Search results for: Islamic accounting

Authors: Pradeep Kulshrestha, Maulana Ayoub Ali

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The concept of financial inclusion has been tabled in the whole world where practitioners, academicians, policy makers and economists are working hard to look for the best possible opportunities in order to enable the whole society to be in the banking cycle. The Islamic banking system is considered to be one of the said opportunities. Countries like the United Kingdom, United States of America, Malaysia, Saudi Arabia, the whole of the United Arab Emirates and many African countries have accommodated the aspect of Islamic banking in the conventional banking system as one of the financial inclusion strategies. This paper tries to analyse the current state of affairs of the Islamic Banking system in Tanzania in order to understand the improvement of the provision of Islamic banking products and services in the said country. The paper discusses the historical background of the banking system in Tanzania, the level of penetration of banking products and services and the coming of the Islamic banking system in the country. Furthermore, the paper discusses banking regulatory bodies, legal instruments governing banking operations as well as number of legal challenges facing Islamic banking operations in the country. Following a critical literature review, the paper discovered that there is no legal instrument which talks about the introduction and provision of Islamic banking system in Tanzania. Furthermore, the Islamic banking system was considered as a banking product which is absolutely incorrect because Islamic banking is considered to be as a banking system of its own. In addition to that, it has been discovered that lack of a proper regulatory system and legal instruments to harmonize the conventional and Islamic banking systems has resulted in the closure of one Islamic window in the country, which in the end affects the credibility of the newly introduced banking system. In its conclusive remarks, the paper suggests that Tanzania should work on all legal challenges affecting the smooth operations of the Islamic banking system. This can be in a way of adopting various Islamic banking legal models which are used in countries like Malaysia and others, or a borrowing legal harmonization process which has been adopted by the UK, Uganda, Nigeria and Kenya.

Keywords: Islamic banking, Islamic Windows, regulations, banks.

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Authors: Piotr Prewysz Kwinto, Grażyna Voss

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Accounting policies are a set of solutions compliant with legal regulations that an entity selects and adopts, and which guarantee a proper quality of financial statements. Those solutions may differ depending on whether the entity adopts national or international accounting standards. The aim of this article is to present accounting principles (policies) in Polish and international legal regulations and their adoption in selected Polish companies listed on the Warsaw Stock Exchange. The research method adopted in this work is the analysis and evaluation of legal conditions in Polish companies.

Keywords: Accounting policies, International Financial Reporting Standards, Financial statement, Method of measuring.

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Authors: Bubaker F. Shareia

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The aim of this paper is to trace the historical development of the accounting profession in Libya, in order to identify challenges facing the profession as the country moves from a closed to emerging economy. The study is based on a literature review and archival research. Accounting information has a vital role to play in the achievement of economic goals in developing and emerging economies, but a well qualified accounting profession is required. In the context of institutional instability and unique cultural factors, the accounting profession in Libya faces educational and legal challenges if it is to achieve its potential in assisting the country to reach its economic goals. This study focuses on one country, which does limit its generalisability. However, it also suggests fruitful research areas in considering the impact and challenge of historic factors on the accounting profession in emerging economies. Centrally planned economies require a body of well trained professional accountants if they are to emerge onto the global economic arena. Studies on the accounting profession have focused primarily on those in developed economies, where the need for meaningful accounting information for decision making is taken for granted and there is a well trained, professional workforce. This study of the profession in an emerging economy highlights the efforts that will be needed to ensure the contribution of the profession to the economic wellbeing of other emerging economies.

Keywords: Accounting profession, developing countries, culture, planned economy, emerging economy.

