CONVERGENCE OF SHARIA ACCOUNTING STANDARDS WITH PSAK: CHALLENGES AND PROSPECTS IN INDONESIA

Suci Khairani, Vina Zukhrina, Hapsoh Batubara, Harfinans Harlan, Widya Astuty

Abstract


This study examines the convergence between Sharia accounting standards and financial accounting standards (PSAK) in Indonesia, focusing on the challenges and prospects of implementation. As the Islamic finance industry continues to grow, the harmonisation of Shariah accounting standards with PSAK is essential to produce more transparent and accountable financial statements that comply with Shariah principles. However, this convergence process is not without its challenges, such as the fundamental differences between Shariah principles and conventional accounting concepts, the limited availability of human resources with expertise in both standards, and the lack of understanding among industry players. Nevertheless, the prospects of this convergence offer significant opportunities to improve the quality of Islamic financial reporting, attract more investors and enhance the competitiveness of Islamic financial institutions in the global market. This research adopts a qualitative approach by analysing various literature, regulations and secondary data related to the implementation of Shariah accounting and PSAK in Indonesia. The findings are expected to provide insights into the importance of aligning accounting standards to support the growth of the Islamic economy in Indonesia and open up opportunities for international cooperation.

 

Keywords: Convergence, Sharia Accounting, PSAK, Challenges, Prospects


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DOI: https://doi.org/10.3059/insis.v0i0.22991

DOI (PDF): https://doi.org/10.3059/insis.v0i0.22991.g12765

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