The State Bank of Pakistan (SBP) has extended the timeline for implementation of International Financial Reporting Standard 9 (IFRS 9). According to SBP, keeping in view the prevalent COVID-19 (Corona Virus Disease 2019) pandemic situation, it has been decided to extend the timeline of the tasks related to IFRS 9 implementation.
Revised timeline for preparation of IFRS 9 compatible proforma Financial Statements for year-ended 2019 will be August 31, 2020. The deadline for Parallel Run of IFRS 9 will be periods beginning July 1, 2020. All other instructions on the IFRS 9 will, however, remain unchanged, the central bank said.