Karachi April 13 2023: Based on the feedback received from the relevant stakeholders, State Bank of Pakistan (SBP) has extended the period for implementation of IFRS 9 by one year.
For banks having asset size of PKR 500 billion or above as of December 31, 2022 and for all the Development Finance Institutions (DFIs), the implementation date has been extended from January 01, 2023 to January 01, 2024.
The implementation date for all other banks and Microfinance Banks (MFBs) will remain the same i.e. January 01, 2024.
During the transition period, banks/DFIs/MFBs shall continue with their parallel run reporting as per the specified timelines mentioned in BPRD Circular No. 03 dated July 05, 2022. Nevertheless, early adoption of the Standard is encouraged.
Further, preparation of the annual/interim financial statements on the revised formats by banks and DFIs, has also been extended to the 1st quarter of year 2024.
