Category Archives: IFRS

Draft Interpretation on Foreign Currency Transactions and Advance Consideration

By | November 11, 2015

Draft Interpretation published by the IFRS Interpretations Committee for comment only. Comments on the Draft Interpretation need to be received by December 21, 2015. The International Accounting Standards Board’s IFRS Interpretations Committee (‘Interpretations Committee’) published for public comment a proposed Interpretation of Standards, designed to address diversity in how the Standard is applied in practice.… Read More »

Pakistan adopts the IFRS for SMEs

By | November 1, 2015

On 15 September 2015, the Securities & Exchange Commission of Pakistan (SCEP) issued Statutory Notifications 928(I)/2015 and 929(I)/2015 adopting the IFRS for SMEs. As a result the financial reporting framework in Pakistan is as follows: Entities Situation Listed companies (including foreign companies listed in Pakistan) Public interest companies (public sector company, public utility, financial institution,… Read More »

IASB publishes exposure draft on Application of Materiality

By | November 1, 2015

International Accounting Standards Board (IASB) has issued exposure draft providing guidance on application of materiality while preparing financial statements as per International Financial Reporting Standards (IFRS).It will help management of company to apply the concept of materiality in preparation and presentation of both annual and interim financial statements of the company. The draft specifies the… Read More »