RegAlert

Rule · SECP · 20 Sep 2021

S.R.O. 1177(I)/2021 Partial Exemption from IFRS 9

credit

Companies holding financial assets due from the Government of Pakistan in respect of circular debt are exempt from applying the Expected Credit Losses method under IFRS 9 until June 30, 2022. During this exemption period, such companies must instead follow the relevant requirements of IAS 39 for those financial assets. This partially modifies S.R.O. 985(I)/2019 dated September 2, 2019.

PakistanSecurities and Exchange Commission of Pakistan

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.-

Islamabad, the 13th September, 2021

NOTIFICATION

S.R.O. 1177 (I)/2021.- The Securities and Exchange Commission of Pakistan, in exercise of powers conferred by section 510 read with sub-section (1) of section 225 of the Companies Act, 2017 (Act No. XIX), in partial modification of its previous S.R.O. 985 (I)/2019, dated September 2, 2019, is pleased to notify that, in respect of companies holding financial assets due from the Government of Pakistan in respect of circular debt, the requirements contained in “IFRS 9 (Financial Instruments) with respect to application of Expected Credit Losses method” shall be not be applicable till June 30, 2022, provided that such companies shall follow relevant requirements of IAS 39- Financial Instruments: Recognition and Measurement, in respect of above referred financial assets during the exemption period.

[File No. SMD/ PRDD/2 (316)2021]

( Bilal Rasul )
Secretary to the Commission

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SRO 985 (I)/2019 Notification IFRS92019 · SECPSRO 985 (I)/2019 Notification IFRS 9 (2019-09-03)S.R.O. 1177(I)/2021 PartialExemption from IFRS 92021-09-20 · this documentS.R.O. 1177(I)/2021 Partial Exemption from IFRS 9 (2021-09-20)
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This document amends: SRO 985 (I)/2019 Notification IFRS 9

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