Notification of International Financial Reporting Standard (IFRS) 16

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.- Islamabad, the 9 th April, 2018 NOTIFICATION S.R.O. 434 (I)/2018.- In exercise of the powers conferred by section 510 read with sub￾section (1) of section 225 of the Companies Act, 2017 (XIX of 2017) (the “Act”) and in partial modification of S.R.O. 633(I)/2014, dated 10 th July, 2014, the Securities and Exchange Commission of Pakistan (the Commission) is pleased to direct that the following International Financial Reporting Standard (IFRS) and any further revisions thereof, issued by the International Accounting Standards Board, shall be followed for the preparation of financial statements by all classes of companies that are required by the Act to follow IFRS as notified by the Commission:
Sr.
No.
Superseded Standard as per:
New Standard to be followed
Effective from:
S.R.O. 633(I)/2014 Annual reporting periods beginning on or after

1. IAS 17
   Leases
   IFRS 16
   Leases
   January 1, 2019
   ___________________________________________________________________________ [File. No. EMD/IACC/4/2009]