July 06, 2022 (MLN): Point out Bank of Pakistan (SBP) on Tuesday announced the powerful day of implementation of the Global Economic Reporting Requirements 9 (IFRS 9) for financial institutions getting asset dimensions of Rs500 billion or previously mentioned from January 1, 2023.
In accordance to the round issued by SBP, the banking companies having asset sizing of Rs500 billion or earlier mentioned as for every their Annual Fiscal Statements of December 31, 2021, the productive day of implementation commences from January 1, 2023. The identical implementation day is relevant for all Progress Finance Intuitions (DFIs).
In line with most effective worldwide techniques, the central lender has developed “IFRS 9 software instructions” for making sure easy, clean and consistent implementation of the normal in the banking companies/DFIs/MFBs.
Also, it has been made the decision to extend the implementation date of IFRS 9 from January 01, 2022 as per the next timelines:
For banking companies owning asset dimensions of Rs500 billion or above as per their Yearly Economical Statements of December 31, 2021, the powerful day of implementation starts from January 1, 2023. The very same implementation date is relevant for all Enhancement Finance Intuitions (DFIs).
Whilst, the powerful day of implementation for all other banks and Microfinance Banks (MFBs) is January 1, 2024.
Yet, early adoption of the common is permissible.
The directions, as for each the SBP’s circular, throughout the transition interval, the FIs are essential to carry out the parallel run reporting as for every precise timelines.
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Posted on: 2022-07-06T10:07:54+05:00