GLOBAL: The Accounting Board of AAOIFI gave its in-principle approval on the financial accounting standard (FAS) 53 ‘Deferred Delivery Sales: Salam and Istisna’ and FAS 53 ‘Istisna-based Development Contracts’ during its 43rd meeting on the 28th and 29th July 2025. The two standards will be replacing FAS 7 ‘Salam and Parallel Salam’ and FAS 10 ‘Istisna’a and Parallel Istisna’a’.
The board members also discussed the draft statement to withdraw FAS 26 ‘Investment in Real Estate’, which provides transitional guidance on accounting treatment for property investments and the requisite disclosures. The board will seek input from stakeholders on the planned withdrawal.
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