07-27-2003, 02:57 AM
I want to confirm the applicability of IAS in Pakitsn. My understanding is as follows
All IAS are applicable in Pakistan which are adopted by ICAP and SECP.
The recognition and measurement criteria of transactions as mentioned in adopted IAS are applicable to all companies i.e listed and unlisted.
However the disclosure requirements of IAS are only appicable to listed companies. Further, if there is specific departure of provisions of Companies Ordinance, 1984 from IAS then the provisions of Companies Ordinance, 1984 will prevail.
Plz give your comments on the above.
Thankx.
All IAS are applicable in Pakistan which are adopted by ICAP and SECP.
The recognition and measurement criteria of transactions as mentioned in adopted IAS are applicable to all companies i.e listed and unlisted.
However the disclosure requirements of IAS are only appicable to listed companies. Further, if there is specific departure of provisions of Companies Ordinance, 1984 from IAS then the provisions of Companies Ordinance, 1984 will prevail.
Plz give your comments on the above.
Thankx.
