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Differences between Islamic

and conventional accounting


(Islamic accounting A PRIMER )

1. OBJECTIVE OF PROVIDING
INFORMATION
Islamic Accounting
to ensure that Islamic organizations provide
relevant information which is useful for the users of
the report in making the decision. The information
is providing to all the stakeholders that had been
stated in the Islamic Law.
Conventional Accounting
to ensure the information become usefulness
to the
investor and creditors in making decision
on how to scarce resources allocated efficiently.

2. TYPE OF INFORMATION
Islamic Accounting
it is based on the socio-economic
and religious events and transactions.
Conventional Accounting
it is based on the economic events
and transactions. It is mainly uses
historic cost to measure and values
assets and liabilities.

3. USERS OF THE INFORMATION


Islamic Accounting
It serves the whole of the stakeholders
recognised by the corporate report. They serve
the society not in their interest but they
accountable their actions comply with Shariah
principle.
Conventional Accounting
it has recognised various stakeholders as
users of accounting information ( Investors and
Creditors)