Assessment of Assets Between Accounting Based on Islamic Thought and Accounting Based on International Accounting Standards ' A Comparative Study'

摘要

Assetsare the essential constituentof the organization construction, where they are acquired andformed in both their parts,current and non-current through the life of the organization and in different dates.In addition, within an economy that is heading mostly to inflation, this causes a big problem for most professional bodies that legislate accounting standards in most countries, including the international Accounting Standards Board in ways of assessing these assets, particularly as they adopt the principle of historical cost, which showed faults in assessment. Thus, to address the faults of bases of historical cost, the opinions tend towards the concept of fair value as the basis for measuring these assets wherever possible, specifically since this assessment originally has a history in accounting that embodies in Islamic economic thought which was applied in for centuries and has confirmed its effectiveness.However, the political changes, the colonial and the appearance of greedy capitalism, which lean towards the rich at the expense of the poor, as well as tends to the strong party at the expense of the weaker party, neglected the economic role of Islamic thought, particularly the accounting in addressing many economic and accounting problems. The best example of this, the global economic crisis in 2008.Thus, many parties in the world and call for making the Islamic accounting thought, part of the solutions to this problem. Islamic thought that adopts assessing assets based on fair value,contributes in improving quality of accounting information provided to different groups of users by providing appropriate and viable information for understanding and with high reliability.Furthermore, they contribute to making the accounting information comparable with the information of other organizations and among the same organization's financial lists for multiple periods.Therefore, this study introduces and defines the role of Islamic accounting thought in assessing assets by comparing it with traditional accounting thought which depends on international accounting standards and international financial reporting standards.