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Authors: Elmamy Ahmedsalem

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The world has witnessed the collapse of many corporate giants as a result of unethical behavior in recent decades. This has induced a series of questions by the global community on why such occurrences could happen, even with corporate governance in place. This paper attempts to propose a philosophical approach from an Islamic perspective to be consolidated with current corporate governance in order to confront contemporary dilemmas. In this paper, ethical theories are presented as a discussion followed by their applications to modern cases of financial collapses. Virtue ethics by Aristotle, justice and fairness by John Rawls, deontology by Immanuel Kant, and utilitarianism by John Stuart Mill, are the four theories which can then be contrasted with the paradigm of Muslim scholars. Despite the differences between the fundamental principles of Islamic and Western worldviews, their ethical theories are aimed at making right decisions and solving ethical dilemmas based on what is good for society. Therefore, Islamic principles should be synthesized with Western philosophy to form a more coherent framework. The integration of Islamic and western ethical theories into business is important for sound corporate governance.

Keywords: Business ethics, Islamic philosophy, western philosophy, Western and Islamic Worldview of Ethics.

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Authors: M. M. Muhammed, O. Khuzaima

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This research examined and outlined some of the challenges facing Islam and Muslims in the 21^st century, considering global Islamic representation and knowledge acquisition as key objectives. It was observed that the Western media misrepresentation of Islam and the Western ethos embodied by the acquisition of western civilisation are major challenges faced by Islam and Muslims today. The problem of sectarianism, decline in the socio-economic power of Muslim communities and the archaic nature of the Islamic creed were recorded as major actors to the evolving global Islamic issues. It was therefore concluded that Islam is not the reason for these challenges, rather the action of some Muslims and non-Muslims were the contributing factors to the pandemics faced by Islam and Muslims. Some relevant recommendations were made to the Islamic world that could serve as effectual solutions to these lingering problems.

Keywords: Islam, challenges, Misrepresentation, twenty-first century.

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Authors: Paolo Pietro Biancone

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The spread of Islamic financial instruments is an opportunity to offer integration for the immigrant population and to attract, through the specific products, the richness of sovereign funds from the "Arab" countries. However, it is important to consider the possibility of comparing a traditional finance model, which in recent times has given rise to many doubts, with an "alternative" finance model, where the ethical aspect arising from religious principles is very important.

Keywords: Banks, Europe, Islamic Finance, Italy.

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Authors: Mohammad Saber Eslamlou

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Morphology of Islamic cities has been extensively studied by researchers. In this regard, there exist much difference in method of analysis, classification, recognition, confrontation and comparative method of urban morphology. The present paper aims to examine the previous methods, approaches and insights and how Dr. Giulia Annalinda Neglia dealt with the analysis of morphology of Islamic cities. Neglia is assistant professor in University of Bari, Italy (UNIBA) who has published numerous papers and books on Islamic cities. We introduce the works in the field of morphology of Islamic cities and then, her thoughts, insights and research methodologies are presented and analyzed in critical perspective. This is a qualitative research on her written works, which have been classified in three major categories. The present paper focuses mainly on her works regarding morphology and physical shape of Islamic cities. The results of her works’ review suggest that she has used Moratoria typology in investigating morphology of Islamic cities. Moreover, overall structure of the cities under investigation is often described linear; however, she is against to define a single framework for the recognition of morphology in Islamic cities. She believes that fabric of each region in the city follows from the principles of a specific period or urban pattern, in particular, Hellenistic and Roman structures. Furthermore, she believes that it is impossible to understand the morphology of a city without taking into account the obvious and hidden developments associated with it, because form of building and their surrounding open spaces are written history of the city.

Keywords: City, Islamic city, morphology of city, Giulia Annalinda Neglia.

