SECP extends IFRS-9 ECL implementation deadline for circular debt until 2025

By MG News | November 11, 2024 at 03:54 PM GMT+05:00

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November 11, 2024 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has temporarily deferred the applicability of Expected Credit Losses (ECL) Model of International Financial Reporting Standard (IFRS)-9, ‘Financial Instruments’ for companies holding financial assets, due directly or ultimately due from the Government of Pakistan in respect of inter-corporate circular debt, till the financial year ending on or before December 31, 2025.

This temporary deferment/ extension has been allowed considering the development of comprehensive guideline on the matter by the Institute of Chartered Accountants of Pakistan which will assist companies in applying the requirements of the ECL Model on circular debt situation which is specific to Pakistan and will pave the way for ensuring complete compliance with IFRS-9.

The guideline is expected to be issued by December 31, 2024.

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