Banks asked to prepare financial statements as per int'l standards

The State Bank of Pakistan has instructed all banks and financial institutions of the country to prepare Financial Statements according to International Accounting Standards.According to a circular issued by the central bank, it is clarified that while preparing quarterly, half yearly and annual financial statements the organizations should adopt international standards.It is pertinent to mention here that the regulation would be effective by June 30. The central bank has also advised to change the name of balance sheet as Statement of Financial Position.