Vol. 16 No. 3(I) (2024)

The Islamic finance sector in Malaysia has seen substantial growth over the past few decades, becoming one of the leading markets for Islamic financial products and services. This growth has brought about significant challenges in financial reporting, primarily due to the limitations of conventional International Financial Reporting Standards (IFRS) in addressing the unique characteristics of Islamic financial transactions. The shari’ah transactions are governed by Shariah principles, which prohibit interest (riba) and emphasize on risk-sharing, ethical investments, and social justice. The study aims to provide a comprehensive analysis of the current issues and debates surrounding the need for comprehensive Islamic accounting standards in Malaysia. It will review recent literature, regulatory developments, and the experiences of practitioners in the particular field. Furthermore, the report seeks to highlight the readiness of Bank Negara Malaysia and all Islamic Banks to adopt Accounting and Auditing Organization for Islamic Financial Institution (AAOIFI) standards and explore the feasibility of integrating these standards within the International Financial Reporting Standard (IFRS) framework. Additionally, this report aims to contribute to the ongoing discourse on Islamic accounting by offering critical insights and recommendations for policymakers, regulators, and financial institutions. The ultimate goal is to enhance the transparency, comparability, and reliability of financial reporting in the Islamic finance sector, thereby promoting its sustainable growth and integration into the global financial system.

Customer satisfaction with food and service quality in hotel restaurants is a crucial driver of repeat intentions, directly influencing guest loyalty and long-term business success in the hospitality industry. This study examines the factors that affect customer satisfaction with hotel restaurant offerings and the subsequent impact on customers' intentions to return. The researchers gathered the data for this study using a quantitative research design and customer questionnaires. A 95% response rate was collected and analyzed using SPSS software. Next, the researchers quantitatively analyzed the survey responses using statistical methods to measure customer satisfaction levels and identify key variables influencing repeat intentions. The results of this study have practical implications for hoteliers and restaurant managers looking to improve customer satisfaction and encourage repeat business. Emphasizing continuous staff training, maintaining high food safety standards, and creating a welcoming ambiance are key strategies to enhance customer experiences. Ultimately, understanding the dynamics of customer satisfaction and its direct link to repeat intention can assist hotel restaurants in building enduring guest relationships and establishing a competitive edge in the hospitality market.

This study aims to explore the factors influencing undergraduate accountancy students at Universiti Teknologi MARA Melaka branch to pursue careers in auditing. A structured questionnaire, distributed to participants via Google Forms, was employed to gather feedback from the students. The participants, categorized based on their academic levels, represent various stages of both theoretical and practical exposure to auditing subjects. The research team administered a questionnaire to evaluate accounting students' perceptions and intentions on the factors influencing careers in auditing. There is a strong positive correlation between job security and career intention followed by career development and a moderately significant positive correlation between job satisfaction and financial reward toward students’ intention to become auditors. A general lack of interest in the profession and concern about work-life balance contribute to the challenges of not pursuing a career in audit. Students perceived that real exposure to the auditing profession via academic visits, engaging experts through seminars, and interactive teaching methods could bridge the gap between academic learning and professional practice. Enhancing the alignment of educational offerings with industry requirements and students’ career aspirations with curriculum development, enhancing teaching methods, and partnerships between academia and industry will assist accounting students in developing a positive view of auditing careers and better preparedness for their future careers in this field.

The Communications and Multimedia Act 1998 is pivotal in regulating Malaysia's communications and multimedia industry. While the Act gives Malaysian Communications and Multimedia Commission officers enforcement rights, it excludes the ability to make arrests, which is a privilege reserved for police officers under the Criminal Procedure Code. This paper examines the practical implications of this division of arrest authority, focusing on potential negligence in enforcement. The study examines the intersection of regulatory enforcement and the tort of negligence by reviewing relevant laws and case studies. The study found that incorporating accountability measures into the enforcement process can help maintain transparency and uphold the integrity of regulatory actions. Recommendations based on the findings suggest strategies for mitigating negligence in enforcement actions. Understanding this intersection is crucial for ensuring lawful and responsible law enforcement actions in the communications and multimedia industry.

This conceptual research paper aims to examine the effects of technological innovation and tax management on the compliance of income tax among individual taxpayers in the southwest of Malaysia. In light of the e-tax and other related technologies, the paper discusses how tax administration and technologies, which are the independent variables, influence tax compliance which is the dependent variable. While digitalization has led to increases in efficiency and transparency, issues such as the digital divide, inadequate infrastructure, and data privacy concerns remain a barrier to widespread use, especially in rural regions. Based on the theoretical frameworks of the Technology Acceptance Model (TAM) and the Unified Theory of Acceptance and Use of Technology (UTAUT), this paper proposes a mixed-method research design for future empirical study. The qualitative component is through interviews with officers from the Inland Revenue Board of Malaysia (LHDN) while the quantitative is through administering questionnaires to individual taxpayers in some of the urban, suburban and rural regions of Southern West Malaysia. Thus, the objective of this research is to understand the challenges to the implementation of digital tax platforms and provide recommendations to improve compliance among taxpayers, which will help in the development of a fair and effective tax system.

