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020606
SECURITIES
AND EXCHANGE COMMISION OF PAKISTAN
Circular No. 11
Reference No. SECP/ICAP/EM/6/99
June 06, 2002
Application of International Accounting Standard 30 to Investment Banks, Modarabas and Leasing Companies
On recommendation of
the Institute of Chartered Accountants of Pakistan, the SEC has directed vide SRO
245(I)/2002 dated May 3, 2002 that International Accounting Standard (IAS) 30
“Disclosures in the financial statements of banks and similar financial
institutions” shall be followed by investment banks, modarabas (other than trading
modarabas) and leasing companies. The IAS 30 has already been adopted and notified by the
SEC vide SRO 33(I)/2000 dated January 27, 2000.
2. The investment banks, modarabas (other than trading modarabas) and leasing
companies are advised to follow the requirements of IAS 30 with regard to their accounts
and preparation of their financial statements in pursuance of the provisions of
sub-section (3) of section 234 of the Companies Ordinance, 1984 for accounting periods
beginning on or after July 1, 2002.
(Jaweria Ather)
Joint Director (Acct.)
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