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Authors: Alireza Azimi Sani , Shahram Chaharmahalie

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Internal controls of accounting are an essential business function for a growth-oriented organization, and include the elements of risk assessment, information communications and even employees' roles and responsibilities. Internal controls of accounting systems are designed to protect a company from fraud, abuse and inaccurate data recording and help organizations keep track of essential financial activities. Internal controls of accounting provide a streamlined solution for organizing all accounting procedures and ensuring that the accounting cycle is completed consistently and successfully. Implementing a formal Accounting Procedures Manual for the organization allows the financial department to facilitate several processes and maintain rigorous standards. Internal controls also allow organizations to keep detailed records, manage and organize important financial transactions and set a high standard for the organization's financial management structure and protocols. A well-implemented system also reduces the risk of accounting errors and abuse. A well-implemented controls system allows a company's financial managers to regulate and streamline all functions of the accounting department. Internal controls of accounting can be set up for every area to track deposits, monitor check handling, keep track of creditor accounts, and even assess budgets and financial statements on an ongoing basis. Setting up an effective accounting system to monitor accounting reports, analyze records and protect sensitive financial information also can help a company set clear goals and make accurate projections. Creating efficient accounting processes allows an organization to set specific policies and protocols on accounting procedures, and reach its financial objectives on a regular basis. Internal accounting controls can help keep track of such areas as cash-receipt recording, payroll management, appropriate recording of grants and gifts, cash disbursements by authorized personnel, and the recording of assets. These systems also can take into account any government regulations and requirements for financial reporting.

Keywords: Internal controls, risk assessment, financial management.

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Authors: Despina Galani, Efthymios Gravas, Antonios Stavropoulos

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Advances in information technology, recent changes in business environment, globalization, deregulation, privatization have made running a successful business more difficult than ever before. To remain successful and to be competitive have forced companies to react to the new changes in order to survive and succeed. The implementation of an Enterprise Resource planning (ERP) system improves information flow, reduce costs, establish linkage with suppliers and reduce response time to customer needs. This paper focuses on a sample of Greek companies, investigates the ERP market in Greece, the reasons why the Greek companies are investing in ERP systems, the benefits that users have achieved and the influence of ERP systems on the use of new accounting practices. The results indicate a greater level on information integration, flexibility in information access and greater functionality provided by ERP systems but little influence on the use of new accounting practices.

Keywords: Advanced Accounting Practices, EnterpriseResource Planning, Management Accounting.

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Authors: Korbi Fakhri

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In this article, we have elaborated a study over the nature of financial intermediation in Islamic banks by comparison to those of conventional ones. We have found a striking difference between two kinds of intermediation. We tried, from another side, to study the relationship between the capital level and deficiency risk relying on econometric model, and we have obtained a positive and significant relation between the capital and the deficiency risk for the conventional banks. This means that when the capital of these banks increases, the deficiency risk increases as well. In return, since the Islamic banks are constrained to respect the Sharia Committee as well as customers’ demands that may, in certain contracts, choose to invest their capitals in projects they are interested in. These constraints have as effects to reduce the deficiency risk even when the capital increases.

Keywords: Conventional bank, deficiency risk, financial intermediation, Islamic bank.

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Authors: M. Pisol B Mat Isa, Asmak Ab Rahman, Hezlina Bt M Hashim, Abd Mutalib B Embong

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Al-Murabahah is an Islamic financing facility used in asset financing, the profit rate of the contract is determined by components which are also being used in the conventional banking. Such are cost of fund, overhead cost, risk premium cost and bank-s profit margin. At the same time, the profit rate determined by Islamic banking system also refers to Inter-Bank Offered Rate (LIBOR) in London as a benchmark. This practice has risen arguments among Muslim scholars in term of its validity of the contract; whether the contract maintains the Shariah compliance or not. This paper aims to explore the view of Shariah towards the above components practiced by Islamic Banking in determining the profit rate of al-murabahah asset financing in Malaysia. This is a comparative research which applied the views of Muslim scholars from all major mazahibs in Islamic jurisprudence and examined the practices by Islamic banks in Malaysia for the above components. The study found that the shariah accepts all the components with conditions. The cost of fund is accepted as a portion of al-mudarabah-s profit, the overhead cost is accepted as a cost of product, risk premium cost consist of business risk and mitigation risk are accepted through the concept of alta-awun and bank-s profit margin is accepted as a right of bank after venturing in risky investment.

