In recent decades the influence of religion on economic processes in general and accounting in particular raises significantly. Existing accounting approaches has failed after financial crisis, so it increased the interest of scientists in alternative time-honoured accounting models. It concerns also Islamic accounting model. The author considers historical causes and preconditions of medieval Islamic accounting formation and development, assesses the contribution of particular scientists in the research of this subject, formulates reasoned conclusions about the influence of Islamic accounting on the conventional accounting practices, observes the link between accounting, controlling and auditing procedures in VII-XII centuries and nowadays.
Highlights:
1. In XX century there was not emergence, but recovery of Islamic accounting, because its initial formation and development relates to VII century.
2. The range of accounting and controlling procedures implemented in VII century according to requirements of the Koran is relevant today.
3. Islamic economic experience formed the basis of trading system in European countries, because Arabian merchants shared their knowledge with Western counterparties, especially Italians.
4. Existing of double entry in Arabian countries in XII century proofs that Islamic accounting is the antecedent of the modern accounting.
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