MASB Technical Release i -1

Contents
 paragraphs
INTRODUCTIONIN1-IN8
Reasons for issuing the Technical ReleaseIN1 - IN4
Main features of the Technical ReleaseIN5 - IN8
  
MASB Technical Release i -1
Accounting for Zakat on Business
 
  
OBJECTIVE1
SCOPE2
RECOGNITION3-5
ASSESSMENT OF ZAKAT6-14
Zakat Rate7
Zakat Base8-9
Determination of Zakat Base10-13
Measurement of Assets and Liabilities for Zakat14
PRESENTATION15
DISCLOSURE16-17
TRANSITIONAL PROVISIONS18
EFFECTIVE DATE19
APPENDIX 
A Explanations of Terms Used 
BASIS FOR CONCLUSIONS 



MASB Technical Release i-1 Accounting for Zakat on Business (TR i-1) is set out in paragraphs 1-19 and Appendix A. All paragraphs have equal authority. Paragraphs in bold type state the main principles. Terms defined in Appendix A are in italics the first time they appear in TR i-1. TR i-1 should be read in the context of its objective and the Basis for Conclusions, the Foreword to MASB Standards and Other Technical Pronouncements, and the Proposed Framework for the Preparation and Presentation of Financial Statements. MASB 1 Presentation of Financial Statements and FRS 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.

It should be noted that TR i-1 deals only with financial reporting issues related to zakat on business. An entity shall refer to the relevant State Islamic Religious Council or its relevant zakat authorities for any issues relating to zakat on business, e.g. zakat chargeability of an entity, calculation of zakat, determination of zakat base, and zakat eligibility of assets and liabilities. Decisions made by an entity should be subject to conclusion reached with the relevant zakat authorities.

 

 

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