Circular 5/ 2007- NOTIFICATION OF ACCOUNTING AND FINANCIAL REPORTING STANDARDS FOR MEDIUMSIZED ENTITIES (MSEs) AND SMALL-SIZED ENTITIES (SSEs) AND REVISION OF THE FIFTH SCHEDULE TO THE COMPANIES ORDINANCE, 1984

On the recommendation of the Institute of Chartered Accountants of Pakistan (ICAP) the Securities and Exchange Commission of Pakistan (SECP) vide SRO No. 860(I)/2007 dated August 21, 2007 has notified the Accounting and Financial Reporting Standards for MSEs and SSEs issued by ICAP under Section 234(3) of the Companies Ordinance, 1984.

As the above notification also necessitated appropriate amendments to the Fifth Schedule to the Companies Ordinance, 1984, therefore on the recommendation of the ICAP, the SECP vide SRO 859(I)/2007 dated August 21, 2007 has also revised the said Fifth Schedule.

The above documents along with Accounting and Financial Reporting Standards for MSEs and SSEs may be downloaded from ICAP website using the following link:

http://www.icap.org.pk/news/notificationsecp.htm

Members are advised to note the above.