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The Development of Western Accounting Reports:

Some Vehicles Towards Future Islamic Accounting Reporting

By

Rizal Yaya

Lecturer at Muhammadiyah University of Yogyakarta

and

Shahul Hameed bin Mohamed Ibrahim

International Islamic University Malaysia

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INTRODUCTION

Siddiqi (1979) notes that justice (adala) and benevolence (ihsan) could be considered as

the summary of the entire ethos in economic enterprise derive from Quran. These values in his

opinion are the basic values which offer guidance in almost every action of human life. Since

the main concern of these values is with the social life, whenever we enter into relationship with

others, the question of justice inevitably comes in (Siddiqi, 1979). In this case, an individual

faces not only the problem of choice among the alternative means but also the choice between

just means and unjust means. Therefore in Islam, accounting, as a mean in evaluating an

organizational performance, is also required to be a just mean as well as a mean to direct a

company to be benevolence.

Western mainstream accounting has been criticized as it is inappropriate to be used to

achieve Islamic economic objective (Shahul, 2000; Adnan and Gaffikin, 1997; and Triyuwono;

2000). Meanwhile among the Western scholars, mainstream accounting has also been attacked,

among other hands are as it is politically partisan to capital providers (Tinker, 1985), contributes

to the environmental degradation (Gray, 1994) and legitimates the unemployment/downsizing

practices (Berry et al, 1985). Even though the idea of those Western scholars critics might not

derive from the Quran, the substance is most likely the same as what being the concern of Islam

on one behavior towards other people and the natural environment.

This paper aims at elaborating the development of accounting practices in the West

which is to some extents not only in line with Islam but also encouraged to be undertaken in

daily life. Since this development has come across with some alternatives of more equitable

accounting approaches, this paper would discuss the application of them as the vehicles in

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developing accounting reporting for any Muslim business organization and particularly Islamic

Bank which is now still trying to find its practical form.

CHARACTERISTICS AND PROBLEMATIC OF MAINSTREAM ACCOUNTING

Mainstream accounting, according to Laughlin & Gray (1988) has some characteristics

such as (1) the identification restricted on accounting entities; (2) only for the economic

activities that relate to those accounting entities; (3) only recording those economic events

which have already or will generate some cash equivalent; and (4) assumed to be for a particular

set of individuals typically investors and others with a purely interest and involvement with the

accounting entity. These characteristics, according to Gray (1994), show that accounting has

limited its scope toward an economic matter only (see figure 1 below).

Figure : 1

The Environment of Mainstream Accounting

Accounting Environment users

economic

events

economic

events

economic users

events individuals and or groups with reasonableright to and/need for accounting information

Source: Gray (1994)

3

The

AccountingActivity

Useful

information


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However, an organization is not only involved in economics events but also in social and

environmental events i.e. using the natural and labor provided by the environment and society.

These events, then affect not only the organizations per se but also the society and environment

around them as well as future generations (see figure 2 below).

Figure : 2

The Environment of Social and Environmental Accounting

Accounting Environment users

economic

events

social

events

environ-

mental users

eventsbroader categories of individuals and/or

groups including society, labor and future

generations

Source : Adapted from Gray (1994)

As what being the concerns of Muslim scholars these four characteristics are also not sufficient

to some of the Western scholars. Gray (1994) believes that there is no absolute reason why these

four characteristics should be considered preferable to any other. He even argues that the

significant rises in accounting have created many problematic cases. These problematic cases

occurred in many elements such as (1) the extent and ubiquity of its practice; (2) economic

consequences; (3) social and sociopolitical consequences; and (4) environmental implications.

4

The

Accounting

Activity

Useful and

accountable

information


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1. The Extent and Ubiquity of Accounting Practice

Gray (1994) assesses accounting is found to be growing and increasingly intrusive,

important, well rewarded, critical to many activities and widely influential in many subtle

ways. However accounting in its development is not well regulated. Accounting profession

enjoys wide privilege and legitimacy in law and elsewhere. It is common nowadays to find

an accounting firm runs their activity in unlimited services. An accounting firm could serve

a client in establishing, using, controlling, assessing, and internally auditing while at the

same time legitimating the fairness of clients annual report on behalf of public

accountability. This condition becomes problematic because it could drive accountant to be

wild in undertaking their activities as they are becoming more and more uncontrollable.

