Thermal Energy Order: SECP seeks comments on draft
Regulatory body requests ICMAP to develop guidelines.
ISLAMABAD:
The Securities and Exchange Commission of Pakistan (SECP) has developed and approved the draft Thermal Energy (Cost Accounting Records) Order, 2011, for companies engaged in production, processing and generation of thermal energy.
The companies engaged in generation of thermal energy are required to maintain such cost accounting records, including all particulars relating to utilisation of material, labour or other inputs of items of cost as would be necessary. Cost audit can only be an effective regulatory tool when cost records are properly prepared and cost audit reports are made on a uniform format for a particular sector.
In order to bring uniformity to the cost records and cost audit reports, the SECP requested the ICMAP to develop guidelines. The SECP has invited feedback from all concerned within 30 days and appropriate suggestions or objections will be considered by it.
Published in The Express Tribune, December 3rd, 2011.
The Securities and Exchange Commission of Pakistan (SECP) has developed and approved the draft Thermal Energy (Cost Accounting Records) Order, 2011, for companies engaged in production, processing and generation of thermal energy.
The companies engaged in generation of thermal energy are required to maintain such cost accounting records, including all particulars relating to utilisation of material, labour or other inputs of items of cost as would be necessary. Cost audit can only be an effective regulatory tool when cost records are properly prepared and cost audit reports are made on a uniform format for a particular sector.
In order to bring uniformity to the cost records and cost audit reports, the SECP requested the ICMAP to develop guidelines. The SECP has invited feedback from all concerned within 30 days and appropriate suggestions or objections will be considered by it.
Published in The Express Tribune, December 3rd, 2011.