KARACHI: The State Bank of Pakistan (SBP) on Tuesday modified procedures for banks and development financial institutions to prepare their financial statements as per the revised international accounting standards (IAS-I).
“While preparing quarterly, half-yearly and annual financial statements as required under the BSD Circular No 02, dated May 12, 2004 and the BSD Circular No 04, dated February 17, 2006, following approaches would be adopted for the financial statement prepared with effect from June 30, 2010,” said the State Bank in a circular issued here.
The central bank said that for preparation of profit and loss account, two statement approaches will be adopted as mentioned in the revised IAS-1 (separate “profit and loss account”, and “statement of comprehensive income”) and balance sheet will be renamed as “statement of financial position”.
Furthermore, the surplus and deficit on revaluation of available for sales securities (AFS) only, may be included in the statement of comprehensive income, the circular said, adding that the same will continue to be shown separately in the balance sheet, ie, statement of financial position below the equity. All other instructions on the subject will remain unchanged, said the central bank.
Source The News
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