S.R.O. 859(I)/2007, Islamabad, the August 21, 2007

SROS: S.R.O. 859(I)/2007, Islamabad, the August 21, 2007 IN EXERCISE OF THE POWERS CONFERRED BY SECTION 505 OF THE COMPANIES ORDINANCE, 1984, THE SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN IS PLEASED TO DIRECT THE REVISED FIFTH SCHEDULE TO THE SAID ORDINANCE PART II Statutory Notifications(S.R.O) SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN NOTIFICATION Islamabad, the August 21, 2007 S.R.O. 859(I)/2007, Islamabad, the August 21, 2007:- In exercise of the powers conferred by section 505 of the Companies Ordinance, 1984(XLVII of 1984), read with clause(c) of section 43 of the Securities and Exchange Commission of Pakistan Act, 1997(XLII of 1997), and SRO No. 698(I)/86 dated 2nd July, 1986, the Securities and Exchange Commission of Pakistan is pleased to direct that for the Fifth Schedule to the said Ordinance the following shall be substituted, namely: - FIFTH SCHEDULE (See section 234) REQUIREMENT AS TO BALANCE SHEET AND PROFIT AND LOSS ACCOUNT OF NON-LISTED COMPANIES PART I - GENERAL 1A. All Medium-Sized and Small-Sized companies as defined in this Schedule shall follow the Accounting and Financial Reporting Standards for Medium-Sized Companies and Small-Sized Companies, whichever is applicable, in regard to accounts and preparation of balance sheet and profitand loss account as are specified for the purpose by the Commission under sub-section(3)of section 234 of the Companies Ordinance, 1984(XLVII of 1984). 1B. The requirements contained in this Schedule shall apply to all un-listed companies unless otherwise specified. 2. In this Schedule, unless there is anything repugnant in the subject or context, - (i) capital reserve includes capital redemption reserve, capital repurchase reserve account, share premium account,profit prior to incorporation or any reserve not regarded free for distribution by way of dividend; (ii) debts includes loans and advances and other receivables where it relates to amounts written off and provisions for doubtful and bad debts; (iii) economically significant company means a company which has: (a) turnover in excess of Rs. 1 billion, excluding other income; (b) number of employees in excess of 750; (c) total…