July 1, 2019 onwards: Companies must follow IFRS 14 for preparation of statements: SECP

The Securities and Exchange Commission of Pakistan (SECP) has announced that International Financial Reporting Standard (IFRS) 14 - "Regulatory Deferral Accounts" - shall be followed by the companies for the preparation of financial statements for the annual reporting periods from July 1, 2019 onwards.

According to an SRO 1480 (I)/2019 issued by the SECP here on Friday, in exercise of the powers conferred by section 510 read with subsection 1 of section 225 of the Companies Act, 2017 (XIX of 2017) (the "Act") the Securities and Exchange Commission of Pakistan (the Commission), in continuation of its earlier SRO 633(I)/2014, dated 10th July 2014, is pleased to notify that the International Financial Reporting Standard (IFRS) 14 - "Regulatory Deferral Accounts" - and any further revisions issued by the International Accounting Standards Board shall be followed for the preparation of financial statements for the annual reporting periods beginning on or after 1st July 2019 by all classes of companies that are required by the Act to follow IFRS as notified by the Commission.

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