IFRS / IAS Adoption Status & IFRIC Status

As on 30 October 2019
IFRS / IAS IASB SECP Comments
original effective
issue date
effective
date

Adopted

IFRS- Share-based Payment 1 Jan 2005 6 Dec SECP through SRO 587 (I)/2011 dated June 7,
2 2006 2011 has 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 Contracts 1 Jan 2005 Dec

4 2009

IFRS- Non-Current Assets 1 Jan 2005 6 Dec

5 Held for Sale and 2006
Discontinued
Operations

IFRS- Exploration for and 1 Jan 2006 6 Dec

6 Evaluation of Mineral 2006
Resources

IFRS- Financial Instruments : 1 Jan 2007 28 Apr Implementation of IFRS-7 has been held in
7 Disclosures 2008 abeyance for Banks and non-banking finance
companies engaged in investment finance
services, discounting services and housing
finance services.

IFRS- Operating Segments 1 Jan 2009 1 Jan

8 2009

IFRS Financial Instruments 1 Jan July 1

9 2018
2018 Further, to facilitate implementation, subsequently
the SECP through SRO 229 (14-02-2019)
modified the effective date for applicability of IFRS
9 as ‘Reporting period / Year ending on or after
June 30, 2019 (earlier application is permitted).
Furthermore, through SRO 985(I)/2019 (02-09-
 2019) , in respect of companies holding financial
assets due from the Government of Pakistan, the
requirements contained in “IFRS 9 (Financial
Instruments) with respect to application of
Expected Credit Losses method” shall not be
applicable till 30th June, 2021, 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 has vide BPRD Circular 4 of 2019 (October
23, 2019) has notified IFRS 9 for banks, DFIs and
MFBs effective from January 1, 2021.

IFRS- Consolidated 1 Jan 2013 1 Jan Specific exemption by SECP to mutual funds,
10 Financial Statements 2015 through S.R.O 56 (1) / 2016 dated January 28,
2016.

IFRS- Joint Arrangements 1 Jan 2013 1 Jan

11 2015

IFRS- Disclosure of Interests 1 Jan 2013 1 Jan

12 in Other Entities 2015

IFRS- Fair Value 1 Jan 2013 1 Jan

13 Measurement 2015

IFRS Revenue from 1 Jan 2018 July 1

15 Customers 2018

IFRS Leases 1 Jan 2019 1 Jan However, for banks SBP has extended the
16 2019 implementation date to June 30, 2019.
Further, 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 2005

1 Financial Statements

IAS 2 Inventories 1 Jan 2005

IAS 7 Statement of Cash 1 Jan 1994

Flows

IAS 8 Accounting Policies, 1 Jan 2005

Changes in
Accounting Estimates
and Errors

IAS Events after the 1 Jan 2005

10 Reporting Period

IAS Construction
11 Contracts

IAS Income Taxes 1 Jan 1998

12

IAS Property, Plant and 1 Jan 2005

16 Equipment

IAS Employee Benefits 1 Jan 2006

19

IAS Accounting for 1 Jan 2009

20 Government Grants
and Disclosure of
Government
Assistance

IAS The Effects of 1 Jan 2005 Power sector companies have been exempted
21 Changes in Foreign from the requirements of IAS 21 to the extent of
Exchange Rates capitalization of exchange loss vide S.R.O.24/
(1)/2012 dated January 16, 2012.

IAS Borrowing Costs 1 Jan 2009

23

IAS Related Party 1 Jan 2005

24 Disclosures
IAS Accounting and
26 Reporting by
Retirement Benefit
Plans

IAS Separate Financial 1 Jan 2005

27 Statements

IAS Investments in 1 Jan 2013

28 Associates and Joint
Ventures

IAS Financial Reporting in 1 Jan 2009 1 Jan

29 Hyperinflationary 2009
Economies

IAS Financial Instruments: 1 Jan 2005

32 Presentation

IAS Earnings per Share 1 Jan 2005

33

IAS Interim Financial 1 Jul 1999

34 Reporting

IAS Impairment of Assets 31 Mar

36 2004

IAS Provisions, Contingent

37 Liabilities and
Contingent Assets

IAS Intangible Assets 31 Mar

38 2004

IAS Financial Instruments: 1 Jan 2005 The Implementation of IAS-39 has been held in
39 Recognition and abeyance by the SBP for Banks and DFIs. Other
Measurement Companies shall use IAS 39 (published in 2009
edition of IFRS) to prepare financial statements.
Subsequently, IAS 39 has been replaced by IFRS 9.

IAS Investment Property 1 Jan 2005 The Implementation of IAS 40 has been held in
40 abeyance by the SBP for Banks and DFIs.

IAS Agriculture 1 Jan 2009 22 May

41 2007

Not Adopted – Under consideration of the Accounting Standards Board of the Institute
IFRS First-time Adoption of 1 Jul 2009
1 International Financial
Reporting Standards

IFRS Regulatory Deferral 1 Jan 2016 IFRS 14 is an Interim Standard and its purpose is
14 accounts to allow rate-regulated entities adopting IFRS for
the first-time to avoid changes in accounting
policies in respect of regulatory deferral accounts
until such time as the International Accounting
Standards Board (IASB) completes
its comprehensive project on rate regulated
activities.
Recently ICAP has recommended to SECP
adoption of IFRS 14 effective from June 30,
2019.

IFRS Insurance Contracts 1 Jan 2022

17
Note:
SECP vide SRO 665 of 2005 (28 June 2005) directed that International Accounting Standards numbered
as 1, 2, 7, 8, 10, 11, 12, 14, 16, 17, 18, 19, 20, 21, 22, 23, 24, 26, 27, 28, 32, 33, 34, 36, 37, 38, 39 and
40 and any other revisions thereon shall be followed in regard to preparation of accounts, preparation of
profit and loss account and balance sheet of listed companies.
IFRIC Status