Accounting Department, Faculty of Economics and Business, UIN Syarif Hidayatullah, Indonesia
Accounting Department, Faculty of Economics and Business, UIN Syarif Hidayatullah, Indonesia
Accounting Department, Faculty of Economics and Business, UIN Syarif Hidayatullah, Indonesia
2 (2020) 059-076
Published by Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga Yogyakarta
e-ISSN: 2338-7920, p-ISSN: 2338-2619
Abstract: This study aims to explore a framework of developing the Islamic decision usefulness (IDU)
concept through a review of non-financial information and Islamic accounting under the Accounting
and Auditing Organization for Islamic Financial Institutions (AAOIFI) literature for convergence and
the extent to which this convergence will inspire future empirical-research opportunities for the
increased Islamic decision usefulness (IIDU). Exploring and delineating historically non-financial
information literature to be linked with Islamic accounting trends through content analysis, this study
suggests that decision usefulness of non-financial information has flourished from being
complementary to the strategic role of information, adopting the ideas of creating shared value (CSV),
and sustainable value-creation (SVC). To this point, the enhancement of decision usefulness emitted
from non-financial information and Islamic accounting literature points to the same pole (convergence),
exposing the firms’ relevant-sustainable shared-value for 3Ps (profit, people, and planet) blended with
Islamic accounting concepts, whereby welcoming many future empirical-research opportunities for the
increased Islamic decision usefulness (IIDU).
Keywords: Islamic Decision Usefulness, Non-Financial Information, Islamic Accounting, AAOIFI,
Historical Cost Accounting, Current Value Accounting, and Sustainable Value-Creation.
Article History
Received 30 October 2020; Revised 12 November 2020; Accepted 19 November 2020; Available Online
30 November 2020
Introduction
This study is led to explore a framework of developing the Islamic decision usefulness (IDU) concept
through reviewing non-financial information and Islamic accounting literature, identifying a
convergence between the two streams of literature, and trying to provide future empirical-research
opportunities for the increased Islamic decision usefulness (IIDU).
The fact that conventional accounting is considered to have many weaknesses resulting in the
narrowly-interpreted concept of decision usefulness1 by many accounting scholars is convincingly
evident. The weakness of conventional accounting has caused environmental damage, violation of
human rights, disharmony in society, a dichotomy between religious and economic activities, etc. so
that as a whole it is not in line with the human-beings that adhere to a social and godly nature (Haniffa,
2002; Haniffa & Hudaib, 2002; 2011). Therefore, the concept of decision usefulness with a 'narrow'
meaning, which, at first, has been widely studied by financial accounting researches since Ball and
Brown (1968) has developed into the concept of decision usefulness with a broader meaning. As such,
conventionally, financial information, which is estimated to contribute only 20%, is driven to equip
1
A concept that demonstrates the extent to which information (usually financial information) is useful (generally for investors and
creditors, and other users such as governments and others) using two perspectives, i.e., the information perspective and the measurement
perspective. Regarding the information perspective, some approaches, inter alia, Efficient Market Hypothesis (EMH), are applied by
measuring whether or not the information is relevant, conveying economic significance for business decision-making (often called
‘information content’) using the attributes, such as earnings response coefficient (ERC), cumulative abnormal return (CAR), the variance
between market prices and book value, etc. Meanwhile, from the measurement perspective, the approaches and theories generally adopted
include the clean surplus theory (CS), which is a tight link between fundamental value (firm value measured by accounting measurements)
and firm value, using attributes such as covariance between market prices and intrinsic value, residual income (unrecorded goodwill), earnings
persistence, and a ratio of current assets divided by total asset (this term is adapted from Scott, 2006; Qizam, 2011).
*Corresponding author.
