RegAlertRule · SECP · 22 Jun 2021
S.R.O 800 (I)/2021 – Extension in Application of IFRS 9 on NBFCs and Modaraba for one year till June 30, 2022
The Securities and Exchange Commission of Pakistan modifies S.R.O. 273 (I)/2020 and S.R.O. 321(I)/2020 to change the effective date for applying IFRS 9 in place of IAS 39 for Non-Banking Finance Companies and Modarabas. IFRS 9 now applies for reporting periods or years ending on or after June 30, 2022, with earlier application permitted.
GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.-
Islamabad, June 22, 2021
NOTIFICATION
S. R. O. 800 (I)/2021. - In exercise of the powers conferred by section 510, read with sub-section (1) of sections 225 of the Companies Act 2017 (XIX of 2017), and in modification of S.R.O. 273 (I)/2020 dated March 30, 2020 and S.R.O 321(I)/2020 dated April 17, 2020, the Securities and Exchange Commission of Pakistan is pleased to modify the effective date for applicability of International Financial Reporting Standard 9 - Financial Instruments in place of International Accounting Standard 39 (Financial Instruments: Recognition and Measurement) for Non-Banking Finance Companies and Modarabas, as “Reporting period/year ending on or after June 30, 2022 (earlier application is permitted)”.
[File. No. SC/NBFC-191/IFRS-9/2021]
( Bilal Rasul )
Secretary to the Commission
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- Amends
“in modification of S.R.O. 273 (I)/2020 dated March 30, 2020”
- S.R.O No. 321(I)/2020 dated 2020-04-17Not in RegAlert
“and S.R.O 321(I)/2020 dated April 17, 2020”
Timeline
This document amends: SRO 273(I)/2020 – Change in the Effective Date of IFRS-9
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