Identifying a Convergence between Non-Financial Information and Islamic Accounting for Islamic Decision Usefulness: A Review and Synthesis

This study aims to explore a framework of developing the Islamic decision usefulness (IDU) concept through a review of non-financial information and Islamic accounting under the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) literature for convergence and the extent to which this convergence will inspire future empirical-research opportunities for the increased Islamic decision usefulness (IIDU). Exploring and delineating historically non-financial information literature to be linked with Islamic accounting trends through content analysis, this study suggests that decision usefulness of non-financial information has flourished from being complementary to the strategic role of information, adopting the ideas of creating shared value (CSV), and sustainable value-creation (SVC). To this point, the enhancement of decision usefulness emitted from non-financial information and Islamic accounting literature points to the same pole (convergence), exposing the firms’ relevant-sustainable shared-value for 3Ps (profit, people, and planet) blended with Islamic accounting concepts, whereby welcoming many future empirical-research opportunities for the increased Islamic decision usefulness (IIDU).


Introduction
This study is led to explore a framework of developing the Islamic decision usefulness (IDU) concept through reviewing non-financial information and Islamic accounting literature, identifying a convergence between the two streams of literature, and trying to provide future empirical-research opportunities for the increased Islamic decision usefulness (IIDU).
The fact that conventional accounting is considered to have many weaknesses resulting in the narrowly-interpreted concept of decision usefulness 1 by many accounting scholars is convincingly evident. The weakness of conventional accounting has caused environmental damage, violation of human rights, disharmony in society, a dichotomy between religious and economic activities, etc. so that as a whole it is not in line with the human-beings that adhere to a social and godly nature (Haniffa, 2002;Haniffa & Hudaib, 2002;. Therefore, the concept of decision usefulness with a 'narrow' meaning, which, at first, has been widely studied by financial accounting researches since Ball and Brown (1968) has developed into the concept of decision usefulness with a broader meaning. As such, conventionally, financial information, which is estimated to contribute only 20%, is driven to equip direction and the dynamics of non-financial information, and what are the insights from its convergence with Islamic accounting to lead to a more comprehensive concept of Islamic decision usefulness, and what research opportunities can be carried out in the future regarding this convergence so that, in turn, Islamic accounting is also more down to earth and has stronger roots of its uniqueness and practicability.
These previous studies, unfortunately, have never explored, to the best of the author's knowledge, how non-financial information could be convergent with Islamic accounting under AAOIFI for the increased decision usefulness. Much research generally investigates the details of non-financial disclosure partially, but not how the usage of non-financial information and Islamic accounting under AAOIFI to increase decision usefulness are jointly synchronized through a comprehensive understanding of their convergence. This study is intended to develop a framework of increased 'Islamic' decision usefulness concept which could come from a convergence between non-financial information and Islamic accounting practices under AAOIFI, and how their convergence could inspire future research opportunities for the increased 'Islamic' decision usefulness.
To deal with this issue, the next discussion will consist of research method, results and discussion comprising the chronological overview of the non-financial information, Islamic accounting: principles and trends, the convergence and divergence between non-financial information and Islamic accounting under AAOIFI, future empirical-research opportunities, and conclusion.

Methods
To come to these ends, this research will apply some procedures of literature review through content analysis to be blended with a historical approach. This is one of the qualitative methods which encompasses the material collection and data reduction, descriptive analysis and data display, category selection, material evaluation, and concluding (see Kassarjian, 1977;Sekaran and Bougie, 2010;Seuring and Gold, 2012).

