ALL MEMBERS OF THE INSTITUTE
Dear Member
The Council of the Institute in its 230th meeting held on December 17, 2011, has accepted the Professional Standards and Technical Advisory Committee (PS&TAC) recommendations to revise/reformat for better understanding or withdraw certain Accounting Technical Releases (TRs) and Auditing Technical Releases (ATR) as per details given below: –
Review of TRs
TR-5 IASB Standards – Council’s Statement on Applicability
No change
TR-6 Fixed Assets Inventory and Records
The requirement of carrying out physical verification of fixed assets every five years mentioned in paragraph 2.2 of the TR has been removed, as this is not a mandatory requirement under any law.
TR-8 Clarification regarding basis of calculation of Workers’ Profits Participation Fund
No change
TR-11 Depreciation on Idle Fixed Assets
Withdrawn as the issue is fully covered in paragraph 55 of IAS 16 under the heading Depreciable Amount and Depreciation Period
TR-15 Bonus Shares – Accounting Treatment
Withdrawn as the issue is covered in paragraph 27, 28 and 64 of IAS 33
TR-21 Date of Commencement of Commercial Production
Withdrawn as the issue is covered in paragraph 20 and 21 of IAS 16
TR-22 Book Value Per Share
No change
TR-24 Exchange Risk Fee – Accounting Treatment
Withdrawn, and will now be placed in the Selected Opinions.
TR-27 IAS-12, Accounting for Taxes on Income
Para 5 of the TR, on deferred tax relating to leasing companies, is now redundant therefore has been deleted.
TR-29 Carry-over Transactions (COT)
No change
TR 30 – Final Tax Accounting
Withdrawn, and will now be placed in the Selected Opinions
TR 31 – Annuity Method of Depreciation
Withdrawn, and will now be placed in the Selected Opinions
Review of ATRs
ATR 8 – Preparation of accounts from incomplete records and report thereon as auditor (Reformatted 2002)
Withdrawn as paragraph 290.165 to 290.169 of the Code of Ethics for Chartered Accountants (Revised in May 2008) has addressed this issue
ATR 11- Appointment of auditors-I (Reformatted 2002)
Withdrawn as paragraph 210 of the Code of Ethics for Chartered Accountants (Revised in May 2008) and section 252- 253 of the Companies Ordinance 1984 has addressed this issue
No change in the above three
ATR 17 – Auditors’ Report to the Trustees/Board of Governors/Management Committee (Revised 2004)
ATR 18 – Bank Reports for Audit Purposes
ATR 19 – Identification of Audit Engagement Partner In The Auditors’ Report On Financial Statements
ATR 20 – Auditors’ Reporting Responsibilities in respect of non-compliance with Laws or Regulations
These have been revised with editorial changes only.
Copies of the revised / reformatted TRs and ATRs along with Sectional Indexes are enclosed.