The Accounting Standards Board (ASB) of the Institute of Chartered Accountants of Pakistan has carried out a comprehensive review of the extant Accounting Technical Releases (TRs). ASB has carried out this comprehensive review with objective to:
a) update the TRs in accordance with the changed accounting and regulatory requirements;
b) improve the structure and drafting convention of the TRs; and
c) propose withdrawal of TRs (if required) in view of the guidance available in the IFRS Accounting Standards.
Set out in the enclosed document to this Circular, are the draft TRs for your comments and feedback.
What has been proposed by the ASB
The outcome of the ASB’s comprehensive review is that it has revised the following TRs on the basis of the changed accounting and regulatory requirements and other relevant developments.
- TR 5 – Council’s statement on applicability of IFRS Accounting Standards and pronouncements issued by the IASB and Accounting Standards Board
- TR 6 – Fixed assets records
- TR 8 – Clarification regarding the basis of calculation of workers’ profit participation fund
- TR 22 – Calculation of book value per share
- TR 32 – Accounting of related party loans
The structure and drafting convention of TRs have also been improved and aligned to make them more understandable and easier to use. There is however, no change in the identification number/sequencing of the TRs.
ASB has also proposed the withdrawal of the following TRs:
- TR 27 – IAS 12, Income Taxes
- TR 29 – Carry-over-transactions
The Basis and explanations for the ASB’s decision to withdraw the above-noted TRs are provided in the enclosed document.
Stakeholders’ comments and feedback
ASB places a great importance on the members’ and stakeholders’ input. It welcomes your views and comments on the proposed revisions (in TR 5, TR 6, TR 8, TR 22 and TR 32) and withdrawal of the TR 27 and TR 29.
Please email your comments to dtscomments@icap.org.pk
You can share comments by November 15, 2022.
The Next steps
ASB will consider comments it receives and will decide whether to proceed with the proposed changes and withdrawal of the TRs.
Circular 05 – Request for comments – Draft Accounting Technical Releases (Revised)
Draft Consultation – Accounting Technical Releases (Revised)