Material Collection and Data Reduction
First of all, some words and concepts are selected as the keywords to explore and to collect extant literature through exploring some primary databases such as science-direct from Scopus at www.scopus.com, Emerald Insight at www.emeraldinsight.com, Springer at www.springerlink.com, Wiley at www.wiley.com, ResearchGate at www.researchgate.net, JSTOR at www.jstor.org, CAIRN at www.cairn.info, SSRN at www.ssrn.com, SAGE Journal at journals.sagepub.com, and Taylor and Francis at taylorandfrancis.com, and some other publishers/databases. The selected keywords encompassed, inter alia, "non-financial decision usefulness", "non-financial information" and "attributes of non-financial information" such as social responsibility, sustainability, environmental accounting, green accounting, triple bottom line, profit-people-planet (3P), etc., and institutions and rules related to accounting regulation processes such as CAP (committee of accounting procedure), IASB, FASB, IFRS, GAAP, and their sub-rules and sub-regulatory bodies were also explored from the extant literature.
The non-financial information articles (79 articles), then, were collected, each of which is related to theoretical reviews and empirical research. The group of articles pointing to theoretical reviews of nonfinancial information research (31 articles) encompasses five groups of theme-categories (from R1 to R5). They include 8 articles for R1; 8 articles for R2; 2 articles for R3; 9 articles for R4; 4 articles for R5 (see Panel A of Table 1), while the results of article categorization addressing empirical marketbased accounting research of non-financial information include nine groups of theme-categories (from E1 to E9) (48 articles), consisting of 9 articles for E1; 15 articles for E2; 7 Articles for E3; 4 articles for E4; 2 articles for E5; 4 articles for E6; 2 articles for E7; 3 articles for E8; 2 articles for E9. All these collected studies are depicted in detail (in groups of labeled themes) in Panel B of Table 1.

Descriptive Analysis and Data Display
Upon the above step, the trajectory of decision usefulness for non-financial information could be traced chronologically through exploring extant literature from the periods of pre-1950s and 1960s up to a period of 2010s -present. The descriptive analysis and data display then applies to the chronological paths of non-financial information literature. The descriptive analysis and data display on the arranged and systematically-reduced literature of non-information was henceforth exposed to follow the chronological paths with two main dimensions: complementary information for firms' value-driven for non-financial information and strategic information for firms' sustainability and creating shared-value driven. Through this data display, the events of non-financial information were chronologically plotted to swing between the two directions between strategic information for firms' sustainability and creating shared-value-driven and complementary information for firms' value-driven (see Figure 1).
Meanwhile, trends in Islamic accounting were described following categorization on Islamic accounting issues identified by Napier (2009) with additional elaboration from many scholars (as abovementioned) and institutions (e.g., AAOIFI) discussing Islamic accounting from 1981 to 2020. These Islamic-accounting trends were then portrayed following the swing between prescriptivedescriptive-broad (partial) information for 'internal' Ummah-need purposes (the first path) and a relevant and comprehensive (detail) information for the strategic, Ummah's-welfare-oriented, global need, and sustainability purposes (the second path). It looks that Islamic accounting swings to move from the first path to the second path (see Figure 2).

Category Selection, Material Evaluation, and Drawing Conclusion
To come to a clear understanding of the linkage between the chronological paths of decision-usefulness from extant literature of non-financial information through the regulation process and from the empirical research point of views, the two figures (see Figure 1 and Figure 2) were provided to help apply a convergence analysis (categorization, evaluation and drawing conclusion) to identify the insights from the convergence for increased Islamic decision-usefulness. As such, this convergence, in turn, will provide and trigger many future research opportunities (see Figure 3).

