Page 26 - Newsletter-September-2018

Newsletter The Institute of Chartered Accountants of Pakistan technical update Update: ICAP issues Accounting Guide titled Financial Reporting under the Companies Act 2017 – Your ICAP Questions Answered: The ICAP vide Circular 9/2018 (dated July 20, 2018) issued accounting guide titled ICAP issues exposure draft of the Joint Audit Financial Reporting under the Companies Act 2017 – Guidelines: The Institute of Chartered Accountants of Your Questions Answered. This guide has been prepared Pakistan (ICAP) vide Circular 6/2018 (dated July 11, 2018) to support the preparers of financial statements in issued exposure draft of the Joint Audit Guidelines for understanding the significant accounting and financial public comments. The guide has been developed by the reporting matters emanating from the Companies Act Auditing Standards and Ethics Committee of ICAP and 2017. aims to provide guidance to the joint auditors to plan and conduct the audit according to the International The accounting guide can be found on the link below: Standards on Auditing (ISAs) as applicable in Pakistan. http://www.icap.net.pk/accounting-guidance The full text of the exposure draft can be found on the ICAP publishes updated list of practicing firms having link below: satisfactory QCR rating: ICAP has published list of http://www.icap.net.pk/wp-content/uploads/2018/07/ practicing firms having satisfactory QCR rating as on July Exposure-Draft-Joint-Audit-Guideline.pdf 16, 2018. ICAP notifies amendments to Revised Accounting The list can be found on the link below: and Financial Reporting Standard for Small-sized https://www.icap.org.pk/quality-assurance/list-of-firms- Entities: The ICAP vide Circular 7/2018 (dated July 13, having-satisfactory-qcr-rating/ 2018) notified amendments to the Revised Accounting and Financial Reporting Standard for Small-sized Entities ICAP issues Auditing Guide titled New Auditor’s (Revised AFRS for SSEs). These amendments have been made to align the accounting treatment and presentation Report – Your Questions Answered: The ICAP vide of revaluation surplus on property, plant and equipment Circular 10/2018 (dated August 11, 2018) issued auditing under the Revised AFRS for SSEs with the Companies Act guide titled, New Auditor’s Report – Your Questions 2017 and other financial reporting standards (i.e. IFRS and Answered. This guide has been prepared to facilitate IFRS for SMEs). the members and other stakeholders in understanding and applying the new audit reporting requirements The amendments to Revised AFRS for SSEs are applicable introduced through the Auditors (Reporting Obligations) to the companies preparing financial statements under Regulations 2018. the Companies Act 2017, for the period ended on or after June 30, 2018. The auditing guide can be found on the link below: http://www.icap.net.pk/archives/5093 ICAP issues Illustrative Financial Statements and Disclosure Checklist based on IFRS for SMEs and Fifth Update: Schedule to the Companies Act 2017: The ICAP vide Circular 8/2018 (dated July 19, 2018) issued the Illustrative Local Corporate Regulatory Financial Statements and Disclosure Checklist prepared Framework in accordance with the International Financial Reporting Standards for Small and Medium Sized Entities (IFRS for SECP prescribes electronic submission of forms SMEs) issued by International Accounting Standards by beneficial owners of listed securities under the Board (IASB) in October 2015 and Fifth Schedule to the Securities Act 2015: The Securities and Exchange Companies Act 2017. Commission of Pakistan (SECP) vide Circular Letter no. SMD/BO/Policy-1(2)2001 (dated July 3, 2018) required The illustrative financial statements and disclosure the submission of Form-5, Form-6 and Form-7 by the checklist can be found on the link: beneficial owners of listed securities under the Securities http://www.icap.net.pk/disclosure-checklists Act 2015 electronically using e-Services Portal from 26 September 2018