A brief on the Companies Act, 2017 - Updated 3rd, 4th & 5th Schedule
A brief on the Companies Act, 2017
This publication contains an analysis of the pertinent differences between the repealed and the new Act. We recommend that while considering the application of various sections to any particular case, reference should be made to the specific wordings of the relevant statute.
The Companies Act, 2017 was enacted on 30 May 2017 and is applicable with immediate effect save as provided in Section 509. The SECP has realized that companies may find it difficult to comply with the requirements of preparing the financial statements. Owing to the practical difficulty being faced by the companies.
The Securities and Exchange Commission of Pakistan through press release and vide circular no 17 of 2017 dated 20 July 2017 has decided that all the companies whose financial year, including quarterly and other interim period, closes on or before 30 June 2017, shall prepare their financial statements, including interim financial statements, in accordance with the provisions of the repealed Companies Ordinance, 1984.
The new requirements of the Companies Act, 2017 shall be applicable to the companies having their financial year closure after 30 June 2017.
© 2021 KPMG Taseer Hadi & Co., a Partnership firm registered in Pakistan and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. The KPMG name and logo are registered trademarks or trademarks of KPMG International.