SBP extends deadline for banks to implement IFRS 9
Pakistan’s Central Bank has extended the date for the
implementation of International Financial Reporting Standard 9 (IFRS 9) for
banks and DFIs having assets size of Rs 500 billion or above from Jan 1, 2023
to Jan 1, 2024.
The State Bank of Pakistan (SBP) made the decision based on the
feedback received from the relevant stakeholders.
As per the decision, for banks having asset size of Rs 500
billion or above as of December 31, 2022 and for all the Development Finance
Institutions (DFIs), the implementation date has been extended from January 1,
2023 to January 1, 2024.
The implementation date for all other banks and Microfinance
Banks (MFBs) will remain the same, i.e. January 1, 2024.
During the transition period, banks/DFIs/MFBs will continue with
their parallel run reporting as per the specified timelines.
Further, according to SBP, preparation of the annual/interim
financial statements on the revised formats by banks and DFIs, has also been
extended to the 1st quarter of year 2024.
Source: Business Recorder