05-30-2007, 11:36 PM
Thanks for further contribution. I found a conflict between sec234 of CO84, ICAP Circular No11 of 2005 and and SECP SRO.
With refer to above circular the application of IAS 39 is not mandatory.
FOLLOWING THE IS TEXT OF CIRCULAR
TR-5 - IASB STANDARDS â COUNCILâS STATEMENT ON APPLICABILITY (REVISED 2005)
The Council of the Institute realising the practical problems being faced by the Small and Medium Sized companies in relation to compliance with some of the IAS / IFRS, has in its 176th meeting held on October 28, 2005 decided to revise paragraph 2.3 of TR-5, IASB Standards-Councilâs Statement on Applicability. As per the revised paragraph 2.3, applicability of certain IAS/IFRS (as mentioned in the said paragraph) would not be deemed mandatory for companies identified therein.
A copy of the revised TR-5 along with Sectional Index of Section C of Part I of Membersâ Handbook Volume II are enclosed.
Thanking you
Yours truly
Shahid Hussain
Deputy Director Technical Services
With refer to above circular the application of IAS 39 is not mandatory.
FOLLOWING THE IS TEXT OF CIRCULAR
TR-5 - IASB STANDARDS â COUNCILâS STATEMENT ON APPLICABILITY (REVISED 2005)
The Council of the Institute realising the practical problems being faced by the Small and Medium Sized companies in relation to compliance with some of the IAS / IFRS, has in its 176th meeting held on October 28, 2005 decided to revise paragraph 2.3 of TR-5, IASB Standards-Councilâs Statement on Applicability. As per the revised paragraph 2.3, applicability of certain IAS/IFRS (as mentioned in the said paragraph) would not be deemed mandatory for companies identified therein.
A copy of the revised TR-5 along with Sectional Index of Section C of Part I of Membersâ Handbook Volume II are enclosed.
Thanking you
Yours truly
Shahid Hussain
Deputy Director Technical Services
