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FAS 32 – Ijarah

Standard No. FAS 32
Accounting
Effective: January 1, 2021
ENGLISH
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About This Standard

AAOIFI Financial Accounting Standard (FAS) 32 “Ijarah” is set out in paragraphs 01-112. All the paragraphs have equal authority. This standard should be read in the context of its objective and the Conceptual Framework for Financial Reporting as endorsed by AAOIFI. All AAOIFI FASs shall be read in conjunction with the definitions, Shari’ah principles and rules and key considerations provided by AAOIFI Shari’ah standards (SS) in respect of such products and matters.

Standard Outline

  1. Preface
  2. Introduction
  3. Ijarah
  4. Objective of the standard
  5. Scope
  6. Definitions
  7. Identifying (and separating) an Ijarah
  8. Accounting and financial reporting by the lessee
  9. Accounting and financial reporting by the lessor
  10. Ijarah MBT: transfer of underlying asset’s ownership
  11. Sale and Ijarah-back transactions
  12. Other related accounting treatments
  13. Effective date
  14. Transitional provisions
  15. Amendments to other standards
  16. Appendices
  17. Appendix A: Adoption of the standard
  18. Appendix B: Basis for conclusions
  19. Appendix C: Brief history of the preparation of the standard
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