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:
|Listed companies (including foreign companies listed in Pakistan)|
Public interest companies (public sector company, public utility, financial institution, company in process of listing)
Large-sized non-listed companies (paid-up capital exceeding 200 million rupees (approximately US$2 million) or annual turnover exceeding 1 billion rupees (approximately US$9.5 million)
|Full IFRS as adopted in Pakistan|
|Medium-sized entities (all companies other than listed, public interest, large-sized, and small-sized)||IFRS for SMEs is required. These companies may choose instead to use full IFRS as adopted in Pakistan.|
|Small-sized entities (paid-up capital not exceeding 25 million rupees (approximately US$250,000) and turnover not exceeding 100 million rupees (approximate US$950,000)||Accounting and Financial Reporting Standards for Small-sized Entities (AFRS for SSEs) as issued by the Institute of Chartered Accountants of Pakistan is required. These companies may choose instead to use either the IFRS for SMEs or full IFRS as adopted in Pakistan.|
We IASB have accordingly updated website profile on the use of IFRS in Pakistan. The profile explains the differences between IFRS as adopted in Pakistan and IFRS as issued by the IASB.
You can view the profiles here.