BWFS 3023: ISLAMIC ACCOUNTING GROUP ASSIGNMENT 1.0 INTRODUCTION The debating between the best practice either the Islamic accounting or conventional accounting in the accounting line still being non-ending issue until today. Even in the Muslim countries such as Malaysia, this country still not fully practice all parts of Islamic accounting guidelines which was proved by the conducting of dual accounting system, Islamic accounting and conventional accounting in the same time. It’s reality of existing Islamic accounting and conventional accounting division practices also caused by the formation of non-halal business such as prostitutions and pornography in a one country at the same time mixed with the halal business activities, besides the lack of deep understanding among the people about these two differences accounting and also caused by the non-serious stressing by government to implement non dual accounting method in the Muslim country. As for common understanding, accounting is the process of measuring, processing and communicating of financial information of business entity or it is also known as “the language of business”. Refer to Abdul Rahim Bin Abdul Rahman (2010), “ the better you understand the language, the better you can manage the financial aspect of business ”. Accounting also basically involved the quantitative and qualitative methods which used in economy to get the useful result in business for the judgements and decision making by the economy users. However, when refer to the Islamic accounting, mostly people especially the non-Muslim community, they are actually was misunderstood by judging and assuming it’s concept was duplicate from the conventional accounting. They assuming the Islamic accounting and conventional accounting both are the same things with the different names. Moreover, in the real scenario, it still have some Muslim, frustratedly, also in misconception by stated that Islamic accounting only serve for Muslim, not allowed to non-Muslim. According to this problems arise, it is important to highlight and explain the differences between Islamic accounting and conventional accounting to show a lot of contradict aspects among these two accounting practices. So, to differentiate, the deeply focus will be rely to the source, aim, accountability and disclosure of these both accounting. 1