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FAS 40 “Financial Reporting for Islamic Finance Windows”

Standard No. FAS 40
Accounting
Effective: January 1, 2024
ENGLISH
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About This Standard

AAOIFI Financial Accounting Standard (FAS) 40 “Financial Reporting for Islamic Finance Windows” is set out in paragraphs 01-13. 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. لمحة عامة
  4. Rationale for issuing this standard
  5. Significant changes from previous standard
  6. Financial Reporting for Islamic Finance Windows
  7. Objective of the standard
  8. Scope
  9. Definitions
  10. Financial reporting requirements for Islamic finance windows
  11. Presentation and disclosures requirements
  12. Effective date
  13. Amendments to other standards
  14. Appendix A: Adoption of the standard
  15. Appendix B: Basis for conclusions
  16. Appendix C: Brief history of the preparation of the standard

Issued by: AAOIFI Accounting Board (AAB). Supercdes FAS 18 “Financial Reporting for Islamic Financial Services Offered by Conventional Financial Institutions”

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