2. Economic Consequences

The early concern with the economic consequences of accounting practice and

choice went hand in hand with a number of accounting scandals. Scandals in UK, for

example led to the formation of the Accounting Standard Steering Committee. However no

substantive changes were made and the public scandals continue (Gray, 1994). This is as

much as anything exposed the weak foundation upon which current accounting practice was

built (Laughlin & Gray, 1988). The steady rise in legal cases in which accounting and

auditing are implicated and the rising number of instances on which the very integrity of the

accountants and auditors involved in illegal issues have hit the public awareness about the

professional appeals by the profession (Gray, 1994). This in turn bears doubt about

conceptual underpinnings of the activity and the extent to which public interest and integrity

are significant in the execution accountants activities.

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3. Social & Sociopolitical Consequences

Burchell at al (1985) identifies a number of different functions that accounting was

playing in social and organizational settings. However with the increasing use of

methodology from sociology and organizational theory, observers have identified a broader

accountings roles. Accounting has been identified of having a great role in determining

plant closure decisions with the effect on employees unemployment and social cost

implications (Berry et al, 1985). Armstrong (1985) reveals that accounting could function in

the disciplining and control of labor. And accounting is also used to win the public sector

debates about notions such as efficiency (Power, 1991). Further, Hines (1988) has

demonstrated that accounting is not only reflecting the world around it but actually is

constructing that world.

Gray (1994) perceives that would be difficult to refute the notion of the essential

roles that accounting plays in the economic, social and political domains. However, although

the social and sociopolitical consequences of accounting, has been discovered, little

responses have been made for recognition of and anticipations about the importance of

accounting in society and organizations and the contestable nature of the craft (Hopwood,

1990).

4. Environmental Implications

Pearce et al. (1988) envision our planets wealth consists of Natural Capital (the

earths natural elements and inhabitants before mans use and manipulations of them) and

Man-made Capital (that which man has created such things as roads, plant, buildings,

know how etc). Man-made Capital has been growing very significantly in Western

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countries, but this growth must be at the expense of a decline in natural capital (Pearce et al.,

1998)

Gray (1993) illustrate how the trade off has occurred and how accounting has

enabled it to happen as drawn in figure 3 and 4. The flows in figure 3 form the basis for the

bookkeeping system and the basis upon which financial accounting is built.

Figure 3

A Restricted View Of Accounting Environment

The General Environment (The Universe of all possible influences)

Source: Gray (1993) Adapted from Lowe (1972) and Laughlin & Gray (1988)

In accountants perception, only organization interactions with a substantive environment

would be priced while others not. It can be said that, this view is a very restricted view of the

world.

However if we extend the above restricted view, into a broader view in terms of

full organizational life cycle, the organization would be seen as drawing from the

biospheres finite source of natural wealth and returning to it an increasing volume of

7

The accountants Transformation

substantive environment Feedback Loop

Information Information

Funds Funds

Physical resources Physical goods

& services

The Organisation

Re

c

o

rd

Re

c

o

rd


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environmentally harmful waste in one form or another (see figure 4). Since accounting

ignores this and thus decisions based upon accounting will ignore the non-priced elements of

this cycle as well as ante-price (those environmental affects occurring before the events

generates its price) and post price (i.e. emissions, pollution and waste) aspects of the events.

