Harmonization between international accounting standards and the provisions of the Islamic sharia for the management of WAQF assets.

Abstract

Our contemporary period has seen several developmentsin different economic and social spheres, which has resulted in an expansion in the services supplied by the state to society . Thus, Waqf has a great importance in our Islamic religion because of its great virtues and high levels, and it is considered one of the best acts of drawing closer to Allah, and it was inferred in many sites in the Holy Qur’an, even if it is not mentioned as directly, but theSunnah of the Prophetic and the consensus of scholars came to describe and establish it directly. Waqf is a language that refers to controland restraint, and the plural areAwqafand Wouqof, Waqf in the legal terminology is to retainproperty and direct its benefit, seeking a reward from Allah the Almighty . With the growth of the Waqf sector and the increase in its activities and the problems facing it and the risks and its needs for accounting standards that are compatible with the best accounting practices in Awqaffoundations, it was necessary to turn to the International Accounting Standards for the public sector, which are based on their application in preparing financial statements of general purpose for public sector establishments that refer to the financial statements issued to users who are unable to request financial statements that meet their specific information needs in order to achieve international compatibility with those standards, and it was developed through the International Accounting Standards Board in the Public Sector , which was established through the International Federation of Accountants .