The Chronological Overview of Non-Financial Information
Before the 1950s and 1960s, non-financial information has not linked to specific information, but instead, there appeared to be awareness amid socio-cultural conditions. One of the emerging corporate issues was the social responsibility of a corporation. This could root from the ancient Roman Laws. Since then, the ideas of social enterprises were adopted by the English Law by the Middle centuries. Under the influence of the English Crown, the insights about firms as agents for social development has been spreading to the 1600s and 1700s (Chaffee, 2017). Under the influence of land conquest by the English Crown and Christian values, this idea of social responsibility by corporations has been expanded to its American colonies and other countries during the 1970s and 1980s. Specifically, it was the early 1950s when the first modern term of corporate social responsibility (CSR) was firstly introduced and was then progressively applied (Carroll, 2008;Harrison, 1966;Heald, 1970;Lee, 2008), e.g., the linkage between CSR and management (1970s); detail and operational practices of CSR (1980s). Epstein et al. (1976), inter alia, explored and reviewed non-information literature focusing on reporting and quotes from annual reports; Mathews (1984) classified social accounting into social A Review and Synthesis  A Review and Synthesis responsibility accounting, total impact accounting, socioeconomic accounting, social indicators accounting; and Ullmann (1985) investigated the linkage between social disclosure and social performance. From 1990 to 1999, the Global Reporting Initiative, a US non-profit organization, was founded in 1997 as a response to the need for non-financial information. Setting guidance on sustainability reporting is one of its functions usually related to reporting the economic, environmental, and social impacts attributable to firms' daily activities. While financial information was well controlled and guided by GAAP, unfortunately, non-financial information was still neglected and lacked attention. In the case of CSR, the international issues mostly began appearing in this decade with the existence of the European Environmental Agency (EEA) in 1990 and the Kyoto Protocol in 1997. In this decade, non-financial information highlights issues such as explanatory theories for CSR (political economy, legitimacy theory, and stakeholder theory) (Gray et al., 1995), and environmental and social accounting (Mathews, 1997).
From 2000 to 2009, upon the 2008 financial crisis, attention from the business was led to swing from the short-term financial performance (merely concerned with the complementary nature of nonfinancial information) to the long-term corporate performance (more focusing on financial stability, the social and environmental impact of their business, and sustainability) (see Figure 2). To endorse this concern, some institutions were founded (the United Nations Global Compact in 2000, 10 universally accepted principles on human rights, labor, the environment and anti-corruption, and the establishment of the United Nations Framework Convention on Climate Change (UNFCCC) in 2002). During this decade, such issues as intellectual capital reporting and measurements (Petty and Guthrie, 2000;Guthrie et al., 2001); social and environmental disclosure (Deegan et al., 2002;Epstein, 2003;Parker, 2005;Owen, 2008); voluntary disclosure and external non-firm sources of disclosure and mandatory disclosure (Berthelot et al., 2003); value-relevance of non-financial information on intangibles (Wyatt, 2008) become the core inquiries.
During the 2010s-present, some CSR-related institutions and standards were founded, inter alia, Standard ISO 26000 on social responsibility in 2010 (socially responsible corporate principles into their business activities), the International Integrated Reporting Council (IIRC) in 2010, boosting the inclusion of more items from various aspects of value-creation, the Integrated Reporting Framework in 2013, from which many countries has followed, e.g., by the German sustainability code of 2011, the European Commission with the renewed EU Strategy for CSR for the years 2011-2014, the Paris Agreement in 2015, moving from business as usual to new business frameworks, the 2030 Agenda for Sustainable Development, and the adoption of SDGs (Sustainable Development Goals) representing "the shared vision of humanity and a social contract between the world's leaders and the people", and in 2018, the Directive 2014/95/EU having large public-listed companies disclose non-financial and diversity information on their 2018 reports and onwards (Agudelo et al., 2019). In this decade, much research prominently highlighted both the linkage between CSR and the capital market and between CSR and its determinants, mainly under the inspiration of three theories, i.e., legitimacy theory, stakeholder theory, and signaling theory. 3

