Circulars/Notifications - Banking Supervision Department  
 BSD Circular Letter No. 11
September 11, 2002  

All NBFIs covered under Section 3A of the
Banking Companies Ordinance, 1962

IMPLEMENTATION OF IAS 39 AND IAS 40

 

Please refer to Rule No. 14 of Rules of Business for NBFIs and BSD Circular No.20 dated 4th August, 2000 containing instructions on classification of advances and mark to market respectively. 

 The NBFIs 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 NBFIs for implementation of   International Accounting Standard 40. 

  In order to facilitate the NBFIs, it has been decided that the State Bank’s Rules of Business for NBFIs and other instructions will prevail over the provisions of IAS 39, till further instructions. Similarly, NBFIs would adopt provisions of IAS 40 once the issues involved in their implementation are sorted out and decision in the matter is communicated to them by the State Bank. Meanwhile, NBFIs are advised to review their internal systems and procedures to prepare themselves for full implementation of these standards in due course.

Please acknowledge receipt.



Yours faithfully,
(Jameel Ahmad)
Director
       
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