The Securities and Exchange Commission of Pakistan (SECP) has revised the effective date for applicability of International Financial Reporting Standard (IRFS) 9 “Financial Instruments” for Non-Banking Finance Companies (NBFCs) and Modarabas.
The SECP has amended S.R.O. 273 (I)/2020 dated March 30, 2020, S.R.O 321(I)/2020 dated April 17, 2020 and S.R.O 800(I)/2021 through issuance of a notification on Friday.
According to the notification, the SECP has modified the effective date for applicability of International Financial Reporting Standard (IRFS) 9 “Financial Instruments” in place of International Accounting Standard 39 (Financial Instruments: Recognition and Measurement) for Non-Banking Finance Companies and Modarabas, as “Reporting period/year ending on or after June 30, 2024 (earlier application is permitted)”.
Stay Connected with ProPakistani
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.
Nil