IFRS / IAS Adoption Status & IFRIC Status

As on 31 January 2024

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

SECP vide S.R.O 1827 (I)/2022 (dated September 29, 2022) modified the effective date for applicability of IFRS 9 for the Non-Banking Finance Companies (NBFCs) and Modarabas as ‘Reporting period ending on or after June 30, 2024 (earlier application is permitted).

SECP vide S.R.O. 1177 (I)/2021 (dated September 13, 2021) notified a partial exemption, that in respect of companies holding financial assets due from the Government of Pakistan in respect of circular debt, the requirements contained in “IFRS 9 (Financial Instruments) with respect to application of Expected Credit Losses method” shall be not be applicable till June 30, 2022, 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 vide BPRD Circular No. 03 of 2022 (dated July 05, 2022) extended the effective date of IFRS 9 Financial Instruments for banks, Development Finance Institutions (DFIs) and Micro Finance Banks (MFBs). For large sized banks (having asset size PKR 500 billion or more) and all DFIs, IFRS is applicable from 01 January 2023. While, for banks (having asset size less than PKR 500 billion) and MFBs, IFRS 9 is applicable from 01 January 2024.

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

SECP vide its letter No. SMD/PRDD/2(316)/2021/105 dated June 15, 2021 has granted exemption to SNGPL for a period of upto three years i.e. upto financial year ended June 30, 2022 from the application of IFRS 14

IFRS-15 Revenue from Customers

1 Jan 2018

1 July 2018

 

IFRS-16 Leases

1 Jan 2019

  1 Jan 2019

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. 

IFRS-17 Insurance Contracts

1 Jan 2023 

 1 Jan 2026 SECP through its S.R.O. 1715 (I)/2023 (dated Nov 21, 2023) has directed the companies engaged in insurance/takaful and re-insurance/re-takaful business to follow IFRS 17 from the period commencing from January 01, 2026 with respect to accounts and preparation of statement of financial position, profit and loss accounts and other relevant statements and disclosures.
IAS 1     Presentation of Financial Statements

1 Jan 2005

28 Jun 2005  
IAS 2 Inventories 1 Jan 2005 28 Jun 2005  
IAS 7  Statement of Cash Flows

1 Jan 1994

28 Jun 2005  
IAS 8  Accounting Policies, Changes in Accounting Estimates and Errors

1 Jan 2005

28 Jun 2005  
IAS 10  Events after the Reporting Period

1 Jan 2005

28 Jun 2005  
IAS 12 Income Taxes

1 Jan 1998

28 Jun 2005  
IAS 16 Property, Plant and Equipment

1 Jan 2005

28 Jun 2005  
IAS 19 Employee Benefits

1 Jan 2006

28 Jun 2005  
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance

1 Jan 1984

28 Jun 2005  
IAS 21 The Effects of Changes in Foreign Exchange Rates

1 Jan 2005

28 Jun 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.986/ (1)/2019 dated September 01, 2019.

IAS 23 Borrowing Costs

1 Jan 2009

28 Jun 2005  
IAS 24 Related Party Disclosures

1 Jan 2005

28 Jun 2005  
IAS 26 Accounting and Reporting by Retirement Benefit Plans 1 Jan 1988 28 Jun 2005  
IAS 27 Separate Financial Statements

1 Jan 2005

28 Jun 2005  
IAS 28 Investments in Associates and Joint Ventures

1 Jan 2013

28 Jun 2005  
IAS 29  Financial Reporting in Hyperinflationary Economies

1 Jan 2009

1 Jan 2009

 
IAS 32 Financial Instruments: Presentation

1 Jan 2005

28 Jun 2005  
IAS 33 Earnings per Share

1 Jan 2005

28 Jun 2005  
IAS 34 Interim Financial Reporting

1 Jul 1999

28 Jun 2005  
IAS 36 Impairment of Assets

31 Mar 2004

28 Jun 2005  
IAS 37 Provisions, Contingent Liabilities and Contingent Assets 1 July 1999 28 Jun 2005  
IAS 38 Intangible Assets

31 Mar 2004

28 Jun 2005  
IAS 39 Financial Instruments: Recognition and Measurement

1 Jan 2005

28 Jun 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

28 Jun 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

   

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