Keywords: Islamic banking, Islamic finance, al-murabahah and asset financing

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Authors: Alireza Tavakolinia

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In order to understand the role of the injured party's fault in dividing liability, we studied its historical background. In common law, the traditional contributory negligence rule was a complete defense. Then the legislature and judicial procedure modified that rule to one of apportionment. In Islamic law, too, the Action rule was at first used when the injured party was the sole cause, but jurists expanded the scope of this rule, so this rule was used in cases where both the injured party's fault and that of the other party are involved. There are some popular approaches for apportionment of damages. Some common law countries like Britain had chosen ‘the causal potency approach’ and ‘fixed apportionment’. Islamic countries like Iran have chosen both ‘the relative blameworthiness’ and ‘equal apportionment’ approaches. The article concludes that both common law and Islamic law believe in the division of responsibility between a wrongdoer claimant and the defendant. In contrast, in the apportionment of responsibility, Islamic law mostly believes in equal apportionment that is way easier and saves time and money, but common law legal systems have chosen the causal potency approach which is more complicated than the rival approach but is fairer.

Keywords: Contributory negligence, common law, Islamic Law, Tort Law.

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Authors: Liliana Feleagă, Niculae Feleagă, Vasile Răileanu

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Although agriculture is an important part of the world economy, accounting in agriculture still has many shortcomings. The adoption of IAS 41 “Agriculture” has tried to improve this situation and increase the comparability of financial statements of entities in the agricultural sector. Although controversial, IAS 41 is the first step of a consistent transition to fair value assessment in the agricultural sector. The objective of our work is the analysis of IAS 41 and current accounting agricultural situation in Romania. Accounting regulations in Romania are in accordance with European directives and, in many respects, converged with IFRS referential. Provisions of IAS 41, however, are not reflected directly in Romanian regulations. With the increase of forest land transactions, it is expected that recognition and measurement of biological assets under IAS 41 to become a necessity.

Keywords: Accounting Agricultural, Biological Assets, Fair value, IAS 41

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Authors: Ilhan Keskin, Hasan Bulent Kantarcı

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In this study, one of the tools of Islamic financing known as “Sukuk” a non-interest bearing investment which has started to be implemented in Turkey and the world as a whole is discussed. In order to increase the vitality and efficiency of the economy, by taking lessons from the recent economic crisis new developments in the banking and investment sector are being expanded. The purpose of all investors is to obtain more revenue through the use of capital. The inability of traditional investment tools to meet the expectations of investors and the interest based financial system where one investor benefits at the expense of another there has been the need for a different, reliable and noninterest bearing financial market that is consistent with the Islamic rule. As a result an alternative and more reliable interest free financing tool “Sukuk” rental certificates covering people who are sensitive to Islamic rules, appeal to all segments, hidden remaining capital that contributes to the economy, reduce disparities in income distribution, common risk sharing system of profit and loss sharing has emerged. Today, for the structural countries by examining the state of the world market economy the applicability, enactment and future issues associated with this attractive kind of Islamic finance namely the “Sukuk” market has been explained.

Keywords: Islamic finance, Islamic markets, non-interest bearing, rental certificates.

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Authors: Mojtaba Rezaei, Elham Heydari

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This paper highlights the empirical results of analyzing the correlation between accounting information and systematic risk. This association is analyzed among financial ratios and systematic risk by considering the financial statement of 39 companies listed on the Tehran Stock Exchange (TSE) for five years (2014-2018). Financial ratios have been categorized into four groups and to describe the special features, as representative of accounting information we selected: Return on Asset (ROA), Debt Ratio (Total Debt to Total Asset), Current Ratio (current assets to current debt), Asset Turnover (Net sales to Total assets), and Total Assets. The hypotheses were tested through simple and multiple linear regression and T-student test. The findings illustrate that there is no significant relationship between accounting information and market risk. This indicates that in the selected sample, historical accounting information does not fully reflect the price of stocks.

