Islamic model of accounting: Formation and development prospects

Abstract

This article is devoted to the study of the Islamic model of accounting and reporting. The study carried out a comparative analysis of the Anglo-American, continental, Latin American and Islamic models of accounting and financial reporting, which made it possible to identify their distinctive features, as well as targeting one or another group of stakeholders. In addition, a comparative analysis of traditional and Islamic accounting was carried out, which showed the uniqueness of the Islamic accounting and financial reporting model, which consists in the dominance of postulates of a religious and ethical nature, as well as ideas of social responsibility. A review of domestic and foreign sources made it possible to identify five areas of research in the field of the Islamic accounting model and determine the development vector of the Islamic accounting model from the prerequisites that influenced its emergence and specifics to the directions that determine the further prospects for its development.