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STATE BANK OF PAKISTAN BANKING SUPERVISION DEPARTMENT KARACHI.
BSD Circular Letter No.
11
September
11, 2002
All NBFIs covered under Section
3A of the
Banking Companies Ordinance, 1962
IMPLEMENTATION OF IAS 39 AND IAS 40
Please
refer to Rule No. 14 of Rules of Business for NBFIs and BSD Circular No.20
dated 4th August, 2000 containing instructions on classification of advances and
mark to market respectively.
The NBFIs 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
NBFIs for implementation of International Accounting Standard
40.
In
order to facilitate the NBFIs, it has been decided that the State Bank’s
Rules of Business for NBFIs and other instructions will prevail over the
provisions of IAS 39, till further instructions. Similarly, NBFIs would
adopt provisions of IAS 40 once the issues involved in their
implementation are sorted out and decision in the matter is communicated
to them by the State Bank. Meanwhile, NBFIs are advised to review their
internal systems and procedures to prepare themselves for full
implementation of these standards in due course.
Please
acknowledge receipt.
Yours
faithfully,
(Jameel
Ahmad)
Director
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