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030911
SECURITIES AND
EXCHANGE COMMISSION OF PAKISTAN
Circular No. 22 - Reference No. SECP/MISC/ICAP/1/99/514
September 11, 2003
Applicability of
international accounting standard 30 to investment banks,
leasing companies and modarabas (other than trading modarabas)
The investment banks, modarabas (other than
trading modarabas) and leasing companies were advised by the Commission vide SRO
245(I)/2002 dated May 3, 2002 to follow the requirements of International
Accounting Standard (IAS) 30 “Disclosures in the financial statements of banks
and similar financial institutions” with regard to their accounts and
preparation of their financial statements.
2. It is clarified that in terms of section 234(3) of the Companies Ordinance,
1984 (the Ordinance), applicability of the provisions contained in any IAS is
subject to the provisions of the Ordinance. Accordingly, the investment banks,
modarabas (other than trading modarabas) and leasing companies are required to
prepare their financial statements in accordance with the requirements of IAS
30, insofar as these requirements are not inconsistent with the requirements of
the Ordinance, including the Fourth Schedule, and in case of any conflict or
inconsistency, the requirements of the Ordinance, including the Fourth Schedule,
shall prevail over the requirements contained in IAS 30.
(Najam Ali)
Executive Director
Distribution
1. Chief Executives of all Investment Banks, Leasing Companies and Modarabas.
2. The Institute of Chartered Accountants of Pakistan.
3. Managing Directors of the Karachi, Lahore and Islamabad Stock Exchanges.
4. Modaraba Association of Pakistan
5. Leasing Association of Pakistan
6. Investment Banks Association of Pakistan
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