VALUE CREATION REPORTING FRAMEWORK: A CASE STUDY OF RELIGIOUS COUNCIL

Abstract

This paper explores the potential of a Value Creation Reporting Framework (VCRF) for religious councils in Malaysia. Traditionally, financial reporting prioritizes economic gains. However, a VCRF offers a more holistic perspective, encompassing the social and spiritual value religious councils create. This case study explores how these councils, entrusted with safeguarding religious matters and fostering community wellbeing, can leverage a VCRF to showcase their multifaceted impact. The paper outlines a potential framework specifically designed for Malaysian religious councils. It then analyzes the application of this framework, highlighting both the challenges and benefits associated with its implementation. By adopting a VCRF, religious councils can enhance transparency, improve decision-making, and demonstrate the true breadth of their contributions to Malaysian society. This research aims to contribute valuable insights for religious organizations seeking to go beyond traditional financial reporting and showcase the full spectrum of value they create.