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    Small Medium and Large Companies

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    waqaswa
    The document announces the publication of an act to reform company law in Pakistan with the objective of facilitating business, protecting stakeholders, and providing efficient dispute resolution. It classifies companies as public interest companies, large sized companies, medium sized companies, or small sized companies based on criteria such as paid-up capital, turnover, employees, and nature of the company. Reporting standards are assigned to each category of company.

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    Small Medium and Large Companies

    Uploaded by

    waqaswa
    22 views3 pages
    The document announces the publication of an act to reform company law in Pakistan with the objective of facilitating business, protecting stakeholders, and providing efficient dispute resolution. It classifies companies as public interest companies, large sized companies, medium sized companies, or small sized companies based on criteria such as paid-up capital, turnover, employees, and nature of the company. Reporting standards are assigned to each category of company.

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    SMALL MEDIUM AND LARGE COMPANIES

    Original Title

    SMALL MEDIUM AND LARGE COMPANIES

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    The document announces the publication of an act to reform company law in Pakistan with the objective of facilitating business, protecting stakeholders, and providing efficient dispute resolution. It classifies companies as public interest companies, large sized companies, medium sized companies, or small sized companies based on criteria such as paid-up capital, turnover, employees, and nature of the company. Reporting standards are assigned to each category of company.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    22 views3 pages

    Small Medium and Large Companies

    Uploaded by

    waqaswa
    The document announces the publication of an act to reform company law in Pakistan with the objective of facilitating business, protecting stakeholders, and providing efficient dispute resolution. It classifies companies as public interest companies, large sized companies, medium sized companies, or small sized companies based on criteria such as paid-up capital, turnover, employees, and nature of the company. Reporting standards are assigned to each category of company.

    Copyright:

    © All Rights Reserved
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    Download as pdf or txt
    of 3

    ISLAMABAD, WEDNESDAY, MAY 31, 2017

    PART I
    Acts, Ordinances, President’s Orders and Regulations
    NATIONAL ASSEMBLY SECRETARIAT
    Islamabad, the 30th May, 2017
    No. F. 22(40)/2016-Legis.—The following Act of Majlis-e-Shoora
    (Parliament) received the assent of the President on the 30th May, 2017 is hereby
    published for general information:—
    ACT NO. XIX OF 2017
    AN
    ACT
    to reform and re-enact the law relating to companies and for matters
    connected therewith
    WHEREAS it is expedient to reform company law with the objective of
    facilitating corporatization and promoting development of corporate sector,
    encouraging use of technology and electronic means in conduct of business and
    regulation thereof, regulating corporate entities for protecting interests of
    shareholders, creditors, other stakeholders and general public, inculcating principles
    of good governance and safeguarding minority interests in corporate entities and
    providing an alternate mechanism for expeditious resolution of corporate disputes
    and matters arising out of or connected therewith;
    It is hereby enacted as follows:—

    (181)
    Price: Rs. 272.50
    [741(2017)/Ex. Gaz.]
    PART I] THE GAZETTE OF PAKISTAN, EXTRA., MAY 31, 2017 613

    5. Any report by auditors required by section 2 of the statement, shall


    be made by auditors qualified under the Act for appointment as auditors of a
    company.

    THIRD SCHEDULE
    (Section 224 of the Act)
    Classification of Companies
    Relevant
    Applicable
    S. Classification Criteria of Company Schedule of
    Accounting
    No. Companies
    Framework
    Act
    1. Public Interest Company (PIC)
    Sub-categories of PIC:
    a) Listed Company International Fourth
    Financial Schedule
    Reporting
    Standards
    b) Non-listed Company which is:
    (i) a public sector company as
    defined in the Act; or
    (ii) a public utility or similar company
    carrying on the business of
    essential public service; or
    (iii) holding assets in a fiduciary
    capacity for a broad group of International
    outsiders, such as a bank, Financial
    Fifth
    insurance company, securities Reporting
    Schedule
    broker/dealer, pension fund, mutual Standards
    fund or investment banking entity.
    (iv) having such number of members
    holding ordinary shares as may be
    notified; or
    (v) holding assets exceeding such
    value as may be notified.
    2. Large Sized Company (LSC)
    Sub-categories of LSC
    a) Non-listed Company with:
    (i) paid-up capital of Rs.200 million
    International
    or more; or Fifth
    Financial Reporting
    (ii) turnover or Rs. 1 billion or Standards
    Schedule
    more; or
    (iii) Employees more than 750.
    b) A Foreign Company with turnover of
    Rs. 1 billion or more.
    c) Non-listed Company licenced/formed International Fifth
    614 THE GAZETTE OF PAKISTAN, EXTRA., MAY 31, 2017 [PART I

    under Section 42 / Section 45 of the Financial Reporting Schedule


    Act having annual gross revenue Standards and
    (grants/income/subsidies/donations) Accounting
    including other income / revenue of Standards for NPOs
    Rs.200 million and above.
    3. Medium Sized Company (MSC)
    Sub-categories of MSC:
    a) Non-listed Public Company with:
    (i) paid-up capital less than Rs.200
    million;
    (ii) turnover less than Rs. 1 billion;
    (iii) Employees more than 250 but
    less than 750.
    b) Private Company with:
    (i) paid-up capital of greater than
    Revised AFRS for Fifth
    Rs. 10 million but not exceeding
    SSEs Schedule
    Rs. 200 million;
    (ii) turnover greater than Rs. 100
    million but not exceeding Rs. 1
    billion;
    (iii) Employees more than 250 but
    less than 750.
    c) A Foreign Company which have
    turnover less than Rs. 1 billion.
    d) Non-listed Company licenced/formed
    under Section 42 or Section 45 of the
    Accounting
    Act Which has annual gross revenue Fifth
    Standards of
    (grants/income/subsidies/donations) Schedule
    NPOs
    including other income or revenue
    less than Rs.200 million.
    3. Small Sized Company (SSC)
    A private company having:
    (i) paid-up capital up to Rs. 10
    million;
    Revised AFRS for Fifth
    (ii) turnover not exceeding
    SSEs Schedule
    Rs.100 million;
    (iii) Employees not more than
    250.

    NOTE:

    1. The classification of a company shall be based on the previous


    year’s audited financial statements.

    2. The classification of a company can be changed where it does not


    fall under the previous criteria for two consecutive years.

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