Financial

Reporting
Amendments in the Fourth
and the Fifth Schedule to the
Companies Ordinance, 1984
July 2013
A. F. FERGUSON & CO.
Chartered Accountants
a member firm of the PwC network
Strictly for circulation to clients and
staff of A . F. Ferguson & Co.
Amendments in the Fourth and the Fifth
Schedule to the Companies Ordinance, 1984
On 4 March 2013 the Securities and Exchange Commission of Pakistan has notified
certain amendments in the Fourth and the Fifth Schedule to the Companies
Ordinance, 1984 (the Ordinance) through S.R.O. 183 (I)/2013 and S.R.O. 182 (I)/2013
respectively, which notifications were published in the Gazette of Pakistan
(Extraordinary) on 8 March 2013. As no specific date of such changes coming to force
has been mentioned in the notifications, we understand that such changes are effective
from the date of these notifications.
These amendments principally have (i) clarified certain matters to avoid diversity in
application, (ii) changed some of the presentation requirements, specifically in relation
to the Income Statement (Profit & Loss Account), and (iii) incorporated few additional
disclosure requirements. This document summarises the important amendments, and
is not aimed at capturing or discussing the consequential or minor ones. Themes of
certain amendments are the same in both these Schedules, whereas others maybe
specific to either of the Schedules; and the discussion in this document has accordingly
been grouped into relevant themes.
This document can also be accessed on our website www.pwc.com/pk.
1 July 2013
Table of Contents
Financial reporting framework ................................4
Presentation of the profit and loss account / income
statement................................................................ 7
Disclosures relating to provident fund / trust .........8
Requirements as to balance sheet .............................9
Disclosure of capacity, production and number of
employees..............................................................11
Annexure 1 List of IFRSs notified by the SECP ... 12
Annexure 2 List of IFRSs issued by the IASB but
not notified by the SECP...................................... 13
Annexure 3 Text of Section 227 of the Ordinance,
related rules and notification............................. 14
Financial Reporting
A. F. FERGUSON & CO.
a member firm of the PwC network 4
Financial reporting
framework
1. The Fourth Schedule
Under the provisions of the
Ordinance, all listed companies and
their subsidiaries (be them private or
non-listed public companies) are
required to comply with the
requirements of the Fourth Schedule in
preparing their annual financial
statements.
Further, requirements of the Fourth
Schedule are mandatory for the
preparation of consolidated financial
statements of every holding company
irrespective of the holding company
being a private or a public company.
Amendments in the Fourth Schedule
are, hence, relevant for all such
companies.
2. The Fifth Schedule
Companies which are neither listed nor
are subsidiaries of a listed company are
required to comply with the
requirements of the Fifth Schedule in
preparing their annual financial
statements.
The Fifth Schedule has these
companies categorised as:
- Small-Sized companies
- Medium-Sized companies
- Economically Significant
companies
A Small-Sized company is a company
that:
i- has a paid up capital plus
undistributed reserves (total equity
after taking into account any
dividend proposed for the year)
not exceeding Rs. 25 million; and
ii- has annual turnover not exceeding
Rs. 250 million, excluding other
income.
A Medium-Sized company is a
company that:
i- is not a listed company or a
subsidiary of a listed company;
ii- has not filed, or is not in the
process of filing, its financial
statements with the Securities and
Exchange Commission of Pakistan
(SECP) or other regulatory
organisation for the purpose of
issuing any class of instruments in
a public market;
iii- does not hold assets in a fiduciary
capacity for a broad group of
outsiders, such as a bank,
insurance company, securities
broker / dealer, pension fund,
mutual fund or investment
banking entity;
iv- is not a public utility or similar
company that provides an essential
public service; and
v- is neither Economically Significant
nor a Small Sized Company.
Financial Reporting
A. F. FERGUSON & CO.
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An Economically Significant company
is a company that has any two of the
following on the basis of previous
years audited financial statements:
i- turnover in excess of Rs. 1 billion,
excluding other income;
ii- number of employees in excess of
750; and
iii- total borrowings (excluding trade
creditors and accrued liabilities) in
excess of Rs. 500 million.
Also, once in this Economically
Significant category, companies can be
excluded from this category where they
do not fall under the aforementioned
criteria for two consecutive years.
