Islam, Economic Rationalism and Accounting

This paper discusses the impact of Western accounting technologies on belief structures such as those of the Islamic faith. It assesses a theory of accounting and reporting proposed by Baydoun and Willett (1994 & 2000). It goes on to consider the nature and origins of Western materialist philosophy and contrasts the belief structure of Islam with the West. The paper also examines the historical context in which Western values became adopted in Muslim societies and discusses the policy issues that confront Islamic accounting standard setters