Islamic Accounting: Principles and Trends
Before 1981, Islamic accounting was still addressed in a mixed academic discourse with Islamic studies and orientalism (see Napier, 2009). Not until Abdel-Magid (1981) academically corrected the idea of secularization (dichotomy) between economic and religious activities to address the importance of Islamic accounting for Islamic institutions, did Islamic accounting begin to get much interest. To him, economic activities committed by humans can be recorded, but, at the same time, should be accounted for religiously (compliance with sharia principles). More clearly, Haniffa (2002), Napier (2009), and Haniffa and Hudaib (2011) offers an Islamic accounting concept derived from sharia principles, i.e., through three objectives, namely Al-Adl and Al-Ihsan, Ibadah, and Al-Falah, 4 and then it is derived into three dimensions, namely human, technical, and disclosure dimensions.
In the human dimension, its basis is morality, which is rooted in Allah's law so that humans should have the characteristics of Mu'minoon (believers to Allah), Adalah (justice), Tazkiyah (growth and purification), Amanah (trust), Mas'uliah (accountability), Ilm (knowledge), Shura (consultation), Balagha (eloquence), and Hikmah (wisdom). On the technical dimension, there are two points, namely pre-measurement (halal transaction and careful recording) and measurement related to zakat (religious levy), determination and distribution of profit, treatment of debt, assets, and taxes, while for the dimension of disclosure, the things that should be considered are the payment of zakat, sadaqah (charity), 5 usury-free resources, employee and environmental welfare, attainment of the objective of business venture, and using resources fairly and efficiently. Thus, Islamic accounting appears as a response to a condition when Islamic financial institutions begin to grow rapidly. Since then, there was a strong awareness of the need for Islamic accounting which should be different from conventional accounting since Islamic financial institutions have unique and different characteristics from conventional ones. From this concern, Islamic accounting exists until now.
The early development of Islamic accounting began to appear from the work of Abdel-Magid (1981), and, then, was followed by others, inter alia, Hamid et al. (1993). The essence of these works is related to the general, prescriptive, and descriptive explanation of the Islamic-accounting characteristics that were different from conventional accounting. With its fairly-solid stand, Islamic accounting moves into a more detailed discussion. Islamic accounting began to be directed to investigate whether transactions and products of Islamic banks are indeed different from conventional banks so that they require different accounting treatments (Al-Obji, 1989;Archer & Karim, 2001). Also, discussion begins to address issues on how Islamic accounting can accommodate transactions and products of Islamic finance and banking, such as murabaha and mudarabah by Al-Obji (1989), Al-Jalf (1996), and Daoud (1996).
Along with the recurring discussions about Islamic accounting, issues raised in the development of Islamic accounting were, then, institutionalized in AAOIFI in 1991, which generate such standards as accounting, auditing, and governance standards. At that time, Karim (1990a;1990b;1995;, as secretary-general of AAOIFI, took a lot of roles in the development of AAOIFI. During its development, Gambling and Karim (1986;1991) strongly inspired the development of this institution (AAOIFI), which was directed to formulate Islamic accounting theory with its unique identity complying with sharia, to meet the needs of the Ummah, and to be more down to earth, accommodating real transactions and products facing the Ummah, trying to avoid usury (riba) and to pay zakat.
Since then, Islamic accounting under AAOIFI has been more concerned with studies to accommodate global accounting issues, such as environmental accounting (Kamla et al., 2006). Thus, at this point, Islamic accounting leads to converging with the dynamics of conventional accounting when conventional accounting issues lead to accommodate relevant non-financial items to disclose for the Ummah, also complying with sharia principles. From this angle, Islamic accounting issues under AAOIFI, then, have begun to be noticed by Muslim countries or countries with most Muslim A Review and Synthesis populations through harmonization or adoption (partially or fully). In addition to Karim (1990a;1990b;1995;, the development of AAOIFI is much inspired by the recurring discussions from many scholars such as Mirza and Baydoun (2000), Baydoun and Willett (1997;2000), Lewis (2001), Haniffa and Hudaib (2002; and many others, who continuously echo Islamic accounting. Furthermore, the emergence of International journals, specifically related to Islamic accounting, such as the Journal of Islamic Accounting and Business Research pioneered by Haniffa and Hudaib confirm these attempts. In line with this concept, since 2011, along with the recurring discussions on Islamic accounting inspired by 'modern' financial and business theories (e.g., legitimacy theory, stakeholder theory, and signaling theory), AAOIFI has produced many standards consisting of sharia standards, codes of ethics, governance standards, and auditing standards which have now reached a total of 114 standards and has been continuously moving to update many Financial Accounting Standard (FAS) (the discussions to update FAS 12,13,14,15,16,18,19,21,22,23,24,26,and 27 are now on-going process) (AAOIFI, 2020). However, the question is the extent to which these standards can be adopted by users, which countries, and how it is implemented. Countries adopting AAOIFI fully or partially are still limited, such as Bahrain, Jordan, Kyrgyz Republic, Mauritius, Nigeria, Qatar, Oman, Pakistan, Sudan, Syria, and Yemen, while some countries only consider AAOIFI accounting standards as the basis of developing national accounting standards such as Indonesia and Pakistan, and some other countries such as Kuwait. Dubai International Financial Centre (DIFC), Labuan, and Maldives consider it secondary. Even it is still regarded as voluntary standards for Bangladesh (AAOIFI, 2020).

