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.
|