Irreversible processes of globalization in the world economy, increasing international investment, and the need to find alternative finance have strengthened interest in the sector of the economy based on Sharia law. All these tendencies, in their turn, determine the key importance of reforming and harmonizing the accounting standards for Islamic business transactions and corporate zakat with the aim of improving the reliability of financial reports and ensuring comparability of data between companies. The author of the article studies theoretical aspects of corporate zakat and existing regulatory framework for its accounting and evaluation, assesses the effect and consequences of harmonization of corporate Zakat evaluation standards to enhance the investment attractiveness of the Russian market. The article also critically assesses the existing approach to the recognition and presentation of information on zakat in the financial reports; we give a number of well-founded recommendations for its improvement.
Highlights:
1. Zakat is the responsibility of property owners and the right of people in need, because any property is considered a national treasure.
2. Zakat is a perfect model of redistribution of funds in society; it ensures social justice leveling income disparity and guarantees social security.
3. Owners of the property in accordance with the Islamic concept are agents or trustees working on behalf of society.
4. Zakat in terms the financial reports is not an expense, but a capital redistribution, so it should be recorded in the statement of changes in equity.
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