The Institute of Chartered Accountants of Pakistan has issued Circular 7 of 2018 dated July 13, 2018. Through this Circular ICAP has issued amendments to the Revised Accounting and Financial Reporting Standard for Small-sized Entities (Revised AFRS for SSEs). These amendments have been approved by Accounting Standards Board (ASB) on July 3, 2018.
Broadly, these amendments have been made to synchronize the accounting treatment and presentation of revaluation surplus on property, plant and equipment prescribed under the Revised AFRS for SSEs with the Companies Act 2017 and other financial reporting standards (i.e. IFRS and IFRS for SMEs).
These amendment are applicable to those companies who are preparing financial statements under the Companies Act 2017, for the period ended on or after June 30, 2018. Subsequently, any change in the company’s accounting policy for revaluation surplus of property, plant and equipment shall be accounted for and disclosed in accordance with the requirements of the Revised AFRS for SSEs.
Please click on the link(s) mentioned, to read the complete amendments and above mentioned Circular.
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