For DOMESTIC companies whose debt or equity securities trade in a public market in the jurisdiction: Are all or some domestic companies whose securities trade in a public market either required or permitted to use IFRS Standards in their consolidated financial statements? If some, which ones? Are IFRS Standards also required or permitted for more than the consolidated financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted in separate company financial statements of companies whose securities trade in a public market? For instance, are IFRS Standards required or permitted for companies whose securities do not trade in a public market? Medium-sized company a non-listed public company paid-up capital of less than million rupees; and annual turnover of less than 1 billion rupees; and fewer than employees.
If the jurisdiction currently does NOT require or permit the use of IFRS Standards for domestic companies whose securities trade in a public market, are there any plans to permit or require IFRS Standards for such companies in the future? More information can be found below. If yes, how does that process work? When notified, the Standards have the authority of law. Does the jurisdiction have a formal process for the 'endorsement' or 'adoption' of new or amended IFRS Standards including Interpretations in place?
If yes, what is the process? The ASB carries out its due process in terms of stakeholder awareness and consultation in relation to the new Standard. The Asian-Oceanian Standard-Setters Group AOSSG has released the results of a survey into the financial reporting standards that Islamic financial institutions IFIs are legally required to comply with in their jurisdiction and the extent of compliance.
The meeting will include discussion on a number of IASB projects, consider the results of a survey conducted by the AOSSG on accounting and Islamic finance in the Middle East and North Africa, receive feedback on the IFRS implementation efforts and regional capacity building, and consider ongoing membership and process requirements. The meeting covered a broad range of topics, including the future relationships between the IASB and regional and national standard setters, topical issues in financial reporting, reports from regional groups and administrative matters.
A detailed report of proceedings at the meeting has now been released, outlining discussions on numerous topics such as the relationship between standard setters and the IASB, the IASB's work programme and processes, and a report on the possible adoption of IFRS in the United States noting a possible "step back". On June 30 , Prof. The Securities and Exchange Commission of Pakistan SECP and the Institute of Chartered Accountants of Pakistan ICAP have agreed, in principle, to 'take urgent necessary steps so as to ensure full compliance with IFRS, as far as the financial statements of the listed companies other than banks and financial institutions are concerned', for the year ending 31 December Deloitte Pakistan partner Asad Ali Shah recently presented an update on financial reporting in Pakistan.
These words serve as exceptions. Member organizations and country profiles: Pakistan IFAC Profile of the legal and regulatory environment, including information on the statutory framework for accounting and auditing, regulation of the profession and adoption of international standards. For regional organisations and networks, see our list of international accountancy bodies.
The Library provides access to leading business, finance and management journals. To find out how you can borrow books from the Library please see our guide to book loans. All companies are required to prepare financial statements. Under the Companies Act, listed companies including foreign companies listed in Pakistan , public interest companies including public sector companies, public utility companies, financial institutions, and companies in the process of being listed , and large-sized non-listed companies companies with paid-up capital exceeding million rupees or with an annual turnover exceeding 1 billion rupees are required to apply IFRS in the preparation of their financial statements.
The Insurance Ordinance of establishes financial reporting requirements for insurance companies. Under the Ordinance, insurance companies are required to follow financial reporting standards issued by ICAP. Under the Banking Companies Ordinance, the State Bank of Pakistan SBP is responsible for setting financial reporting requirements for banks and similar financial institutions.
The SBP requires banks and financial institutions to submit audited financial statements prepared and audited according to the standards issued by ICAP. Under the Companies Act, all companies, except for private limited companies with paid up capital below one million rupees, are to be audited following auditing standards adopted and issued by ICAP. The Act indicates that financial statements of companies with paid up capital below one million rupees does not require an audit but still requires submission to the SECP.
CAs are issued a Certificate of Practice by ICAP to conduct work as CAs, and only members of ICAP are permitted to audit the financial statements of all companies, except for private limited companies with paid up capital below 10 million rupees. For example, those with a university degree are exempted from taking certain courses that those with a secondary school education will have to completed prior to undertaking a qualification and the time to attain the qualification is significantly lower for those with a university degree.
Each PAO sets out its own minimum criteria for students who enter with different levels of previously attained education. As all three PAOs have adopted the IES requirements and practical training is required prior to completion of the different programs.
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