This paper is to explore the contradictions between conventional accounting and Islamic accounting. The conflicts between the two accounting systems need to be disclosed since they are widely different. But people, in most cases, treat them synonymous i.e. some of them, irrespective of religion, think that the term ‘Islamic Accounting’ is nothing else but just by adding the word “Islamic” with the term ‘Accounting’; so that it looks more religious. In fact, there are huge differences between the two accounting systems which can be seen in their objectives, activities, accountabilities, disclosure practices and so on. Basically, people are segregated into two groups, viz. some of them want to get benefit from the accounting as the traditional accounting provides. But some of them, on the contrary, expect some additional advantages - especially by the Muslim, in line to their religion - along with the regular benefits offered by the conventional accounting. Conventional accounting, however, is enough for the first group; but the demand of the second group can be addressed only by the Islamic accounting. This paper is to help people knowing the differences between two accounting systems so as they realize the impacts of existing contradictions between two systems of accounting and can cope themselves with the system which one serves them best.
Key Words: Islamic Accounting, Shariah Accounting, Accounting, Conventional Accounting
31-Aug-2024
