IFRS / IAS Adoption Status & IFRIC Status
As on 31 December 2021
IFRS / IAS
IASB
SECP
original
effective
issue
date
Comments
effective
date
Adopted
IFRS-
Share-based
1 Jan
6 Dec
SECP through SRO 587 (I)/2011 dated June 7, 2011 has
2
Payment
2005
2006
granted all companies exemption from IFRS 2 for the
accounting of “Benazir Employee Stock Option Scheme
(BESOS)”.
IFRS-
Business
31 Mar
6 Dec
3
Combinations
2004
2006
IFRS-
Insurance
1 Jan
4
Contracts
2005
IFRS-
Non-Current
1 Jan
6 Dec
5
Assets Held for
2005
2006
Dec
2009
Sale and
Discontinued
Operations
IFRS-
Exploration for
1 Jan
6 Dec
6
and Evaluation of
2006
2006
Mineral
Resources
IFRS-
Financial
1 Jan
28 Apr
Implementation of IFRS-7 has been held in abeyance for
7
Instruments :
2007
2008
Banks and non-banking finance companies engaged in
Disclosures
investment finance services, discounting services and
housing finance services.
IFRS-
Operating
1 Jan
1 Jan
8
Segments
2009
2009
IFRS
Financial
1
9
Instruments
Jan 2018
July 1
2018
To facilitate the implementation of IFRS 9 by the NonBanking Finance Companies (NBFCs) and Modarabas,
the SECP through SRO 800 (I)/2021 (June 22, 2021)
modified the effective date for applicability of IFRS 9 for
NBFCs and Modarabas as ‘Reporting period ending on or
after June 30, 2022 (earlier application is permitted).
SECP vide S.R.O. 1177 (I)/2021 notified a partial
exemption, that in respect of companies holding financial
assets due from the Government of Pakistan in respect of
circular debt, the requirements contained in “IFRS 9
(Financial Instruments) with respect to application of
Expected Credit Losses method” shall be not be
applicable till June 30, 2022, provided that such companies
shall follow relevant requirements of IAS 39- Financial
Instruments: Recognition and Measurement, in respect of
above referred financial assets during the exemption
period.
SBP vide BPRD Circular Letter No. 24 of 2021 (dated
July 05, 2021) extended the effective date of IFRS 9
Financial Instruments for banks, Development Finance
Institutions (DFIs) and Micro Finance Banks (MFBs) by
one year. Accordingly, banks, DFIs and MFBs are now
required apply IFRS 9 from reporting periods/year
beginning on or after January 01, 2022. The extension
has been made in consideration of COVID-19 situation
and its impacts on the banking industry
IFRS-
Consolidated
1 Jan
1 Jan
Specific exemption by SECP to mutual funds, through
10
Financial
2013
2015
S.R.O 56 (1) / 2016 dated January 28, 2016.
Statements
IFRS-
Joint
1 Jan
1 Jan
11
Arrangements
2013
2015
IFRS-
Disclosure of
1 Jan
1 Jan
12
Interests in Other
2013
2015
Entities
IFRS-
Fair Value
1 Jan
1 Jan
13
Measurement
2013
2015
IFRS-
Regulatory
1 Jan
1
SECP vide its letter No. SMD/PRDD/2(316)/2021/105
14
Deferral
2016
July 2019
dated June 15, 2021 has granted exemption to SNGPL for
Accounts
a period of upto three years i.e. upto financial year ended
June 30, 2022 from the application of IFRS 14
IFRS
Revenue from
1 Jan
1 July
15
Customers
2018
2018
IFRS
Leases
16
1 Jan
2019
1 Jan
2019
Through SRO 986(I)2019 (02-09-2019) SECP has granted
exemption to all companies that have executed their power
purchase agreements before January 1, 2019 as follows:
(a) IFRS 16 (Leases) to the extent of the power purchase
agreements executed before the effective date of IFRS 16
i.e.
January
1,
2019;
(b) International Accounting Standard 21 (The Effects of
Changes in Foreign Exchange Rates) to the extent of
capitalization
of
exchange
differences;
and
(c) In case of capitalization of exchange differences under
(b) above, recognition of embedded derivative under IFRS
9 (Financial Instruments) shall not be permitted.
IAS
Presentation of
1 Jan
28 Jun
1
Financial
2005
2005
Statements
IAS 2
Inventories
1 Jan
28 Jun
2005
2005
IAS
Statement of
1 Jan
28 Jun
7
Cash Flows
1994
2005
IAS
Accounting
1 Jan
28 Jun
8
Policies,
2005
2005
Changes in
Accounting
Estimates and
Errors
IAS
Events after the
1 Jan
28 Jun
10
Reporting Period
2005
2005
IAS
Income Taxes
1 Jan
28 Jun
1998
2005
12
IAS
Property, Plant
1 Jan
28 Jun
16
and Equipment
2005
2005
IAS
Employee
1 Jan
28 Jun
19
Benefits
2006
2005
IAS
Accounting for
1 Jan
28 Jun
20
Government
1984
2005
Grants and
Disclosure of
Government
Assistance
IAS
The Effects of
1 Jan
28 Jun
Power sector companies have been exempted from the
21
Changes in
2005
2005
requirements of IAS 21 to the extent of capitalization of
IAS
Foreign
exchange loss vide S.R.O.986/ (1)/2019 dated September
Exchange Rates
01, 2019.
Borrowing Costs
23
1 Jan
28 Jun
2009
2005
IAS
Related Party
1 Jan
28 Jun
24
Disclosures
2005
2005
IAS
Accounting and
26
Reporting by
1 Jan
1988
28 Jun
2005
Retirement
Benefit Plans
IAS
Separate
1 Jan
28 Jun
27
Financial
2005
2005
Statements
IAS
Investments in
1 Jan
28 Jun
28
Associates and
2013
2005
Joint Ventures
IAS
Financial
1 Jan
1 Jan
29
Reporting in
2009
2009
Hyperinflationary
Economies
IAS
Financial
1 Jan
28 Jun
32
Instruments:
2005
2005
Presentation
IAS
Earnings per
1 Jan
28 Jun
33
Share
2005
2005
IAS
Interim Financial
1 Jul
28 Jun
34
Reporting
1999
2005
IAS
Impairment of
36
Assets
IAS
Provisions,
37
Contingent
Liabilities and
31 Mar
2004
1 July
1999
28 Jun
2005
28 Jun
2005
Contingent
Assets
IAS
Intangible Assets
38
31 Mar
28 Jun
2004
2005
IAS
Financial
1 Jan
28 Jun
The Implementation of IAS-39 has been held in abeyance
39
Instruments:
2005
2005
by the SBP for Banks and DFIs. Other Companies shall
Recognition and
use IAS 39 (published in 2009 edition of IFRS) to prepare
Measurement
financial statements.
Subsequently, IAS 39 has been replaced by IFRS 9.
IAS
Investment
1 Jan
28 Jun
The Implementation of IAS 40 has been held in abeyance
40
Property
2005
2005
by the SBP for Banks and DFIs.
IAS
Agriculture
1 Jan
22 May
2009
2007
41
Not Adopted – Under consideration of the Accounting Standards Board of the Institute
IFRS
First-time
1 Jul
1
Adoption of
2009
International
Financial
Reporting
Standards
IFRS
Insurance
1 Jan
17
Contracts
2023