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FAS 38 “Wa’ad, Khiyar and Tahawwut”

Standard No. FAS 38
Accounting
Effective: January 1, 2022
ENGLISH
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About This Standard

AAOIFI Financial Accounting Standard (FAS) 38 “Wa’ad, Khiyar and Tahawwut” is set out in paragraphs 01-35. 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 key considerations provided by AAOIFI Shari’ah Standards (SS) in respect of such products and matters. This standard in particular, shall be read in line with SS 25 “Combination of contracts”, SS 45 “Protection of capital and investments”, SS 49 “Unilateral and bilateral promise”, SS 52 “Options to reconsider (cooling-off options, either-or options, and options to revoke due to non-payment), SS 53 “Arboun (earnest money)”, and SS 54 “Revocation of contracts by exercise of a cooling-off option”.

Standard Outline

  1. Preface
  2. Introduction
  3. Wa’ad, Khiyar and Tahawwut
  4. Objective of the standard
  5. Scope
  6. Definitions
  7. Types and classification of Wa’ad, Khiyar and Tahawwut arrangements
  8. Accounting for ancillary Wa’ad or Khiyar
  9. Accounting for product Wa’ad or Khiyar
  10. Accounting for Tahawwut (hedging) arrangements
  11. Effective date
  12. Appendices
  13. Appendix A: Adoption of the standard
  14. Appendix B: Basis for conclusions
  15. Appendix C: Brief history of the preparation of the standard
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