The Presidents/ Chief Executives,

All Banks/DFIs /MFBs

Dear Sir / Madam,

IMPLEMENTATION OF INTERNATIONAL FINANCIAL REPORTING STANDARD 9 (IFRS 9) AND FINANCIAL REPORTING FORMATS

1. Please refer to BPRD Circular No. 03 dated July 05, 2022 and BPRD Circular No. 02 dated February 09, 2023 on the effective implementation date of IFRS 9 and revised format for annual/interim financial statements respectively.
2. For banks having asset size of PKR 500 billion or above as of December 31, 2022 and for all the Development Finance Institutions (DFIs), the implementation date has been extended from January 01, 2023 to January 01, 2024.
   1. The implementation date for all other banks and Microfinance Banks (MFBs) will remain the same i.e. January 01, 2024.
   2. The implementation date for all other banks and Microfinance Banks (MFBs) will remain the same i.e. January 01, 2024.
   3. During the transition period, banks/DFIs/MFBs shall continue with their parallel run reporting as per the specified timelines mentioned in BPRD Circular No. 03 dated July 05, 2022. Nevertheless, early adoption of the Standard is encouraged.
3. Further, preparation of the annual/interim financial statements on the revised formats by banks and DFIs, has also been extended to the 1st quarter of year 2024.
4. All other instructions, in the above referred Circulars, shall however remain unchanged.
5. Please acknowledge receipt.