PIAWAIAN PERAKAUNAN KHUSUS UNTUK INSTITUSI WAKAF:IMPLIKASI DARIPADA KETIADAAN SPESIFIK PERAKAUNAN WAKAF UNTUK MENJADI AMALAN DI MALAYSIA

Abstract

The purpose of accounting standards is to regulate the accounting and reporting processes for entities. Therefore, the absence of specific accounting standards to govern entity accounting can potentially create problems and issues. This research aims to understand how the absence of certain accounting standards affects entity accounting practices. Among the implications of the absence of specific accounting standards are uncertainties in waqf fund management, uncertainty in performance evaluation, inability to meet legal requirements, inability to attract investors, loss of public confidence, and the need for stricter monitoring and supervision. This study employs a qualitative research methodology with a document analysis design. The findings show how waqf bodies attempt to comply with relevant existing accounting standards, but without a specific focus on waqf institutions, highlighting the importance of having specific accounting standards. The discussion highlights the impact of the absence of specific accounting practices for waqf institutions and the need for specific accounting standards.