KARACHI: Sui Southern Gas Company Limited (SSGC) has clarified that no final decision has been made regarding a proposal to exempt state-owned energy enterprises from the applicability of International Financial Reporting Standards (IFRS), addressing recent media reports on the matter.
In a notice submitted to the Pakistan Stock Exchange (PSX) on July 10, 2026, the company responded to a news report published in Daily Dawn on July 9, 2026, which suggested that the Cabinet Committee on State-Owned Enterprises (CCSOEs) had denied gas utilities an exemption from international accounting standards.
SSGC explained that, according to the official statement issued after the CCSOEs meeting, the committee reviewed a summary submitted by the Petroleum Division seeking exemptions for specified energy sector state-owned enterprises from IFRS-14 and IFRS-9. However, instead of rejecting or approving the proposal, the committee deferred the matter.
The company stated that the committee directed the Petroleum Division to hold further consultations with the Finance Division and the Law and Justice Division before submitting a revised proposal for consideration. As a result, the proposal remains under review, and no conclusive decision has been taken by the federal government.
SSGC emphasized that the clarification was being issued in compliance with Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of the Pakistan Stock Exchange Regulations to ensure that investors and certificate holders are informed of the accurate status of the matter.
The clarification aims to dispel any misunderstanding arising from the media report and confirms that discussions on the proposed IFRS exemptions for state-owned energy companies are still ongoing at the government level.
