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This paper aims to analyze the need of Islamic banks for specific Statement of Financial Accounting Standards (SFAS) No. 110 for sukuk accounting in Indonesia. In fact, some Islamic banks have already prepared International Financial Reporting Standards (IFRS), and accordingly, a suitable standard is needed for this case.

The research methodology involved interview with a senior accounting manager of an Islamic bank focusing on relevant topics in sukuk to sharpen the analysis. Equally important, research reviewed and compared financial statements on sukuk accounting among Islamic banks, before and after adoption of sukuk accounting standard.

IFRS require market valuation based on interest rate. As interest rate is unlawful in Islamic teaching, IFRS may not accordingly be suitable. Therefore, SFAS No. 110 was issued by the Indonesian Institute of Accountants (Ikatan Akuntan Indonesia). Considering the fact that this standard did not explicitly adopt the IFRS paradigm, there have been consequent conflicts in Islamic bank management because of preference of global recognition to IFRS. Adopting IFRS would be more compatible with other countries’ general accounting standards. In addition, significant differences are found in sukuk accounting treatments by Islamic banks before and after the standard adoption.

This research only focuses on such question of why specific accounting standard for sukuk accounting is needed by Islamic banks in Indonesia, while only few Indonesian Islamic banks were initially aware of the issue.

This paper may be the first paper discussing the response to and need for sukuk accounting in Indonesian Islamic banks.

The purpose of this paper is to reconstruct the accountability of the cash waqf institution in Indonesia, including the logic which may refer to the accountability objective.

The paper employs the qualitative method with a constructivist paradigm. Four different characteristics of cash waqf institutions in Indonesia serve as the object of this research with other related respondents, such as the government and Islamic banks. These multiple case studies may represent the characteristics of cash waqf institutions.

The result shows that the cash waqf institution in Indonesia has unique and different logical characteristics, which is neither unitary nor pluralist.

This may be the first research which discusses the accountability-based logic for cash waqf institutions in Indonesia. These institutions apply Islamic teaching (Shariah) and must generate big income for social activities. Conditions in other countries may be similar since as waqf institutions have common concepts in general.

This study aims to provide empirical evidence on the role of corporate governance mechanisms in reducing earnings-management practices in Islamic banks in Asia.

This study used 28 Islamic banks in Asia, which were listed on the stock exchange from 2013–2017. The research method used quantitative regression with data on the characteristics of Islamic banks taken from the websites of each bank. This study used discretionary loan loss provision as a proxy for measuring earnings management.

The results show that only the audit committee size has a significantly negative effect on earnings management. An independent audit committee has a negative, but not significant, effect. The difference expectation signs cannot be interpreted further.

Only a few components of corporate governance were tested in this study. Therefore, it is expected that future studies will include more components.

In general, the components of corporate governance that include the characteristics of the board of directors and the audit committee have a varied effect on reducing the earnings-management practices in Islamic banks, except audit committee size. In practice, audit committee size should have an important role in earning management reduces.

This may be the first paper that studies the effect of corporate governance on earnings management in Islamic banks in Asia.

The purpose of this paper is to discuss some unique phenomena on Islamic fixed (sukuk) mutual fund price during financial global crisis in Indonesia. It aims to show that the sukuk mutual fund did not adopt the actual price of sukuk which may contradict Islamic teaching with regards to transparency and could cause investors to make wrong decisions. In addition the paper also aims to analyse correlation analysis, dependency of sukuk price to conventional bond and proposed recommendations.

The study applies benchmarking graph analysis, Pearson correlation as well as Correlogram Granger Causality test and Response to Cholesky. To show that sukuk did not adopt the actual price, benchmarking analysis and correlation analysis were conducted as additional tools.

The paper finds that the sukuk price movements were affected by the conventional bond and have a strong correlation, while the Islamic fixed mutual fund did not apply the actual price, which was unstabler. This has caused the fund to remain in a steadily increasing trend and stable; in addition, this has brought about good performance which actually did not show the real price.

This research is practically of benefit because it helps to show the correlation of price movement in sukuk and conventional bond. Fund managers should be transparent in marking the real price and prudent in managing the liquid reserve of the sukuk mutual fund.

This case may only occur in Indonesia as decreasing price of stocks and bonds in the USA has habitually caused the same to be seen as very expensive in some countries. Thus, bond price in Indonesia was affected significantly; this was actually caused by panic action. Foreign investors withdrew their funds because of liquidity and currency depreciation. On the other hand, an Islamic market that might be based on a conventional system was indirectly affected with benchmarking price problems. Sukuk mutual fund performance would look nice and stable as it did not adopt the actual price, this could mislead the performance analysis of the fund.

The purpose of this paper is to investigate the perception and awareness of Islamic accounting of undergraduate accounting students at Universitas Indonesia. The Indonesian Institute of Accountants has an Islamic Accounting Certification and a Certified Public Accountant (CPA) test, meaning that the course’s competency should satisfy both Islamic and CPA certification standards to be effective.

The researcher used primary data obtained from a questionnaire. This research was based on the students’ understanding of Islamic accounting at the beginning of the class and at the middle of the semester. The sample test included questions based on the course’s syllabus. Each statement in the questionnaire represented the main topic of each week of the class. Data were analyzed using descriptive statistics, correlation analysis and tests of differences between groups of the sample.

The results showed that few students were aware of Islamic accounting, but the course effectively improved comprehension. In general, respondents believed that Islamic accounting has better norms and value than conventional accounting. In fact, Muslims’ marks in the midterm test are lower than non-Muslims’ marks. This was unexpected, as Muslims had learned similar concepts about Islamic teaching. The students assumed that the course covered only common concepts, not dogma.

The sample was limited to students taking an Islamic accounting course at Universitas Indonesia. The results cannot be generalized to other cases.

This research can narrow gaps between the needs of the accounting profession and the content of the Islamic accounting academic courses taken by students. To minimize fraud and emphasize Islamic teaching, the curriculum should feature strong and inherent Islamic principles.

This may be the first paper to describe students’ perception and awareness of Islamic accounting after taking a course on this topic. Education on this subject should be incorporated into professional training where appropriate.

The goal of Corporate Social Responsibility (CSR) is to ensure that organisations embrace social responsibility and cultivate activities that provide positive impact on the environment, society, consumers, employees, communities and all other members of the public sphere. Therefore, it is highly important to enhance and augment the teaching of CSR across various disciplines in higher learning institutions. Since 2006, most organisations in Malaysia have been highly encouraged to carry out their Social Responsibility activities, with the government providing support for CSR policies through its tax reduction incentives. Various CSR awards and acknowledgement of the awards provide high value and positive reputation to the organisations that implement CSR-related activities. As a result there is an increasing awareness among businesses to focus beyond compliance with laws in order to respond to the dynamic economic, societal and environmental changes.