Mse Checklist

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FINANCIAL STATEMENTS DISCLOSURE CHECK LIST FOR MEDIUM-SIZED ENTITIES (MSEs)

The Institute of Chartered Accountants of Pakistan

FINANCIAL STATEMENTS DISCLOSURE CHECKLIST FOR MSEs
NAME OF THE ENTITY _____________________________ FINANCIAL STATEMENTS FOR THE YEAR ______________________________________ NAME OF THE AUDITOR ______________________________ INDEX Introduction and Explanatory Comments Page No. 1

PART I 1.0 2.0 3.0

General General Disclosure Information Fundamental Accounting Assumptions Significant Accounting Policies 2 4 5

PART II 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 PART III PART IV PART V

Balance Sheet Information to be Presented on the face of the Balance sheet Share Capital Reserves Surplus on Revaluation of Fixed Assets Non-current Liabilities Current Liabilities Contingencies Commitments Events after the Balance Sheet Date Fixed Assets (Other than Investments) Long-Term Investments Long-Term Loans and Advances Long-Term Deposits and Prepayments Current Assets Inventories Income Statement Cash Flow Statement Statement of Changes in Equity 8 9 9 10 10 13 14 15 15 15 17 19 20 20 20 22 26 27

INTRODUCTION AND EXPLANATORY COMMENTS 1

This checklist seeks to provide guidance to the reporting companies and their auditors with regard to the disclosures to be made in the financial statements prepared in accordance with the Accounting and Financial Reporting Standards for Medium-Sized Entities (MSEs) as defined in Institute’s circular No. 06/2007 dated November 02, 2007 and the requirements of the Companies Ordinance, 1984. The checklist is merely a technical practice aid and in no way represents the authoritative pronouncements of the Institute. It does not aim to interpret the statutory disclosure requirements set out in the Fifth Schedule and MSE Standards of ICAP. This checklist seeks to represent minimum requirements and does not purport to be all inclusive and would need review in the light of changes in statutory requirements and accounting standards from time to time. Users may need to expand or modify the checklist when further accounting standards are issued or made applicable subsequently. Users of this Checklist are advised to refer directly to applicable statutory provisions and MSE Standards when appropriate. Use of the Checklist requires the exercise of individual professional judgment and may require some modification based on the circumstances of individual reporting companies. Respond to each item of the Checklist with a tick ( )in the appropriate column : Yes – indicating disclosures; No: indicating disclosures not made and N/A showing items not present or relevant. Items marked “No” should be accompanied by an explanatory memorandum to document in what manner and to what extent disclosure falls short of the statutory requirement, and MSE Standards . The explanation should include either the amount or an appropriate percentage relationship. Each disclosure requirement listed in the Checklist, wherever applicable, is denoted by relevant clause or reference of the Fifth Schedule (“Part I, II, or III”).

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The Institute of Chartered Accountants of Pakistan

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FINANCIAL STATEMENTS DISCLOSURE CHECKLIST FOR MSEs
Para # DISCLOSURE MADE YES NO N/A

PART 1 - GENERAL
1.0 GENERAL DISCLOSURE / INFORMATION

1.1 Has the Entity complied with the following conditions in order to qualify as a Medium-Sized Entity as defined in ICAP's MSE Standard and Fifth Schedule: “Medium-Sized Entity” means an Entity that: a. b. is not a listed company or a subsidiary of a listed company; 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 organization for the purpose of issuing any class of instruments in a public market; does not hold assets in a fiduciary capacity for a broad group of outsiders, such as a bank, insurance...
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