[email protected] (I. Qizam)
https://doi.org/10.14421/grieb.2020.082-01 This is an open access article under the CC–BY-SA license
60 Qizam: Identifying a Convergence between Non-Financial Information and Islamic Accounting for Islamic Decision Usefulness:
A Review and Synthesis
itself with non-financial information (Herath and Albarqi, 2017), which, until now, has inspired many
theories accommodating various interests to drive philosophically the business concept and strategy to
shift.2
Many researchers have tried to provide evidence that the use of financial and non-financial
information synergistically will produce better and more efficient decisions, e.g., Tang and Chang
(2010), who build a model to facilitate the decision-making process in a capital budgeting investment
under some constraints, strategies, and goals of firms; Cardinaels and Van Veen-Dirks (2010), who
document that financial and non-financial measures are differently weighted by evaluators depending
on how performance measures are organized and presented; and Coram et al. (2011), who provide
evidence that the use of financial and non-financial performance indicators in investment decision
processes are asymmetric depending on financial information trends, whether they are positive or
negative. If they are positive, more attention is paid to financial information, and vice versa, when they
are negative, more emphasis on non-financial information should be placed. These findings are
consistent with prior literature, e.g., Amir and Lev (1996), Ittner and Larcker (1998), and also Banker
et al. (2000). Conclusively speaking, both financial and non-financial information is essential and has
value-relevance in decision making for investors, creditors, business practitioners, and other
stakeholders.
Non-financial information attributes have been applied in the decision-making process and many
studies have been conducted, e.g., Huang and Cheng (2013) who employ the analyst forecast dispersion
(AFD) to denote the proxy of information ambiguity, intended to convey judgments of financial analysts
towards the firm’s information risk; Kaplan and Norton (1992: 71) who propose non-financial
performance measures as complementary measures of financial statements, e.g., customer satisfaction,
internal business processes, and the organization’s innovation and improvement activities; Yang (2003)
who measure attributes of non-financial information using intangible assets (the quantity and quality
aspects of patents in biotech industry); Amir and Lev (1996) who shows evidence that non-financial
information is high of value-relevance and is complementary to each other with financial data. Sierra-
Garcia et al. (2018) also point out that in Europe, the presentation of non-financial information has been
considerably boosted, i.e., through European Union Directive 2014/95/EU (EU 2014) that strongly
suggest each country to adopt a non-financial statement addressing environmental and social issues
(see, inter alia, Tarquinio et al., 2018), employee matters, respect for human rights, and the fight against
corruption and bribery. However, in its development, the direction and dynamics of non-financial
information also do not have strong philosophical roots so that many varied theories emerge that are
still unfocused. In addition, measurement and disclosure models also raise some constraints because
non-financial information is more varied, making it difficult to determine which items are important
and which are less important, and how to measure and disclose them.
The weaknesses of conventional accounting, which are mostly directed at the concept of 'narrow'
decision usefulness, have also been criticized by Muslim scholars since the introduction of Islamic
accounting by Abdel-Magid (1981) to respond to the emergence of Islamic banking where the concept
of decision usefulness is directed to a broader context that not only focuses on reflecting economic
activities but also religious activities. This idea was then institutionalized into the Accounting and
Auditing Organization for Islamic Financial Institutions (AAOIFI) in 1991. Many Muslim scholars,
then, follow and support this idea, e.g., Haniffa (2002), Haniffa and Hudaib (2002; 2011). Islamic
accounting has also experienced dynamics but remains focused on issues that better interpret the broader
concept of decision usefulness. Unfortunately, however, Islamic accounting still experiences many
problems due to various reasons, inter alia, the limited number of empirical research in Islamic
accounting, differences in local wisdom of each country, and many others.
Given the development of the conventional accounting models that lead to accommodate non-
financial information that not only focuses on profit but also people and the planet (triple-bottom-line
theory) and Islamic accounting, also trying to accommodate all stakeholders, social, environmental
issues through zakat scheme as well as other religious dimensions, it is necessary to investigate the
2
Many theories and themes have appeared, inter alia, value-relevance, CSR, strategic CSR, creating shared value, sustainable shared
value, legitimacy theory, stakeholder theory, and signalling theory as adopted in Amir and Lev (1996), Ittner and Larcker (1998), and also
Banker et al. (2000), Herath and Albarqi (2017), Tang and Chang (2010), Bhimani and Langfield-Smith (2007), Cardinaels and Van Veen-
Dirks (2010), Coram et al. (2011), Orens and Lybaert (2007), Ahmad and Zabri (2016).
Global Review of Islamic Economics and Business, Vol. 8, No. 2 (2020) 059-076 61
direction and the dynamics of non-financial information, and what are the insights from its convergence
with Islamic accounting to lead to a more comprehensive concept of Islamic decision usefulness, and
what research opportunities can be carried out in the future regarding this convergence so that, in turn,
Islamic accounting is also more down to earth and has stronger roots of its uniqueness and practicability.
