Pengiktirafan Dan Pengukuran Aset-Aset Di Majlis Agama Islam Negeri (MAIN): Amalan Dan Cabaran

Abstract

Assets are an integral component within each institution including MAIN as a responsible institution for WZB assets in Malaysia. However, previous studies conducted on the accounting practices of State Islamic Religious Councils (MAIN) in Malaysia only focused on the aspect of disclosure. Studies on recognition and measurement of assets are very limited. Apart from being transparent for MAIN in exposing all information pertaining to the assets of waqf, zakat, or baitulmal (WZB) based on the Islamic accounting perspective, it is also very important for MAIN to take a serious look at how these assets are recognized as well as measured in the financial statements from an Islamic perspective. Therefore, the main objective of this study is to review the current practice of MAIN in recognizing and measuring WZB’s assets and identifying the challenges or issues arising from MAIN long-standing practice of accounting. More important is whether this practice is in line with the shariah. Overall, there are six categories of assets investigated in this study: Property, Plant and Equipment (PPE), Investment Property (IP), Inventory, Lease Assets, Intangible Assets (IA) and Agricultural Assets. This study has been using a triangulation method whereby researchers conduct interviews with relevant officers and focus group discussions, as well as reviews on basic documents such as Financial Statements (Financial Year 2016) of the related MAIN. The findings reveal the diversity in the practice of recognizing and measuring the six categories of MAIN assets. Recognition of assets is performed at different points of recognition and value for each MAIN in the sample of the study. This shows that the development of Islamic accounting standards for WZB assets is particularly necessary for the use of WZB entities in Malaysia. Keywords: assets recognition, accounting practices, waqf, zakat, SIRCs