CAF-6 · Chapter 8 · Question 9 of 15
If there is a conflict between the requirements of the IFRS (as adopted in Pakistan) and the Companies Act 2017, which one prevails for the preparation of financial statements?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) The Companies Act 2017 prevails.
Explanation
In Pakistan, the provisions of the Companies Act 2017 (and directives from SECP) take precedence over IFRSs in case of any conflict.
More Regulatory Framework (SECP, ICAP, 4th/5th Schedule) MCQs
- Q11The Companies Act 2017 requires companies to disclose the 'remuneration' of which specific personnel?
- Q12Under the Fourth Schedule, listed companies must disclose 'geographical' information about:
- Q13Which classification of companies in the Third Schedule has the least burdensome reporting requirements?
- Q14What must a listed company disclose regarding its 'unutilized' credit facilities under the Fourth Schedule?
- Q15The Third Schedule classifies companies based on criteria such as: