@article { author = {Babajani, Jaffar and Saidy, Hojatollah}, title = {Developing a Model for Financial Reporting in Islamic Capital Markets: The Case of Islamic Republic of Iran}, journal = {Journal of Accounting Advances}, volume = {2}, number = {1}, pages = {1-37}, year = {2010}, publisher = {}, issn = {2008-9988}, eissn = {2716-9626}, doi = {10.22099/jaa.2010.3415}, abstract = {Journal of Accounting Advances (J.A.A) Vol. 2, No. 1, Summer 2010, Ser. 58/3     Extended Abstract   Developing a Model for Financial Reporting in Islamic Capital Markets: The Case of Islamic Republic of Iran     Dr. J. Babajani                                              Dr. H. Saydi   Allameh Tabatabaei University                    Tehran Azaad University     Introduction        Development of capital markets in Islamic countries, like other countries around the globe, is one of the essential targets of governments. As a result, most researchers and theorists in these countries have attempted to structure a suitable dynamic Islamic Capital Market, in which the characteristics and implement of financial tools and activities are Islamic Economic Rules-- Shari’a compliance. Because of special and strong religious rules for financial and monetary transactions in Islam-- like prohibition of Reba, there have been several researches to set particular standards or develop an efficient model for corporate reporting in Islamic business environments.        The results of many studies in accounting theory, wholly and strongly endorse that “Accounting” is a branch of social sciences and there are many evidences on influences of environmental and social factors on accounting methods and financial reporting process and products. Studies of relationships between accounting and social factors, in one hand take the cultural and other environmental factors as the most powerful factors in shaping and preparing corporate reports (Hafsted & Gray, 2001), and on the other hand, consider accounting as a product of its environment itself and so, a country’s accounting system may be significantly influenced by a variety of environmental factors (Maliah Sulaiman, 2005). As such, factors like political and legal policies, structure of ownership rights, size and complexity of business environment, process of finance and taxation, economic growth rate, technology and even education system may run the shape and approaches of accounting system in a society and any change in one of those factors may cause a change in accounting policies or methods. In any case, this fact will shape some particular characteristic for financial reports as the final product of accounting process. In better words, each particular business environment necessitates its own corporate reporting model which may be wholly or partially different than others.        Based on abovementioned thought, we can find sets of studies and researches in recent years which have set to survey the role of religious values and believes of Muslim economic activists in designing accounting system and preparing financial statements. The core of those values and believes is Shari’a that mainly regulates the economic decisions and behaviour of Muslims in both individual and social aspect of their life. And so, regulated economic behaviour obviously needs to a particularly regulated accounting system. For this purpose, we should identify the key factors which make accounting system of Islamic countries distinguished among regular international one.        Since, all of evidences which have resulted by several researches in capital market field show the strong effect of information on securities price, and financial reports are the most efficient tools to report such information, studies about the roles and characteristics of corporate reports in Islamic Capital markets and differences whit Non-Islamic ones, have a huge importance in Islamic academic and professional researches. On the other hand, Islam is not a religion which restricted only to personal aspects of individual, and so, because of social focus of this religion, there are so many rules which are set on social, economic and cultural aspects of life. Therefore, compliance with these rules is a vital issue in designing accounting system and financial reports. In other words, because accounting is a social science which is affected by environmental factors, it is obvious hat financial reports as the final products of accounting process should meet environmental needs as well.        