The Gap Between Standard and Practice in Waqf Reporting: A Synthesis of PSAK 112 Implementation among Nazhir Institutions in Indonesia

Abstract

This study aims to map the level and pattern of PSAK 112 (Waqf Accounting) implementation among nazhir institutions in Indonesia, and to identify which components of the standard are most frequently left unfulfilled. This research is important because PSAK 112 has been effective since 1 January 2021, yet the evidence of its implementation is scattered across single-institution case studies that use differing assessment categories, so their findings cannot be compared and the general condition of the sector remains unread. The method used is a systematic synthesis of published research findings, following the PRISMA screening protocol. The data sources are twelve studies examining PSAK 112 implementation in twelve different nazhir institutions, published between 2019 and 2025, whose findings were recoded into a uniform five-component framework covering statement completeness, recognition, measurement, presentation, and disclosure. The results show that only one of the twelve institutions was reported to have implemented PSAK 112 fully, ten were reported as not yet implementing it optimally, and one was reported as not implementing it at all. Non-conformity is concentrated in the presentation, statement completeness, and disclosure components, while recognition and measurement are more often reported as conforming. The most recurrent forms of non-conformity are the absence of a statement of waqf asset details, the failure to separate waqf funds from zakat, infaq, and sadaqah funds, the continued use of other accounting standards as the primary guideline, and the absence of notes to the financial statements. There is a strong indication that the gap between standard and practice is structural and located at the final reporting stage rather than at the transaction recording stage.