IFRS implementation date extended

KARACHI: The State Bank of Pakistan (SBP) on Tuesday announced it has extended the implementation date of International Financial Reporting Standards (IFRS) on leases for banks to June 30, 2019 from January 1.

The SBP in a circular said there had been representations from the financial institutions about the difficulties being faced by them in the implementation of the standard.

The central bank also advised banks to review their internal systems and procedures to prepare themselves for implementation of this standard within the prescribed timeline.

However, the bank, development finance institutions and microfinance banks, which have already adopted IFRS 16, may prepare their financial statements in accordance with IFRS 16, the SBP added.