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Home | Press Release
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SECP withdraws cost accounting order |
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Muzaffar Hameed |
August 24, 2011, 02:24:18 AM |
The Securities and Exchange Commission of Pakistan has withdrawn the Companies Cost Accounting Records (General Order), 2008, and has issued sector-specific special orders with specialized guidelines in future. The SECP had issued the Cost Order 2008 requiring five sectors, fertiliser, thermal energy, petroleum refining, natural gas, and polyester fibre to maintain the cost accounting records and have the said accounts duly audited. However, the said order was devoid of specific reporting formats /guidelines, therefore the industries, each having unique nature of cost components and reporting structure, were facing practical difficulties in complying with the requirements of said order. It may be noted that these sectors were in addition to the three sectors, sugar, cement, vegetable ghee and cooking oil, which are already complying with statutory requirements of maintaining and auditing cost records. Full story |
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