IFRS 9 applicability date for Modarabas revised

The Securities and Exchange Commission of Pakistan (SECP) has announced that the effective date for applicability of International Financial Reporting Standard - Financial Instruments (IFRS 9) for Modaraba companies would be reporting period/year ending on or after June 30, 2020. According to an SRO 131 (I)/2019 issued by the SECP here on Tuesday, the SECP has modified the effective date for applicability of International Financial Reporting Standard - Financial Instruments (IFRS 9) in place of International Accounting Standard (IAS) 39 (Financial Instruments: Recognition and Measurement) for Modarabas as "Reporting period/year ending on or after 30th June, 2020.