3. International Financial
Reporting Standards
The term International Financial
Reporting Standards (IFRS) was
introduced in 2005 by the
International Accounting Standards
Board (IASB) as:
International Financial Reporting
Standards are Standards and
Interpretations adopted by the
International Accounting Standards
Board. They comprise:
( a) International Financial Reporting
Standards; (b) International
Accounting Standards; and
(c)Interpretations developed by the
International Financial Reporting
Interpretations Committee (IFRIC) or
the former Standing Interpretations
Committee (SIC).
The term IFRS has now been
introduced in the Fourth Schedule and
the Fifth Schedule instead of the earlier
term of International Accounting
Standards (IASs) and Generally
Accepted Accounting Principles.
It is interesting to note that the
Ordinance still uses the term IASs and
section 234 provides an explanation
that International Accounting
Standards shall be understood in the
terms in which it is understood in the
accounting circles. Accordingly, we
understand that these terms IAS / IASs
and IFRS / IFRSs would be considered
in the same meaning, and hence have
used the term IFRS / IFRSs in this
document here-in-after.
Section 234 also provides that the
IFRSs and other standards as notified
by the SECP in the official Gazette will
be followed in regard to the accounts
and preparation of the balance-sheet
and profit and loss account. In this
respect, historically the SECP had
notified certain IFRSs for application
by the listed companies only. However,
through S.R.O. 860 (I)/2007 in August
2007, non-listed companies that are
not Medium-Sized companies or
Small-Sized companies were also
required to follow such notified IFRSs.
This requirement of the notification
has now been made part of the Fifth
Schedule.
Financial Reporting
A. F. FERGUSON & CO.
a member firm of the PwC network 6
Accordingly, IFRSs that are notified by
the SECP form part of the financial
reporting framework for:
i- Listed companies;
ii- Subsidiaries of listed companies;
iii- Holding companies preparing
consolidated financial statements;
and
iv- Non-listed companies that are
neither Medium-Sized companies
nor Small-Sized companies.
IFRS issued by the IASB which are not
notified by the SECP do not form part
of the financial reporting framework in
Pakistan.
A complete list of IFRSs notified by the
SECP under the provisions of the
Ordinance is attached as Annexure 1,
whereas a list of IFRSs issued by the
IASB which have not yet been notified
by the SECP is attached as Annexure 2.
4. Accounting and Financial
Reporting Standards (AFRS)
for Medium-Sized Entities
(MSEs) and Small-Sized
Entities (SSEs) issued by the
Institute of Chartered
Accountants of Pakistan
Medium-Sized companies and Small-
Sized companies are required to follow
the Accounting and Financial
Reporting Standards (AFRS) for
Medium-Sized Entities (MSEs) and
Small-Sized Entities (SSEs)
respectively, as issued by the Institute
of Chartered Accountants of Pakistan.
The requirements of using these
standards was first introduced through
S.R.O. 860 (I)/2007 in August 2007
which has now been made part of the
Fifth Schedule.
It is important to note that under the
recent amendments in the Fifth
Schedule, Medium-Sized companies
and Small-Sized companies have been
encouraged to follow the IFRS.
Although the term IFRS used here is
not restrictive to only those IFRSs that
have been notified by the SECP in this
respect, we understand that the
intention is only to have those IFRSs
being encouraged for application that
have been notified by the SECP as
discussed in paragraph 3 above. Also,
such application will be of all the
notified IFRSs as a whole, and not on
specific selective basis.
We would also like to mention that the
wording used in the Fifth Schedule to
refer to the companies that are
required to follow AFRS, and the
reference to AFRS, is slightly
inconsistent i.e. Medium-Sized
Entities and Small-Sized Entities
instead of Medium-Sized companies
and Small-Sized companies, and
Accounting and Financial Reporting
Standards for Medium-Sized
companies and small sized companies
instead of Accounting and Financial
Reporting Standards for Medium-Sized
Entities and Small-Sized Entities.
Financial Reporting
A. F. FERGUSON & CO.
a member firm of the PwC network 7
Presentation of the
profit and loss
account / income
statement
1. Requirement to disclose
separately the manufacturing,
trading and operating results
done away with
There was an age old requirement in
both the Fourth Schedule and the Fifth
Schedule for drawing up the profit and
loss account so as to separately disclose
the manufacturing, trading and
operating results, including disclosing
cost of goods manufactured in case of
manufacturing concerns. These
requirements have now been done
away with.