These previous studies, unfortunately, have never explored, to the best of the author’s knowledge,
how non-financial information could be convergent with Islamic accounting under AAOIFI for the
increased decision usefulness. Much research generally investigates the details of non-financial
disclosure partially, but not how the usage of non-financial information and Islamic accounting under
AAOIFI to increase decision usefulness are jointly synchronized through a comprehensive
understanding of their convergence. This study is intended to develop a framework of increased
’Islamic’ decision usefulness concept which could come from a convergence between non-financial
information and Islamic accounting practices under AAOIFI, and how their convergence could inspire
future research opportunities for the increased ’Islamic’ decision usefulness.
To deal with this issue, the next discussion will consist of research method, results and discussion
comprising the chronological overview of the non-financial information, Islamic accounting: principles
and trends, the convergence and divergence between non-financial information and Islamic accounting
under AAOIFI, future empirical-research opportunities, and conclusion.
Methods
To come to these ends, this research will apply some procedures of literature review through content
analysis to be blended with a historical approach. This is one of the qualitative methods which
encompasses the material collection and data reduction, descriptive analysis and data display, category
selection, material evaluation, and concluding (see Kassarjian, 1977; Sekaran and Bougie, 2010;
Seuring and Gold, 2012).
3 R3 Social and environmental accountability research 2 Parker (2011) and Berthelot et al. (2003)
4 R4 Integrated reports & international IR framework 9 Adams et al. (2011), de Villiers et al. (2014), La Torre et al.
(2020), IIRC (2013a), IIRC (2013b), IIRC (2014), IIRC (2015),
IIRC (2016), and IIRC (2017)
5 R5 Intellectual capital literature & human resource 4 Abhayawansa and Guthrie (2010), Ienciu and Matis (2012), Petty
and Guthrie (2000), and Guthrie et al. (2012)
Total 31
Panel B. Empirical accounting research collection of non-financial information
1 E1 Social reporting-social reporting disclosure; CSR reporting 9 Mirza (1991), Ittner and Larcker (1998), Bonsón and Bednárová
practices, social performance-social disclosure-economic (2015), Lemus (2016), Husted and Allen (2007), Mathews
performance (1984), Ullmann (1985), Haniffa (2002), and Arsad et al. (2019)
2 E2 Strategic CSR; creating shared value; sustainable-value 15 Chandler (2016), Lehman (1992), Deegan et al. (2002), Gray et
creation; corporate social, environmental reporting; corporate al. (1996), Gray et al. (1995), Clarkson et al. (2013), Cho and
social environment-legitimacy theory test; Global Reporting Roberts (2010), Owen (2008), Parker (2005), Mathews (1997),
Initiative Cohen et al. (2012), Porter and Kramer (2011), Tarquinio et al.
(2018), Werther and Chandler (2005), and Burritt and
Schaltegger (2010)
3 E3 Integrated report quality; integrated reporting-decision 7 Iredele (2019), Atkins and Maroun (2014), Baboukardos and
usefulness from equity market perspective Rimmel (2016), Cosmulese et al. (2019), Slack and Tsalavoutas
(2018), Pavlopoulos et al. (2019), and Bernardi and Stark (2018)
4 E4 Firm value, firm performance, financial analyst evaluation 4 Lee and Yeo (2016), Banker et al. (2000), Coram et al. (2011),
and Ahmad and Zabri (2016)
5 E5 General 2 Sierra-Garcia et al. (2018) and Amir and Lev (1996)
6 E6 Human resource; intellectual capital accounting; management 4 Arvidsson (2011), Abhayawansa and Guthrie (2012), Liu and
team perspective Wang (2012), and Guthrie et al. (2001)
7 E7 The effect on the analyst's forecast accuracy; journalist-stock 2 Orens and Lybaert (2007) and Dougal et al. (2012)
value
8 E8 Value relevance-inform content of intangibles-earnings press 3 Yang (2003), Davis et al. (2012), and Wyatt (2008)
release language-biotechnology industry
9 E9 Philanthropy-Victorians; dynamics system theory 2 Harrison (1966) and Bala (2010)
Qizam: Identifying a Convergence between Non-Financial Information and Islamic Accounting for Islamic Decision Usefulness:
Total 48
Global Review of Islamic Economics and Business, Vol. 8, No. 2 (2020) 059-076 63
3
Research Literature, inter alia, encompasses: 1) the linkage between capital market and intellectual capital
(Abhayawansa & Guthrie, 2010); sustainability accounting (Burritt & Schaltegger, 2010); environmental disclosure studies
(Guidry & Patten, 2012); intellectual and human capital (Guthrie et al., 2012; Liu & Wang, 2012). Corporate Social
Responsibility (Noronha et al., 2013); 2). The adoption of three theories in non -financial information, i.e., legitimacy