Convergence and Divergence towards Increased Islamic Decision Usefulness (IIDU)
Looking at Figure 2, decision usefulness of non-financial information also runs from the two different areas: the one was driven by the spirits of considering non-financial information merely complementary information for firms' value (this applied between before the 1950s and 2000s), and the other was directed to regard non-financial information as the strategic information for firms' sustainability and creating shared-values (coming into practices from the 2000s to 2010s). From the 2010s to the present, the inclusion of non-financial information is still in progress to be vehemently swung to apply the concept of sustainable value creation and integrated reports. Thus, the concept of decision usefulness from non-financial information comes to this pole: 'the firms' shared value which is relevant, sustainable, and pro-3Ps: people, planet, profit.
From the Islamic accounting concept derived from sharia principles, according to Haniffa (2002) as well as Haniffa and Hudaib (2002;, some of those sharia principles are in line and moves to converge with non-financial information concepts, for example, from three objectives, namely Al-Adl and Al-Ihsan, Ibadah, and Al-Falah, two of them, i.e., Al-Adl and Al-Ihsan are at most in line with the firms' shared value which is relevant, sustainable and pro-3Ps, often called the triple-bottom-line concept (people, planet, profit).
From the three sub-dimensions; human, technical, and disclosure as stated by Haniffa and Hudaib (2002;, almost all these dimensions can also be adapted to modern non-financial information theories and themes except for Halal and Mu'minoon, and Riba concepts. Human morality such as Adalah, Tazkiyah, Amanah, Mas'uliah, Ilm, Shura, Balagha, and Hikmah, technical dimensions such as careful recording and measurement related to zakat, determination and distribution of profit, treatment of debt, assets, and taxes; and the dimension of disclosure such as the payment of zakat, sadaqah, employee welfare, environmental welfare, attainment of the objective of business venture, and using resources fairly and efficiently, qard, and charitable contributions (Mirza, 1991;Haniffa, 2002;Arsad et al., 2019;Laughlin and Puxty, 1981;Gray et al., 1996;Lehman, 1992) could also be synchronized and adapted with other non-financial information theories such as corporate social responsibility (CSR) disclosure, green accounting, creating shared value (CSV), and sustainable value-creation (SVC).
Thus, the convergence between non-financial information and Islamic accounting lies in socialhumanity, environments, and the planet as a whole that must be paid attention by all people and by all religions of the world. Meanwhile, some uniqueness in Islamic accounting relative to non-financial reporting is that, in conventional accounting, increased social welfare is assumed to be attained if users' need has been well provided, while Islamic accounting also emphasize not only how individuals could control resources, how economic events and transactions are dealt with, how the entity contributes to employee well-being, product quality, public health and safety, environment protection, and related social aspects but also how it transcendentally demonstrate responsibility, accountability, and transparency beyond society to include Allah. To this end, the concept of decision usefulness either from non-financial information or from Islamic-accounting information comes to converge, i.e., leading to the 'Islamic' decision usefulness, a concept that reflects the extent to which information (usually financial information) is useful for all stakeholders, all people, and the planet using not only the information and measurement perspectives but also the social, environmental, the-planet, transcendental and religious perspectives. Not only all the attributes from the information and measurement perspectives in the conventional-accounting paradigm but also all the social, environmental, the-planet, transcendental, and religious perspectives should be applied in measuring the extent to which information is useful, i.e., social prosperity index, poverty index, environmentalsustainability index, human development index, piety index, and any other social, environmental, economic, quality of life, and religiosity indicators.
Meanwhile, the divergence between non-financial information and Islamic accounting also still appears. Non-financial information still moves toward a business strategy for sustainability separated from religious activities, while Islamic accounting goes beyond that, i.e., all activities including economic and all business strategy activities must go to Allah, and all activities reflect Ibadah.

Figure 3. Convergence and Divergence between Non-Financial Information and Islamic Accounting
This figure is adapted from the non-information and Islamic accounting articles as abovementioned

Future Accounting Research Opportunities from a Convergence Framework between Non-financial Information and Islamic Accounting Information
Many opportunities for empirical accounting research will be very open for scholars and academics. Research issues could be conducted through many angles. The non-financial information research issues include, inter alia, audit-modes and strategy and corporate governance to examine the credibility of non-financial information (O'Dwyer, 2011;O'Dwyer et al., 2011;Gillet-Monjarret & Martinez, 2012;Rivière-Giordano, 2007;Olson, 2010;Depoers, 2010) and to investigate the linkage between non-financial information attributes and management and control (Janicot, 2007;Berthelot et al., 2003;Essid & Berland, 2011;Poincelot and Wegmann, 2005;Karim et al., 2018;Ikram et al., 2019). All of these themes and issues as abovementioned could also be applied in sharia-compliant firms in countries and institutions either adopting or not yet adopting AAOIFI.
Convergence: Two objectives of Islamic accounting (al-adl and alihsan) and most of its dimensions (except for halal and riba concepts) derived into three, i.e. human, technical, and disclosure go for a convergence with non-financial information concepts: creating shared value (CSV), and sustainable value-creation (SVC), triple bottom-line concepts for increased Islamic decision usefulness concept.
Divergence: Non-financial information goes to strategic information for sustainability separated from religious activities.
Divergence: All activities, including economic activities, means Ibadah to reach Falah, and must go to Allah.
Research Opportunities: Almost non-financial information studies inspired by modern non-financial information theories could be applied in sharia-compliant firms either adopting or not adopting AAOIFI.

