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A Zakat Accounting Standard (ZAS) for Malaysian companies

Abu Bakar, Nur Barizah (2007) A Zakat Accounting Standard (ZAS) for Malaysian companies. American Journal of Islamic Social Sciences, 24 (4). pp. 74-92. ISSN 0742-6763

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Abstract

This paper focuses on the need to harmonize the practice of zakat on companies throughout Malaysia by implementing a zakat accounting standard (ZAS). The objectives of this paper are fourfold: (1) to highlight the current practice of zakat on companies in Malaysia; (2) discuss the usefulness of AAOIFI FAS 9, MASB FRS i-1, and MASB TR i-1 as guidelines for developing a ZAS; (3) suggest a collaboration by various parties designed to pool initiatives, knowledge, and skills to develop a useful and favorable ZAS; and (4) to demonstrate that without proper education and a strong political will, there is a little hope of making any ZAS a reality.

Item Type: Article (Journal)
Additional Information: 6992/33857
Uncontrolled Keywords: Zakat Accounting Standard, Malaysia
Subjects: H Social Sciences > HF Commerce > HF5001 Business. Business Administration > HF5601 Accounting. Bookkeeping
Kulliyyahs/Centres/Divisions/Institutes: Kulliyyah of Economics and Management Sciences > Department of Accounting
Depositing User: DR. NUR BARIZAH ABU BAKAR
Date Deposited: 07 Jan 2014 07:23
Last Modified: 07 Jan 2014 07:23
URI: http://irep.iium.edu.my/id/eprint/33857

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