The Securities and Exchange Commission of Pakistan (SECP) has changed the effective date for applicability of International Financial Reporting Standard - Financial Instruments (IFRS 9) for Non-Banking Finance Companies. The SECP has issued SRO 1332(I)/2019 here on Wednesday.

According to a notification, the SECP has modified the effective date for applicability of International Financial Reporting Standard - Financial Instruments (IFRS 9) in place of International Accounting Standard (IAS) 39 (Financial Instruments: Recognition and Measurement) for Non-Banking Finance Companies as reporting period/year ending on or after 30th June, 2020 (earlier application is permitted).

Copyright Business Recorder, 2019