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SECP issues directions for non-profitable entities

Securities and Exchange Commission has approved to follow national standards of financial reporting and non-profit entities formulated under Companies Ordinance.

According to a notification issued by SECP, non-profit entities were made bound to follow accounting standards released by Institute of Chartered Accountants of Pakistan.

According to SECP, non-profit entities will prepare accounting and financial reporting standards on the basis of accountable financial stattements. SECP has declared mandatory that all non-profitable entities  will be bound to fulfill requirement of the notification for fiscal year starting from July 1.