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Unveiling IFRS standardization projects and the position of Takaful Industry in Indonesia; A Literature Review

Mukhlisin, Murniati (2017) 'Unveiling IFRS standardization projects and the position of Takaful Industry in Indonesia; A Literature Review.' Journal of Islamic Accounting and Business Research, 8 (2). pp. 229-247. ISSN 1759-0817

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urpose: This paper aims to explore the alignments of the Takaful industry between the Islamic and the International Financial Reporting Standards (IFRS) requirement and the subsequent social and political consequences. Design/methodology/approach: Meta-analysis of thorough examination of 1* to 4* relevant peer-reviewed journals in the academic journal guide 2015 of the Association of Business School from the period when first IFRS was issued in 2005 to 2012 and where Indonesia declared to fully adopt IFRS. The examination also includes some other appropriate Indonesian and Islamic accounting publications. The paper employs comparative analysis between IFRS, Auditing Organization for Islamic Financial Institution and the financial reporting standards practiced by Takaful industry to examine the hindrance towards the standardization process. Findings: It is shown that the literature emphasis not only on the technical matters related to financial reporting standardization but also on the complex arrangement in different country settings. Learning from Indonesian experience, the literature suggests that neo-liberalism is piercing through different parts of economic and political setting of the country’s infrastructural powers leading up to the influence of financial reporting standardization process. Originality/value: The paper contributes to the existing ontological arguments whether the Takaful industry is a mere business entity that has no specific requirements for financial reporting standards.

Item Type: Article
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
Divisions: Faculty of Social Sciences > Essex Business School
Faculty of Social Sciences > Essex Business School > Essex Accounting Centre
Depositing User: Jim Jamieson
Date Deposited: 21 Nov 2016 16:36
Last Modified: 12 Sep 2018 19:22

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