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• July 17, 2020

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BOOK DISCUSSION “BASIC STRUCTURE OF ISLAMIC ACCOUNTING”

The book discussion activity which was held on Friday, July 17, 2020, with the title "Basic Structure of Islamic Accounting" was successful because it attracted many participants who were part of the academic community and the general public. The event, which held through the Cisco Webex online media, presented the best speakers in accounting disciplines, including a writer who is a practitioner in that field. The speaker at this webinar is Prof. Mahfud Sholihin, Ph.D. and Ihda Arifin Faiz, SE, M.Si, CMA, CIBA, CHRM moderated by Dina Natasari.

The seminar was opened by Prof. Mahfud Sholihin, Ph.D who was the first presenter. As Chairman of the Islamic Accounting Standards Board, he conveyed the development of Islamic Accounting as a general in Indonesia. In building an approach in Indonesia, there are various ways that can be done, such as using an ideal approach or through a pragmatic approach. According to him, this book uses an approach that seeks to connect the two approaches. "Some interesting things from this book are that the author tries to combine the knowledge of Accounting and Islamic Sharia. This book is rich in initial descriptions of the meaning of accounting as well as various opinions and arguments from experts. Apart from the academic side, the pragmatic side was also discussed, although not in-depth ways. In this case, various types of contracts are discussed, "said Prof. Mahfud. 

Moreover, this book is able to connect at all times. Current developments highlight the debate on the development of Islamic accounting which is influenced by various madhhabs of Islam. At the end of the book, the author criticizes the use of money and proposes the use of the gold monetary system. In general, this book is appropriate and able to inspire readers' thinking. 

The presentation was continued by Ihda Arifin Faiz, SE, M.Si, CMA, CIBA, CHRM who were the second speakers who acted as writers. Ihda explained the contents of the book "Basic Structure of Islamic Accounting" starting from the background, objectives, and contents of the book.

In his presentation, Ihda also conveyed the two opposing approaches in the development of Islamic accounting studies. On the one hand, it is important to develop practical things to implement. On the other hand, there are Syu'ur (Emotions) of Islam which requires the application of Islamic sharia in various aspects of life, including business. These things develop from the fact that current conventional business practices lead to tyranny so as to encourage the desire to develop accounting in accordance with sharia principles. There are various views that encourage the development of thoughts related to Islamic accounting. There are 3 studies presented in this book, such as the historical, philosophical, and applicable sides. Analysis of the historical side reveals how the application was during the past, the golden age of Islam. Furthermore, a philosophical study emphasizes its philosophical aspects, while an applied study tries to accommodate the needs of currently developing practices.

Furthermore, according to him, a separate review will cause confusion in the development of Islamic Accounting. Accounting position becomes unclear, therefore it is necessary to review the basic concepts of accounting. In developing a conceptual framework, a comprehensive understanding of Islam is needed, including the clarity of its laws according to the reality of the facts at hand. In this case, the approach according to Syara 'Hadharah and Madaniyah is used. Also used in meaningful reviews. Several things related to the conceptual structure of accounting based on sharia are emphasized on the problem of financial reporting and also the principles of the company and the company's business according to Islam. The discussion also covers various types of sharia contracts and transactions, as well as various accounting principles from the perspective of sharia.

The webinar was closed with a discussion involving more than 10 participants who asked questions in writing. One of the participants said that this activity was able to build further understanding of the meaning of sharia-based accounting. [Azata / SV UGM]