Companies Act, 2017

From: 2023-11-01 - To: 0000-00-00 FIFTH SCHEDULE (See section 225) DISCLOSURE REQUIREMENTS AS TO FINANCIAL STATEMENTS OF NON-LISTED COMPANIES AND THEIR SUBSIDIARIES PARTI GENERAL REQUIREMENTS I. The companies other than listed companies and their subsidiaries shall follow the applicable Financial Reporting Framework as defined in Third Schedule, in regards to financial statements as are notified for the purpose in the official Gazette by the Commission, under section 225 of the Companies Act, 2017; II. The disclosure requirements, as provided in this schedule, are in addition to the disclosure requirements prescribed in applicable Financial Reporting Framework 1[notified by the Commission] notified by the Commission and shall be made in the notes to the accounts unless specifically required otherwise; III. In addition to the information expressly required to be disclosed under the Act and this schedule, there shall be added such other information as may be necessary to ensure that required disclosure is not misleading; IV. Any word or expression used herein but not defined in the Act and/or Fourth Schedule shall have the same meaning as under the applicable Accounting Framework. V. The following shall be disclosed in the financial statements namely: I. General information about the company comprising the following: (i) geographical location of all business units including mills/plant; (ii) the capacity of an industrial unit, actual production and the reasons for shortfall; (iii) number of persons employed as on the date of financial statements and average number of employees during the year 2[ ]; and 3[(iv) Names of associated companies or related parties or undertakings, with whom the company had entered into transactions or had agreements and / or arrangements in place during the financial year, along with the basis of relationship describing common directorship and percentage of shareholding;] 4[Explanation: Definition of related party as per Financial Reporting Framework shall be considered for the disclosure requirements;] 2. In respect of associated companies, subsidiaries, joint ventures or holding companies incorporated outside Pakistan, 5[with whom the…