RegAlertRule · SECP · 8 Nov 2024
SRO 1784 of 2024 – IFRS 9 ECL Exemption Extension
The Securities and Exchange Commission of Pakistan, in partial modification of S.R.O. 67(I)/2023, exempts companies holding financial assets due or ultimately due from the Government of Pakistan in respect of circular debt from applying the IFRS 9 Expected Credit Losses method for financial years ending on or before December 31, 2025. During the exemption period, such companies must follow the relevant requirements of IAS 39 for those financial assets.
Government of Pakistan
Securities and Exchange Commission of Pakistan -.-.-.-
Islamabad, the 4 th November, 2024
NOTIFICATION
S.R.O. 1784(I)/2024.- The Securities and Exchange Commission of Pakistan, in exercise of powers conferred by section 510 read with sub-section (3) of section 225 of the Companies Act, 2017 (Act No. XIX), in partial modification of its previous S.R.O. 67 (I)/2023, dated January 20, 2023, is pleased to notify that, in respect of companies holding financial assets, due or ultimately 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 not be applicable on such financial assets for the financial years ending on or before December 31, 2025:
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/Comp/(4)/2021]
( Bilal Rasul )
Secretary to the Commission
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