The need for Islamic accounting: perceptions of its objectives and characteristics by Malaysian Muslim accountants and accounting academics (Ph.D. Dissertation)

Taking into consideration the socioeconomic objectives and values of Islam, an outline of Islamic accounting theory is developed based on a proposed "Islamic Accountability" model. The model ensures the dual accountability principle of Khilafa by accounting for the compliance of the organisation's operations to Islamic Law and morality (Shari'ah). Hence, Islamic accounting focuses on various stakeholders in addition to shareholders and creditors, measures and reports on Shari'ah compliance in addition to economic activities, and may use non-financial quantitative and qualitative measures in its reporting.