Topic Wise Selected Opinions

The Technical Services Department with the objective to facilitate the members has compiled the ICAP selected opinions issued in last 15 years (for the period from 2003 to 2017) on topic-wise basis.

The topic-wise compilation categorizes the selected opinions on in following areas:

  • Auditing
  • Ethics
  • Corporate and Other Laws
  • Financial accounting and reporting

It is important to note that the topic-wise complied opinions are same as covered in Volume IX to Volume XXII of the year-wise selected opinions, however, now have also been complied under above mentioned categories. The text as well as PDF version of topic-wise opinions can be accessed through a links given in the table below:

Topic wise list 



Include queries on:

1. Auditing
2. Ethics
3. Corporate and Other Laws
  • Corporate laws i.e. Companies Ordinance, 1984 (repealed)/ Companies Act, 2017 and Code of Corporate Governance (2012)/ Listed Companies (Code of Corporate Governance) Regulations, 2017
  • Worker’s Welfare Fund (WWF) & Worker Profit Participation Fund (WPPF)
  • Others  (pdf)
4. Financial accounting and reporting   Queries on following IASs/ IFRSs/ IFRIC/ TRs:

  • IAS 1 ‘Presentation of Financial Statements’ (pdf)
  • IAS 2 ‘Inventories’  (pdf)
  • IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’  (pdf)
  • IAS 12 ‘Income Taxes’ (pdf)
  • IAS 16 ‘Property, Plant and Equipment’   (pdf)
  • IAS 17 ‘Leases’  (pdf)
  • IAS 18 ‘Revenue’ & IFRS 15 ‘Agreements for the construction of Real Estate’  (pdf)
  • IAS 19 ‘Employee Benefits’  (pdf)
  • IAS 20 ‘Accounting for Government Grants and disclosure of Government Assistance’  (pdf)
  • IAS 21 ‘The effects of changes in Foreign Exchange Rates’  (pdf)
  • IAS 26 ‘Accounting and reporting by Retirement Benefit Plans’  (pdf)
  • IAS 27 ‘Separate Financial Statements’   (pdf)
  • IAS 28 ‘Investments in Associates and Joint Ventures’  (pdf)
  • IAS 32 ‘Financial Instruments: Presentation’   (pdf)
  • IAS 34 ‘Interim Financial Reporting’  (pdf)
  • IAS 36 ‘Impairment of Assets’  (pdf)
  • IAS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’  (pdf)
  • IAS 38 ‘Intangible Assets’  (pdf)
  • IAS 39 ‘Financial Instruments: Recognition and Measurement’  (pdf)
  • IAS 41 ‘Agriculture’  (pdf)
  • IFRS 3 ‘Business Combinations’  (pdf)
  • IFRS 5 ‘Non-Current Assets held for sale and Discontinued Operations’   (pdf)
  • IFRS 7 ‘Financial Instruments: Disclosures’  (pdf)
  • IFRS 10 ‘Consolidated Financial Statements’  (pdf)
  • IFRS 15 ‘Revenue from Contracts with Customers’ (pdf)
  • IFRIC 4 ‘Determining whether an arrangement contains a Lease’ & IFRIC 12 ‘Service Concession Arrangements’  (pdf)

IFRS for SMEs   (pdf)

AFRS for SSEs (pdf)

Accounting Technical Releases (TRs)  (pdf)

The opinions are based on the facts and circumstances provided by the enquirer and issued in consideration of the laws, accounting, auditing and ethical standards applicable at the time of enquiry. Accordingly, an opinion may change if the relevant facts and the circumstances change or due to subsequent amendment in the law, accounting, auditing and ethical standards and pronouncements made by the Institute and other regulations. The Institute, its Committee and staff will have no liability in connection with any opinion and these may not be construed as a replacement of legal advice.