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.
