Securities and Exchange Commission of Pakistan has given the relief including mutual funds to all companies for the submission of the information to file the statement of profit and loss on March 31, 2020. Relief to Companies Submitting Profit and Loss Statements.
SECP
SECP has issued an SRP and it has allowed the companies to follow the relief from requirements, which are shown in IFRS 9 (IAS 39, IFRS for SMEs and AFRS for SSEs) and they record the fair value of adjustments of equity instruments in the statement of profit or loss.
1. Gain/Loss due to fair value measurement of FVPL equity instruments, which are held on 31 March 2020, which may be shown in Statement of Change in Equity, which is the separate component of the equity.
2. The amount, which is taken to equity like adjustment / effect for price movement shall be included in the profit or loss statement for year / period ending 30 June 2020.
3. The amount of loss taken to equity shall be considered as charge to profit or loss statement for purpose of distribution as dividend, where it is applicable.
The companies and mutual funds opt for treatment shall show on face of financial position statement, profit or loss statement and reports of directors and parameters, which are used by them to determine value of their investments.
Follow