theory (e.g., Cho and Roberts, 2010), stakeholder theory (e.g., Orij, 2010), and signalling theory (Clarkson et al., 2013)
will be still continuously re-investigated for validation; 3) the linkage between non -financial information and various
themes of management accounting/control; 4) the increased need for academic investigation to the determinants and
consequences of non-financial information; 5) the integrated reporting concept: integrate investment decision, corporate
behaviour, and reporting (de Villiers et al., 2014; Haller et al., 2014; Adams et al., 2011; Cohen et al., 2012), together with
the investigation of value-relevance research on decision usefulness of non -financial information; 6) the quantity of
disclosure on non-financial information: CSR, SCSR (strategic CSR) (Lantos, 2001; Husted and Allen, 2007; Porter and
Kramer, 2006; Werther and Chandler, 2005), CSV (Creating Shared Value) (Porter & Kramer, 2011), and SVC (Sustainable
Value Creation) (Chandler, 2016; Agudelo et al., 2019).
Global Review of Islamic Economics and Business, Vol. 8, No. 2 (2020) 059-076 67
secularization (dichotomy) between economic and religious activities to address the importance of
Islamic accounting for Islamic institutions, did Islamic accounting begin to get much interest. To him,
economic activities committed by humans can be recorded, but, at the same time, should be accounted
for religiously (compliance with sharia principles). More clearly, Haniffa (2002), Napier (2009), and
Haniffa and Hudaib (2011) offers an Islamic accounting concept derived from sharia principles, i.e.,
through three objectives, namely Al-Adl and Al-Ihsan, Ibadah, and Al-Falah,4 and then it is derived into
three dimensions, namely human, technical, and disclosure dimensions.
In the human dimension, its basis is morality, which is rooted in Allah's law so that humans should
have the characteristics of Mu'minoon (believers to Allah), Adalah (justice), Tazkiyah (growth and
purification), Amanah (trust), Mas'uliah (accountability), Ilm (knowledge), Shura (consultation),
Balagha (eloquence), and Hikmah (wisdom). On the technical dimension, there are two points, namely
pre-measurement (halal transaction and careful recording) and measurement related to zakat (religious
levy), determination and distribution of profit, treatment of debt, assets, and taxes, while for the
dimension of disclosure, the things that should be considered are the payment of zakat, sadaqah
(charity),5 usury-free resources, employee and environmental welfare, attainment of the objective of
business venture, and using resources fairly and efficiently. Thus, Islamic accounting appears as a
response to a condition when Islamic financial institutions begin to grow rapidly. Since then, there was
a strong awareness of the need for Islamic accounting which should be different from conventional
accounting since Islamic financial institutions have unique and different characteristics from
conventional ones. From this concern, Islamic accounting exists until now.
The early development of Islamic accounting began to appear from the work of Abdel-Magid (1981),
and, then, was followed by others, inter alia, Hamid et al. (1993). The essence of these works is related
to the general, prescriptive, and descriptive explanation of the Islamic-accounting characteristics that
were different from conventional accounting. With its fairly-solid stand, Islamic accounting moves into
a more detailed discussion. Islamic accounting began to be directed to investigate whether transactions
and products of Islamic banks are indeed different from conventional banks so that they require different
accounting treatments (Al-Obji, 1989; Archer & Karim, 2001). Also, discussion begins to address issues
on how Islamic accounting can accommodate transactions and products of Islamic finance and banking,
such as murabaha and mudarabah by Al-Obji (1989), Al-Jalf (1996), and Daoud (1996).
Along with the recurring discussions about Islamic accounting, issues raised in the development of
Islamic accounting were, then, institutionalized in AAOIFI in 1991, which generate such standards as
accounting, auditing, and governance standards. At that time, Karim (1990a; 1990b; 1995; 2001), as
secretary-general of AAOIFI, took a lot of roles in the development of AAOIFI. During its
development, Gambling and Karim (1986; 1991) strongly inspired the development of this institution
(AAOIFI), which was directed to formulate Islamic accounting theory with its unique identity
complying with sharia, to meet the needs of the Ummah, and to be more down to earth, accommodating
real transactions and products facing the Ummah, trying to avoid usury (riba) and to pay zakat.
