TAILIEUCHUNG - A Guide ON Accounts and Accounting Reference Dates

Business models used in emerging Asia and traditional western markets were at odds. In the west, transparency was the keystone, providing clear rules and disclosures for how business should be conducted, and shareholder value maximisation became the universal mantra. With few exceptions, the largest and best corporations were privately held and usually the bulk of their stock was traded on stock exchanges. Meanwhile, in emerging Asia the powerful corporations were generally less transparent, governance systems were murkier, and decisions at all levels often influenced by personal relationships. State-owned or -controlled companies are still more common in Asia than in the. | Table of Contents Chapter Page Introduction 1 1 Accounting reference dates 2 2 Preparing and filing of annual and quarterly accounts 3 3 Contents of annual and quarterly accounts 8 4 Filing exemption for private companies 10 5 Further information advice and guidance 11 This booklet is a guide only and should be read in conjunction with the relevant legislation. Introduction This booklet is a guide to the law and rules governing public disclosure of accounts by limited companies incorporated under the Companies Ordinance 1984 the Ordinance . The booklet covers three main topics 1. Accounting reference dates ARD The ARD is the financial year-end. It is also the date that determines when the annual and quarterly accounts of listed companies are due for delivery to the shareholders concerned stock exchanges the Company Registration Office CRO and the Securities and Exchange Commission of Pakistan the Commission . Every company has an ARD and its accounts are prepared and finalized in light of the same. 2. Preparing and filing of annual and quarterly accounts There are deadlines by which annual and quarterly accounts must be prepared and delivered to the shareholders the concerned stock exchange the CRO and the Commission. When you fail to meet with the requirements penalty will be levied as provided under the Companies Ordinance. So it is important that you your accountants auditors and consultants are aware of the filing transmission deadlines. 3. Content of the annual and quarterly accounts This booklet also provides guidance as to the contents of the annual and quarterly accounts and will also tell you as to what documents information make up the annual and quarterly accounts.

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