Changes to fertiliser industry order suggested

Fertiliser producers required to keep record of inputs and labour.

ISLAMABAD:

Participants of a conference on the Fertiliser Industry (Cost Accounting Records) Order 2011, held in Islamabad on Tuesday, suggested amendments to the order and the final draft will be placed before the Securities and Exchange Commission of Pakistan (SECP) for approval.

In the conference, organised by the SECP, all major participants of the fertiliser industry and representatives of the Competition Commission of Pakistan were present, says a press release issued by the SECP.

The order will be applicable to the new financial year commencing on July 1. Under the order, fertiliser companies are required to maintain cost accounting records including all particulars relating to utilisation of material, labour, other inputs, etc.

SECP said the cost audit mechanism acted as a measure of efficiency as well as performance and could provide relevant and credible cost and revenue data to the stakeholders to support their decisions.

“It can serve as an important tool for effective enterprise governance, competitiveness and strengthening the regulatory mechanism,” it said.

SECP said the purpose of the conference was to take the stakeholders on board in the law-making process and to foster efficiency and investment by eliminating outdated restrictions and promoting sustainable growth.

Published in The Express Tribune, February 8^th, 2012.