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 Committee believes that the inquired transaction or arrangement has been or will be made considering the legal, ethical and moral requirements. 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.
Accounting
22.1.01 Presentation of Capital Advances
22.1.02 Clarification regarding definition of Gross Revenue
22.1.03 Defined Benefit Plan under Section 28 of the IFRS for SMEs
22.1.04 Real Estate Project accounting on the basis of Percentage of Completion Method
22.1.05 Opinion required on treatment of Rebate
22.1.06 Clarification on applicability of IAS- 41 “Agriculture” on Poultry Industry
22.1.07 Observance of Physical Stock Check
22.1.08 Presentation of Financial Statements
22.1.09 Treatment of unrealized mark-up on Advances
22.1.10 Break-Up value computation in case of Life Insurance Companies
22.1.11 Query on subsequent cost of Intangible Asset
22.1.12 Foreign Currency Interest Free Sponsor’s Loan
22.1.13 Change of amortisation method of Intangible Asset
22.1.14 Mark Up on Government Loans
22.1.15 Applicability of IAS 20 for loans obtained from the Govt. of Sindh at lower interest rate
22.1.16 Reclassification of Items
22.1.17 Query on Liquidated Damages
22.1.18 Consolidation of Subsidiary – Private Brokerage Company
22.1.19 Issue of booking the principal amount for IPPs
Auditing
22.2.02 Performing accounting and audit of Public Interest Entity
22.2.03 Charging of minimum audit fee for closed operation client
22.2.04 Signing of the audit report of EOBI
22.2.05 Appointment of Auditors