Illustrative Financial Statements and Disclosure Checklists For Public Interest companies and Medium-sized companies

The Institute’s Technical Services team is pleased to issue the Illustrative financial statements and disclosure checklists for:

• Public Interest companies – Prepared in accordance with the International Financial Reporting Standards (IFRS) as notified by the Securities and Exchange Commission of Pakistan and fourth schedule to the Companies Act 2017 (the Companies Act); and

• Medium-sized companies – Prepared in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) and fifth schedule to the Companies Act.

(The illustrative financial statements and disclosure checklist for the Medium-sized companies were initially issued to by the Institute, through Circular 8/2018, dated July 19, 2018. Consequent to the revision of fifth schedule to the Companies Act by SECP (through, S.R.O. 888(I)/2019, dated July 29, 2019) the illustrative financial statements and the disclosure checklist for Medium-sized companies have been revised).

These documents have been developed on the advice of the Accounting Standards Board.

For your facilitation, the Illustrative financial statements:

• Cover a wide set of illustrative disclosures based on range of circumstances, transactions and events;

• Provide source/reference for each presentation and disclosure; and

• Contain the original texts for the presentation and disclosure requirements (extracted from the IFRS, IFRS for SMEs, fourth and fifth schedules of the Companies Act, as the case may be).

The disclosure checklist for the Public Interest companies compiles the disclosure requirements of IFRS and fourth schedule to Companies Act; while the disclosure checklist for the Medium-sized companies contains the disclosure requirements of IFRS for SMEs and fifth schedule to the Companies Act.

You can download these documents from  https://www.icap.net.pk/accounting-guidancetools

Circular 10 – Illustrative Financial Statements and Disclosure Checklists For Public Interest companies and Medium-sized companies