The Accounting Standards Committee of the Institute is in the process of revision of the Accounting and Financial Reporting Standard (AFRS) for Small-Sized Companies. The proposed revision of the standard has been made by the Committee keeping in view that small entities are usually owner managed companies and as such their financial statements are to be prepared by using less stringent accounting and disclosure requirements.
The Committee is pleased to expose the draft standard for comments of the membership of the Institute. The full text of the exposure draft is available at the following link:
Members are invited for giving their comment on the exposure draft. Comments are helpful if they indicate the specific paragraph or group of paragraphs to which they relate, clearly explaining the issue(s), and providing a suggestion for alternative text or solution.
Comments may be submitted to the Directorate of Technical Services at dtscomments@icap.org.pk latest by January 31, 2014.