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The purpose of this paper is to critically discuss the participation of sovereign wealth funds (SWFs) in the corporate social responsibility (CSR) programmes. Sovereign wealth funds in emerging economies are often involved in corporate social responsibility. However, the 1 Malaysian Development Berhad (1MDB) scandal illustrates the possible use of SWF as a vehicle for corruption and abuse.

The primary objective is to develop good governance practices of CSR by SWFs that could limit corrupt practices. A case study approach is adopted to investigate the CSR involvement of two SWFs – Norway’s Government Pension Fund Global (GPFG) and Abu Dhabi Fund for Development (ADFD).

The finding shows that SWFs should not be directly involved in CSR. It is proposed that independent Non-government Organisations (NGOs), through a competitive funding model, could serve the CSR purpose of SWFs more effectively and bring socio-economic changes in emerging economies.

The funding model identifies the expected outcomes, priorities and uses of the funds. The funding committee should also be independent of the Board and transparent in its allocations.

COVID-19 has disrupted the economic development of both advanced and emerging markets. In addition to the stimulus packages to adjust the economic shock from COVID-19, regulators around the world are searching for innovative mechanisms to rebuild the economy. The purpose of this paper is to explore the potential of SRI Sukuk to serve as an Islamic social finance solution for development projects to mitigate the adverse economic effects of COVID-19.

This study uses a mixed-method research framework. The authors use a systematic literature review following the recommendations of Bowen (2009) to identify critical challenges financing PPP projects using SRI Sukuk. In the next phase, the authors interview participants involved in an SRI Sukuk financed PPP project to get more significant insights on the challenges identified through the literature review process.

The authors identify the need for greater transparency for SRI financed PPP projects. Also, organisational and legislative challenges are limiting the attractiveness of SRI Sukuk as a financing mechanisms for post-COVID development projects.

SRI Sukuk is an emerging financing concept, and the use of such an Islamic financial instrument in financing development projects can serve as a viable alternative for policymakers in a post-COVID economic environment.

The successful completion of the development projects integrating the concept of Social Maslahah through SRI Sukuk in Malaysia could encourage other emerging economies to use such innovative Islamic financial instrument for economic development in post-COVID environment.

This paper is unique, as it provides evidence on the potential of SRI Sukuk to finance large scale public-private partnership projects.

Accountability has frequently been presented as a rational practice that can and should be implemented in all governance structures including civil society, economic institutions and organizations. In accounting, it has been identified as a primary objective of financial reporting. This paper examines two emotional states, i.e. guilt and shame that are likely to influence accountability. The paper argues that (a) accountability through information disclosure is a cultural practice closely associated with the emotional state of guilt that is common in certain cultures, and (b) in cultures where the emotional state of shame is common, accountability is likely to be weak and, people are likely to be negatively inclined towards information disclosure. Studies in psychology have also shown that “typical” shame experiences were common in collectivistic, large power‐distance and high uncertainty avoidance cultures; while “typical” guilt experiences were more pronounced in individualistic, small power distance and low uncertainty avoidance cultures.

This paper seeks to identify and describe the shape of the professional accounting body in the new millennium. It is argued that the professional accounting body is at the brink of major changes at the turn of the century, due to its traditional role of self‐regulation being threatened by other institutions within the accounting domain. The paper identifies the professional accounting body in the twenty‐first century to be similar to that of a franchise. This, it is highlighted, would lead to the emergence of the global franchise.

The economic crisis that hit many Asian countries in 1997 has changed the face of Asian politics and business. It contributed to the downfall of many political leaders e.g. President Suharto of Indonesia and the collapse of many corporate giants. The collapse of the East‐Asian and South‐East Asian economies highlighted a crisis of political and corporate governance (International Monetary Fund staff report, 1998). Most of the literature on the crisis has prescribed greater accountability, openness, participation and transparency in political and corporate governance as the solution to the problems of political and corporate governance in Asian countries (International Monetary Fund Staff Report 1998; Economist, 1998). However as highlighted by Velayutham (1999a; b), the assumptions that underlie the dimensions of accountability are inconsistent with Asian values. It is argued that responsibility is discharged in Asian societies through different mechanisms, e.g., shame, purification and sacrifice, that is consistent with collective orientations within Asian societies. In this paper it is argued that Asian societies are facing a crisis of governance and responsibility, and this can be attributed to the lack of development of the moral emotion of guilt and the decline of shame in modern Asian societies. It is pointed out that while guilt was never an important feature of Asian societies, shame was the main moral emotion that contributed to good governance and responsible action in Asian societies. It is then argued that recent change in Asian societies such as the image of gossip in modern society, urbanization, residential mobility, cultural heterogeneity and the obsolescence of the concept of honor have contributed to the slow decline of the moral emotion of shame in Asian societies. The paper concludes with an appeal to the development of communitarianism and reintegration within Asian societies.

