EFFECTIVE DATE OF IFRS – 9 (FINANCIAL INSTRUMENTS) IN PLACE OF INTERNATIONAL ACCOUNTING STANDARD (IAS) 39 (FINANCIAL INSTRUMENTS RECOGNITION AND MEASUREMENT) FOR NON-BANKING FINANCE COMPANIES
The Securities and Exchange Commission of Pakistan issued SRO 1332(I).2019 on November 7, 2019.
SECP vide S.R.O. 1332(I)/2019 dated November 07, 2019 has modified the effective date of application of IFRS – Financial instruments (IFRS 9) for Non-Banking Finance Companies in place of International Accounting Standard (IAS) 39 (Financial Instruments: Recognition and Measurement) for Non-Banking Finance Companies.
NBFCs were required to apply IFRS-9 for reporting period/year ending on or after 30 June 2019. Now IFRS 9 for Non-Banking Finance Companies (NBFCs) shall be applicable for reporting period / year ending on or after 30th June, 2020 (earlier application is permitted).
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