Student outbound activities offer unique opportunities for experiential learning beyond the traditional classroom setting. These activities, ranging from international exchanges to community projects, are instrumental in developing students' key skills such as cultural awareness, adaptability, and global citizenship. They foster a firsthand approach to education, encouraging students to engage with diverse environments and challenges, thereby enhancing their academic and personal growth in real-world contexts. This study explores the perceptions and experiences of students participating in a four-day academic exchange outbound program between the Faculty of Accountancy at Universiti Teknologi MARA (UiTM), Malaysia, and the State Islamic University of North Sumatera Medan (UiNSU), Indonesia. Engaging 14 students with bachelor’s in accountancy, five lecturers from Malaysia, and 40 students with 18 lecturers from Indonesia, the program encompassed community service, innovation projects, and cultural activities. These activities aimed to enhance cultural understanding, academic collaboration, and a platform for experiential learning, crucial in today’s increasingly interconnected world. The study employs a mixed-method approach, utilizing questionnaires and interviews, to explore students' perceptions of short-term inter-country academic exchanges. The results of the independent t-test indicate no significant differences between the perception of respondents from UiTM and UiNSU in both categories assessed, community service and innovation competition. Additionally, outbound activities contribute to students’ educational and personal development, fostering community service and encouraging cross-cultural interaction through innovation competition. The study highlights the potential of short-duration academic trips to educational contexts in Southeast Asia, underscoring their importance in enhancing the global readiness of university students.

In today's competitive job market, internships have become an integral component of higher education, particularly in professional fields such as accounting. It provides experiential learning opportunities bridging between academic theories and practical applications to allow students to gain firsthand experience and insight into their chosen careers. Recognizing the importance of internships in equipping students with the competencies needed, the study aims to explore the internship experience of accounting students relating to skills development and career prospects. The study further examines the impact of internship placement institutions on skills development, namely technical, functional, and soft skills, as well as future career prospects and incentives. Data were gathered using questionnaires distributed to accounting students who completed six-month internships across various institutions. The findings suggest that while accounting and audit firms enhance technical skills, other aspects of professional growth are not heavily dependent on the type of internship institution. This study offers valuable insights for policymakers, academic institutions, employers, and students, emphasizing the need for strategic internship placements to optimize accounting professional skills and better prepare students for the demands of the accounting profession.

A slower rate of economic growth is indicated by a low degree of market penetration for insurance. In contrast to other Asian countries, Malaysia has a comparatively low life insurance penetration rate of 54% throughout the five years before 2020. If Malaysia has a less advantageous rate of life insurance coverage, its citizens will be more financially vulnerable. The observation suggests that people are generally skeptical when discussing insurance-related topics. People's perceptions of insurance are often unfavorable. Now, most people think that getting insurance or being an agent is fraudulent. This is a result of a general lack of understanding about insurance. This study aims to identify or determine the possible causes of Malaysia's low life insurance penetration. Age, awareness, and service quality are the variables linked to life insurance's low uptake. We used a questionnaire to gather primary data, and all the results were evaluated. In Temerloh, Pahang, Malaysia, the researchers distributed the questionnaire to a sample of 150 respondents. To ascertain the research outcome, SPSS was used to analyze the collected data. The outcome of this study revealed that there is a substantial correlation between low life insurance penetration in Malaysia and age, awareness, and service quality.

This study examines the impact of various turnaround strategies on the performance of small and medium-sized enterprises (SMEs). Specifically, the research focuses on five key strategies: CRM, publicizing efforts, rebates, credit periods, and online business. The goal is to examine the interaction between these tremendous strategies for SME performance in business sales growth. A survey research methodology was used, and data was collected from 300 SMEs from various sectors by a structured questionnaire. Chi-square tests and regression analysis are used to establish the interaction between the company's turnaround strategies and its performance results. The result disclosed that online business was the most viable strategy for enhancing SME performance. According to the studies, CRM also positively affected business performance, even though the results differed depending on the implementation. On the other hand, credit period was a negative factor, whereby the performance of SMEs declined when credit period was offered. The influence of publicizing efforts and providing rebates yielded a moderate effect; therefore, the effectiveness of the two strategies depends on the existing context.

This research investigates the relationship between the size of the board of directors and the financial performance of publicly listed industrial property firms in Malaysia. The study examines secondary data from annual reports, financial statements, and corporate governance disclosures, focusing on key financial performance indicators such as Return on Assets (ROA), Return on Equity (ROE), and Net Profit Margin (NPM). The study reveals significant correlations between board size and financial performance using correlation analysis and multiple regression. The findings provide valuable insights for regulators, investors, and business leaders, emphasizing the importance of refining corporate governance standards to ensure long-term financial success in Malaysia's industrial property sector.