This paper seeks to highlight the contribution of the Catholic practice of confession and the Protestant Reformation to the development of the modern concept of accountability.

A historical analysis of the literature is carried out to identify the contribution of key features of the practice of confession and the reformation of the Church to the development of accountability in Protestant societies.

The study highlights that the practice of confession is similar to accountability and the Catholic Church developed the emotion of guilt necessary for accountability. The Protestant Reformation provided for the further development of accountability to its modern form, through the restructuring of the practice of confession and the extension of the principles of accountability to itself. The conditions necessary for the practice of accountability such as popular power of the people, the concept of contracts and the emotion of guilt developed within the above environment.

This paper highlights the historical development of accountability to provide some insights into understanding of the environment and conditions necessary for the spread of accountability, which is becoming increasingly important in the current economic environment characterized by global integration of markets.

The purpose of this paper is to evaluate the arguments that the assumptions underlying conventional accounting are incompatible with Islamic values, hence the need for new accounting objectives and assumptions.

The paper adopts an analytic approach based on a combination of archival and bibliographic data sources.

It is shown that this belief of incompatibility can be traced to misconceptions about the assumptions underlying “conventional accounting”. It is then argued that the neglect of Islamic accounting in Islamic countries could be attributed to Islamic accounting not meeting the needs of users rather than acculturation or economic dependency.

The study relies solely on the literature and highlights important issues in the area but does not provide any empirical evidence. The implications are significant for the future development of Islamic accounting and the economies of Islamic countries. The objective of accounting is to provide useful information for economic decision-making and the adoption of wrong assumptions would limit the usefulness of accounting information.

Few scholars have questioned the assumptions underlying Islamic accounting, and this debate is important for the continued development of Islamic accounting. The paper also attempts to contribute to the debate on the poor adoption of Islamic accounting.

Boards are a central feature in any discussion of corporate governance. Following the adoption of corporate governance principles in the public sector and the non‐profit sector, boards have become a central feature of these entities too. The purpose of this paper is to explore the impact of the adoption of the Charities Act 2006 on the governance structure of the Quakers and on its organisational life.

The paper adopts an ethnographic approach, using a case study of the Quakers to show the effects of the Charities Act 2006 on the governance structure of a religious charity.

It is argued that the Quakers have had to transform a governance structure developed to support their beliefs and practices focussed on socializing forms of accountability to one emphasising individualizing forms of accountability.

This study highlights the lack of debate on the adoption of corporate governance structures to non‐profit entities through a case study. The findings also show that the Charities Act 2006 has an impact on charities beyond financial accountability.

This paper aims to examine some issues in IFRS9 with regards to classification and measurement of Islamic financial assets. In addition, the paper discusses the Shariah concerns on the use of fair value to measure financial assets.

This paper adopts qualitative method via the study of documents and textual analysis of Shariah opinions of scholars and relevant accounting standards.

The paper found that the classification and measurement of equity-based Islamic financial assets do not fit into the “default” classification category of amortised cost, as the future cash flow receivable does not constitute solely the payment of principal and interest (fixed rate payment). With regards to fair value measurement, Shariah concern arises during the adoption of fair value at Level 2 (reference of asset values from input other than quoted prices in active markets) and Level 3 (use of discounted cash flow method to arrive to asset valuation) because of the existence of in uncertainty or gharar as compared to Level 1 (fair value referred to quoted prices of similar assets).

Findings of the paper provide a starting point for a debate and extensive research on issues related to classification and measurement of Islamic financial assets and the use of fair value as a method of subsequent revaluation of Islamic financial assets. The Shariah analysis in the paper is useful for International Accounting Standard Board to engage with Islamic financial institutions and local accounting standard setters to reflect the unique nature of Shariah-compliant financial instruments. The paper serves as a basis to devise technical solutions to address accounting and reporting issues of Islamic financial instruments.

The paper offers Shariah analysis on the issue of classification, measurement and impairment model for Islamic financial assets. The paper is considered as the first paper that examines areas of possible tensions when applying IFRS9 to the accounting of Islamic financial assets. In addition, the paper has contributed to the literature in Islamic accounting and auditing.