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; |
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.