Considering that final tax regime is
applicable to certain streams of income
(e.g. commercial imports etc.), certain
companies may not change the way
they draw up their profit and loss
account.
2. Classification of expenses by
nature is now possible
Both the Fourth Schedule and the Fifth
Schedule required that expenses be
classified according to their function
into the following sub-heads:
- Cost of sales
- Distribution cost
- Administrative expenses
- Other operating expenses
- Finance cost
IFRS and AFRS provide the entities
option to present the expenses
classified based either on their nature
or on their function within the entity,
whichever provides information that is
reliable and more relevant.
Classification of expenses by nature
has now been allowed by amending
both the Fourth Schedule and the Fifth
Schedule to align with the
requirements of IFRS and AFRS.
This change is particularly relevant for
the companies in service sector where
classification of expenses is either not
captured by function or such
classification does not provide much
relevant information.
However, companies presenting the
classification of expenses by function
are also required to disclose additional
information on the nature of expenses.
An example of expenses classified by
nature as provided by the IFRS is:
- Changes in inventories of finished
goods and work in progress
- Raw materials and consumables
used
- Employee benefits expense
- Depreciation and amortisation
expense
- Other expenses
3. Change of termOther
operating income to Other
income
The word operating has been deleted
from the Other operating income as
appears on the face of the profit and
loss account / income statement, which
term will now be Other income.
Financial Reporting
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a member firm of the PwC network 8
Disclosures relating
to provident fund /
trust
Identical sub-clauses have been added
to part III of the Fourth Schedule and
the Fifth Schedule that require all
companies to make certain disclosures
regarding the provident fund / trust,
and a statement of compliance with the
provisions of Section 227 of the
Ordinance and related rules.
Sub-sections (2) and (3) of Section 227
of the Ordinance provide for certain
matters in respect of timing, mode,
nature and kind of investments
regarding the provident fund / trust
constituted by a company for its
employees, or any class of employees.
The Employees Provident fund
(Investment in Listed Securities)
Rules, 1996 (Rules) were formulated
and notified by the SECP (then
Corporate Law Authority) through
S.R.O. 141 (I)/96. These Rules
primarily provide for the conditions for
investment of the provident fund /
trust in the listed securities. SECP also
has powers to relax the conditions
specified in the Rules, under which
power the SECP issued S.R.O. 261
(I)/2002 giving relaxation of
maximum investment for asset
management companies.
Texts of Section 227 of the Ordinance,
Rules and the above referred
notification have been reproduced as
Annexure 3.
1. Size of the fund
Following information is now required
to be disclosed by all companies:
- Size of the fund / trust
- Cost of investments made
- Percentage of investments made
- Fair value of investments
Although definitions of above terms
have not specifically been provided, we
understand that Size of the fund / trust
refers to the total assets as per the
balance sheet of the fund / trust.
2. Breakup of investments
There also has been added a
requirement for all companies to
disclose the breakup of investment
made by the fund / trust into the
categories as provided by the Section
227 of the Ordinance and the Rules.
The above is required to be both in
terms of absolute amounts and in
terms of the percentage of the size of
the fund / trust.
3. Statement of compliance
A requirement has been added for all
the companies to disclose a statement
in their financial statements that
investments out of the provident fund /
trust have been made in accordance
with the provisions of Section 227 of
the Ordinance and the Rules.
Financial Reporting
A. F. FERGUSON & CO.
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Requirements as to
balance sheet
1. Disclosure of reasons where
property or asset acquired
with the funds of the company
in not held in its name or
possession
Where a company has acquired
property or assets with its funds but
such property or asset is not held in the
name of the company or is not in the
possession or control of the company;
the company has been required to
disclose this very fact, the description
and value of the property or asset, and
the person in whose name and
possession or control that property or
asset is held.
Now the Fourth Schedule and the Fifth
Schedule have been amended to
further require all the companies to
disclose the reasons for the property or
asset not being in the name of or in the
possession or control of the company.