Accounting has been identified from two views: the information system for making economic decisions and a perfect tool for accountability (Ijiri, 1984). Since the importance of accountability aspect of corporate reports in Islam is not less than first one, and even it is much more, we do need to a model of financial statements which can be considered as a strong tool to meet accountability necessities very well, a model which has to be applicable and practical, of course. In addition, Shari’a compliance corporate reports necessitates certain level of transparency and also fair focus on profit which cannot be predetermined or fixed and must be measured with enough reality and fairness in its distribution.   Research Main Questions and Hypotheses       There are two main unanswered questions that this research has been designed to find suitable answers for them: 1)   Do current conventional financial statements meet the Islamic Capital Markets needs? 2)   What is the suitable Model of Financial Reporting in Islamic Capital Markets? Since the potential answers for these extremely important questions could be sufficient to meet the research's needs, we preferred to relinquish setting particular hypothesis. So the main aim this research is just finding two persuasive answers, which has been developed in the rest of text.         Research Method        This paper is the brief of a thesis which had planned to introduce a suitable model for corporate reporting in Islamic capital markets. In order to achieve the targets we planned the study in three steps: first step was studying several theoretical text and conceptual frameworks about Islamic Economic System, Islamic Finance, Financial Reporting and other related topics which were useful to get a clear idea about the subject of research. One of main sources in this step is Ownership Equity Theories in accounting literature which plays a significant role in standard setting for corporate reports. In this stage we could identify the aimed factors which should be examined and applied in purposed model. In second stage, we surveyed the opinion of professionals, academic experts and well- experienced investors in capital market by Delphi method to get a consensus of opinions about factors. Finally, we attempted to design a proper model for financial reporting which can meet the major necessities of Islamic capital market concluded from first and second phases of research. This model has been prepared by combination of traditional and desired essential statements which focuses on activities of enterprise- and not on enterprise itself. In order to prepare a useful statements which could play a significant role for Iranian investors and financial analysts, our basic data has collected from one of the largest listed companies in Tehran Stock Exchange, a conglomerate whose activities are in five major fields, and each filed has its own identifiable characteristic, both in  nature and profitability. In other words,this paper is summary of a research which has been planned to introduce a financial reporting model to meet Islamic Capital Markets needs.   Results        The research evidences show that in Islamic Economy, two main aspects of financial reporting should be considered: first, transparency and accountability of corporate reports, and then, measurement of real profit and fairness in distribution of real profit, so the proposed model has to meet these factors. Since one of key theories which affect the standards and forms of corporate reports is ownership theories, the research shows that implement of Fund Theory can make model designing process much easier and more efficient. Finally, we have introduced a financial reporting model, in which the central point of reports focus is activities of business, and not entity or owners wealth which are central points in Entity and Proprietary Theory.    