Pakistan's SECP approves international financial reporting for SMEs
02 Oct 2015
The Securities and Exchange Commission (SECP) in Pakistan has approved the adoption of the 'International Financial Reporting Standard for Small and Medium Sized Entities' (IFRS for SMEs). The adoption is effective from annual financial periods beginning on or after 1 January 2015.
The IFRS for SMEs replaces the Pakistani Accounting and Financial Reporting Standards for Medium-Sized Entities issued by the Institute of Chartered Accountants of Pakistan (ICAP). The move is intended to bring improved transparency, accountability and efficiency to the corporate sector and to meet the requirements of International Organization of Securities Commission (IOSCO) principles, which require public non-listed companies to prepare their financial statements using high quality internationally accepted accounting standards. The ICAP's Accounting and Financial Reporting Standards for Small-Sized Entities continues to be applicable to small companies.
Please click for the press release and Statutory Notification S.R.O 929 (I)/2015 detailing which classes of comapnies have to apply which kind of standards on the SECP website.