S.R.O. 1480 (I)/2019 DATED 27TH NOVEMBER, 2019,
APPLICATION OF IFRS – 14
SECP vide S.R.O. 1480 (I)/2019 dated 27th November, 2019 notified the date of application of IFRS-14.
International Financial Reporting Standard (IFRS) 14 – “Regulatory Deferral Accounts” and any further revisions issued by the International Accounting Standards Board shall be followed for the preparation of financial statements for the annual reporting periods beginning on or after 1st July 2019 by all classes of companies that are required by the Act to follow IFRS as notified by the Commission.
IFRS 14 specifies the financial reporting requirements for regulatory deferral account balances that arise when an entity provides goods and services to customers at a price or rate that is subject to rate regulation.
S.R.O. 1479 (I)/2019 DATED 26TH NOVEMBER, 2019
SECP vide S.R.O. 1479 (I)/2019 dated 26th November, 2019 withdraw the Companies (Submission of Information regarding Income Tax Return) General Order, 2019 issued vide S.R.O. 1048 (I)/2019 dated September 11, 2019.
S.R.O. 1048 (I)/2019 Dated 11th September, 2019 was issued under title “Companies (Submission of Information regarding Income Tax Return) General Order, 2019”, whereby companies were required to file compliance certificate with respect to its’ status of compliance, with the requirements of filing of income tax return under the Income Tax Ordinance, 2001. This requirement has now been withdrawn.
SRO 1480: Notification IFRS 14