Adoption of International Financial Reporting Standards 4 (IFRS-4)

TO BE PUBLISH IN PART II OF THE GAZETTE OF PAKISTAN

Statutory Notification (S.R.O)

GOVERNMENT OF PAKISTAN
SECURITIES & EXCHANGE COMMISSION OF PAKISTAN

Islamabad, the February 11, 2009

Notification

S.R.O 149-(I)/2009. In exercise of the power conferred by sub-section(3) of section 234 of the Companies Ordinance, 1984 (XLVII of 1984), the Securities and Exchange Commission of Pakistan is pleased to direct that the International Financial Reporting Standards 4 issued by the International Accounting Standards Board shall be followed in regard to the accounts and preparation of balance sheet and profit and loss account for the period commencing from 1st January, 2009 of companies engaged in insurance and re-insurance business:

Provided that the Commission may, of its own motion or upon an application made to it, grant exemption to any company or any class of companies, if it is in the public interest so to do, from compliance with all or any of the requirements of the aforesaid Standard.

[No. Dir (CS)/4/2008]

(Abdul Rehman Qureshi)
Advisor/Secretary