Circulars/Notifications - Banking Supervision Department  
 BSD Circular Letter No. 10
August 26, 2002  

All Banks

Dear Sirs/ Madams,

IMPLEMENTATION OF IAS 39 AND IAS 40

 

Please refer to the BSD Circular No.36 dated 10th October, 2001 containing revised format of financial statements for banks. 

The banks have been representing to the State Bank of Pakistan about the difficulties being faced by them in the implementation of the International Accounting Standard (IAS) 39 and have been requesting to defer its implementation. The Institute of Chartered Accountants of Pakistan has also recommended for deferment of the said Standard. Similarly, there are also some issues to be sorted out to prepare the banks for implementation of   International Accounting Standard 40. 

         In order to facilitate the banks it has been decided to defer the implementation of IAS 39 and IAS 40 for the banks in Pakistan till further instructions. Meanwhile, banks are advised to review their internal systems and procedures to prepare themselves for implementation of these standards in due course. 

All other instructions on the subject shall, however, remain unchanged. 

Please acknowledge receipt.



Yours faithfully,
(Jameel Ahmad)
Director
       
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