The procedural and legal changes made by the Securities and Exchange Commission of Pakistan (SECP) in the Fourth Schedule (disclosure requirements of listed companies) and Fifth Schedule (disclosure requirements of non-listed companies) of the Companies Act, 2017 shall be applicable on companies preparing financial statements as on June 30, 2019 and onwards. The SECP has unveiled the applicability date of the amendments made to the Fourth And Fifth Schedules of the Companies Act, 2017 through an SRO 961 (I)/2019 issued here on Tuesday.
According to the notification, in exercise of powers conferred by sub-section (2) of section 507 of the Companies Act, 2017, the SECP has specified that the amendments brought through SRO 888(I)/2019 dated July 29, 2019 in fourth and fifth schedules of the Companies Act, 2017 shall be applicable on companies preparing financial statements as on June 30, 2019 and onwards.
The legal changes made in the Fourth Schedule (disclosure requirements of listed companies) and Fifth Schedule (disclosure requirements of non-listed companies) of the Companies Act, 2017 revealed requirements as to profit and loss and requirements as to statement of profit and loss account.
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