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FAS 4 – Musharaka Financing

Standard No. FAS 4
Accounting
Effective: January 1, 1998
ENGLISH
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About This Standard

This standard aims at setting out accounting rules for recognising, measuring and disclosing the transactions of Musharaka financing that are carried out by Islamic banks and financial institutions.() The standard also provides details of the juristic principles on which the development of the proposed accounting treatment is based. It also highlights the different accounting alternatives which have been considered and the justifications for the alternative chosen for the accounting treatment of Musharaka financing.

Standard Outline

  1. Preface
  2. Statement of the Standard
  3. 1. Scope of the Standard
  4. 2. Accounting Treatment of Musharaka Financing
  5. 3. Effective Date
  6. Adoption of the Standard
  7. Appendix (A): Brief History of the Preparation of the Standard
  8. Appendix (B): Juristic Rules for Musharaka Financing Transactions
  9. Appendix (C): Reasons for the Standard
  10. Appendix (D): Basis for Conclusions
  11. Appendix (E): Definitions
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