Volume 22 (XXII) 2016-17

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

22.2.01    Conflict of Interest

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

 

Companies Ordinance, 1984

 22.3.01       Section 208 of the Companies Ordinance, 1984