Exemptions from application of IFRS 9: Financial Instruments and IFRS 16: Leases

Islamabad, August 23, 2019: Securities and Exchange Commission of Pakistan (“SECP”) has exempted applicability of International Financial Reporting Standards (IFRS) 9 in respect of debts due from Government of Pakistan to power supply chain companies for a limited period of three years i.e. till June 30, 2021. The SECP has also extended the earlier exemption from IFRIC 4, now IFRS 16 to all companies, which have entered into power purchase arrangements before January 01, 2019.