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The accountants Transformation

substantive environment Feedback Loop

Information Information

Funds Funds

Physical Physical goods

resources & services

Figure 4

A System view of Accounting, Organizations and the Environment

NON-PRICED Heat

Resources Waste(Air, Water, Sea,

Bio-diversity, Material Pollution

Ecological,

Ethical

The Biosphere

Source: Gray (1993) adapted from Lowe (1972) and Laughlin & Gray (1988)

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Re

c

o

rd

Re

c

o

rd

Previous

Production

DEPLETION OFSCARCE

RESOURCES

Material

Well Being

DISPOSAL

RESOURCES

WASTE


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Just like a game which the way any game is scored and assessed would determine how the game

is played (Prakas & Rappaport, 1977). Accounting as the score-keeper of current organizational

performance, has been used at the cost of environmental degradations (Gray, 1994). If that

degradation is to stop, then alternative score keeping is absolutely essential. To achieve that

objective, accounting has to seek to expand the accounting domain to include non priced events

by internalizing the social and environmental externalities.

EARLY DEVELOPMENT OF SEARCHING FORALTERNATIVE ACCOUNTING PRACTICES

Modern thinking about business and its actual or potential social responsibility is

initially dated from Bowen in 1953. In that year, Bowen (1953) identifies a separate and largely

new and unrecognized potential for responsibility in business and its managers. Then by the mid

1960s, Peter Drucker, a well known scholar in the field of management, reported that young

people in America was increasingly disappointed with the level of social responsibility

exercised by American corporations (Drucker, 1965). By the late 1960s, the social responsibility

of business debate developed both in North America and Continental Europe.

It was in the early 1970, the accounting profession in United States (US) responded this

issue. David Linowes, an influential practicing accountant in US, was one of the first to see the

potential link between social responsibility and accounting. Linowes (1972) argued that a good

company which embraced the highest standards of social responsibility should not be penalized

in its financial statements. He said that social responsibility will in the short term, cost company

money. This in turn reduced profit and as result, the responsible company would appear to be

less successful. Therefore he proposed an additional accounting statement that could be

published in the annual report which would show the organizations performance in the social

domain (see appendix 1).

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Throughout the early 1970s the American Accounting Association (AAA) issued a series

of reports on many aspects of the social responsibility debate (AAA, 1973; 1974; 1975). The

reports discussed the accounting issues on reporting to employee (employee reporting) and

reporting about employee (employment reporting), as well as investigation into the issues

concerning the reporting of accounting information to trade unions for the purposes of collective

bargaining. Then in 1975, the Accounting Standards Steering Committee (ASSC) in the United

Kingdom (UK), published Corporate Report (ASSC, 1975) which attempted to establish a

programmed to develop accounting to become more responsive to wider social responsibility

issues.

The increasing concern on this issue has resulted in the development of corporate social

reporting. This development can be identified in three milestones. They are (1) Social

Responsibility Accounting, (2) Employees Related Reporting and (3) Natural Environment. The

following section would discuss each milestone and analyze its importance in ensuring the

application of Islamic Muamalah principles.

A. Social Responsibility Accounting (SRA)

Social responsibility accounting report is concerned with trying to present a

comprehensive picture of the full extent of the organization's interactions with its external

environment. In its development, SRA has been reported in three types of format, (1)

descriptive with the intermittent use of quantitative data, (2) financial terms of social accounts,

and (3) combinations of social accounts plus a series of more general statements.

One example of descriptive format with the intermittent use of quantitative data is

disclosed by BankAmerica Corporation 1974 annual report. In their report, BA corporation

address shareholders on the issue of urban affair, equal hiring, contributions and grants and the

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use of paper recycling (see appendix 2). Meanwhile, financial reporting model of responsibility

accounting has been developed by Clark C. Abt, a consulting firm which initiated and developed

a set of social account. This model of reporting has been applied in the Cement Corporation of

India (see appendix 3). The model covers three major accounts; Firstly, social benefit cost to

staff; Secondly, social benefit cost to community and; Thirdly, social benefit cost to general

public. The problem exists in this model is the difficulty to capture those social and

environmental interactions in financial terms on the same valuation basis.

