In terms of Section 34 of the Banking Companies Ordinance, 1962, the banks are required
to prepare their annual accounts in the forms set out in the Second Schedule of the aforesaid
Ordinance. The existing Second Schedule was last amended vide BSD Circular No.04 dated
February 17, 2006. Since then, significant regulatory developments as well as many additions /
amendments in the International Financial Reporting Standards have taken place.
2. Accordingly, in exercise of the powers, conferred under Sub-Section 4 of Section 34 of the
Banking Companies Ordinance, 1962, the State Bank of Pakistan has amended the existing format
of annual financial statements of banks. The revised format of annual financial statements, together
with notes forming part thereof, are enclosed which will substitute the existing forms circulated
vide BSD Circular No. 04 of 2006 and other instructions on the subject from time to time. All
banks are directed to prepare their annual financial statements on the revised format, effective from
the accounting year ending 31st December, 2018.
3. It has further been decided that in order to ensure certain minimum disclosure to
stakeholders, the DFIs will also be required to adopt the enclosed forms with suitable
modification(s) in line with their nature of business, to prepare their annual financial statements
effective from the accounting year ending 31st December, 2018.
Please acknowledge receipt.
Enclosed (Format of Annual Financial Statements)