ISLAMABAD (December 20 2006): The Securities and Exchange Commission of Pakistan (SECP) has asked the listed companies to follow International Financial Reporting Standards (IFRSs) for maintaining of balance sheets and profit and loss accounts.
According to the recently issued SRO.(I)/2006, the SECP has directed that IFRSs 2, 3, 5, and 6, issued by the International Accounting Standards Board, shall be followed with regard to maintenance of accounts and preparation of balance sheets, along with profit and loss accounts of the listed companies.
The Commission may grant exemption to any company, or set of companies, not to comply with the aforesaid requirements, if it is in public interest.
The SECP has used powers conferred by sub-section (3) of section 234 of the Companies Ordinance, 1984 (XLVII of 1984) to implement the decision.