The Securities and Trade Fee of Pakistan (SECP) is assessing the implementation of the IFRS Sustainability Disclosure Requirements in Pakistan.
This initiative features a public session course of to find out the suitable standards and timelines for adoption.
The Institute of Chartered Accountants of Pakistan has beneficial the adoption of IFRS Sustainability Disclosure Requirements, comprising IFRS-S1 ‘Normal Necessities for Disclosure of Sustainability-related Monetary Info’ and IFRS-S2 ‘Local weather-related Disclosures’.
IFRS-S1 mandates the revelation of knowledge regarding sustainability associated dangers and alternatives that might affect an entity’s money move, monetary accessibility or capital prices.
IFRS-S2 particulars the factors for pinpointing, quantifying and speaking info pertaining to climate-related dangers and alternatives.
The requirements are set to be deployed in a phased method, with the primary section set to begin for annual reporting intervals starting on or after 1 January 2025.
Subsequent phases will probably be rolled out in January 2026 and 2027.
Corporations will probably be chosen primarily based on standards akin to whole belongings, turnover and worker depend.
The SECP has proposed that firms get hold of assurance on their sustainability reporting from their auditors, ranging from the second yr of reporting below the brand new requirements.
This transfer is a step in SECP’s environmental, social and governance regulatory highway map, reported Enterprise Recorder.
The adoption of those requirements is aimed toward enhancing transparency by way of standardised sustainability reporting, enhancing threat administration and inspiring the combination of sustainable enterprise practices into company methods.
Moreover, it goals to facilitate extra knowledgeable decision-making by stakeholders.
In September, the SECP prolonged the Corporations Regularisation Scheme by one month, now efficient till 15 October 2024.
This extension gives firms which have fallen behind on their filings the prospect to regularise their standing with out going through late charges or penalties.
“Pakistan’s SECP considers adoption of IFRS Sustainability Disclosure Requirements ” was initially created and revealed by The Accountant, a GlobalData owned model.
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