Banks having Rs500bn asset size must implement IFRS 9 by Jan’23: SBP

July 06, 2022 (MLN): Condition Bank of Pakistan (SBP) on Tuesday introduced the efficient date of implementation of the International Fiscal Reporting Expectations 9 (IFRS 9) for financial institutions owning asset size of Rs500 billion or previously mentioned from January 1, 2023.

According to the circular issued by SBP, the banking companies getting asset dimensions of Rs500 billion or previously mentioned as per their Once-a-year Money Statements of December 31, 2021, the productive day of implementation starts off from January 1, 2023. The same implementation day is relevant for all Progress Finance Intuitions (DFIs).

In line with best international techniques, the central lender has designed “IFRS 9 application instructions” for making certain clean, clean and reliable implementation of the standard in the financial institutions/DFIs/MFBs.

Also, it has been determined to lengthen the implementation day of IFRS 9 from January 01, 2022 as for every the following timelines:

For banks acquiring asset dimensions of Rs500 billion or earlier mentioned as for each their Yearly Money Statements of December 31, 2021, the productive date of implementation commences from January 1, 2023. The same implementation day is applicable for all Progress Finance Intuitions (DFIs).

Whilst, the efficient day of implementation for all other banking institutions and Microfinance Banks (MFBs) is January 1, 2024.

However, early adoption of the typical is permissible.

The recommendations, as per the SBP’s circular, in the course of the transition period of time, the FIs are essential to have out the parallel operate reporting as for every unique timelines.

Copyright Mettis Website link Information

Posted on: 2022-07-06T10:07:54+05:00

33928