SECP Revises Date for Applicability of IFRS 9 for NBFCs, Modarabas

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)”.