SRO 1092 (I)/2018 - Amendment in Third Schedule to the Companies Act, 2017

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.-.- Islamabad, the 3 rd September, 2018 NOTIFICATION S.R.O. 1092 (I)/2018.- In exercise of the powers conferred by sub-section (2) of section 507 of the Companies Act, 2017 (Act No. XIX of 2017), the Securities and Exchange Commission of Pakistan is pleased to make following amendments in the Third Schedule to the Companies Act, 2017, namely,- In the Note, at the end of table, after paragraph (4), the following new paragraphs shall be inserted, namely:- “5. The Medium Sized Companies that are otherwise required to follow IFRS for SMEs and Accounting Standards for NPOs, may opt to follow the IFRS notified by the Commission for the preparation of financial statements.
6. The Small Sized Companies that are otherwise required to follow revised
AFRS for SSEs may opt to follow IFRS notified by the Commission or IFRS for SMEs.”. No. CLD/CCD/PR(11)/2017