Accountability of Cash Waqf Institutions Post the Implementation of Accounting Standard 412

Imama, Grandis, Asnawi, Nur and Ekowati, Vivin Maharani ORCID: https://orcid.org/0000-0001-6013-0630 (2025) Accountability of Cash Waqf Institutions Post the Implementation of Accounting Standard 412. Share: Jurnal Ekonomi dan Keuangan Islam, 14 (2). pp. 802-815. ISSN 2549-0648

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Abstract

Indonesia has one of the largest potentials for cash waqf collection in the world due to its majority Muslim population and growing Islamic social finance sector. However, this potential remains largely unrealized, partly due to weak financial transparency and inconsistent reporting practices among waqf institutions. This study
aims to assess the level of accountability practices among waqf institutions in Indonesia following the issuance of the Accounting Standard for Waqf (PSAK 412). Data were collected from 432 waqf institutions registered with the Indonesian Waqf Board (BWI),
of which only nine institutions had published their 2023 financial statements. Using a content analysis based on PSAK 412 and an accountability index adapted from the Internet Financial Reporting (IFR) model, this study evaluates the extent of compliance
and disclosure practices. The findings reveal that most institutions have not yet implemented PSAK 412 adequately. Only three institutions, namely Baitul Maal PLN, Dompet Dhuafa, and Yayasan Wakaf Produktif Pengelola Aset Islami Indonesia (PPAII), demonstrated moderate compliance under PSAK 412, with Baitul Maal PLN achieving the highest overall accountability score and a very high IFR index category. These results emphasize the need for stronger government supervision, socialization, and capacity-building initiatives through BWI to improve waqf accountability and
transparency. This study contributes to mapping the post-PSAK 412 accountability landscape and provides a foundation for strengthening governance in Indonesia’s waqf sector.

Item Type:	Journal Article
Keywords:	Accountability, Cash Waqf, PSAK 412, Financial Reporting, Internet Financial Reporting (IFR)
Subjects:	15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1501 Accounting, Auditing and Accountability > 150101 Accounting Theory and Standards 15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1501 Accounting, Auditing and Accountability > 150103 Financial Accounting 15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1501 Accounting, Auditing and Accountability > 150114 Corporate Social Responsibility 15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1501 Accounting, Auditing and Accountability > 150115 Sharia Accounting 15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1599 Other Commerce, Management, Tourism and Services
Divisions:	Faculty of Economics > Department of Management
Depositing User:	Vivin Maharani Ekowati
Date Deposited:	10 Jul 2026 15:53

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