RegAlertRule · SECP · 6 Dec 2006
Mandatory Adoption of IFRS 2, 3, 5, and 6 by Listed Companies in Pakistan
The Securities and Exchange Commission of Pakistan directs that International Financial Reporting Standards (IFRSs) 2, 3, 5, and 6 issued by the International Accounting Standards Board shall be followed regarding the accounts and preparation of balance sheets and profit and loss accounts of listed companies. The Commission retains the authority to grant exemptions to any company or class of companies from compliance with these requirements if it determines such action is in the public interest.
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Islamabad, the 6th December, 2006
NOTIFICATION
S.R.O.1228(I)/2006.4 In exercise of the powers 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 (IFRSs) 2, 3, 5, and 6 issued by the International Accounting Standards Board shall be followed in regard to the accounts and preparation of balance sheets and profit and loss accounts of the listed companies:
Provided that the Commission may grant an 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 IFRSs. ____________________________________________________________ [No. 2(21)/CS/2006] (Mohammed Hayat Jasra) Secretary to Commission
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“In exercise of the powers conferred by sub-section (3) of section 234 of the Companies Ordinance, 1984 (XLVII of 1984)”
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