IFRS Financial Reporting and Accounting Advisory

Which reporting framework applies to your company?

In Pakistan, the applicable framework depends on the company's classification. Listed companies and public interest companies apply full IFRS as notified by SECP, while medium sized entities may use IFRS for SMEs and small companies follow the revised accounting and financial reporting standards issued for them.

Choosing the wrong framework creates restatements later. We assess your classification under the Third Schedule of the Companies Act 2017 and confirm the framework before any statements are drafted.

How do we implement the IFRS 9 expected credit loss model?

IFRS 9 replaced incurred loss provisioning with a forward-looking expected credit loss (ECL) model. Banks, NBFCs, microfinance institutions and trading companies with material receivables must stage their exposures, estimate probability of default and loss given default, and overlay macroeconomic scenarios.

Our financial reporting partner has implemented ECL models for financial institutions, covering staging criteria, data requirements, model documentation and the disclosures that auditors and regulators expect.

• Staging criteria and significant increase in credit risk
• PD, LGD and EAD estimation
• Simplified approach for trade receivables
• Forward-looking macroeconomic overlays
• IFRS 7 disclosure preparation

What support do insurers need for IFRS 17?

IFRS 17 changed how insurance contracts are measured and presented, introducing the contractual service margin and new disclosure requirements. Our partner Umar Farooq specialises in IFRS 17 for the insurance sector, from transition planning to the first set of compliant financial statements.

Which other reporting services do we provide?

Beyond annual statements, many businesses need reliable monthly reporting and expert views on individual transactions. We provide these on a recurring or one-off basis.

• Monthly and quarterly management accounts
• IFRS 15 revenue recognition assessments
• IFRS 16 lease accounting and schedules
• Consolidation of group accounts
• Fixed asset registers and impairment reviews
• Technical accounting papers for auditors