<![CDATA[This study aims to analyze the accounting treatment of productive waqf for multi-business units based on PSAK 412 on the Nazhir Waqf Synergy. The research method uses a descriptive qualitative approach with data collection techniques through in-depth interviews and report documentation. The results of the study show that Nazhir Waqf Synergy has implemented PSAK 412 since 2024 by compiling waqf financial statements as a separate reporting entity. In the aspect of recognition and measurement, nazhir has applied the provisions of PSAK 412 by recognizing waqf assets based on legal control and measuring them at fair value, as well as differentiating accounting treatment based on the funding scheme of each business unit (direct waqf, money waqf, and partnership). However, there are obstacles due to the limitations of the accounting system that is still ZIS-oriented. With the complexity of the multiunit productive waqf model, the presentation and disclosure are not fully in accordance with PSAK 412. This study provides an empirical overview of the accounting treatment of productive waqf multi-business units and serves as a reference for developing more accountable and transparent waqf reporting.]]>
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