INTERNATIONAL JOURNAL OF SCIENTIFIC & TECHNOLOGY RESEARCH VOLUME 9, ISSUE 03, MARCH 2020 ISSN 2277-8616 4925 IJSTR©2020 www.ijstr.org Reconstruction Of Asset Accountabilities Definition And Waqf Asset Tumirin Tumirin, Syaiful Syaiful, Muhammad Aufa, Abdullah Mujaddid, Mu'minatus Sholichah, Sukaris Sukaris Abstract: The philosophy of waqf assets and business assets has fundamentally different in principles. Waqf assets have religious and material objectives, while business assets have material objectives. This paper aims to reconstruct the definitions and concepts of assets and waqf assets. The Literature review was used as a method to reconstruct the definition and accountability of waqf assets. Definition and concept of waqf assets and assets in accounting perspective has a different dichotomy in views of two main theories, that is entity theory and the shariate enterprise theory. Definitions and accountability of entity-based assets are more emphases on the welfare of owners. The definition and accountability of waqf assets over oriented social interests and God (spiritual). Reconstruction of asset accountabilities definition and waqf asset -oriented not only a reality but hyperreality useful asset for happiness in this world and eternal life in heaven. .Index Terms: Waqf Assets, Business Assets, Spirituality, Accountability and Reconstuction ——————————  —————————— 1 INTRODUCTION The definition and accountability of waqf assets should be different from conventional asset management accountability for both profit and non-profit organizations. Because waqf assets are oriented towards the welfare of the people. Accountability of waqf assets is a form of responsibility for management of waqf assets by Nazhir. Although the waqf accounting theory framework is not yet established, the general accounting principle for waqf can be called the Al- Quran verse in the Al Maidah verse 1 as follows, namely: you who believe, fill the contract [388]. It is permissible for you cattle, except those that will be read to you. (that is so) by not justifying hunting when you are doing the Hajj. Lo! Allah has established laws according to His will.[388] Covenants (covenants) include: servants' praised promises to God and agreements made by humans in their fellowship.Accounting for waqf is important because there is a contract between Nazhir and wakif. Nazhir is responsible for waqf assets entrusted by Wakif. In other words, accounting is a means to release accountability Nazhir's. Because waqf assets are intended for the public interest, so accountability scope Nazhir's will be different from company managers, where they must be responsible for various stakeholders such as Waqif, waqf institutions, charity employees, waqf, regulators, beneficiaries and the public in large numbers (1)(1)(1)(1). Accountability is one of the management processes in managing waqf assets, accountability plays a significant role as a parameter of professionalism in handling waqf. (Antonio, 2008, p. Viii) argue that professional management of waqf has three basic philosophies, namely; First, the management pattern must be in an integrated frame. Second, put forward the principle of welfare Nazhir that balance between the obligation to do and entitlements. Third, the principle of transparency and accountability.Accountability Nazhir's can be seen as Islamic accountability developed by (2) which explains dual accountability as follows: As Allah's caliph, humans are accountable to Allah (God) for all entrusted resources, in addition to fulfilling every contract made between humans. This type of accountability is more appropriate for waqf since the waqf deed is based on religious motivation and concerns the public interest. Sharia enterprise theory regarding the distribution of value-added wealth not only to parties with an interest in the company, such as owners, creditors, investors, employees, government, but there are other parties that are not directly related to the company. This means that added value is not only shared with parties related to the creation of added value but parties that are not directly related (4). Accountability for the management of productive waqf assets is identical to the use of Islamic financial statements that use the construction of Islamic accounting based on the concept of zakat values. Zakat orientation means trying to achieve optimum zakat realization. Zakat is a measure of material and spiritual performance (ethics) rather than profit oriented (5).Waqf assets is used for productive purposes will generate income and the results can be used to improve welfare for those who are entitled to receive. Thus a financial report standard/format is needed for institutions developed with waqf funds. This is needed as a responsibility for the use of funds and the distribution of value-added from these activities. To support this (Law, Republic of Indonesia No. 41 of 2004) article 43 states that:Management and development of waqf property by Nazhir as referred to in article 42 is carried out in accordance with sharia principles 2 LITERATURE REVIEW Different from the definitions and concepts of accountability of entity theory (entity theory). Accountability according to this theory is related to who the amount of rupiah called profit depends on the theory of the entity adopted. The theory of entities relates to determining who is most interested in the benefits of economic activity in enjoying increased welfare. Entity theory is also called the equity theory. Included in the theory of equity is the theory of joint business entities (enterprise theory),(business entity theory), investor theory (investor theory), owner theory (proprietary/stockholder _________________________________ • Tumirin Tumirin, Accounting Study Program, Universitas Muhammadiyah Gresik, Indonesia, e-mail: tumirin@umg.ac.id • Syaiful Syaiful, Accounting Study Program, Universitas Muhammadiyah Gresik, Indonesia, e-mail: syaiful@umg.ac.id • Muhammad Aufa, Accounting Study Program, Universitas Muhammadiyah Gresik, Gresik, Indonesia, e-mail: aufa@umg.ac.id • Abdullah Mujaddid, Accounting Study Program, Universitas Muhammadiyah Gresik, Indonesia, e-mail: mujaddid@umg.ac.id • Mu'minatus Sholichah, Accounting Study Program, Universitas Muhammadiyah Gresik, Indonesia, e-mail: mukminatus@umg.ac.id • Sukaris Sukaris, Management Study Program, Universitas Muhammadiyah Gresik, Indonesia, e-mail: sukaris21@umg.ac.idIn line with (2),