Keywords: Accounting information, market risk, systematic risk, efficient market hypothesis, EMH, Tehran Stock Exchange, TSE.

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Authors: Muhamad Abduh, Jarita Duasa, Mohd. Azmi Omar

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Unlike its conventional counterpart, Islamic principles forbid Islamic banks to take any interest-related income and thus makes deposits from depositors as an important source of fund for its operational and financing. Consequently, the risk of deposit withdrawal by depositors is an important aspect that should be wellmanaged in Islamic banking. This paper aims to investigate factors that influence depositors- withdrawal behavior in Islamic banks, particularly in Malaysia, using the framework of theory of reasoned action. A total of 368 respondents from Klang valley are involved in the analysis. The paper finds that all the constructs variable i.e. normative beliefs, subjective norms, behavioral beliefs, and attitude towards behavior are perceived to be distinct by the respondents. In addition, the structural equation model is able to verify the structural relationships between subjective norms, attitude towards behavior and behavioral intention. Subjective norms gives more influence to depositors- decision on deposit withdrawal compared to attitude towards behavior.

Keywords: Islamic bank, structural equation model, theory of reasoned action, withdrawal behavior

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Authors: Smail Hadj Mahammed

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Translation is not merely a process of conveying the meaning from one particular language into another to overcome language barriers and ensure a good understanding; it is also a work of civilization and progress. Without the translation of Greek, Indian and Persian works, Arabic and Islamic Civilization would not have taken off, and without the translations of Arabic works into Latin, and then into European languages, the scientific and technological revolution of the modern world would not have taken place. In this context, the present paper seeks to investigate how the translation movement contributed to the Arabic and Islamic Civilizations during the Golden Age. The paper consists of three major parts: the first part provides a brief historical overview of the translation movement during the golden age, which witnessed two important eras: the Umayyad and Abbasid eras. The second part shows the main reasons why translation was a prominent cultural activity during the Golden Age and why it gained great interest from the Arabs. The last part highlights the constructive contribution of translation to the Arabic and Islamic Civilization during the period (661–1258). The results demonstrate that Arabic translation movement during the Golden Age had significantly assisted in enriching the Arabic and Islamic civilizations considering the major and important scientific works of old Greek, Indian and Persian civilizations which had been absorbed.

Keywords: Arabic and Islamic civilization, contribution, golden age, translation.

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Authors: Pradeep Kulshrestha, Maulana Ayoub Ali

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The level of penetration of Islamic banking products and services has recorded a reasonable growth at an exponential rate in many parts of the world. There are many factors which have contributed to this growth including, but not limited to the rapid growth of number of Muslims who are uncomfortable with the conventional ways of banking, interest and higher interest rates scheduled by conventional banks and financial institutions as well as the financial inclusion campaign conducted in many countries. The system is facing legal challenges which open the research fdoor for practitioners and academicians for the sake of finding out solutions to those challenges. This paper tries to investigate the development of the Islamic banking system in the United Kingdom (UK), Saudi Arabia, Malaysia, Iran, Kenya, Nigeria and Uganda in order to understand the modalities which have been employed to run an Islamic banking system in the aforementioned countries. The methodology which has been employed in doing this research paper is Doctrinal, of which legislations, policies and other legal tools have been carefully studied and analysed. Again, papers from academic journals, books and financial reports have been deeply analysed for the purpose of enriching the paper and come up with a tangible results. The paper found that in Asia, Malaysia has created the smoothest legal platform for Islamic banking system to work properly in the country. The United Kingdom has tried harder to smooth the banking system without affecting the conventional banking methods and without favouring the operations of Islamic banks. It also tries harder to make UK as an Islamic banking and finance hub in Europe. The entire banking system in Iran is Islamic, while Nigeria has undergone several legal reforms to suit Islamic banking system in the country. Kenya and Uganda are at a different pace in making Islamic Banking system work alongside the conventional banking system.  

Keywords: Shariah, Islamic banking, law, alternative banking.

