06-22-2011, 08:48 PM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by venatic</i>
<br />Well buddy it depends upon its (Private Company's) Paid-Capital,No. of Employees & other factors that requires it to prepare & follow IASs . . . A pvt co. having annual turnover not more than 20million along with number of employees in a year not more than 250 is called a SSE & it does not have to follow all IASs (only those mentioned by ICAP) & likewise if a pvt co. falls in a category of MSE then it has to follow the prescribed IASs by ICAP
( Kamran bhai & others plz correct me if i'm wrong at some point . . Thanks)
[quote]<i>Originally posted by bilalfca</i>
<br />kamran bhai
does those pvt co. having share capital greater than 7.5m prepare their books of accounts acc. to IASs and acc. to the requirement of CO 1984?
[/quote
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Your are right dear criteria / condition to classify a company as Economically significant entity, medium sized entity and small sized entity has been given in the fifth schedule of the companies ordinance, 1984.
you only miss the aspect is that a pvt could also be an economically significant entity if it met the criterion mentioned in the above mentioned reference. Then a pvt co is required to follow a full IASs and IFRs an d fifth schedule of CO 1984 if co is not a subsidiary of a listed company
<br />Well buddy it depends upon its (Private Company's) Paid-Capital,No. of Employees & other factors that requires it to prepare & follow IASs . . . A pvt co. having annual turnover not more than 20million along with number of employees in a year not more than 250 is called a SSE & it does not have to follow all IASs (only those mentioned by ICAP) & likewise if a pvt co. falls in a category of MSE then it has to follow the prescribed IASs by ICAP
( Kamran bhai & others plz correct me if i'm wrong at some point . . Thanks)
[quote]<i>Originally posted by bilalfca</i>
<br />kamran bhai
does those pvt co. having share capital greater than 7.5m prepare their books of accounts acc. to IASs and acc. to the requirement of CO 1984?
[/quote
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Your are right dear criteria / condition to classify a company as Economically significant entity, medium sized entity and small sized entity has been given in the fifth schedule of the companies ordinance, 1984.
you only miss the aspect is that a pvt could also be an economically significant entity if it met the criterion mentioned in the above mentioned reference. Then a pvt co is required to follow a full IASs and IFRs an d fifth schedule of CO 1984 if co is not a subsidiary of a listed company
