This publication contains an analysis of the pertinent differences between the repealed and the new Act.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prepare their financial statements, including interim financial statements, in accordance with the provisions of the repealed Companies Ordinance, 1984.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.
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