08-02-2003, 02:55 AM
I think you are right in most of the counts except the disclosure thing.
A company does not maintain two accounts in Pakistan .. one for accounting and other for disclosure.. it means that private and unlisted companies need not necessarily follow the IAS in their accounting disclosure/policies when preparing their accounts.
SO the rule if you are listed follow IAS adopted by SEC and ICAP in addition to CO LAW (which is overriding)
and if unlisted/private go with CO LAW only... u can go for IAS if you like
A company does not maintain two accounts in Pakistan .. one for accounting and other for disclosure.. it means that private and unlisted companies need not necessarily follow the IAS in their accounting disclosure/policies when preparing their accounts.
SO the rule if you are listed follow IAS adopted by SEC and ICAP in addition to CO LAW (which is overriding)
and if unlisted/private go with CO LAW only... u can go for IAS if you like