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SBP extends IFRS 9 deadline till Jan 2022 July 7, 2021 KARACHI: The State Bank of Pakistan (SBP) on Tuesday granted banks a one-year extension for the implementation of the International Financial Reporting Standard (IFRS) 19 due to the coronavirus pandemic. “Keeping in view of Covid-19 impact and banking industry representations, it has been decided to implement the IFRS 9 from January 1, 2022 instead of its earlier implementation date of January 1, 2021,” the SBP said in a circular. Meanwhile, banks and development finance institutions are required to submit the IFRA 9 compatible pro forma financial statements for year-ending 2020 and 2021 till July 15. The SBP 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, it said.

International financial reporting standardState bankசர்வதேச நிதி புகாரளித்தல் தரநிலைநிலை வங்கி