A Review of The Framework for The Preparation and Presentation of Sharia Financial Statements in Indonesia

Martaleta, Rilla (2008) A Review of The Framework for The Preparation and Presentation of Sharia Financial Statements in Indonesia. Other thesis, Fakultas Ekonomi.

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Abstract

This study is a literature survey directed to review critically the framework for the preparation and presentation of sharia financial statements in Indonesia. This focused on questioning the acceptability of the existing framework used by DSAK IAI to develop accounting standards for sharia enterprises. Therefore, throughout this study, the researcher will attempt to describe the existing framework and then to analyze it by using the sharia principles. The reviews are expected to enrich the current knowledge on Islamic accounting. Further this study ooncludes that there are three objectives of sharia financial statements : decision usefulness, stewardship and accountability. The sharia accounting also offers some alternative concepts in preparing and presenting financial statements replacing the conventional one, they are current value measurement and sharia entity theory. The conventional financial statements are also replaced by other reports which are compatible to those objectives and concepts, then I proposed the current value balance sheet and the value added statements. This paper is a normative study, explaining how sharia accounting should be based on Islamic values. It is about the theory and does not provide any practical support. There could be probabilities that practice and theory do not coincide. Keyword : The Framework for The Preparation and Presentation of Sharia Financial Statements in Indonesia, Sharia Principles, Islamic Accounting, Conventional Accounting

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