Name: Alfia Dava Zahra

NIM : 2301879394
Class: LA53
Explain what is the idea that you get from the paper about Zakat and WAQF on Indonesia's
Accounting Standard towards Industrial Revolution 4.0 and Society 5.0?

Industry 4.0 is a concept of a technological revolution that is based on the concept of continuous
communication via the internet that allows interaction and exchange of information, not only between
humans but also between humans and machines and between machines (Cooper et.al., 2009). This is
where the industrial revolution 4.0 emerged. which creates in the phase of technological progress
(Budiman, 2019) while society 5.0 can be defined as a human-centered society that balances economic
progress with the resolution of social problems through a system that strongly integrates virtual space
and physical space (Hamdan, 2018).

Islamic accounting is here to deconstruct accounting with modern ideology (Triyuwono, 2000). Islamic
accounting seeks to contribute to accounting as an instrument used in business activities as well as a
medium in discovering the nature of the purpose of human life. With humans being able to know the
nature of their life goals, expectations can be fulfilled, rules are set and it is certain that someone will
obey the law, because their attitude is better or above all rules.

IFAS 112 Accounting for Waqf states that the waqf entity recognizes the receipt of waqf property only. if
the waqf body has legal and physical control over the object. The requirements for the initial wakef
asset recognition in the financial statements are the vision of control over the assets of the waqf to the
waqf entity that meets these two conditions:

a. There has been a legal transfer of ownership of the waqf property

b. There has been a transfer of control over the economic benefits of waqf assets.

If this happens, then when the pledge of waqf occurs, there is a transfer of physical control over the
assets from the waqf to the entity. The law of control over waqf property can also be fulfilled.

In terms of presentation, temporary waqf assets are accepted as liabilities because they must be
adjusted to the time of recognition that the entity is required to return waqf assets to waqf in the
future.

The Islamic economic sector became a concern when a global institution (Thomson Reuters) published
the potential for Muslim consumers to spend on various consumer products. The institute noted an
increase in the purchasing power of Muslims worldwide, thus affecting the global economy. will
generally be more dominant in the future because of its function to produce knowledge workers who
can provide support to other knowledge workers in the process of creating added value. If the
accounting profession in which Islamic accountants can take advantage of the wide-open opportunities,
according to Elliott, university administrators will not treat accounting as a marginal discipline as it used
to be. The role of Islamic accounting and accounting will become increasingly important in the future-it
is important to understand what is going on in the economy; it is important to reconcile conflicts of
interest between stakeholders; important for production, consumption, savings and investment
decisions; vital in the general management of business and aspects of business in non-profit
organizations, including universities; and as mentioned earlier, it is important for good corporate
governance.

That the position of the accounting profession and in it sharia accountants must follow a faster rhythm
than the revolution. In the face of change, accountants will face:

(1) Signal recognizes for noise. Accountants are aware of threats and will be ready to take advantage of
the momentum of opportunities from threats;

(2) Ongoing changes. Islamic accountants and accountants have felt the changes in their activities but do
not feel the need to take a stand because they have not been disturbed by the "status quo".

(3) The inevitable transformation. Accountants have made changes because the "status quo"
performance has been disrupted by the revolution and accountants must carry out transformational
changes with the Islamic Accountant Profession Understand IFAS 109 regarding ZIS Accounting and IFAS
112 regarding Zakat Waqf are one of the five pillars of Islam that must be implemented. Zakat is useful
for people to purify the wealth they have earned. Zakat can also be considered a tax with spiritual
connotations (Gambling & Karim, 1986) (Karim, 1990). In the economic and social context, zakat is
intended to achieve social welfare and justice (Sarif & Kamri, 2009).

To collect zakat, infaq and shadaqah funds, the proliferation of zakat amil bodies aims to facilitate the
community in distributing zakat, infaq and shadaqah funds. Financial reports are one of the operational
media for BAZIS' responsibilities in collecting and distributing zakat, infaq and alms (ZIS) and Professional
Solutions for Islamic Accountants in the Industrial Revolution 4.0 and Society 5.0 Solutions to reduce
problems in the application of IFAS 109 on ZIS Accounting and IFAS 112 on Waqf Accounting in facing
the industry and public revolution 5.0 include:

(1) Increase the intention and maintain public trust because ZIS funds and Asset Waqf and Productive
Waqf are only entrusted to be sent;

(2) Improving the management structure and management of ZIS management and Waqf management,
because there are still some ZIS management and Waqf management which are considered as minor;

(3) Maximizing the Regional Zakat Organization Forum (FOZ) to work together so that they can exchange
knowledge and information, both from government regulations to reporting to muzaki and Waqf Boards
and must also report to the community in waqf management, whether productive or cash waqf;

(4) The use of IFAS 109 training is intended for all BAZIS financial managers or financial staff so that
financial reporting can be well structured and result in increased BAZIS accountability and IFAS 112
training aimed at waqf managers; and

(5) For BAZIS who have sufficient amil funds, it is recommended to have special software for finished
financial reports to facilitate accounting in reporting as well as for the Indonesian Waqf Board
(Indonesian Waqf Board/BWI) or Waqf Management that has a computerized or Waqf Management
Information System (SIM). ) based on Android.
Therefore, it can be concluded that the existence of Industry 4.0 is an Islamic opportunity to be more
advanced economically, if rapid potential exploration is carried out, especially in Indonesia. Because, in
terms of capital, Islam has considerable potential, in terms of human resources, in Indonesia there are
many Muslims who are creative and innovative, it's just a matter of how capital and human resources
are met and then accompanied properly. That way, the face of Islam is the face that smiles for the first
time in this industrial 4.0 era.

Reference:

https://metrouniv.ac.id/?page=artikel_detail&&cur=ccc7b2101bac3b495744e955245322d4#.Ybk5qr1B
w2w

https://journal.walisongo.ac.id/index.php/jiafr/article/view/6295/pdf

https://knks.go.id/storage/upload/1573459280-Masterplan%20Eksyar_Preview.pdf