2. Presentation of major spare
parts and stand-by equipment
qualifying as property, plant
and equipment
A number of sub-heads for the
classification of property, plant and
equipment in non-current assets are
provided in the Fourth Schedule and
the Fifth Schedule, into which sub-
heads items of property, plant and
equipment are classified. These sub-
heads did not include any specific
classification in respect of major spare
parts and stand-by equipment,
whereas a sub-head stores, spare parts
and loose tools has been specifically
available in the classification for
current assets.
For the sake of clarity and avoidance of
divergent practice, both the Fourth
Schedule and the Fifth Schedule have
been amended to include a sub-head
major spare parts and stand-by
equipment qualifying as property,
plant and equipment in the list of
classifications for property, plant and
equipment.
The determination as to which major
spare parts and stand-by equipment
qualifies as property, plant and
equipment will be in accordance with
the requirements of applicable IFRS or
AFRS for MSEs or SSEs.
3. Additional disclosures in
respect of related party trade
receivables
There has been a requirement for all
the companies to disclose the trade
debts receivable from the related
parties specifying the names. This
requirement has now been enhanced to
disclose the trade debts receivable
from the related parties that are either
past due or impaired, along with their
age analysis.
Age brackets for the analysis have not
been specified. It is considered that any
reasonable age brackets would be
acceptable.
Financial Reporting
A. F. FERGUSON & CO.
a member firm of the PwC network 10
For companies to whom IFRS are
applicable, there has already been a
requirement to disclose an analysis of
(i) age of financial assets that are past
due as at the end of the reporting
period but not impaired, and
(ii) financial assets that are
individually determined to be impaired
at the end of the reporting period
including the factors the entity
considered in determining that they
are impaired.
4. Presentation of redeemable
capital which qualifies for
recognition as a financial
liability
A number of sub-heads for the
classification of non-current liabilities
are specified in the Fourth Schedule
and the Fifth Schedule. Such sub-heads
did not include any specific
classification for that redeemable
capital which qualifies to be recognised
as a financial liability, which has now
been added in both these Schedules.
Redeemable capital in terms of the
Ordinance includes finance obtained
on the basis of participation terms
certificate (PTC), musharika certificate,
terms finance certificate (TFC), or any
other security or obligation not based
on interest, other than an ordinary
share of a company, representing an
instrument or a certificate of specified
denomination, called the face value or
nominal value, evidencing investment
of the holder in the capital of the
company on terms and conditions of
the agreement for the issue of such
instrument or certificate.
It appears that the need to specifically
include this sub-head has been felt to
provide clarity and to avoid divergent
practice to classify all types of
redeemable capital as part of equity.
The determination as to which
redeemable capital qualifies to be
classified as equity will be in
accordance with the requirements of
applicable IFRS or AFRS for MSEs or
SSEs.
Financial Reporting
A. F. FERGUSON & CO.
a member firm of the PwC network 11
Disclosure of
capacity,
production and
number of
employees
1. Information about the
capacity of the industrial unit,
actual production and
reasons for shortfall
The Fourth Schedule requires that
where determinable, a company is to
disclose in its financial statements the
capacity of an industrial unit, actual
production and reasons for shortfall.
A similar requirement has now been
added in the Fifth Schedule where the
paid up share capital of the company is
Rs. 500 million or more.
We however note that (i) the wording
used to introduce the above
requirement in the Fifth Schedule does
not refer to the determinability of the
capacity, and (ii) the threshold of 500
million does not carry monetary units
Rupees (Rs.) with it.
2. Disclosure of the number of
employees
A new requirement has been added in
both the Fourth Schedule and the Fifth
Schedule to disclose information about
the number of employees as follows:
No. of employees
as at
the
year
end
average
during
the year
Companies where
the Fourth
Schedule applies
Economically
Significant
companies
Medium-Sized
companies
Small-Sized
companies
Some years back this requirement of
disclosing the number of employees
was part of IAS 1 Presentation of
financial statements which was
amended to provide option to entities
to disclose this information either in
the financial statements or in other
parts of the annual report. Based on
this option, most of the companies
opted to disclose this information
outside the financial statements.
