KARACHI: The State Bank of Pakistan (SBP) on Friday announced revisions in Data File Structures (DFSs) under Reporting Chart of Accounts (RCOA) through Data Acquisition Portal version4 (DAP4)
According to State Bank, the DFS of all the RCOA returns (ie, daily, weekly/monthly and quarterly) for banks/DFIs have been revised in the light of significant regulatory developments, including the implementation of IFRS 9 and subsequent revision in prescribed formats of financial statements.
The submission deadlines for all RCOA returns will remain unchanged, with the exception of the Monthly RCOA, for which the submission timeline has been extended from two (02) working days to five (05) working days. Hence, banks/DFIs are advised to report RCOA returns as per new timelines:
SBP revises three reporting returns at DAP
Submission timeline of daily and weekly RCOA will be two (02) working days, monthly RCOA is five (05) working days and for submission of quarterly RCOA will be 12 working days.
SBP has advised the banks and DFIs to use revised Digital Financial Services (DFS) available on the knowledge center of DAP4 for reporting all the RCOA returns. The previously used DFS for all RCOA returns stands discontinued.
Moreover, bi-weekly reporting of RCOA returns of Microfinance Banks (MFBS) has been revised to Weekly reporting. The deadline for data submission will remain unchanged, similar to the deadline for banks and financial institutions.
Meanwhile, the SBP has adopted ‘Accounting and Auditing Organization for Islamic Financial Institutions’ (AAOIFI) Shariah Standard No. 31.
With a view to further strengthen Shariah compliance framework and harmonize the Shariah practices in Islamic banking industry, the AAOIFI Shariah Standard No. 31 ‘Controls on Gharar in Financial Transactions’ has been adopted with immediate effect subject to clarifications/amendments made by the SBP.
The adoption of this Standard is in addition to applicable regulations, instructions and directives issued by SBP from time to time. According to the SBP, failure to comply with the SBP instructions may invoke penal action under the relevant provisions of the Banking Companies Ordinance, 1962.
Copyright Business Recorder, 2025
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