Since then, Islamic accounting under AAOIFI has been more concerned with studies to
accommodate global accounting issues, such as environmental accounting (Kamla et al., 2006). Thus,
at this point, Islamic accounting leads to converging with the dynamics of conventional accounting
when conventional accounting issues lead to accommodate relevant non-financial items to disclose for
the Ummah, also complying with sharia principles. From this angle, Islamic accounting issues under
AAOIFI, then, have begun to be noticed by Muslim countries or countries with most Muslim
4
Islamic accounting for most Islamic scholars is considered to refer to some verses in Quran (Quran, 2: 282; Quran, 4: 86; Quran, 2: 42;
Quran, 17, 36) to be derived to some other Islamic concepts reflected in Islamic accounting (Haniffa, 2002; Napier, 2009; and Haniffa &
Hudaib, 2011), such as Al-Adl (justice) (Quran, 4, 58; Quran, 4: 135; Quran, 17: 35; Quran, 55: 9, etc.) and Al-Ihsan (welfare of society)
(Quran, 16: 90; 2: 83; 28: 77, etc.), Ibadah (to worship Allah) (Quran, 51: 56-58), and Al-Falah (Human’s comprehensive welfare in the world
and the hereafter) (Quran, 2: 201; 3; 130; 3: 200 etc.).
5
These concepts refers to Quran verses, such as Mu'minoon (believers to Allah) (Quran, 23: 1), Adalah (justice) (Quran, 4, 58; Quran, 4:
135 etc.), Tazkiyah (growth and purification) (Quran, 87: 14, 91: 9-10), Amanah (trust) (Quran, 8: 27), Mas'uliah (accountability) (Quran, 17:
36), Ilm (knowledge) (Quran, 17: 85, Quran, 20: 114), Shura (consultation) (Quran, 42: 38), Balagha (eloquence) (Quran, 2: 82; 2: 159), and
Hikmah (wisdom) (Quran, 16: 125). In addition, halal (transaction and careful recording) (Quran, 2: 275) and measurement related to zakat
(religious levy) (Quran, 9: 103; Quran, 2: 43), determination and distribution of profit, treatment of debt, assets and taxes, while for the
dimension of disclosure, the things that should be considered are the payment of zakat, sadaqah (charity) (Quran, 2: 3; Quran, 2: 195; Quran,
2: 215 etc.).
68 Qizam: Identifying a Convergence between Non-Financial Information and Islamic Accounting for Islamic Decision Usefulness:
A Review and Synthesis
populations through harmonization or adoption (partially or fully). In addition to Karim (1990a; 1990b;
1995; 2001), the development of AAOIFI is much inspired by the recurring discussions from many
scholars such as Mirza and Baydoun (2000), Baydoun and Willett (1997; 2000), Lewis (2001), Haniffa
and Hudaib (2002; 2007) and many others, who continuously echo Islamic accounting. Furthermore,
the emergence of International journals, specifically related to Islamic accounting, such as the Journal
of Islamic Accounting and Business Research pioneered by Haniffa and Hudaib confirm these attempts.
In line with this concept, since 2011, along with the recurring discussions on Islamic accounting
inspired by ‘modern’ financial and business theories (e.g., legitimacy theory, stakeholder theory, and
signaling theory), AAOIFI has produced many standards consisting of sharia standards, codes of ethics,
governance standards, and auditing standards which have now reached a total of 114 standards and has
been continuously moving to update many Financial Accounting Standard (FAS) (the discussions to
update FAS 12, 13, 14, 15, 16, 18, 19, 21, 22, 23, 24, 26, and 27 are now on-going process) (AAOIFI,
2020). However, the question is the extent to which these standards can be adopted by users, which
countries, and how it is implemented. Countries adopting AAOIFI fully or partially are still limited,
such as Bahrain, Jordan, Kyrgyz Republic, Mauritius, Nigeria, Qatar, Oman, Pakistan, Sudan, Syria,
and Yemen, while some countries only consider AAOIFI accounting standards as the basis of
developing national accounting standards such as Indonesia and Pakistan, and some other countries
such as Kuwait. Dubai International Financial Centre (DIFC), Labuan, and Maldives consider it
secondary. Even it is still regarded as voluntary standards for Bangladesh (AAOIFI, 2020).
