KARACHI: State Bank of Pakistan (SBP) has extended the date for implementation of IRFS 16 for banks, development financial institutions (DFIs) and microfinance banks (MFBs) to June 30, 2019.
A circular issued on Thursday, the SBP said that it had received representations from the financial institutions about the difficulties being faced by them in the implementation of the subject standard.
“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 SBP said.
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.
However, the banks/DFIs/MFBs, which have already adopted IFRS 16 may prepare their financial statements in accordance with IFRS 16, the SBP added.