Subject The article discusses the Islamic model of accounting from the social and ethical perspective, where attention is paid both to the personal ethics of accountant and business ethics. Objectives The article aims to disclose the institutional framework of Islamic accounting and identify its model characteristics. Methods For the study, I used various scientific methods and techniques such as analysis, analogy, classification, and a forecasting method. The dialectic method of scientific knowledge and systems approach are the research methodological basis. Results The article presents the principles of the Islamic accounting model. It focuses on the issues of social responsibility of organizations applying the Islamic accounting model, in part of tax payment for the poor and the use of tools based on a division of profits and losses. Conclusions and Relevance Islamic accounting model is a system of accounting which makes it possible not only to provide accurate information in the format of various financial indicators, but also send a message to the stakeholders that the company runs business and performs its socio-economic function. The Islamic accounting model is sufficiently promising in developing accounting, and it can act as a guide in developing social accounting standards and also be an information system for management decisions regarding the impact of companies' activities on society. The results of the study can be used both practically and theoretically in the field of accounting.
Keywords: accounting, AAOIFI, bank, social accounting
References:
Syukiyainen L.R. [Islamic law in legislation of Muslim countries: from doctrine to legislation]. Pravo. Zhurnal VShE = Law. Journal of HSE, 2008, no. 2, pp. 97–109. (In Russ.)
Bekkin R.I. [Islamic model of interest free economy and the modernity]. Vestnik Sankt-Peterburgskogo universiteta. Ser. 5: Ekonomika = Bulletin of Saint-Petersburg University. Series 5: Economics, 2007, iss. 2, pp. 79–89. (In Russ.)
Zhuravlev A.Yu. [The economic model of Islam: some aspects of theory and practice]. Blizhnii Vostok i Sovremennost' = The Middle East and Modernity, 2000, iss. 9, pp. 36–43. (In Russ.)
Kalimullina M.E. [Institutional peculiarities of Islamic business and the modern business climate]. Vestnik Finansovogo Universiteta = Bulletin of Financial University, 2010, no. 6, pp. 71–74. (In Russ.)
Logvinova I.L. [Takaful as a method of insurance safety creation]. Strakhovoe delo = Insurance Industry, 2009, no. 12, pp. 37–43. (In Russ.)
Pavlov V.V [Islamic technology of banking: Russian version]. Bankovskie uslugi = Banking Services, 2004, no. 12, pp. 13–21. (In Russ.)
Syukiyainen L.R. Islamskoe pravo: vzaimodeistvie yuridicheskogo i religioznogo nachal. V kn.: Ezhegodnik libertarno-yuridicheskoi teorii [Islamic law: The cooperation of legal and religion origins. In: Yearbook of libertarian juristic theory]. Moscow, HSE Publ., 2007, vol. 1, pp. 97–106.
Voronova E.Yu. [Islamic accounting: approaches to the valuation of assets and liabilities]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2016, no. 8(73), pp. 938–941. (In Russ.)
Khamidullina Z.Ch. [Accounting, audit and taxation in Bahrain]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2016, no. 9(74), pp. 1042–1044. (In Russ.)
Voronova E.Yu. [Influence of the religion factor in Islamic accounting]. Evraziiskii yuridicheskii zhurnal = Eurasian Law Journal, 2016, no. 5, pp. 335–337. (In Russ.)
Voronova E.Yu. [Ethics as an element of Islamic accounting]. Auditor, 2016, no. 8, pp. 29–34. (In Russ.)
Bekkin R.I. [Islamic insurance: Takaful]. Strakhovoe pravo = Insurance Law, 2012, no. 3-4, pp. 2–35. (In Russ.)
Khamidullina Z.Ch. [Presentation and disclosure of financial statements in Islamic investment funds]. Evraziiskii yuridicheskii zhurnal = Eurasian Law Journal, 2016, no. 5, pp. 345–350. (In Russ.)
Kennedy M. Den'gi bez protsentov i inflyatsii. Kak sozdat' sredstvo obmena, sluzhashchee kazhdomu [Interest and Inflation Free Money]. Moscow, Samoteka, MID Osoznanie Publ, 2011, 98 p.
Chapra M.U.Islamic Economic Thought and the New Global Economy. Islamic Economic Studies, 2001, vol. 9, no. 1, pp. 1–16. Available at: Link.
Abuquddah A.A Study on the Juristic Aspects of Ijarah and Ijarah Muntahia Bittamleek. Journal of Islamic Fiqh Academy AAOIFI, 1996, pp. 25–31.
Khamidullina Z.Ch. [Social orientation as a defining characteristic of Islamic accounting]. Finansovyi biznes = Financial Business, 2016, no. 2(181), pp. 49–52. (In Russ.)
Voronova E.Yu. [Theoretical basics of Russian and Islamic accounting: a comparative analysis]. Auditor, 2016, no. 9, pp. 35–40. (In Russ.)
Voronova E.Yu. [The role of Zakah (poor-due) in Islamic accounting]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2016, no. 10-1, pp. 444–446. (In Russ.)
Bekkin R.I. [Retail services in Islamic banking]. Bankovskii riteil = Banking Retail, 2007, no. 4, pp. 21–26. (In Russ.)
Zhuravlev A.Yu. [The peculiarities of Islamic banking]. Blizhnii Vostok i Sovremennost' = The Middle East and Modernity, 2002, no. 14, pp. 46–60. (In Russ.)
Khamidullina Z.Ch. [About the Musharaka AAOIFI accounting standard in Islamic accounting]. Evraziiskii yuridicheskii zhurnal = Eurasian Law Journal, 2016, no. 7(98), pp. 334–336. (In Russ.)
