Islamic accounting standards: historical retrospective, challenges and key players

Abstract

A historical exploration of Islamic Accounting Standards is presented in this paper. The fundamental players’ roles in the emergence and expansion of Islamic accounting standards are also identified. To collect data, documents were examined and key players that are involved in the development of Islamic Accounting Standards were interviewed. It has been determined that the Dubai International Finance Centre (DIFC) primarily sets Islamic Accounting Standards in the UAE. Since the reporting standards and backgrounds of accountants may have global effects beyond their jurisdictions, this study suggests accounting standards setters with differences in the ideological and religious backgrounds should communicate with one another in an era of globalization.