In
terms of Section 34 of the Banking Companies Ordinance, 1962
the banks are required to prepare their annual accounts in
the forms set out in the Second Schedule to the said Ordinance.
The existing Second Schedule was previously amended vide BPRD
Circular No.31 dated 13th August, 1997. Since then
a number of significant developments have taken place on the
regulatory front coupled with many additions/amendments in
the International Accounting Standards. This has necessitated
strengthening of the existing disclosure requirements so as
to make the published financial statements of banks more user
friendly.
Accordingly, in exercise of the powers conferred upon
it by sub-Section 4 of Section 34 of the Banking companies
Ordinance, 1962, the State Bank of Pakistan has amended the
existing forms of Accounts and Balance Sheet of banks. The
revised forms of Balance Sheet, Profit & Loss Account,
Statement of changes in Equity and Cash Flow Statement together
with notes forming part thereof are enclosed, which will substitute
the existing forms circulated vide BPRD Circular No.31 dated
13th August, 1997. All banks are hereby directed
to prepare their annual accounts on the revised forms effective
from the accounting year ending 31st December,
2001 and onwards.
Please acknowledge receipt.
Encl:
As above (In Zip Format)
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