Treatment of Zakat Accounting as Part of Elements in Financial Statements: An Introduction to New Accounting in Financial Statements

Abstract

Zakat is one of the pillars of Islam, it is even the most visible pillar of society among the pillars of Islam. Many efforts have been made by the community to increase the role of zakat, one of which is through the establishment of BAZIS. BAZIS reports zakat funds collected from the community every year as a form of accountability to muzakki, munfiq, mushaddiq, advisory boards, and Allah SWT, but many financial reports issued by BAZIS are still not following Islamic sharia provisions.  Based on the various existing deficiencies, the solution for reporting the financial statements of LAGZIS Masjid Raden Patah Brawijaya University should be in the form of a balance sheet, Zakat Funds Statement, and Infaq and Shadaqah Funds Statement as a substitute for an income statement and a report on changes in capital.