Updates:

NFRS

  • NFRS

S.N.

NFRSs

Name of Standards

 

 

Preface

 

 

Conceptual Framework

1

NAS 1

Presentation of Financial Statements

2

NAS 2

Inventories

3

NAS 7

Statement of Cash Flows

4

NAS 8

Accounting Policies, Changes in Accounting Estimates & Error

5

NAS10

Events after the Reporting Period

6

NAS 11

Construction Contracts

7

NAS 12

Income Taxes

8

NAS 16

Property, Plant & Equipment

9

NAS 17

Leases

10

NAS 18

Revenue

11

NAS 19

Employee Benefits

12

NAS 20

Accounting for Government Grants & Disclosure of Government Assistance

13

NAS 21

The Effects of Changes in Foreign Exchange Rates

14

NAS 23

Borrowing Cost

15

NAS 24

Related Party Disclosures

16

NAS 26

Accounting & Reporting by Retirement Benefit Plans

17

NAS 27

Separate Financial Statements

18

NAS 28

Investments in Associates & Joint Ventures

19

NAS 32

Financial Instruments : Presentation

20

NAS 33

Earnings Per Share

21

NAS 34

Interim Financial Reporting

22

NAS 36

Impairment of Assets

23

NAS 37

Provisions, Contingent Liabilities and Contingent Assets

24

NAS 38

Intangible Assets

25

NAS 39

Financial Instruments: Recognition and Measurement

26

NAS 40

Investment Property

27

NAS 41

Agriculture

28

NFRS 1

First-Time Adoption of NFRS

29

NFRS 2

Share based Payment

30

NFRS 3

Business Combination

31

NFRS 4

Insurance Contracts

32

NFRS 5

Non-Current Assets Held for Sale & Discontinued Operation

33

NFRS 6

Exploration  for and evaluation of mineral resources

34

NFRS 7

Financial Instruments: Disclosure

35

NFRS 8

Operating Segments

36

NFRS 9

Financial Instruments

37

NFRS 10

Consolidated Financial Statements

38

NFRS 11

Joint Arrangements

39

NFRS 12

Disclosure of Interests in other Entities

40

NFRS 13

Fair Value Measurements

1

 

IFRICs & SICs


 

The entities to which NFRSs shall be applicable and the financial year in which fully NFRSs complied Financial Statements to be prepared shall be as follows. However NFRS-9, Financial Instrument shall be applicable with effect from 16 July, 2015 onwards.

Type

Entities Requiring adoption of NFRS

NFRS Complied Financial Statements

A

1.  Listed Multinational Manufacturing Companies
2. Listed State Owned Enterprises (SOEs) with minimum paid up capital of Rs. 5 billions (except Banks and Financial Institutions under BAFIA  Act, 2006)

 

2014-15

B

 1. Commercial Banks, including State Owned Commercial Banks;
 2. All other Listed State Owned Enterprises (SOEs)

2015-16

C
  1.   All other Financial Institutions not covered under A & B above
  2.   All other SOEs
  3.   Insurance Companies
  4.   All other Listed Companies
  5.   All other Corporate Bodies/Entities not defined as SMEs.

 

2016-17

D

 NFRS for SMEs  (SMEs as defined and classified by ASB)

2019-20

NOTE:

1.   Early implementation of NFRSs is encouraged/ recommended.

2.   Until the implementation of NFRS as per above schedule, existing NASs shall continue to be effective to such entities.  

S.N.

NFRSs

Name of Standards

 

 

Preface

 

 

Conceptual Framework

1

NAS 1

Presentation of Financial Statements

2

NAS 2

Inventories

3

NAS 7

Statement of Cash Flows

4

NAS 8

Accounting Policies, Changes in Accounting Estimates & Error

5

NAS10

Events after the Reporting Period

6

NAS 11

Construction Contracts

7

NAS 12

Income Taxes

8

NAS 16

Property, Plant & Equipment

9

NAS 17

Leases

10

NAS 18

Revenue

11

NAS 19

Employee Benefits

12

NAS 20

Accounting for Government Grants & Disclosure of Government Assistance

13

NAS 21

The Effects of Changes in Foreign Exchange Rates

14

NAS 23

Borrowing Cost

15

NAS 24

Related Party Disclosures

16

NAS 26

Accounting & Reporting by Retirement Benefit Plans

17

NAS 27

Separate Financial Statements

18

NAS 28

Investments in Associates & Joint Ventures

19

NAS 32

Financial Instruments : Presentation

20

NAS 33

Earnings Per Share

21

NAS 34

Interim Financial Reporting

22

NAS 36

Impairment of Assets

23

NAS 37

Provisions, Contingent Liabilities and Contingent Assets

24

NAS 38

Intangible Assets

25

NAS 39

Financial Instruments: Recognition and Measurement

26

NAS 40

Investment Property

27

NAS 41

Agriculture

28

NFRS 1

First-Time Adoption of NFRS

29

NFRS 2

Share based Payment

30

NFRS 3

Business Combination

31

NFRS 4

Insurance Contracts

32

NFRS 5

Non-Current Assets Held for Sale & Discontinued Operation

33

NFRS 6

Exploration  for and evaluation of mineral resources

34

NFRS 7

Financial Instruments: Disclosure

35

NFRS 8

Operating Segments

36

NFRS 9

Financial Instruments

37

NFRS 10

Consolidated Financial Statements

38

NFRS 11

Joint Arrangements

39

NFRS 12

Disclosure of Interests in other Entities

40

NFRS 13

Fair Value Measurements