The Deutsche Shell Report is a combination type report of a set of social accounts plus a

series of more general statements. An attempt at comprehensive reporting is provided by an

orientation to assessing the extent to which the company contributes to social welfare (see

appendix 4). Thus the Deutsche Shell report relies on costs and relates the whole to corporate

social objectives via the establishment of and reporting against internally generated standards

(Schreuder, 1979)

Social responsibility report is also suggested by Khan (1994) to be provided by Islamic

Bank. Suggests that accounting reports should disclose the banks initiative in fulfilling its

social responsibility such as, contributions toward various charitable activities, development of

employees, contribution to the economic development of the country, efforts to alleviate poverty

and efforts to reduce income inequalities. In reporting its social performance, the negative

effects of the activities of the organization need to reflected as well in Muslim accounting report

(Hameed, 2000). This is all because in Islam, managers accountability to society is part of his

accountability to Allah as a trustee of His resources. This implies any Muslim to enjoin the right

and forbid the evil.

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B. Employee Related Reporting

Until the 90s, a greater number of examples of employee related reporting is mainly

developed in UK. Gray (1996) explained that it could be caused of the existence of law which

enforces the company to disclose such report. Regarding to the employee related reporting

ASSC has issued the Corporate Report. This standard recommended among other things to

disclose a statement of value added and an employment report.

a. Value Added Report

Value added report differs from conventional accounting by a focus on value added

measurement as wealth measurement and value added distribution as wealth distribution

(Belkaoui, 1999). It is argued that the real wealth of the firms is value added rather than profit.

Corporate Report 1975, recommended the issuance of this statement to show how the benefits of

the efforts of an enterprise are shared by employees, providers of capital, the state and

reinvestment.

The simplest equation of Value Added Report is sales income less materials and services

purchased. Then the value added could be distributed to labor (wages), capital provider

(dividends), creditor (interests) and government (taxes). Since the result of this simplest

equation is overstated by depreciation, then depreciation need to be incorporated to achieve net

value added (see the equation below). Hence, net value added is distributable while gross value

added is not.

S - B - DP = W + I + DD + T + R

S = sales revenue I = interestsB = bought in material and services DD = dividends

DP = depreciation T = taxes

W = wages R = retained earnings

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The right hand side is also known as the additional method and the left hand side the subtractive

method. The following figure would show the difference between conventional Income

Statement with Value added Statement:

Figure 6

Conventional Income Statement versus Value Added Statement

Conventional Income Statement

Sales 2,000,000

Less: Material used 200,000

Wages 400,000

Services purchase 600,000

Interest 120,000

Depreciation 80,000 1,400,000

Profit before tax 600,000

Less: Income tax (assume 20%) 120,000

Profit after tax 480,000

Less: dividend payable 200,000

Retained earning for the year 280,000

Value Added Statement

Sales 2,000,000

Less: Bought in materials 200,000

Services purchase 600,000

Depreciation 80,000 880,000

V.A. to distribute 1,120,000

Distributed :

To employees 400,000

To capital providers

Interests 120,000

Dividends 200,000 320,000

To Government 120,000

Retained earnings 280,000

1,120,000

Belkaoui (1999) suggests that if the companys objective shifts from maximization of

shareholders return to a consideration of the welfare of the total production team, the focus will

shift to the value added or total return of the firm. In general, Value Added Report provides

more progressive atmosphere surrounding the business to put the focus on all the partners rather

than simply on the shareholders. The measurement and disclosure of value added per se will

generate the new spirit of cooperation between the workers, the investors, governments and a

new responsibility of the economic entities to all the members of the production team. The new

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responsibility may take fairer taking into account each individual contribution as a basis for the

distribution (Belkaoui, 1999).