Non-financial Information
Islamic Accounting (AAOIFI) 70 Qizam: Identifying a Convergence between Non-Financial Information and Islamic Accounting for Islamic Decision Usefulness: A Review and Synthesis Likewise, standardization and integrated-report issues could also be investigated in shariacompliant-firm contexts in countries and institutions adopting or not adopting AAOIFI. These issues usually adopt the four theories: 1) system theory from Emery (2000) and Bala (2010) emphasizing sustainability through a value chain based on an open market system (consisting of social value, entity, and the environment) to promote equality among citizens in society, 2) triple bottom line (TBL) theory initiated by Elkington (1997) focusing on social sustainability performance, economic, financial environment or the 3Ps, 3) agency theory (minimizing the differences between companies' performance and the stakeholders' expectation), and 4) stakeholder theory (reducing the information asymmetry through making equilibrium among stakeholders, and CSR financial reporting) (see Bonsón and Bednárová, 2015) and the existence of IIRC (International Integrated Reporting Council in 2013). Also, referring to Lemus (2016), research should be led to examine the joint-theme studies of socialsustainability (social-economics-environment) (the 3Ps) and financial information to be applied in various publication themes such as the linkage between CSR disclosure requirements and sustainability in the stock exchange; integration among sustainability, financial statement, and the evolving measurement of SROI (social return on investment); linkage between quality of integrated report and corporate characteristics (Iredele, 2019); adopting socio-political theory (see Cho & Patten, 2007); examining the regulatory impacts of non-financial information from the 2013 European Commission: the determinants and the consequences (Damak-Ayadi, 2006;, and many others.

Conclusion
Given the insights regarding the importance to review non-financial information studies upon exploring a great deal of research (from complementary to strategic, sustainable and creating shared value for non-financial information), discussion, and standard-setting process (from CAP to FASB and IFRS for financial information; from Ancient Roman Law to ISO 26000 and IIRC for non-financial information), this proposed framework of Islamic decision usefulness has been developed from identifying the patterns and nature coming from a significant number of previous research literature from both the nonfinancial information and Islamic accounting and AAOIFI studies.
Looking into the way the empirical research literature of non-information has chronologically passed, many findings have contributed to standard-setting and business decision-making practices (decision usefulness). Through the dynamics of discussion and standard-setting process, developing decision usefulness for constructing decision usefulness of non-financial information has flourished from even before the 1950s when the Ancient Roman Law firstly influenced the English Crown which regards the non-financial information (social responsibility information) as complementary to the presence of ISO 26000, IIRC, and the ideas of sustainable value-creation (SVC) and integrated reports which bring the non-financial information to the strategic pole of information for creating firms' shared value. To this end, the development of decision usefulness emitted from non-financial information points to the same pole (a convergence). The firms' shared value which is relevant, sustainable and proprofit, pro-people and pro-planet, corporate social responsibility (CSR) disclosure, green accounting, creating shared value (CSV), and sustainable value-creation (SVC) go for convergence with Islamic accounting objectives such as Al-Adl and Al-Ihsan, and its dimensions such as human, technical and disclosure dimension; henceforth, the author may call this as 'increased Islamic decision usefulness (IIDU) concept.' The divergence between non-financial information and Islamic accounting also still exists. Non-financial information still moves toward a business strategy for sustainability separated from religious activities, while Islamic accounting goes beyond that, i.e., all activities including economic, and business strategy must return to Allah, i.e., all activities mean Ibadah.
Empirical research opportunities towards the increased Islamic decision usefulness could be conducted by utilizing the comprehensive point of view on non-financial information and Islamic accounting information (under AAOIFI) simultaneously or mutually supportively from one to one another. The non-financial information research issues such as audit modes and strategy and corporate governance to examine the credibility of non-financial information as studied by previous literature could also be replicated in the context of sharia-compliant firms either adopting AAOIFI or not adopting AAOIFI. Besides, standardization and integrated-report issues could also be examined in sharia compliant-firms adopting AAOIFI fully or partially or voluntarily.