Home › Standards › Accounting

FAS 30 – Impairment, Credit Losses and Onerous Commitments

Standard No. FAS 30
Accounting
Effective: January 1, 2021
ENGLISH
All Standards

About This Standard

Updated as of 10 November 2022 in line with consequential amendment of FAS 1 “General Presentation and Disclosures in the Financial Statements” [Effective date: 1 January 2024] AAOIFI Financial Accounting Standard (FAS) 30 “Impairment, Credit Losses and Onerous Commitments” is set out in paragraphs 01-65. 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.

Standard Outline

  1. Preface
  2. Introduction
  3. Impairment, credit losses and onerous commitments
  4. Objective of the standard
  5. Scope
  6. Definitions
  7. Classification of assets and exposures
  8. Frequency of assessment for impairment and credit losses
  9. Related accounting treatments
  10. Provision for onerous contract or commitment to acquire an asset
  11. Changes in estimate and reversals
  12. Presentation and disclosures
  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
Share
Back to All Standards