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020826
STATE BANK OF PAKISTAN BANKING SUPERVISION DEPARTMENT KARACHI.
BSD Circular Letter
No.10
August 26, 2002
All Banks
Dear Sirs/ Madams,
IMPLEMENTATION OF IAS 39 AND IAS 40
Please refer to the
BSD Circular No.36 dated 10th October, 2001 containing revised format of financial
statements for banks.
The banks have been representing to the State Bank of Pakistan about the difficulties
being faced by them in the implementation of the International Accounting Standard (IAS)
39 and have been requesting to defer its implementation. The Institute of Chartered
Accountants of Pakistan has also recommended for deferment of the said Standard.
Similarly, there are also some issues to be sorted out to prepare the banks for
implementation of International Accounting Standard 40.
In order to facilitate the banks it has been decided to defer the implementation of IAS 39
and IAS 40 for the banks in Pakistan till further instructions. Meanwhile, banks are
advised to review their internal systems and procedures to prepare themselves for
implementation of these standards in due course.
All other instructions on the subject shall, however, remain unchanged.
Please acknowledge receipt.
Yours faithfully,
(Jameel Ahmad)
Director
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