SNGP clarifies IFRS exemption proposal still under review

July 10, 2026 (MLN): Sui Northern Gas Pipelines Limited (PSX:SNGP) has clarified that no final decision has yet been taken on a proposal seeking exemption for specified energy sector State-Owned Enterprises from the applicability of International Financial Reporting Standards (IFRS-14 and IFRS-9), and that the matter remains under consideration by the Federal Government.

The clarification, issued to the Pakistan Stock Exchange in accordance with Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of PSX Regulations, was made with reference to a news item published in Dawn on July 9, 2026, titled "Cabinet committee denies gas utilities exemption from international accounting standards."

As per the official statement issued by the Ministry of Finance after the meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs), also mentioned in the news item, the Committee considered a summary submitted by the Petroleum Division seeking the exemption, but deferred the proposal and instructed the Petroleum Division to undertake further deliberations with the Finance Division and the Law and Justice Division and submit a revised proposal for consideration.

The aforementioned information was disseminated through a notification to Exchange.

Copyright Mettis Link News