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Authors: B. Al-Jenaibi

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The paper examines the Most public relations spots and advertisements dealing with drugs. For this reason, public service advertisements show Americans in activities with drugs and alcohol. The way that the advertisements are produced, viewers from the Middle East say these ads are not for them. They recognize the ads as strictly for Americans trying to overcome their problems with drugs and alcohol. Also, this paper explores the development of the advertisements which are ineffective in other cultures like the Islamic because the limited scope of the message does not have a major effect on the Islamic beliefs and practices.

Keywords: Arab media campaign, Middle easy Advertisements, Islamic culture and American campaigns.

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Authors: Safa Ougoujil, Sidi Mohamed Rigar

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Economics is not an exact science. It cannot be from the moment it is a social science that concerns society organization, a human science that depends on the behavior of the men and women who make a part of this society. Therefore, it cannot ignore morality, the instinctive sense of good and evil, the natural order which place us between certain values, and which religion often sheds light on. In terms of finance, the reference to ethics is becoming more popular than ever. This is naturally due to the growing financial crises. Finance is less and less ethical, but some financial practices have continued to do so. This is the case of ethical finance and Islamic finance. After attempting to define the concepts of ethical finance and Islamic finance, in a period when financial innovation seeks to encourage differentiation in order to create more profit margins, this article attempts to expose the particularities, the convergences and the potentialities of development of these two sensibilities.

Keywords: Convergences, ethical finance, Islamic finance, potential development.

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Authors: Cengiz Tavşan, Niloufar Akbarzadeh

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Architecture in Iran has a continuous history from at least 5000 BC to the present, and numerous Iranian pre-Islamic elements have contributed significantly to the formation of Islamic art. At first, decoration was limited to small objects and containers and then progressed in the art of plaster and brickwork. They later applied in architecture as well. The art of gypsum and brickwork, which was prevalent in the form of motifs (animals and plants) in pre-Islam, was used in the aftermath of Islam with the art of calligraphy in decorations. The splendor and beauty of Iranian architecture, especially during the Islamic era, are related to decoration and design. After the invasion of Iran by the Arabs and the introduction of Islam to Iran, the arrival of the Iranian classical architecture significantly changed, and we saw the Arabic calligraphy decoration of the mosques in Iran. The principles of aesthetics in the art of calligraphy in Iran are based precisely on the principles of the beauty of ancient Iranian and Islamic art. On the other hand, after Islam, calligraphy was one of the most important sources of Islamic art in Islam and one of the important features of Islamic culture. First, the calligraphy had no cultural meaning and was only for decoration and beautification, it had the same meaning only in the inscriptions; however, over time, it became meaningful. This article provides a summary of the history of calligraphy in the mosques (from the entrance to Islam until the Safavid period), which cannot ignore the role of the calligraphy in their decorative ideas; and also, the important role that decorative elements play in creating a public space in terms of social and aesthetic performance. This study was conducted using library studies and field studies. The purpose of this study is to show the characteristics of architecture and art of decorations in Iran, especially in the mosque's architecture, which reaches the pinnacle of progress. We will see that religious beliefs and artistic practices are merging and trying to bring a single concept.

Keywords: Islamic art, Islamic architecture, decorations in Iranian mosques, calligraphy.

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Authors: Hassan Attahiru Gwandu

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This study aims at surveying and analyzing the contribution of Sokoto scholars or Sokoto Caliphate in the development of science and technology in West Africa. Today, it is generally accepted that the 19^th century Islamic revivalism in Hausaland was a very important revolution in the history of Hausa society and beyond. It is therefore, as a result of this movement or Jihad; the Hausaland (West Africa in general) witnessed several changes and transformations. These changes were in different sectors of life from politics, economy to social and religious aspect. It is these changes especially on religion that will be given considerations in this paper. The jihad resulted is the establishment of an Islamic state of Sokoto Caliphate, the revival Islam and development of learning and scholarship. During the existence of this Caliphate, a great deal of scholarship on Islamic laws were revived, written and documented by mostly, the three Jihad leaders; Usmanu Danfodiyo, his brother Abdullahi Fodiyo and his son Muhammad Bello. The trio had written more than one thousand books and made several verdicts on Islamic medicine. This study therefore, seeks to find out the contributions of these scholars or the Sokoto caliphate in the development of science in West Africa.

