S.R.O. 53(I)/2022, Islamabad, the 12th January,2022

SROS: S.R.O. 53(I)/2022, Islamabad, the 12th January,2022 Accounting Standard on ‘Accounting for Common Control Transactions’ TO BE PUBLISHED IN PART-II OF THE GAZETTE OF PAKISTAN GOVERNMENT OF PAKISTAN SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Islamabad, the 12th January,2022 NOTIFICATION S.R.O. 53(I)/2022.- In exercise of powers conferred by section 510 read with sub-section (1) of section 225 of the Companies Act, 2017 (Act No. XIX), the Securities and Exchange Commission of Pakistan is pleased to direct that the Accounting Standard on "˜Accounting for Common Control Transactions' annexed to this notification, approved by the Council of Institute of Chartered Accountants of Pakistan, shall be followed, by companies while carrying out common control transactions and preparing financial statements on or after June 30, 2022. Provided that the Commission may in the public interest, on its own motion or upon an application made to it, grant an exemption to any company from compliance with all or any of the requirements of the aforesaid standard. [File No. SMD/ PRDD/2 (324)2021] (Bilaf Rasul) Secretary to the Commission Accounting Standard Accounting of Common Control Transactions The Accounting Standards Board The Accounting Standards Board (the Board/ASB) of the Institute of Chartered Accountants of Pakistan (the Institute) developed the Accounting Standard, "˜Accounting of Common Control Transactions', along-with the Basis for Conclusions. The Council of the Institute, in August 2021, approved the Accounting Standard for recommending to the Securities and Exchange Commission of Pakistan for notification under the Companies Act, 2017. Disclaimer: The Board and the Institute expressly disclaim any liability howsoever arising from this publication to any person in respect of any claims or losses of any nature including direct, indirect, incidental or consequential loss, punitive damages, penalties or costs. Information contained in this publication does not constitute advice and should not be substituted for the services of an appropriately qualified professional. CONTENTS Accounting Standard Accounting of Common Control Transactions From paragraph…