Volume 21 (XXI) 2015-16

The opinions contained in this compilation are of the competent Committees constituted by the Council of the Institute and are of operational nature and not on issues on which relevant laws and rules are not explicit. These “Selected Opinions” are not a compendium of “legal advice”.

The opinions issued by the Committees to the members’ queries are dated. Since an opinion is arrived at on the basis of the facts and circumstances of each individual query, it may change if the facts and the circumstances change. An opinion may also change due to subsequent developments in law, pronouncements made by the Institute and other relevant changes. The Institute and the Committees will have no liability in connection with such opinion.

In every case the members have to take their own decisions in the light of facts and circumstances in accordance with related laws and rules etc., applicable to the issue under decision at that point in time.


21.1.01  Application of IAS 39 to Directors’ Interest Free Loans

21.1.02  Clarification On Deferred Tax

21.1.03 Clarification On Amortization Of Director’s Loan

21.1.04 Accounting For Investments Of Provident Fund Trust

21.1.05 Accounting Treatment Of Accrued Markup Liability

21.1.06  Deferred Tax Clarification

21.1.07 Technical Advice on Deferred Taxation on Investments in Subsidiaries, Branches And Associates ind Interests in Joint Arrangements

21.1.08  IFRS 10 Exemption from Consolidation

21.1.09 Technical Opinion on IAS 26

21.1.10 Accounting treatment of “Workers Profit Participation Fund”

21.1.11 Query on TR – 32 ‘Director’s Loan’

21.1.12 Query on Gratuity

21.1.13 Query on Consolidation


21.2.01 Indebtedness of Auditors

21.2.02 Appointment of Auditor

21.2.03 Notice u/s 161/205 of the Income Tax Ordinance, 2001 issued to Corporation for tax year 2013-14

21.2.04 Appointment of Statutory Auditors under PPRA Rules