Amalan Pengiktirafan Hasil Oleh Institusi Wakaf, Zakat, Dan Baitulmal Di Malaysia

Abstract

This article presents a critical review of revenue recognition practices among the institutions administering waqf, zakah and baitulmal (WZB) in Malaysia. Through a content analysis of financial statements and focus group discussions with the accountants and management of the five WZB institutions, the findings show that different revenue recognition practices have been employed, particularly in recognizing revenues of waqf for specific purpose and in recognizing ‘faraid’ properties or portion of estates of a deceased person that belong to baitulmal. Furthermore, the review of practices of the sample institutions reveals different pointof recognition of ‘luqatah’ as revenue and diverse measurement basis were used in revenues recognition. The findings provide understanding on the current practices of recognition of the various types of revenues administered by the institutions of WZB. The findings can also be used as inputs in developing Islamic accounting standards that will harmonize the accounting and reporting practices among WZB institutions. Keywords: waqf, zakah, baitulmal, revenue recognition, Islamic accounting