Dear Sir/ Madam,
Implementation of IFRS 16 - Leases
is with reference to the implementation of
International Financial Reporting Standard
on Leases i.e. IFRS 16 on the banking industry.
In this regard, there has been representations
from the financial institutions about the
difficulties being faced by them in the implementation
of the subject standard.
this regard, it has been decided to extend
the implementation date of IFRS 16 for banks/DFIs/MFBs
in Pakistan from January 1, 2019 to June 30,
2019. The banks/DFIs/MFBs are advised to review
their internal systems and procedures to prepare
themselves for implementation of this standard
within the prescribed timeline.
the banks/DFIs/MFBs, which have already adopted
IFRS 16 may prepare their financial statements
in accordance with IFRS 16.