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M. Jusuf Wibisana
Partner at PwC Indonesia
Lecturer at FE University of rawijaya
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! Development of Syariah AccountingStandards
! Syariah Principles
! Example of Syariah Transactions
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! Financial Accounting Standards;! Since 1972 with USA influence
! Harmonize to IAS/IRFS since 1994
! Fully adopt IFRS as available at January 2009 since
January 2012! Syariah Accounting Standards since 2002;
! Internally developed
! Refer to the AAOFI’s Standards to certain exent
! Liaise heavily to Syariah Rules issued by the
National Syariah Council (DSN)
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! Accounting Standards for Non Public Entities;! Developed in 2008 and effective since 2009
! Refer to the IASB’s Standards
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! AAOIFI’s standards deal with financialinstitutions only, and not deal with partiestransacting with the institutions
! AAOIFI’s standards are too broad and lessdetail, since dealing with auditing as well asaccounting
! There might be differences in the Islamic
rules applied on certain transactions as theresult of local deliberation (ijtihad)
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3/5/13 7
L ND S N
KONSEPTU L
Conceptual Framework of Syariah Financial Reporting (KDPPLK Syariah)
Syariah Accounting standardsConventional Standards which
are in line with Syariah
SAK Intenasionalatau negara lain
PeraturanPemerintah untuk
Industri (Regulasi)
BuletinTeknis
Pedoman/Praktik
Akuntansi
Level 1
Tingkat 2
CONcEPTUAlFOUNDATION
Al Qur’an
As Sunah
Rules (Fatwa) Syariah
L ND S N
OPER SION L
Praktik, Konvensi dan Kebiasaan
Pelaporan
Buku Teks, Simpulan Riset, Artikel
dan Pendapat AhliLevel 3
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! Principle of brotherhood (ukhuwah)
! Principle of fairness (‘adalah)
! Principle of betternes (maslahah)
! Principle of balance (tawazun)
! Principle of universalism (syumuliyah)
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! Transaction is only conducted betweenknowledgeable and willing (ridha) parties
! People are free to enter into transaction as longas the object is halal dan good
! Money is a means of transaction andmeasurement unit, and not object of transactions
! No riba
! No dzalim (unfairness)
! No gamble (maysir)
!
No un-clarity (gharar)! Not containing unlawful (haram) articles
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! Do not recognized time value for money, orThere should be no gain withoutaccompanying risk
! Based on clear contracts for the benefit of all
parties! No more than one price in one contract
! No more than one transaction in one contract(ta’alluq)
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! There are several Schools of Thoughts inSyariah. They sometime come to differentconclusion. E.g. Murabahah tawaruq is lawfulor permitted in UAE and Malaysia, but
prohibited in Indonesia. Bai innah (repurchaseagreement) is permitted in Malaysia, butprohibited anywhere else.
! Fiqih ahkam tends to apply ‘form over
substance’ principle, whilst fiqih maqashidapplies ‘substance over form’ principle.
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SyariahContracts
Trading PartnershipRent/Lease Fee based
Istishna’
Salam
Murabahah
Ijarah muntahiyah
bittamlik
Ijarah
Musyarakah
Mudharabah
Kafalah
Lain-lain
Wakalah
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Sales Rp.10.000,-
Cost of sales Rp.6.500,-
Gross Profit Rp.3.500,-
Expenses Rp.2.000,-
Profit Rp.1.500,-
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! Profit sharing can be applied from
!
Gross proft: e.g. Bank 80 % and Mudharib20 % from gross profit! Net: e.g. Bank 50% and Mudharib 50% from net profit
Bank: Rp.2.800,-
Mudharib: Rp. 700,-
Bank: Rp.750,-
Mudharib: Rp.750,-
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Profit Rp2.000
Management fees for
mudharib, say 60%
(Rp1.200)
Profit available for musytarik
(investors)
Rp800
Management which is also
shahibul mal; say 25 %
(Rp200)
Shahibul mal (investor);
75 %
Rp600
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! Mudharabah withmudharib(management) alsoinvests his/herassets in the joint
venture.
Mudharabah
Musyarakah
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