Financial Reporting
A. F. FERGUSON & CO.
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Annexure 1 List of IFRSs notified
by the SECP
IFRS 2 Share-based payment
IFRS 3 Business combinations
IFRS 5 Non-current assets held for
sale and discontinued
operations
IFRS 4 Insurance contracts
IFRS 6 Exploration for and evaluation
of mineral resources
IFRS 7 * Financial instruments:
Disclosures
IFRS 8 Operating segments
IAS 1 Presentation of financial
statements
IAS 2 Inventories
IAS 7 Statement of cash flows
IAS 8 Accounting policies, changes in
accounting estimates and
errors
IAS 10 Events after the reporting
period
IAS 11 Construction contracts
IAS 12 Income taxes
IAS 16 Property, plant and equipment
IAS 17 Leases
IAS 18 Revenue
IAS 19 Employee benefits
IAS 20 Accounting for
government grants and
disclosure of
government assistance
IAS 21 The effects of changes in
foreign exchange rates
IAS 23 Borrowing costs
IAS 24 Related party disclosures
IAS 26 Accounting and reporting by
retirement benefit plans
IAS 27 Consolidated and separate
financial statements
IAS 28
Investments in associates
IAS 29 Financial reporting in hyper-
inflationary economies
IAS 31 Interests in joint ventures
IAS 32 Financial instruments:
Presentation
IAS 33 Earnings per share
IAS 34 Interim financial reporting
IAS 36 Impairment of assets
IAS 37 Provisions, contingent
liabilities and contingent
assets
IAS 38 Intangible assets
IAS 39 ** Financial instruments:
Recognition and
measurement
IAS 40 ** Investment property
IAS 41 Agriculture
* The implementation of IFRS 7 has been
held in abeyance by the SECP for Banks
and non-banking finance companies
engaged in investment finance services,
discounting services and housing finance
services.
** The Implementation has been held in
abeyance by the SBP for Banks and DFIs.
Financial Reporting
A. F. FERGUSON & CO.
a member firm of the PwC network 13
Annexure 2 List of IFRSs issued by
the IASB but not notified by the SECP
IFRS 1 First-time adoption of
International Financial
Reporting Standards
IFRS 9 Financial instruments
IFRS 10 Consolidated financial statements
IFRS 11 Joint arrangements
IFRS 12 Disclosure of interests in other
entities
IFRS 13 Fair value measurement
These standards are under consideration of
the Institute of Chartered Accountants of
Pakistan prior to recommendation to the
SECP for notification.
Financial Reporting
A. F. FERGUSON & CO.
a member firm of the PwC network 14
Annexure 3
Text of Section 227 of the Ordinance
227. Employees provident funds and securities.
(1) All moneys or securities deposited with a company by its employees in
pursuance of their contracts of service with the company shall be kept or
deposited by the company within fifteen days from the date of deposit in a
special account to be opened by the company for the purpose in a scheduled
bank or in the National Saving Schemes, and no portion thereof shall be
utilized by the company except for the breach of the contract of service on the
part of the employee as provided in the contract and after notice to the
employee concerned.
(2) Where a provident fund has been constituted by a company for its employees
or any class of its employees, all moneys contributed to such funds, whether
by the company or by the employees, or received or accruing by way of
interest, profit or otherwise from the date of contribution, receipt or accrual,
as the case may be, shall either
(a) be deposited
(i) in a National Savings Scheme;
(ii) in a special account to be opened by the company for the
purpose in a scheduled bank; or
(iii) where the company itself is a scheduled bank, in a special
account to be opened by the company for the purpose either
in itself or in any other scheduled bank; or
(b) be invested in Government securities; or
(c) in bonds, redeemable capital, debt securities or instruments issued
by Pakistan Water and Power Development Authority and in listed
securities subject to the conditions as may be prescribed by the
Commission.
(3) Where a trust has been created by a company with respect to any provident
fund referred to in sub-section (2), the company shall be bound to collect the
contributions of the employees concerned and pay such contributions as well
as its own contributions, if any, to the trustees within fifteen days from the
date of collection, and thereupon, the obligations laid on the company by that
sub-section shall devolve on the trustees and shall be discharged by them
instead of the company.
Financial Reporting
A. F. FERGUSON & CO.
a member firm of the PwC network 15
Text of the Employees Provident Fund (Investment In Listed
Securities) Rules, 1996
1. Short title and commencement.
(1) These rules may be called the Employees Provident Fund (Investment in
Listed Securities) Rules, 1996.