Keywords: Sokoto Caliphate, scholarship, science and technology, West Africa.

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Authors: Rodrigo Barreiros Leal, Aracéli Cristina de Sousa Ferreira

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This study examines the possibility to apply the theory of multidimensional accounting (momentum accounting) in a Brazilian Navy-s Services Provider Military Organization (Organização Militar Prestadora de Serviços - OMPS). In general, the core of the said theory is the fact that Accounting does not recognize the inertia of transactions occurring in an entity, and that occur repeatedly in some cases, regardless of the implementation of new actions by its managers. The study evaluates the possibility of greater use of information recorded in the financial statements of the unit of analysis, within the strategic decisions of the organization. As a research strategy, we adopted the case study. The results infer that it is possible to use the theory in the context of a multidimensional OMPS, promoting useful information for decision-making and thereby contributing to the strengthening of the necessary alignment of its administration with the current desires of the Brazilian society.

Keywords: Multidimensional Accounting, Public Management, Decision Making.

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Authors: Ahmad Saiful Azlin Puteh Salin, Norlela Kamaludin, Siti Khadijah Ab Manan, Mohd Shatari Abdul Ghafar

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This paper discusses a new model of Islamic code of ethics for directors. Several corporate scandals and local (example Transmile and Megan Media) and overseas corporate (example Parmalat and Enron) collapses show that the current corporate governance and regulatory reform are unable to prevent these events from recurring. Arguably, the code of ethics for directors is under research and the current code of ethics only concentrates on binding the work of the employee of the organization as a whole, without specifically putting direct attention to the directors, the group of people responsible for the performance of the company. This study used a semi-structured interview survey of well-known Islamic scholars such as the Mufti to develop the model. It is expected that the outcome of the research is a comprehensive model of code of ethics based on the Islamic principles that can be applied and used by the company to construct a code of ethics for their directors.

Keywords: Code of ethics, director, Islam, ethics

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Authors: Mădălina Maria Gîrbină, Cătălin Nicolae Albu, Nadia Albu

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The IFRS for Small and Medium-sized Entities (SMEs) was issued in July 2009 and currently regulators are considering various implementation strategies of this standard. Romania is a member of the European Union since 2007, thus accounting regulations were issued in order to ensure compliance with the European Accounting Directives. As the European Commission rejected recently the mandatory use of IFRS for SMEs, regulatory bodies from the Member States have to decide if the standard will affect or not the accounting practices of SMEs from their countries. Recently IASB invited stakeholders to discuss the revision of IFRS for SMEs. Empirical studies on the differences and similarities between national standards and IFRS for SMEs could inform decision makers on the actual level of convergence in different countries. The purpose of this paper is to provide empirical evidences on the convergence of the Romanian regulations with IFRS for SMEs analyzing the results in the context of the last revisions proposed to the EU Accounting Directives.

Keywords: EU Accounting Directives, IFRS for SMEs, national regulations

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Authors: Alireza Azimi Sani

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This paper discusses the design characteristics management accounting systems should have to be useful for strategic planning and control and provides brief introductions to strategic variance analysis, profit-linked performance measurement models and balanced scorecard. It shows two multi-period, multiproduct models are specified, can be related to Porter's strategy framework and cost and revenue drivers, and can be used to support strategic planning, control and cost management.

Keywords: Accounting, balanced scorecard, profit-linked, strategic management, variance analysis.

