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This research attempts to establish an Islamic theory of accounting by referring to judgments of past Islamic jurisprudence. It modifies those aspects of Western accounting theory that contradict with Islamic law, Sharia, in order to enable Moslems to apply Sharia to the field of economics. The research first analyzes the logical basis of the theoretical structure of accounting science and the framework of accounting theory. It then discuses the assumptions, principles and standards that make up the Islamic theory of accounting. The research uses the descriptive and interpretational approach to discuss the required amendments to accounting theory in order to formulate the scientific framework of an Islamic theory of accounting.