KARACHI: The Securities and Exchange Commission of Pakistan (SECP) notified the draft of accounting rules and regulations for life and non-life insurance companies for public consultation, a statement said on Monday.
The SECP had notified the draft of the revised accounting formats and regulations for published financial statements and regulatory returns by insurance entities in the official gazette of Pakistan to elicit comments from stakeholders as well as the general public.
The existing SEC Insurance Rules 2002, along with the Accounting Regulations and Formats, were introduced by the SECP in 2002. There have been many developments and changes in the International Financial Reporting Standards (IFRS) by the International Accounting Standards Board since the issuance of these rules almost a decade ago, the statement said.
Following the recommendation of the SECP, the Institute of Chartered Accountants of Pakistan (Icap) had reconstituted the Insurance subcommittee, which consisted of industry experts, senior partners of audit firms, technical experts from Icap and representatives from the insurance division of the equity market regulator.
Its mandate was to review the current accounting regulations and formats with respect to conventional life and non-life insurers in view of international standards.
According to the SECP, only those comments and suggestions that were found viable and in the spirit of the law will be considered and incorporated before the announcement of the final rules and regulations.
Published in The Express Tribune, December 4th, 2012
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