TR i-4

LEMBAGA PIAWAIAN PERAKAUNAN MALAYSIA MALAYSIAN ACCOUNTING STANDARDS BOARD

Technical Release i-4

Shariah Compliant Sale Contracts

© Malaysian Accounting Standards Board 2010 1

TR i-4

This Technical Release (TR) contains material in which the International Accounting Standards Committee Foundation (IASCF) holds copyright and which has been reproduced in this Statement with the permission of IASCF. Copyright in the International Financial Reporting Standards (including Interpretations), International Accounting Standards Board (IASB) Exposure Drafts, and other IASB publications belong to IASCF. All rights are reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means without the prior permission in writing to MASB or as may be expressly permitted by law or under terms agreed with the appropriate reprographics rights organisation. No part of the materials incorporated in this publication, the copyright of which is held by IASCF, may be reproduced, stored in a retrieval system or transmitted in any form or by any means without the prior permission in writing to IASCF or as may be expressly permitted by law or under terms agreed with the appropriate reprographics rights organisation. TR i-4 Shariah Compliant Sale Contracts is issued by the MASB in respect of its application in Malaysia.

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TR i-4

CONTENTS

paragraphs
INTRODUCTION IN1–IN6

MASB TECHNICAL RELEASE i-4 SHARIAH COMPLIANT SALE CONTRACTS
OBJECTIVE SCOPE SUBJECT OF SALE Recognition Classification Derecognition INCOME ON SALE Financing element in a sale PURCHASE EXPENDITURE PIECEMEAL OR DEFERRED DELIVERY LINKED TRANSACTIONS RECEIVABLES AND PAYABLES DISCLOSURE PRESENTATION EFFECTIVE DATE APPENDICES A B Explanations of terms used An overview of Shariah compliant sale contracts BC1–BC11 1 2 3–9 3–4 5–7 8–9