Latest Selected Opinions

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Opinions issued by Accounting Standards Board
Accounting of Common Control Transactions (PDF) 
Accounting Treatment of Files of Plots in a Real Estate Project/Scheme (PDF) 
Accounting Treatment of SBP’s Temporary Economic Refinance Facility (PDF) 
Change in Accounting Policy by an NBFC to Avail the Exemption from IFRS 9 (PDF) 
Implications of IFRS 16 on Aviation Industry (PDF) 
Measurement of Unfunded Gratuity Scheme under IFRS for SMEs (PDF) 
Recognition of Deferred Tax Liability/Asset under IAS 12 by a Company Paying Minimum Tax (PDF) 
Applicability of IFRS 10 on Modaraba Management Companies and Modarabas (PDF) 
Clarification on the Applicability of SECP’s S.R.O 986(I)/2019 (PDF) 
Clarification on Uniformity of Accounting Policies under IAS 28 (PDF) 
Determination and Reassessment of Discount Rate under IFRS 16 Leases (PDF) 
Classification of Interest Bearing Subordinated Loan by an NBFC (PDF) 
Accounting of Customer Contribution for Infrastructure under IFRS 15 Revenue from Contracts with Customers (PDF) 
Treatment of Minimum Tax Paid on Turnover under IAS 12 Income Taxes (PDF) 
Opinions issued by Auditing Standards & Ethics Committee
Award of contract to joint statutory auditors on 100% physical verification and reconciliation of inventory (PDF) 
Reconsideration of ICAP technical opinion on appointment of one auditor in place of two retiring auditors (PDF) 

Disclaimer
An opinion is based on the facts, circumstances, assumptions and quantitative analyzes provided by the enquirer. The opinions, accordingly, do not provide a judgment about the adequacy of the data provided to us by the enquirers. An opinion may change if the facts and the circumstances change. In addition, an opinion may also change due to subsequent change in law, pronouncements, and other relevant changes, made by the regulators, the International Accounting Standards Board, the Institute, the Board or any other body. The opinions are not legal advice. The Institute and Board believes that the enquired matters, transactions or arrangements have been or will be made considering the legal, ethical and moral requirements. The Institute, the Board and Staff will have no liability in connection with opinions.