IFRS / IAS Adoption Status & IFRIC Status

As on 13 January 2020

IFRS / IAS

IASB original issue effective date SECP effective date

Comments

Adopted
IFRS-2 Share-based Payment

1 Jan 2005

6 Dec 2006

 SECP through SRO 587 (I)/2011 dated June 7, 2011 has granted all companies  exemption from IFRS 2 for the accounting of “Benazir Employee Stock Option Scheme (BESOS)”.
IFRS-3    Business Combinations

31 Mar 2004

6 Dec 2006

IFRS-4    Insurance Contracts

1 Jan 2005

   Dec 2009
IFRS-5    Non-Current Assets Held for Sale and Discontinued Operations

1 Jan 2005

6 Dec 2006

IFRS-6    Exploration for and Evaluation of Mineral Resources 1 Jan 2006

6 Dec 2006

IFRS-7    Financial Instruments : Disclosures

1 Jan 2007

28 Apr 2008

Implementation of IFRS-7 has been held in abeyance for Banks and non-banking finance companies engaged in investment finance services, discounting services and housing finance services.

IFRS-8    Operating Segments

1 Jan 2009

1 Jan 2009

IFRS 9 Financial Instruments

1 Jan  2018

 July 1 2018

 

Further, to facilitate implementation, subsequently the SECP through SRO 229 (14-02-2019)  modified the effective date for applicability of IFRS 9  as ‘Reporting period / Year ending on or after June 30, 2019 (earlier application is permitted).

Furthermore, through SRO 985(I)/2019 (02-09-2019) , in respect of companies holding financial assets due from the Government of Pakistan, the requirements contained in “IFRS 9 (Financial Instruments) with respect to application of Expected Credit Losses method” shall not be applicable till 30th June, 2021, provided that such companies shall follow relevant
requirements of IAS 39 – Financial Instruments: Recognition and Measurement, in respect of above referred financial assets during the exemption period.

SBP has vide BPRD Circular 4 of 2019 (October 23, 2019) has notified IFRS 9 for banks, DFIs and MFBs effective from January 1, 2021.

IFRS-10   Consolidated Financial Statements

1 Jan 2013

1 Jan 2015 Specific exemption by SECP to mutual funds, through S.R.O 56 (1) / 2016 dated January 28, 2016.
IFRS-11   Joint Arrangements

1 Jan 2013

1 Jan 2015

IFRS-12   Disclosure of Interests in Other Entities

1 Jan 2013

1 Jan 2015

IFRS-13   Fair Value Measurement

1 Jan 2013

1 Jan 2015

IFRS-14   Regulatory Deferral Accounts

1 Jan 2016 

1 July  2019

 

IFRS 15 Revenue from Customers

1 Jan 2018

1 July 2018

 

IFRS 16 Leases

1 Jan 2019

  1 Jan 2019

 However, for banks SBP has extended the implementation date to June 30, 2019.

Further, through SRO 986(I)2019 (02-09-2019) SECP has granted exemption to all companies that have executed their power purchase agreements before January 1, 2019 as follows:

(a) IFRS 16 (Leases) to the extent of the power purchase agreements executed before the effective date of IFRS 16 i.e. January 1, 2019;
(b) International Accounting Standard 21 (The Effects of Changes in Foreign Exchange Rates) to the extent of capitalization of exchange differences; and
(c) In case of capitalization of exchange differences under (b) above, recognition of embedded derivative under IFRS 9 (Financial Instruments) shall not be permitted. 

IAS 1     Presentation of Financial Statements

1 Jan 2005

IAS 2 Inventories 1 Jan 2005
IAS 7  Statement of Cash Flows

1 Jan 1994

IAS 8  Accounting Policies, Changes in Accounting Estimates and Errors

1 Jan 2005

IAS 10  Events after the Reporting Period

1 Jan 2005

IAS 12 Income Taxes

1 Jan 1998

IAS 16 Property, Plant and Equipment

1 Jan 2005

IAS 19 Employee Benefits

1 Jan 2006

IAS 20 Accounting for Government Grants and Disclosure of Government Assistance

1 Jan 2009

IAS 21 The Effects of Changes in Foreign Exchange Rates

1 Jan 2005

Power sector companies have been exempted from the requirements of IAS 21 to the extent of capitalization of exchange loss vide S.R.O.24/ (1)/2012 dated January 16, 2012.

IAS 23 Borrowing Costs

1 Jan 2009

IAS 24 Related Party Disclosures

1 Jan 2005

IAS 26 Accounting and Reporting by Retirement Benefit Plans
IAS 27 Separate Financial Statements

1 Jan 2005

IAS 28 Investments in Associates and Joint Ventures

1 Jan 2013

IAS 29  Financial Reporting in Hyperinflationary Economies

1 Jan 2009

1 Jan 2009

IAS 32 Financial Instruments: Presentation

1 Jan 2005

IAS 33 Earnings per Share

1 Jan 2005

IAS 34 Interim Financial Reporting

1 Jul 1999

IAS 36 Impairment of Assets

31 Mar 2004

IAS 37 Provisions, Contingent Liabilities and Contingent Assets
IAS 38 Intangible Assets

31 Mar 2004

IAS 39 Financial Instruments: Recognition and Measurement

1 Jan 2005

The Implementation of IAS-39 has been held in abeyance by the SBP for Banks and DFIs. Other Companies shall use IAS 39 (published in 2009 edition of IFRS) to prepare financial statements.

 Subsequently, IAS 39 has been replaced by IFRS 9.

IAS 40 Investment Property 

1 Jan 2005

The Implementation of IAS 40 has been held in abeyance by the SBP for Banks and DFIs.
IAS 41 Agriculture

1 Jan 2009

22 May 2007

 Not Adopted – Under consideration of the Accounting Standards Board of the Institute
IFRS 1 First-time Adoption of International Financial Reporting Standards

1 Jul 2009

IFRS 17  Insurance Contracts

1 Jan 2022

Note:

SECP vide SRO 665 of 2005 (28 June 2005) directed that International Accounting Standards numbered as 1, 2, 7, 8, 10, 11, 12, 14, 16, 17, 18, 19, 20, 21, 22, 23, 24, 26, 27, 28, 32, 33, 34, 36, 37, 38, 39 and 40 and any other revisions thereon shall be followed in regard to preparation of accounts, preparation of profit and loss account and balance sheet of listed companies.

IFRIC Status