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020221
SECURITIES AND EXCHANGE COMMISION
OF PAKISTAN
Circular No. 4
Reference No. SECP/ICAP/EM/34/99
February 21, 2002
Adoption of International Accounting Standards 22, 36 and 39
In continuation of Circular No. 5 of 2001 dated November
1, 2001 and Circular No. 1 of 2002 dated January 10, 2002, it is clarified that listed
companies may not follow International Accounting Standard (IAS) 22 “Business
Combinations”, IAS 36 “Impairment of Assets” and IAS 39 “Financial
Instruments: Recognition and Measurement” in preparation of their half-yearly
accounts for the six months ended December 31, 2001. However, adequate disclosure of the
fact that the said IAS have not been followed should be clearly made in these half-yearly
accounts.
(Jaweria Ather)
Joint Director (Acct.)
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