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

 

INTRODUCTION

 

The Securities and Exchange Commission of Pakistan issued SRO 1332(I).2019 on November 7, 2019.

 

COMMENTARY

 

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).

 

 

LINK OF DOCUMENT

 

https://khilji.net.pk/wp-content/uploads/2019/11/Notification-IFRS-9.pdf

 

 

 

Notification IFRS 9