Discussion and Conclusion        There are many evidences on influences of environmental and social factors on accounting, -as a social science, methods and financial reporting process and products. Since one of the strongest social factors is the religion of majority in each society, this paper is seeking a suitable model of Corporate Reports for Islamic Capital Markets. Several studies and accounting literatures show that the ownership theories have significant roles in standard setting for context and forms of financial report, and so we have tried to find the most suitable ownership theory to meet abovementioned need. The result of study shows that Fund Theory in accounting which is an operational based theory can be used to identify the form and context of Islamic Corporate Reports. Finally, based on Fund Theory and using Delphi Method in our research, we have prepared the proposed model for appropriate financial statements in Islamic capital Markets.      }, keywords = {Keywords: 1. Islamic Capital Market 2. Corporate Reports 3. Fund Theory 4. Accountability 5. Transparency 6. Real Profit}, title_fa = {ارائه‌ی مدلی برای گزارش‌گری مالی در بازار سرمایه‌ی کشورهای اسلامی؛ نمونه مورد‌ی ایران}, abstract_fa = {توسعه‌ی بازار سرمایه درکشورهای اسلامی نیز مانند تمامی کشورهای جهان به عنوان یکی از مهم‌ترین ارکان توسعه‌ی اقتصادی، در زمره‌ی اهداف اصلی دولت و دستگاه‌های حکومتی قرار داشته است. به همین دلیل، گسترش و پیشرفت روز افزون عملیات مالی در این کشورها و ارتقای سطح خدمات مالی اسلامی در پهنه‌ی جهان، موجب اهتمام جدی اندیشمندان و فعالان مسلمان این رشته از فعالیت‌های کسب و کار برای تشکیل بازارهای سرمایه‌ی اسلامی شده است؛ بازارهایی که ساختار محصولات و فعالیت‌های تأمین مالی در آن‌ها، مطابق ضرورت‌ها و ضوابط مورد نظر دین مبین اسلام تعریف شده باشد. از آن‌جا که یافته‌های حاصل از پژوهش‌های بی‌شماری که در حوزه‌ی بازار سرمایه انجام پذیرفته، جملگی بر تاثیر چشم‌گیر اطلاعات برقیمت اوراق بهادار صحه می‌گذارند و یکی از مناسب‌ترین عرصه‌های ارائه‌ی اطلاعات در بازار سرمایه، گزارش‌گری مالی شرکت‌ها است، توجه به نقش گزارش‌گری مالی در بازار‌های سرمایه‌ی اسلامی و تفاوت آن با بازارهای غیر اسلامی، از اهمیت ویژه‌ای درعرصه‌ی پژوهش برخوردار است. ازسوی دیگر، توجه به این حقیقت که اسلام دینی نیست که تنها به حوزه‌های فردی محصورشده باشد، بلکه نظام انسجام یافته‌ای را برای زندگی انسان درحوزه‌های سیاسی، اقتصادی، فرهنگی، مذهبی و سایر جنبه‌های زندگی عرضه می‌کند، لزوم توجه به شکل و محتوای گزارش‌گری مالی، به نحوی که پاسخ‌گوی الزام‌های این نظام باشد، اهمیت دو چندان می‌یابد.  نوشته‌ی حاضر، حاصل پژوهشی است که برای دستیابی به مدلی مطلوب از گزارش‌گری مالی در بازارهای سرمایه‌ی اسلامی انجام پذیرفته است. بررسی‌های این پژوهش نشان از آن دارد که در نظام اقتصادی مورد نظر اسلام، از یک سو بر شفافیت گزارش‌های مالی و همچنین ارتقای ظرفیت پاسخ‌گویی تأکید گردیده و از سوی دیگر، محاسبه‌ی سود واقعی و توزیع عادلانه‌ی آن از اهمیت خاصی برخوردار بوده است. بدین ترتیب، مدل گزارش‌گری مورد نظر در این نظام اقتصادی، باید به گونه‌ای باشد که درعین شفافیت و برخورداری از ویژگی کلیدی افشای کافی، ابزاری کارآمد برای ایفای مسوولیت خطیر پاسخ‌گویی شرکت‌ها تلقی شود و از قابلیت‌های لازم برای محاسبه‌ی سود واقعی و نهایتاً توزیع عادلانه‌ی آن بین ذی‌نفعان بنگاه نیز برخوردار باشد. یافته‌های این پژوهش حاکی از آن است که مدل گزارش‌گری مبتنی برنظریه‌ی وجوه –که یکی از مهم‌ترین نظریه‌های مالکیت در ادبیات حسابداری است – نیل به اهداف پیش گفته را تسهیل می‌کند. بر این اساس و با توجه به این که طبق شواهد جمع آوری شده در طی تحقیق، برای رسیدن به مدل مطلوب گزارش‌گری مالی در بازار سرمایه، بازنگری اساسی در صورت‌های مالی رایج ضرورت دارد، نتیجه‌ی نهایی پژوهش حاضر به مدلی از گزارش‌گری مالی منجر شده است که در آن، نقطه‌ی مرکزی گزارش‌گری و تهیه‌ی صورت‌های مالی، نه شخصیت اقتصادی یا مالکین بنگاه، بلکه رشته فعالیت‌های اصلی کسب و کار و بخش‌های مهم بنگاه است. به نظر نگارندگان، صورت‌های مالی پیشنهادی و مبتنی بر یافته‌های پژوهش را می‌توان به عنوان جایگزینی مناسب برای صورت‌های مالی رایج، دست کم در شرکت‌های سرمایه‌گذاری ایران که در رشته‌های مختلفی سرمایه‌گذاری کرده‌اند، تلقی نمود.}, keywords_fa = {1. نظریه‌ی وجوه 2. گزارش‌گری مالی 3. صورت‌های مالی اساسی 4. بازار سرمایه‌ی اسلامی 5. مسوولیت پاسخ‌گویی 6. افشاء کامل 7. سود واقعی}, url = {https://jaa.shirazu.ac.ir/article_3415.html}, eprint = {https://jaa.shirazu.ac.ir/article_3415_300dc763ebf65f1a2df9159763daa4a9.pdf} }