ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has revised the effective date for applicability of International Financial Reporting Standard 9 - financial instruments for Non-Banking Finance Companies and Modarabas.

The SECP has amended SRO 273 (I)/2020 dated March 30, 2020, SRO 321(I)/2020 dated April 17, 2020, and SRO 800(I)/2021 through the issuance of a notification on Friday.

According to the notification, the SECP has modified the effective date for applicability of International Financial Reporting Standard 9 - Financial Instruments in place of International Accounting Standard 39 (Financial Instruments: Recognition and Measurement) for Non-Banking Finance Companies and Modarabas, as “Reporting period/year ending on or after June 30, 2024 (earlier application is permitted).”

Copyright Business Recorder, 2023