Baydoun & Willet (2000) consider Value Added Report as one of the element of Islamic

Corporate Report. They argue that in a Value Added Report greater emphasis is place upon the

cooperative nature of economic activity and less on its competitive aspects. This is consistent

with the religious principle of fair and considerate trading. The other importance of Value

Added Report is also in deemphasizing those aspects of commercial behavior which are

inconsistent with Islam. It stresses entity performance from a community viewpoint as opposed

to focusing on individualistic entity performance from the viewpoint of the owners. Since

Islam encourages the payment ofZakah and donation for charity, this type of reporting is most

likely suitable to be incorporated as shown by Baydoun and Willet (2000) in the following

figure:

Figure 7

Baydoun and Willets Value Added Statement

Value Added Statement

Sources of Value Added

Revenue XXX

Bought in items (XXX)Revaluation XXX

XXX

Distributions:

Employees (wages) XXX

Beneficiaries (Zakat) XXXGovernment (taxes) XXX

Owners (dividends) XXX

Charities (Waqf, infaq) XXX

Reinvest Funds:Profit retained XXX

Revaluation XXX

XXX

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b. Employment Report

Employment reports are reports to shareholders and others about employment. The

corporate report in UK, recommends that full employment reports should be published and

provided the following data.

1. Numbers employed, showing totals and numbers of males and females in full-time, part

time and temporary employment. The number of permanent employees, the number of

recruitments and separations.

2. Locations of employment, showing the numbers employed in each of the companys

home base country and overseas.

3. Age distribution of employees, showing the number of employees under 20 years and

over 60.

4. Hours worked during the year showing the total paid at normal rates, the total paid at

over time rates, paid and unpaid lost hours showing whether the hours were lost because

of sick leave, industrial accidents, lay offs or internal and external industrial disputes;

also the average required and actual working hours per week and the average paid

holidays hours per annum.

5. Employee cost showing the total of wage and salary costs and of fringe benefits.

6. Pension, showing details of pension scheme including employers and employees

contributions, the numbers of employees included and pension benefits.

Such policy is then developed under the 1985 Companies Act which requires the companies

with more than 250 employees to disclose their policy on employment and training of

disabled persons including considerations of applications and continuing employment of and

providing training for employees who become disabled. There are also provisions in the

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1985 Companies Act to include in the directors report on information about the

arrangements in force for securing health, safety and welfare at work of employees.

Beekun (1997) views that the Muslim managers should look after the human interest and

not only the economic contribution of the employee. Therefore for an Islamic business

organization, it is a must to pay attention on the ethical treatment of employees with regard to

religious duties, fair treatment and fair wages. Therefore, disclosing employment report could be

expected to ensure the company on fulfilling their obligation toward employees and encourage

the company generosity.

C. Environmental Accounting

By the early 1990s the environment was the predominant concern of those interested in

the anti-social activities of companies and who wanted to enforce public accountability for such

activities (Perks, 1993). It seemed that many current economic development and policies were

not sustainable and that major environmental crisis were on the way. The main pressures, which

were said to be increasing were said to be increasing exponentially. Included such things as the

rate of ozone depletion, desertification, incidence of acid rain, depletion of fishing stocks,

erosion of soil, rates of usage of non-renewable resources, rates of species extinction and so on.

Two major report related to this issue has increased the importance of environmental

issues: the Brundland Report (1987) and the Pearce Report (1989). The reports recommended

that economic policies should be integrated with environmental objectives and that the polluter

pays principle should be adopted (Perks, 1993). Both Bruntland and Pearce adopted the concept

of sustainable development, the idea that the environmental impact of growth is managed in

such way that future generations are able to sustain living standards and make further progress.

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Azzone et al (1997) notes that there are two alternative strategies may be proposed to

produce a more effective environmental report; Generic Report Strategy and Specialized Report

Strategy. Generic reporting strategy would address all of the major issue common to all

stakeholders as shown in figure 4 below.

Figure 8

Major issues in Generic Reporting Strategy

- Current environmental policy

- Emissions and impacts

- Environmental managements standard

- Future programs or strategies- Performance trends

- Regulatory compliance

- Environmental expenditure

- Risk assessment

This approach according to Azzone et al (1997) is suitable for firm which has a limited database

on environmental issues and limited human resources. Meanwhile the report provided under

specialized reporting strategy needs greater information than generic report. Azzone et .al.

