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FAS 27 – Investment Accounts*

Standard No. FAS 27
Accounting
Effective: November 9, 2014
ENGLISH
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About This Standard

Investment accounts are a key component of the financial statements of Islamic Financial Institutions. The previous Financial Accounting Standard No. (5): Disclosures of Bases for Profit Allocation Between Owners’ Equity and Investment Accountholders issued by the Accounting and Auditing Standards Board in its meeting No. (11) held on 19-20 May 1996 A.D., and the previous Financial Accounting Standard No. (6): Equity of Investment Accountholders and Their Equivalent approved by the Board on 15-16

Standard Outline

  1. Introduction
  2. Preface
  3. Statement of the Standard
  4. 1. Scope of the Standard
  5. 2. Definitions
  6. 3. Recognition, Derecognition and Measurement
  7. 4. Impairment Attributable to Investment Accounts
  8. 5. Presentation and Disclosure Requirements
  9. 6. Effective Date and Transitional Provisions
  10. Adoption of the Standard
  11. Appendix (A): Brief History of the Preparation of the Standard
  12. Appendix (B): Basis for Conclusions
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