08-05-2010, 04:10 AM
You should read sub-section 2 of section 234 with 4th and 5th schedule and also read notification given as footnote to section 234 in SA Salam book.
1. Listed companies (including their subsidiaries) are required to comply with 4th schedule.
2. Non-listed companies are required to comply with 5th schedule.
3. Listed companies which also meet the criteria of MSE and SSE are required to follow IASs specially prepared for MSE and SSE.
4. Listed companies which do not meet the criteria of MSE and SSE (they are ESE) are required to follow regular IAS/IFRSs.
5. Non listed companies which donât meet the criteria of MSE and SSE are required to follow regular IAS/IFRS.
Examples
If listed company also meets the criteria of ESE then nothing happens. Listed companies required to do what they are required to do, that is, 4th schedule and IAS/IFRSs (case 1 and 4)
If Small size entity is a listed company they are required to comply with 4th schedule and IASs specially prepared for them.
If SSE is unlisted one it is required to comply with 5th schedule and IAS/IFRSs.
1. Listed companies (including their subsidiaries) are required to comply with 4th schedule.
2. Non-listed companies are required to comply with 5th schedule.
3. Listed companies which also meet the criteria of MSE and SSE are required to follow IASs specially prepared for MSE and SSE.
4. Listed companies which do not meet the criteria of MSE and SSE (they are ESE) are required to follow regular IAS/IFRSs.
5. Non listed companies which donât meet the criteria of MSE and SSE are required to follow regular IAS/IFRS.
Examples
If listed company also meets the criteria of ESE then nothing happens. Listed companies required to do what they are required to do, that is, 4th schedule and IAS/IFRSs (case 1 and 4)
If Small size entity is a listed company they are required to comply with 4th schedule and IASs specially prepared for them.
If SSE is unlisted one it is required to comply with 5th schedule and IAS/IFRSs.
