The Main Components of Conceptual Framework of Financial Reporting With Islamic Approach

Document Type : Original Article

Authors
Reza Gholami Jamkarani 1
Hashem Nikoomaram 2
Seyed Abbas Mosavian 3
F. Rahnamay Roodposhti 2
1 Ph.D. student of Accounting , Islamic Azad University Science and Research Branch
2 Professor of , Islamic Azad University Science and Research Branch
3 Associate Professor of Farhang va Andishe
Abstract
Financial reporting is final producte of accounting. Accounting is the social knowledge which relates to environment, values and economic, social, cultural norms of society in which it is used, inherently. So, it is better that requirements, conditions and qualities of environment of target society are considered in using theoretical concepts and financial reporting. According to increasing extension of Islamic capital markets, this study has explained the components of this source framework with Islamic approach, with Using methods of interpretation, critical, and delphi. In Islamic approach, the accounting has earthy and other-worldly dimensions and it is based on Islamic accountability. In other-worldly dimension, this accountability includes the accountability to soul and it includ social accountability in earthy dimension. The results indicate academic and professional experts have consensus that in conceptual framework with Islamic approach, priority of accountability, Faithful representation, emphasizing fair value, complete disclosure and correspondence with Islamic law are the main components.
Keywords
Conceptual framework of financial reporting
Accountability
Financial reporting with Islamic Approach