SECP makes accounting standards mandatory for listed companies

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KARACHI: Abacus Consulting, a leading firm in transformation services, has entered into a strategic alliance with Aestimatio Analytics Inc on an exclusive basis in Pakistan to provide an end-to-end automated solution for estimating provisions under IFRS 9 for corporations, especially listed companies and financial institutions.

The Securities and Exchange Commission of Pakistan has made IFRS 9 accounting standard mandatory for all listed companies for reporting periods ending on or after June 30, 2019.

“IFRS 9 is a paradigm shift from conventional provisioning methods of IAS 39, and Aestimatio-9 is the answer,” said Abacus President Asad Ali Khan. “Instead of the previous ‘incurred loss method’ that resulted in delayed recognition of credit losses, IFRS 9 takes a completely forward-looking approach with expected credit losses. This is a radical change that has posed challenges for auditors and corporations in countries that have adopted the standard. Aestimatio-9 will help Pakistani corporations in meeting this complex but mandatory requirement.”

Aestimatio 9 is proprietary software developed by Aestimatio Analytics, a boutique advisory firm with operations in 18 countries, specialising in quantitative consulting, predictive analytics and risk estimation solutions.

Elaborating on the software, Aestimatio Analytics MD Dr Muhammad Saleem said Aestimatio 9 is fully automated user-friendly software providing an end-to-end solution for estimating expected credit loss provisions under IFRS 9.

“It supports all major platforms and browsers and comes with extensive technical and conceptual support services,” Khan said. “We are very excited to join hands with Aestimatio Analytics as we can now serve the corporate sector better and facilitate our clients in compliance with IFRS 9 through Aestimatio 9.”

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