July 06, 2022 (MLN): Condition Bank of Pakistan (SBP) on Tuesday introduced the productive day of implementation of the Intercontinental Fiscal Reporting Specifications 9 (IFRS 9) for banks owning asset sizing of Rs500 billion or earlier mentioned from January 1, 2023.
According to the round issued by SBP, the financial institutions acquiring asset dimension of Rs500 billion or previously mentioned as for every their Once-a-year Economic Statements of December 31, 2021, the effective date of implementation starts off from January 1, 2023. The same implementation date is applicable for all Development Finance Intuitions (DFIs).
In line with finest international methods, the central financial institution has created “IFRS 9 software instructions” for making certain smooth, easy and consistent implementation of the normal in the banking institutions/DFIs/MFBs.
In addition, it has been determined to prolong the implementation date of IFRS 9 from January 01, 2022 as for each the next timelines:
For banking institutions possessing asset sizing of Rs500 billion or higher than as for every their Annual Economical Statements of December 31, 2021, the efficient date of implementation begins from January 1, 2023. The very same implementation day is applicable for all Progress Finance Intuitions (DFIs).
When, the effective date of implementation for all other banking institutions and Microfinance Banking companies (MFBs) is January 1, 2024.
Nevertheless, early adoption of the typical is permissible.
The guidelines, as for each the SBP’s circular, throughout the transition period, the FIs are required to have out the parallel operate reporting as for every certain timelines.
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Posted on: 2022-07-06T10:07:54+05:00