A Public Tribute Zakat in Muslim Countries as an Example of the Practical Problem of Accounting Standardization (Danina publiczna zakat w krajach muzulmanskich jako przyklad praktycznego problemu standaryzacji rachunkowosci)

Malgorzata Czerny () and Bartlomiej Juras ()
Additional contact information
Malgorzata Czerny: Uniwersytet Ekonomiczny w Poznaniu, Katedra Rachunkowosci
Bartlomiej Juras: Uniwersytet Ekonomiczny w Poznaniu, Katedra Rachunkowosci

Problemy Zarzadzania, 2018, vol. 16, issue 72, 185-194

Abstract: The article concerns a type of obligatory tax (Zakat) that is the basis of the Islamic economy and the incompatibility of its charging and discharging with international accounting standards. The difficulties faced by Islamic accounting in adjusting it to the Western (conventional) accounting standards are one of the main reasons why the Islamic cultural and economic circle is rather inclined to create its own standards in this regard. The article discusses two key issues for understanding the source of the problem that Zakat poses – the need to adhere to the accounting principles (primarily the precautionary principle) and the valuation issues. They result in a lower (from the point of view of Muslim stakeholders) quality (in terms of usefulness) of financial statements prepared in accordance with international accounting standards.

Keywords: accounting; standardization; Zakat; Islam (search for similar items in EconPapers)
JEL-codes: M41 M49 (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations:

Downloads: (external link)
https://press.wz.uw.edu.pl/ems/vol16/iss72/11 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sgm:pzwzuw:v:16:i:72:y:2018:p:185-194

Access Statistics for this article

More articles in Problemy Zarzadzania from University of Warsaw, Faculty of Management Contact information at EDIRC.
Bibliographic data for series maintained by ().