Assessing the need for a presentation and disclosure Accounting Standard for Waqf in Saudi Arabia

Al-Hamidi, Anwar Ali and Zakaria, Habibullah and Al-Shaghdari, Fahd Mohammed Obad (2025) Assessing the need for a presentation and disclosure Accounting Standard for Waqf in Saudi Arabia. SRA International Arabic Journal of Islamic Finance (IJIF-Arabic), 15 (2). pp. 25-45. E-ISSN 2948-3549

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Abstract

The importance of having a Presentation and Disclosure accounting standard, either for profitable or non-profitable entities, lies in the fact that it provides the appropriate framework for preparing and presenting financial statements. This study aims to evaluate the need for a separate Presentation and Disclosure accounting standard for Waqf institutions in the Kingdom of Saudi Arabia which currently obliged to apply the Presentation and Disclosure Accounting Standards for Non-profitable Entities that issued by the Saudi Organization for Certified Public Accountants (SOCPA). To achieve this goal, the study relies on the descriptive analytical approach in describing first; the unique features and properties of Waqf Institutions that distinguish them from any other non-profitable entities. Then, the study will perform content analysis to the Presentation and Disclosure Accounting Standards of SOCPA in order to evaluate its suitabilityto Waqf institutions in terms of fulfilling the needs of external users of Waqf financial reports. The study concluded that the current Presentation and Disclosure standard applied by Waqf institutions does not take into account a number of crucial features and characteristics of Waqf institutions that significantly require additional unique disclosure and presentation requirements. The study insists on the need of a conceptual framework along with an independent Presentation and Disclosure accounting standard for Waqf Institutions that takes into account their distinctive features and characteristics.

Item Type:	Article (Journal)
Uncontrolled Keywords:	Special Accounting Disclosure, Waqf Institutions, Saudi Organization for Certified Public Accountants (SOCPA).
Subjects:	BPH Islamic Economics > BPH741 Waqf
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Institute of Islamic Banking & Finance (IIiBF)
Depositing User:	Dr. Fahd Mohammed Obad Al-shaghdari
Date Deposited:	17 Feb 2025 16:56
Last Modified:	17 Feb 2025 16:56
URI:	http://irep.iium.edu.my/id/eprint/119465

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