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    Accounting Development in Pakistan

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    amna tabbasum
    Accounting development in Pakistan can be traced back to ancient times in the Indo-Pak subcontinent. Major milestones include the Companies Act of 1913, which mandated bookkeeping for companies. After independence in 1947, the financial reporting requirements of the 1913 Act remained until the 1970s. The Securities and Exchange Authority was formed in 1970 and published new rules in 1971-1972. The Companies Ordinance of 1984 introduced critical new requirements. From the 1980s onward, Pakistan adopted several new International Accounting Standards and issued a Code of Corporate Governance in 2002 to further improve financial reporting.

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    Accounting Development in Pakistan

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    amna tabbasum
    28 views11 pages
    Accounting development in Pakistan can be traced back to ancient times in the Indo-Pak subcontinent. Major milestones include the Companies Act of 1913, which mandated bookkeeping for companies. After independence in 1947, the financial reporting requirements of the 1913 Act remained until the 1970s. The Securities and Exchange Authority was formed in 1970 and published new rules in 1971-1972. The Companies Ordinance of 1984 introduced critical new requirements. From the 1980s onward, Pakistan adopted several new International Accounting Standards and issued a Code of Corporate Governance in 2002 to further improve financial reporting.

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    presentation on Accounting Development in Pakistan

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    Accounting development in Pakistan can be traced back to ancient times in the Indo-Pak subcontinent. Major milestones include the Companies Act of 1913, which mandated bookkeeping for companies. After independence in 1947, the financial reporting requirements of the 1913 Act remained until the 1970s. The Securities and Exchange Authority was formed in 1970 and published new rules in 1971-1972. The Companies Ordinance of 1984 introduced critical new requirements. From the 1980s onward, Pakistan adopted several new International Accounting Standards and issued a Code of Corporate Governance in 2002 to further improve financial reporting.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    28 views11 pages

    Accounting Development in Pakistan

    Uploaded by

    amna tabbasum
    Accounting development in Pakistan can be traced back to ancient times in the Indo-Pak subcontinent. Major milestones include the Companies Act of 1913, which mandated bookkeeping for companies. After independence in 1947, the financial reporting requirements of the 1913 Act remained until the 1970s. The Securities and Exchange Authority was formed in 1970 and published new rules in 1971-1972. The Companies Ordinance of 1984 introduced critical new requirements. From the 1980s onward, Pakistan adopted several new International Accounting Standards and issued a Code of Corporate Governance in 2002 to further improve financial reporting.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 11

    Accounting

    Development in
    Pakistan
    THE INTERNATIONAL JOURNAL OF ACCOUNTING
    Outline
     Historical perspective of accounting in Pakistan
     The corporate laws
     Companies Act 1913
     From independence until 1971
     Post 1971–1984
     Companies Ordinance 1984
     1984 to present-developments
     Issuance of the Code of Corporate Governance
    Historical Perspective of Accounting in
    Pakistan
     History of accounting in the Indo-Pak subcontinent is very
    ancient.
     inIndia in 1583, there was a Hindu method of accounting
    before the adoption of Persian mode.
     Indians,even back in 1191, were using a bilateral form of
    accounting, which may not be a double-entry system.
    The corporate laws

     In the middle of the 19th century during the British rule,


    first Companies Act of 1850 and 1857 were enacted.
     These Acts were followed by the Companies Act 1883.
    Companies Act 1913

     The Companies Act 1913 was next in a series of corporate laws


    enacted in the subcontinent.
     Companies Act 1913 made it mandatory for every company to
    maintain books of accounts.
     In 1952, the practicing accountants formed a private body known as
    the Pakistan Institute of Accountants (PIA).
     the formation of the Institute of Chartered Accountants of Pakistan
    (ICAP) in 1961.
    From Independence up till 1971

     Thefinancial reporting requirements of Companies Act


    1913 remained in force after the nation gained
    independence in 1947 up till 1970.
    Post 1971 to 1984

     In 1970, the Securities and Exchange Authority, a semi autonomous


    body created by the government.
     Rules of Securities and Exchange Authority were published in 1971
    and became effective in 1972.
     Soon after the formation of The International Accounting Standard
    Committee (IASC), Pakistan became its member in 1974.
    Companies Ordinance 1984

     Companies Ordinance 1984 included some critical requirements,


    given the corporate context of the country.
     There are three critical requirements.
    1984 to Present - Development

     Financial statements of listed companies continued to improve into


    1990s with several new international accounting standards issued by
    the IASC.
     Most of these standards were adopted by SECP on the
    recommendation of ICAP along with many old standards that were
    not adopted earlier.
    Issuance of the Code of Corporate
    Governance

     Another major development in the financial reporting system is the


    code of corporate governance issued on March 28, 2002.
     There are various prominent features of the code of Corporate
    Governance
    Thanks

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