Pakistan defers application of IFRS 9

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18 Feb 2019

The Securities and Exchange Commission (SECP) in Pakistan has deferred the mandatory application of IFRS 9 'Financial Instruments' for all companies required to prepare their financial statements in accordance with IFRS to reporting periods/years ending on or after 30 June 2019.

The SECP press release notes that "It is expected that the companies will benefit from the extension and will fully prepare themselves for transition to ensure complete compliance with IFRS 9 by the new effective date”. Voluntary early adoption remains possible.

Please see the press release on the SECP website for more information.

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