(1997) specify that there are three types of specialized report:

a. Progressive Environmental Report

This report is directed towards academics, local communities and environmental NGO. The

content of the report deals with the environmental management systems, various proactive

issues on accountability, sustainability and transparency, while also addressing issues such

as verification, data quality, life cycle assessment and green technologies.

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b. Functional Environmental Report

This report aimed at business, the financial community and regulators. This includes what

environmental actions the company is currently undertaking, what is planned, how much it

costs and what are the associated risks and liablities.

c. Explanatory Environmental Report

This report addresses the employees concerns on environmental issues, such as regulatory

compliance, training, health and safety regulations, employees participation and

accountability.

In Islam, all of the resources upon which life depends have been created by Allah as a

trust in human beings hands. Allah the Creator, has ordained sustenance for all people and for

all living beings (see Q.S. 41:10). Thus the utilization of these resources is the right and

privilege of all people and species. It is a kind of joint benefits in which each generation uses

and makes the best use of nature according its need without disrupting or adversely affecting the

interest of future generations (Bakadar et al, 1990). Therefore the issuance of environmental

report is encouraged in Islam to ensure the company behaves in the appropriate manner toward

environment.

APPLICATIONS ON ISLAMIC BANKING

Fahim Khan, one of the Islamic economics scholars, explains that the existence of

Islamic Banks is to promote, foster and develop the banking services and product based on

Islamic principles (Khan, 1983). Further, Islamic Banks are also responsible for promoting the

establishment of investment companies or other business enterprises as long as the activities of

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these companies are not forbidden by Islam. Their main principles comprise of (1) prohibition

of interest in all form of transactions; (2) undertaking business and trade activities on the basis

of fair and legitimate profit; (3) givingZakatand (3) developing an environment which benefits

society .

Based on that understanding, it is obviously that Islamic Banks should disclose not only

their economic events but also social and environmental events they have undertaken or not

undertaken. However to some extent, the Islamic Banks accounting reports have left behind

reporting on their social and environmental issues. In general, Islamic Banks have been required

to report theirShariah compliance . But this type of report elaborates mainly on the compliance

of financial product with Shariah Islam. Yet the current accounting reporting the Islamic bank

does not provide a full picture of their accountability to the large society.

Reporting Islamic Muamalah practices (at least towards social public, employee and

environment) in Islamic Bank could be done in several stages. Firstly, simply stating that it has

the Muamalah practices policy. Secondly, disclosing the policy or summary of it in the annual

report or elsewhere. For instance it could be disclosed as follows:

Islamic Bank A has a continuing commitment to good environmental performance

and plays an active role in supporting the concept of sustainable development. Any

financial contracts that we enter into, is supported by a review on the impact towardssociety and environment. Over the last two years, we have spent money for about half

million dollar to ensure our financial contracts to be in line with the appropriate manner

towards society and environment

Thirdly, turning the policy into specific objectives. Fourthly, report the level to which those

objectives have been met. And fifthly, report how it intends to meet the policy.

CONCLUDING REMARKS

So far in western countries, reporting on social and environmental events has been

applied for two reasons (Azzone et al, 1997). Firstly, because of firm operates in the field

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characterized by a high level of environmental risk and are under significant external pressures.

Hence, they aim at disclosing detailed information on the achievement environmental

performance. Secondly, because of firms consider the environmental or social dimension as a

significant differentiation factor in the achievement of competitive advantages. For such firm, it

is critical to improve the corporate green image through the introduction of effective

environmental reports which completely meet information requirements of different categories

of target audience.

The two reasons above are logic in nature. However, in Islam, every act could be

considered as worshiping Allah as long as the intention is for Him only. Since the success of

worship is determined by the intention, any Muslim organization should not wait to report their

Islamic Muamalah practices until the financial benefit is clear or regulation is being enforced

like the motivation on mainstream Western companies. Since Islam encourages people to be

benevolence, reporting this issue voluntarily could be perceived as Muslim commitment towards

this principle.

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