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Daily Times July 7, 2021 The State Bank of Pakistan (SBP) on Tuesday announced the implementation of the International Financial Reporting Standards 9 (IFRS 9) from January 01, 2022. In a statement, the SBP said that through Circular # 04, dated October 23, 2019, wherein the effective date of IFRS 9 implementation and its transition requirements were advised. However, keeping in view of Covid-19 impact and banking industry representations, it has been decided to implement the IFRS 9 from January 01, 2022 instead of its earlier implementation date of January 01, 2021. The central bank said that it is aware of the fact that IFRS 9 implementation involves considerable judgment on part of the Financial Institutions (FIs) particularly on the Expected Credit Loss (ECL) Methodology. In this regard, the SBP, in line with best international practices, has developed “IFRS 9 application instructions” for ensuring smooth, robust and consistent implementation of IFRS 9 in the banking indu

International financial reporting standardsState bankFinancial institutionsExpected credit lossConversion factorLoss given defaultசர்வதேச நிதி புகாரளித்தல் தரநிலைகள்நிலை வங்கிநிதி நிறுவனங்கள்எதிர்பார்க்கப்படுகிறது கடன் இழப்புமாற்றம் காரணிஇழப்பு கொடுக்கப்பட்டது இயல்புநிலை