SECP is a myth?

[Moon]

Salam

Please have my words at the link below to comment.

http//www.accountancy.com.pk/forum/topic.asp?TOPIC_ID=1270



------------------------
Be careful! Words speak....

[idreesdurrani]

Salam

Yeah I agree with u Mr. Moon. This is yet another example of divergence between the reporting requirements of Companies Ordinance, 1984 and IAS. There were many other such instances like the differences between segment reporting of sales of segments under IAS 14 and 4th schedule, the difference in treatments of revaluation surplus under section 235 (Old) and IAS 16 etc. I think SECP has now realized these discrepancies and the recent revisions in the Companies Ordinance reflect their intention to harmonize such reporting requirements. And yeah as the framework to IAS says local laws will override the requirements of IAS (Where they contradict each other), we have no option…..


Idrees

[Moon]

Salam

if SECP comes up with something additional to what is stated in IAS, then we can appreciate their effort but the bad thing is that they copy and paste from the IAS, this thing does not reflect a professional approach..... they better think about this.... which they do not... they are .. ......

------------------------
Be careful! Words speak....