the necessity of conceptual framework of financial reporting with islamic approach; according to academic and professional experts

there is a debate in academia about whether anglo-american accounting is the appropriate system to be accepted without question by all other cultures and people of the world. accounting is the social knowledge which inherently relates to the environment, values, and economic, social, cultural norms of the society in which it is used. so, it is more sensible to consider the requirements, conditions and qualities of the environment of the target society when using theoretical concepts and financial reporting. this study has utilized critical, interpretive and delphi methods to explain the necessity of this source framework in islamic societies. the results indicateacademic and professional experts' consensus over the necessity of reviewing and compiling a conceptual framework with an islamic approach as the basic law of islamic financial reporting, due to the existing socio-economic differences between islamic business entities and capitalist ones, and the lack of sufficient information for muslim users. this can help provide the necessary conditions for raising the confidence of muslim investors and islamic society.