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Authors: Imen Dhaou

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This study examines conditional Value at Risk by applying the GJR-EVT-Copula model, and finds the optimal portfolio for eight Dow Jones Islamic-conventional pairs. Our methodology consists of modeling the data by a bivariate GJR-GARCH model in which we extract the filtered residuals and then apply the Peak over threshold model (POT) to fit the residual tails in order to model marginal distributions. After that, we use pair-copula to find the optimal portfolio risk dependence structure. Finally, with Monte Carlo simulations, we estimate the Value at Risk (VaR) and the conditional Value at Risk (CVaR). The empirical results show the VaR and CVaR values for an equally weighted portfolio of Dow Jones Islamic-conventional pairs. In sum, we found that the optimal investment focuses on Islamic-conventional US Market index pairs because of high investment proportion; however, all other index pairs have low investment proportion. These results deliver some real repercussions for portfolio managers and policymakers concerning to optimal asset allocations, portfolio risk management and the diversification advantages of these markets.

Keywords: CVaR, Dow Jones Islamic index, GJR-GARCH-EVT-pair copula, portfolio optimization.

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Authors: Ali Faal Ghayoumi, Mahmoud Dehghan Nayeri, Manouchehre Ansari, Taha Raeesi

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This study aims to investigate empirically the valuerelevance of accounting information to domestic investors in Tehran stock exchange from 1999 to 2006. During the present research impacts of two factors, including positive vs. negative earnings and the firm size are considered as well. The authors used earnings per share and annual change of earnings per share as the income statement indices, and book value of equity per share as the balance sheet index. Return and Price models through regression analysis are deployed in order to test the research hypothesis. Results depicted that accounting information is value-relevance to domestic investors in Tehran Stock Exchange according to both studied models. However, income statement information has more value-relevance than the balance sheet information. Furthermore, positive vs. negative earnings and firm size seems to have significant impact on valuerelevance of accounting information.

Keywords: Value-Relevance of Accounting Information, Iranianstock exchange, Return Model, Price Model

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Authors: Manirath Wongsim, Pawornprat Hongsakon

Abstract:

Information Quality (IQ) has become a critical, strategic issue in Accounting Information Systems (AIS) adoption. In order to implement AIS adoption successfully, it is important to consider the quality of information use throughout the adoption process, which seriously impacts the effectiveness of AIS adoption practice and the optimisation of AIS adoption decisions. There is a growing need for research to provide insights into issues and solutions related to IQ in AIS adoption. The need for an integrated approach to improve IQ in AIS adoption, as well as the unique characteristics of accounting data, demands an AIS adoption specific IQ framework. This research aims to explore ways of managing information quality and AIS adoption to investigate the relationship between the IQ issues and AIS adoption process. This study has led to the development of a framework for understanding IQ management in AIS adoption. This research was done on 44 respondents as ten organisations from manufacturing firms in Thailand. The findings of the research’s empirical evidence suggest that IQ dimensions in AIS adoption to provide assistance in all process of decision making. This research provides empirical evidence that information quality of AIS adoption affect decision making and suggests that these variables should be considered in adopting AIS in order to improve the effectiveness of AIS.

Keywords: Information quality, information quality dimensions, accounting information systems, accounting Information system adoption.

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Authors: György Á. Horváth, Piroska Harazin

Abstract:

The transition to sustainable development requires considerable investments from stakeholders, both financial and immaterial. However, accounting for such investments often poses a challenge, as ventures with intangible or non-financial returns remain oblivious to conventional accounting techniques and risk assessment. That such investments may significantly contribute to the welfare of those affected may act as a driving force behind attempting to bridge this gap. This gains crucial importance as investments must be also backed by governments and administrations; entities whose budget depends on taxpayers- contributions and whose tasks are based on securing the welfare of their citizens. Besides economic welfare, citizens also require social and environmental wellbeing too. However, administrations must also safeguard that welfare is guaranteed not only to present, but to future generations too. With already strained budgets and the requirement of sustainable development, governments on all levels face the double challenge of making both of these ends meet.

Keywords: Accounting, Administration and Government, RiskAssessment, Sustainable Development

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