Draft CRA: SECP to seek viewpoints of corporate entities, stakeholders

ISLAMABAD (February 10, 2009): The Securities and Exchange Commission of Pakistan (SECP) has decided to notify the Corporate Rehabilitation Act (CRA) in the next three months, incorporating viewpoint of all private stakeholders. This was decided in a meeting of the committee, constituted by the Ministry of Finance to review and finalise the draft CRA, held under the chairmanship of acting Chairman of SECP Salman Ali Shaikh.

Application of IFRSs, IASs: ICAP not competent to issue any relaxation

KARACHI (February 10, 2009): It is not within the ambit of Institute of Chartered Accountants of Pakistan (ICAP) to issue any relaxation from application of International Financial Regulatory Standards (IFRSs) or International Accounting Standards (IASs). However, Securities and Exchange Commission of Pakistan (SECP), being regulators, are empowered to lay down specific treatments in certain special circumstances which prevail over the requirements specified in the IFRS/IAS.