The Companies Act 2017 (the Companies Act) was enacted on May 30, 2017, however, a significant number of companies for the first time would be preparing their annual statutory financial statements in accordance with the new financial accounting and reporting requirements of the Companies Act.

The Institute’s Technical Services Department on the instructions of the Accounting Standards Board has prepared following Accounting Guide and Disclosure Checklists with the objectives to facilitate members in understanding and responding to the questions relating to the new financial reporting regime of the Companies Act and preparing financial statements accordingly.

• Accounting Guide titled “Financial Reporting under the Companies Act 2017 – Your Questions Answered”

 This accounting guide has been prepared to support you in understanding the significant accounting and financial reporting matters emanating from the Companies Act. The guide provides:

1. an overview of the new financial reporting regime under the Companies Act 2017;
2. answers a number of common questions about, and implications of, the new financial reporting requirements;
3. List of the IFRSs (standards and interpretations) that are newly applicable for June 30, 2018; and
4. List of the IFRSs not adopted in Pakistan and the specific exemptions from the IFRSs allowed by SECP and SBP.

•  Disclosure checklists of fourth and fifth schedules of the Companies Act

 These guides contain disclosures requirements of fourth and fifth schedules only.  The disclosure checklists will assist you in understanding and documenting the disclosure requirements of the fourth and fifth schedules. Further, these are intended to help companies in providing financial statements disclosures as required by the fourth and fifth schedules. For your ease of use these checklists are being issued in Microsoft Excel.

We hope you find the information in the guide and disclosure checklist useful.

Circular 9 Your Questions Answered on the Financial Reporting under the Companies Act 2017 and Disclosure Checklists for the Fourth and Fifth Schedules 

The Accounting Guide can be downloaded from: Accounting Guidance & Tools

The disclosure checklists can be downloaded from: http://www.icap.net.pk/disclosure-checklists