State Bank of Pakistan extends deadline for lenders to adopt IFRS 9

Pakistan's central bank extended the deadline for financial institutions in adopting International Financial Reporting Standards as lenders continue to face challenges in implementing the accounting guidelines.

The State Bank of Pakistan said July 6 banks with assets of at least 500 billion rupees must adopt IFRS 9 by Jan. 1, 2023. Other lenders and microfinance banks, meanwhile, have until Jan. 1, 2024, to apply the standards.

As of July 6, US$1 was equivalent to 207.57 Pakistani rupees.