KARACHI: The State Bank of Pakistan (SBP) has updated the rules for submitting financial reports by banks and financial institutions through its Data Acquisition Portal (DAP4).
These changes include revisions to the Data File Structures (DFS) under the Reporting Chart of Accounts (RCOA).
The SBP stated that the updates were made to align with recent regulatory changes, such as the adoption of IFRS 9 and new financial statement formats. While the deadlines for most RCOA reports remain the same, the submission deadline for Monthly RCOA reports has been extended from two working days to five.
The new deadlines are: two working days for daily and weekly reports, five working days for monthly reports, and 12 working days for quarterly reports.
Banks and DFIs must now use the updated DFS available on the DAP4 knowledge center for submitting all RCOA reports. The old version of DFS is no longer valid. For Microfinance Banks (MFBs), RCOA submissions have been changed from bi-weekly to weekly, but the submission deadlines remain the same.
Additionally, the SBP has adopted the AAOIFI Shariah Standard No. 31 to improve Shariah compliance in Islamic banking. This standard focuses on reducing uncertainty (Gharar) in financial transactions and is now effective, with clarifications and amendments provided by the SBP.
The SBP has warned that non-compliance with these instructions may lead to penalties under the Banking Companies Ordinance, 1962.
