On Jan. 15, 2025, Reg-Track made an editorial update to add the Dec. 2024 heading.
On Oct. 3, PAK SEC issued survey on adoption of IFRS ESG disclosure.
PAK SEC issued survey on adoption of IFRS sustainability disclosure standards.
It said it is considering to adopt IFRS sustainability disclosure standards by phases.
Document dated Oct. 3, 2024, received from PAK SEC Oct. 11, summarized Oct. 15.
Overview of Survey
It proposed adopting IFRS sustainability disclosure standards (IFRS S1 and IFRS S2) for both listed and unlisted companies in three phases, depending on their annual turnover, number of employees and total asset size as shown in latest financial report.
First phase shall start from the annual reporting periods beginning on or after Jan. 1, 2025; the second and third phase shall start from Jan. 2026 and 2027 respectively.
Assurance on sustainability reporting shall start from second year of reporting.
PAK SEC Comments on Significance
Adoption of these standards is important milestone in ESG reg roadmap of PAK SEC.
Represents PAK SEC's commitment to align capital markets with global best practices.
Plus, the PAK SEC's commitment to enhance transparency through standardized sustainability reporting, improve risk management as well as risk mitigation practices.
In addition, to allow more informed decision making by stakeholders and promote a culture of integrating sustainable business practices into business strategies.
Survey End
Last date for submission of the survey is Oct. 18, 2024.
Dec. 2024 PAK SEC Order
On Dec. 31, 2024, PAK SEC issued order requiring firms to adopt IFRS S1, IFRS S2.
Document dated Dec. 31, 2024, received from PAK SEC Jan. 10, summarized Jan. 15.
Jan. 1, 2025 Standards Adoption
On Jan. 1, 2025, PAK SEC said it adopted the IFRS sustainability disclosure standards.
The standards will be implemented only re listed companies in a phased manner, on the basis of criteria comprising of total assets, turnover and number of employees.
PAK SEC confirmed first phase starts from annual reporting periods beginning on or after Jul. 1, 2025; second and third phase start from Jul. 2026 and 2027 respectively.
The standards will also be applicable on unlisted, licensed, public interest companies in the third phase; assurance on sustainability reporting starts from 2nd reporting year.
Document dated Jan. 1, 2025, received from PAK SEC Jan. 2, summarized on Jan. 7.
Jan. 15, 2025 Editorial Update
On Jan. 15, 2025, Reg-Track made an editorial update to add the Dec. 2024 heading.
