Chapter in Book

This chapter provides the discussion on accounting issues for musharakah mutanaqisah (MM) home financing in the case of Malaysia. Though the MM mode of financing has addressed the 'ambiguities and risk issues in conventional mortgage financing and the controversy that surrounds other financing packages like al Bai Bithaman Ajil and Bay al Inah (Mydin-Meera & Abdul-Razak, 2009), there are some practical issues in operating this mode of financing, as Islamic banks operate this type of contract more closely to conventional practice, thereby lacking the spirit of the contract itself ...

This chapter provides a discussion of a study that examines accounting in Islamic perspectives. The discussion includes an overview of the development of Islamic finance, accounting in Islamic perspectives, decision usefulness, stewardship, accountability, financial measurement, disclosure and presentation and four key accounting assumptions, namely 'substance over form', 'time value of money', 'fair value' measurement and 'recognition based on probability', which serve as important guides to preparers of financial information ...

This chapter examines the effects of provision of different types of non-audit services on perceived auditor independence from the perspective of Malaysian capital market participants. The globalisation of the accounting profession and the subsequent increase in competitiveness and the need to survive has forced many auditing firms to diversify into non-audit services and has created 'the multidisciplinary nature of large audit firms'(Michael, 2014; Alexander and Hay, 2013; Brierley and Gwilliam, 2003; Michael, 2014).

This book consists of eleven selected research in accounting issues, which are looking from Malaysian context. The issues are ranging from attributes of ethical practices as part of management control system and practices, issues related to external auditing and board of directors (BOD) as corporate governance mechanisms, performance management systems design, use and development status, security threats of computerised accounting information system (CAIS) and urgent needs for the knowledge and applications of Syari'ah based Accounting (SbA) as Islamic Capital Market (ICM) is rapidly developing throughtout the world, including Malaysia.

This book contains a compilation of studies on selected issues in accounting and finance. These studies are conducted in Malaysian context except one study based in Egypt. The studies cover significant topics in auditing, taxation, accounting education, corporate governance and finance.

Ensuring socio-economic justice, eradication of poverty and equitable distribution of wealth are among the primary objectives of Islam. Even so, a significant number of Muslims around the world are deprived of their basic needs. The scenario only worsens in times of financial and political turbulence. There is a desperate need to find sources of funding to rescue people from their miseries and offer sustainable solutions. Zakat has great potential to meet the funding needs. This chapter argues that zakat contributions will be amplified if corporate entities pay zakat as legal persons or on behalf of their Muslim shareholders. This chapter proposes development of a zakat calculation software to facilitate corporate entities and Islamic financial institutions calculating their zakat obligations reliably. Development of such software requires Islamic finance research entities to team up with information technology experts. Prominent Shariah scholars will play the essential role of validating and endorsing the Shariah compliance of the software.