RegAlertRule · SECP · 21 Nov 2023
SRO 1715(I)/2023 – IFRS 17 for Insurance/Takaful and Re-insurance/Re-takaful Companies
The Securities and Exchange Commission of Pakistan directs that IFRS 17, issued by the International Accounting Standards Board, be followed for accounts and preparation of statements of financial position, profit and loss accounts and other relevant statements and disclosures by companies engaged in insurance/takaful and re-insurance/re-takaful business, for the period commencing 1 January 2026. The Commission may, on its own motion or on application, exempt any company or class of companies from all or any requirements of the Standard if it is in the public interest.
GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.-
Islamabad, the 21st November 2023
NOTIFICATION
S.R.O. 1715 (I)/2023.- In exercise of the powers conferred by section 510, read with sub-section (1) of section 225 of the Companies Act, 2017 (Act No. XIX of 2017), the Securities and Exchange Commission of Pakistan is pleased to direct that the International Financial Reporting Standard 17, issued by the International Accounting Standards Board, regarding the accounts and preparation of statement of financial position, profit and loss accounts and other relevant statements and disclosures shall be followed for the period commencing from 1 st January 2026 of companies engaged in insurance/takaful and re-insurance/re-takaful business:
Provided that the Commission may, of its own motion or upon an application made to it, grant exemption to any company or any class of companies, it is in the public interest so to do, from compliance with all or any of the requirements of the aforesaid Standard.
Secretary to the Commission
( Bilal Rasul )
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- Obligation 1
- Permission 1
- background, boilerplate
Lineage: Amended
A newer document in RegAlert amends this one; it applies as amended.
The links and the sentences they come from (1)
- Amended by
“partial modification of S.R.O. 1715(I)/2023 dated November 21, 2023”
Timeline
Amended 1 time · last 2025-07-23
- 2025-07-23
SECPNotification SRO 1336(I)/2025 – Extension in Implementation Date of IFRS 17amends
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