social aspects but also how it transcendentally demonstrate responsibility, accountability, and
transparency beyond society to include Allah. To this end, the concept of decision usefulness either
from non-financial information or from Islamic-accounting information comes to converge, i.e., leading
to the ‘Islamic’ decision usefulness, a concept that reflects the extent to which information (usually
financial information) is useful for all stakeholders, all people, and the planet using not only the
information and measurement perspectives but also the social, environmental, the-planet,
transcendental and religious perspectives. Not only all the attributes from the information and
measurement perspectives in the conventional-accounting paradigm but also all the social,
environmental, the-planet, transcendental, and religious perspectives should be applied in measuring
the extent to which information is useful, i.e., social prosperity index, poverty index, environmental-
sustainability index, human development index, piety index, and any other social, environmental,
economic, quality of life, and religiosity indicators.
Meanwhile, the divergence between non-financial information and Islamic accounting also still
appears. Non-financial information still moves toward a business strategy for sustainability separated
from religious activities, while Islamic accounting goes beyond that, i.e., all activities including
economic and all business strategy activities must go to Allah, and all activities reflect Ibadah.
Islamic
Accounting
(AAOIFI)
Research Opportunities: Almost non-financial information studies
inspired by modern non-financial information theories could be
applied in sharia-compliant firms either adopting or not adopting
AAOIFI.
Figure 3. Convergence and Divergence between Non-Financial Information and Islamic Accounting
This figure is adapted from the non-information and Islamic accounting articles as abovementioned
Conclusion
Given the insights regarding the importance to review non-financial information studies upon exploring
a great deal of research (from complementary to strategic, sustainable and creating shared value for
non-financial information), discussion, and standard-setting process (from CAP to FASB and IFRS for
financial information; from Ancient Roman Law to ISO 26000 and IIRC for non-financial information),
this proposed framework of Islamic decision usefulness has been developed from identifying the
patterns and nature coming from a significant number of previous research literature from both the non-
financial information and Islamic accounting and AAOIFI studies.
Looking into the way the empirical research literature of non-information has chronologically
passed, many findings have contributed to standard-setting and business decision-making practices
(decision usefulness). Through the dynamics of discussion and standard-setting process, developing
decision usefulness for constructing decision usefulness of non-financial information has flourished
from even before the 1950s when the Ancient Roman Law firstly influenced the English Crown which
regards the non-financial information (social responsibility information) as complementary to the
presence of ISO 26000, IIRC, and the ideas of sustainable value-creation (SVC) and integrated reports
which bring the non-financial information to the strategic pole of information for creating firms’ shared
value. To this end, the development of decision usefulness emitted from non-financial information
points to the same pole (a convergence). The firms’ shared value which is relevant, sustainable and pro-
profit, pro-people and pro-planet, corporate social responsibility (CSR) disclosure, green accounting,
creating shared value (CSV), and sustainable value-creation (SVC) go for convergence with Islamic
accounting objectives such as Al-Adl and Al-Ihsan, and its dimensions such as human, technical and
disclosure dimension; henceforth, the author may call this as ‘increased Islamic decision usefulness
(IIDU) concept.’ The divergence between non-financial information and Islamic accounting also still
exists. Non-financial information still moves toward a business strategy for sustainability separated
from religious activities, while Islamic accounting goes beyond that, i.e., all activities including
economic, and business strategy must return to Allah, i.e., all activities mean Ibadah.
Empirical research opportunities towards the increased Islamic decision usefulness could be
conducted by utilizing the comprehensive point of view on non-financial information and Islamic
accounting information (under AAOIFI) simultaneously or mutually supportively from one to one
another. The non-financial information research issues such as audit modes and strategy and corporate
governance to examine the credibility of non-financial information as studied by previous literature
could also be replicated in the context of sharia-compliant firms either adopting AAOIFI or not adopting
AAOIFI. Besides, standardization and integrated-report issues could also be examined in sharia
compliant-firms adopting AAOIFI fully or partially or voluntarily.
Global Review of Islamic Economics and Business, Vol. 8, No. 2 (2020) 059-076 71
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