{
  "id": 11560369,
  "title": "FD notifies policy amendment: SOEs’ reporting brought in line with IFRS",
  "url": "https://urgent.news/2026/10/03/fd-notifies-policy-amendment-soes-reporting-brought-in-line-with-ifrs",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-03T00:20:21.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40442437/fd-notifies-policy-amendment-soes-reporting-brought-in-line-with-ifrs"
  },
  "original_language": "en",
  "account": "Islamabad: The government has revised the State-Owned Enterprises (Ownership and Management) Policy, 2023 to align the financial reporting of state-owned enterprises (SOEs) with International Financial Reporting Standards (IFRS), while preserving the State Bank of Pakistan’s (SBP) regulatory reporting framework for entities under its jurisdiction. Finance Division's notification on Friday sanctioned amendments to paragraph 31 of the SOEs (Ownership and Management) Policy, 2023 under the State-Owned Enterprises (Governance and Operations) Act, 2023. Under the revised policy, \"International Financial Reporting Standards\" for SOEs Act purposes will refer to the Financial Reporting Standards issued by the Securities and Exchange Commission of Pakistan (SECP) under Section 225 of the Companies Act, 2017. However, the amendment includes a specific exemption for SBP-regulated entities, who must adhere to the bank's statutory financial reporting framework, including its circulars, directives, and instructions, in cases of inconsistency with the IFRS framework. The government also clarified SECP-approved modifications and exemptions in IFRS implementation. Modifications or exemptions granted by the SECP to non-regulated companies under Section 225 of the Companies Act, 2017 will apply to SOEs registered with SECP under the Companies Act, without impacting the SBP's regulatory authority under the SBP Act, 1956. The amendment also gives the Finance Division new responsibilities, including issuing a detailed framework for the financial management of statutory SOEs, in consultation with the Auditor General of Pakistan (AGP). All SOEs are required to establish internal audit procedures and mechanisms as per Sections 19 and 20 of the SOEs (Governance and Operations) Act, 2023. The notification details the new financial management arrangements, included in Annexure 6 of the amended policy. The amendment, approved by the federal government on September 30, 2026, was notified by the Finance Division on October 2, 2026.",
  "summary": "ISLAMABAD: The government has amended the State-Owned Enterprises (Ownership and Management) Policy, 2023 to bring financial reporting of state-owned enterprises (SOEs) in line with International Financial Reporting Standards (IFRS), while retaining the State Bank of Pakistan’s (SBP) statutory reporting framework for entities under its regulation. The Finance Division, through a notification…",
  "key_points": [
    "Finance Division amended SOEs policy to align financial reporting with IFRS.",
    "Exemption for SBP-regulated entities to follow SBP's financial reporting framework.",
    "Finance Division gains responsibility to issue detailed financial management framework."
  ],
  "editors_take": "The policy amendment aligns state-owned enterprises' financial reporting with International Financial Reporting Standards, while preserving the State Bank of Pakistan's regulatory framework, and gives the Finance Division new oversight responsibilities.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}