(2) They shall come into force at once.
2. Interpretation.
In these rules the words and expressions used shall have the same meanings as are
assigned to them in the Companies Ordinance, 1984 (XLVII of 1984).
3. Conditions for investment in listed securities, etc.
Where it is decided to make investment, out of the provident fund constituted for the
employees of a company, in securities of the companies listed on any stock exchange in
Pakistan, such investment shall be subject to the following conditions, namely:
(i) Total investment in listed securities shall not exceed ten per cent of the
provident fund;
(ii) investment shall not exceed one per cent of the provident fund in the listed
securities of any one company;
(iii) investment in shares or other listed securities of a particular company shall
not exceed five per cent of its paid up capital;
(iv) In the case of investment in the shares of listed companies, it shall be made
only where such companies
(a) have a minimum operational record of five years; and
(b) have paid not less than fifteen per cent dividend to their share
holders during the three preceding consecutive years;
(v) in the case of investment in securities other than shares of listed companies, it
shall not be made unless such securities have been rated as an investment
grade with minimum rating of BBB by a credit rating company registered
with the Authority under the Securities and Exchange Ordinance, 1969 (XVII
of 1969), and the rating is maintained as such at the time of investment; and
(vi) Investment shall not be made in a security if it is publicly known that the
issuer of the security has committed default while availing of any financing
facility.
Financial Reporting
A. F. FERGUSON & CO.
a member firm of the PwC network 16
4. Powers of Authority to relax rules.
Where the Authority is satisfied that it is not practicable to comply with any condition
of these rules in a particular case or class of cases, the Authority may, for reasons to be
recorded and subject to such conditions as it may deem fit, relax any of the conditions
specified in rule 3 in the case of such company or class of companies.
5. Penalty.
Whoever fails or refuses to comply with or contravenes any provision of these rules , or
knowingly and wilfully authorises or permits such failure, refusal or contravention
shall, in addition to any other liability under the ordinance, be also punishable with fine
not exceeding two thousand rupees, and, in case of continuing failure, refusal or
contravention to a further fine not exceeding one hundred rupees for every day after
the first during which such contravention continues.
Financial Reporting
A. F. FERGUSON & CO.
a member firm of the PwC network 17
Text of the S.R.O. 261 (I)/2002
In exercise of powers conferred by rule 4 of the Employees Provident Fund (Investment in
Listed Securities) Rules, 1996, (the Rules) the Securities & Exchange Commission of Pakistan,
in relaxation of the conditions for investment of provident funds in listed securities as prescribed
in rule 3 of the Rules, has been pleased to allow the employees provident funds to be invested in
listed unit trusts schemes registered under Asset Management Companies Rules, 1995 subject to
the following conditions:
(i) That the total investment in unit trust schemes registered under Asset Management
Companies Rules, 1995 shall not exceed fifty percent of the provident fund;
(ii) That the total investment in any one unit trust scheme registered under Asset
Management Companies Rules, 1995 shall not exceed twenty percent of the provident
fund;
(iii) that the Asset Management Companies shall ensure that investment in unit trusts
schemes registered under Asset Management Companies Rules, 1995 shall be in
conformity with the above mentioned conditions, by 31st December, 2002, at the latest;
and
(iv) That the unit trust schemes registered under Asset Management Companies Rules,
1995 shall be subject to credit rating on annual basis by a Credit Rating Company
registered with the Commission and the rating shall be disseminated to the public for
information purposes.
Financial Reporting
A. F. FERGUSON & CO.
a member firm of the PwC network 18
Notes
Financial Reporting
2013. A. F. FERGUSON & CO. All rights reserved. A. F. FERGUSON & CO. is a member firm
of PricewaterhouseCoopers International Limited, each member firm of which is a separate
legal entity.
If you would like to discuss more about the amendments in the Fourth
Schedule and the Fifth Schedule to the Companies Ordinance, 1984,
please speak to your usual contact at A. F. Ferguson & Co.
Karachi Office
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Behind Cinema Bariqot, Nahar-e-Darsan
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Financial Reporting
2013. A. F. FERGUSON & CO. All rights reserved. A. F. FERGUSON & CO. is a member firm
of PricewaterhouseCoopers International Limited, each member firm of which is a separate
legal entity.
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