dualism in their philosophy and derivative in interest and gambling model. They have justification as we see now in too much accounting text book. A lot of justification represented their truly face although are irrelevant after great recession 2007/2008.


Accounting in Traditional model with Capitalist and secular worldview can’t survive in a long run next decade. Although as we know they can adopt some culture and behavior around them which appropriate to their interest and can save them while time from great recession and still needed by  fewer people. Fewer people don’t have any contribution to build a better world but most of taker decision in monetary institution or state monetary institution depend on their live. Some people out of there said it’s a conspiration and they are the man behind the gun from all any tragedy and crazy phenomenon but detached from any speculation, we are here to understanding doing something better than let these fewer people still dominate the world


Back to the main point here, accountability in Islamic Accounting stated to us how much we care to any fuqara and orphans so that with Islamic Accounting just tools to be like bridge with a correct object and appropriate characteristic. Only Allah Knows everything !!


19 Oktober 2010/11 Dzulqaidah 1431 H


Desa Cadasngampar



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