It is to inform you that the Securities and Exchange Commission of Pakistan (SECP) through its Circular No. 07/2007 dated June 27, 2007 deferred the application of IFRIC Interpretation 4 ‘Determining Whether an Arrangement Contains a Lease’ for Independent Power Producers (IPPs) for a further period of two years i.e. up to June 30, 2009.
The text of the SECP Circular is reproduced below for your ready reference:
CIRCULAR NO. 07/2007 DATED 27 JUNE 2007
Subject: DEFERMENT OF APPLICATION OF IFRIC INTERPRETATION 4 ‘DETERMINING WHETHER AN ARRANGEMENT CONTAINS A LEASE’ FOR INDEPENDENT POWER PRODUCERS (IPPs)
Reference the Securities & Exchange Commission of Pakistan circular No. 13/2006 dated August 31, 2006, on the subject noted above, the Commission is pleased to extend the period for deferment of the implementation of IFRIC-4 for a further period of two years i.e. till 30th June 2009.
Syed Fayyaz Mahmud