RegAlertRule · SECP · 22 May 2007
SRO 430(I)/2007: Application of IAS-41 to Agricultural Listed Companies
The Securities and Exchange Commission of Pakistan directs that listed companies engaged in agriculture must follow International Accounting Standard-41 (IAS-41) for the preparation of their balance sheets and profit and loss accounts. The Commission retains the authority to grant exemptions to any company or class of companies from compliance with all or any requirements of this Standard if deemed to be in the public interest.
TO BE PUBLISH IN PART II OF THE GAZETTE OF PAKISTAN Statutory Notification (S.R.O.) GOVERNMENT OF PAKISTAN SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Islamabad, the May 22, 2007 NOTIFICATION S.R.O 430(I)/2007.__ 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 Accounting Standard-41 (IAS-41) 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 engaged in agriculture:
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)/4/2007 (Abdul Rehman Qureshi) Advisor/Secretary
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“In exercise of the power conferred by sub-section(3) of section 234 of the Companies Ordinance, 1984 (XLVII of 1984)”
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