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Your go-to source for news, anytime, anywhere! Insightful industry information from the textile, apparel & fashion world with our news app
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Listed textiles companies can restate comparative figures - SEC
27 Oct '05
1 min read
Listed textile firms have been sanctioned to restate comparative figures from July to September 2004 in accounts for quarter terminated September 30, 2005. The permission is given by Securities and Exchange Commission of Pakistan (SEC).
However, the companies have been given a choice of not revealing comparative statistics in quarterly accounts for September 2005 so that practical difficulties could be bypassed, said an official of SEC on Tuesday.
The Central Board of Revenue (CBR) (see an SRO August 10, 2004) had given orders to cotton textile industry to close financial year on June 30 instead of September 30.
Therefore, in November 2004 the SEC directed cotton textile industry to prepare yearly accounts for nine months closing on June 30, 2005.
It has received many inquiries from textile companies regarding comparative figures to be disclosed in the first quarterly accounts for three months ended September 30, 2005.
It has also made clear that listed textile companies should release comparative figures according to the requirements of law from second quarter of 2005 and onwards.
However, the companies have been given a choice of not revealing comparative statistics in quarterly accounts for September 2005 so that practical difficulties could be bypassed, said an official of SEC on Tuesday.
The Central Board of Revenue (CBR) (see an SRO August 10, 2004) had given orders to cotton textile industry to close financial year on June 30 instead of September 30.
Therefore, in November 2004 the SEC directed cotton textile industry to prepare yearly accounts for nine months closing on June 30, 2005.
It has received many inquiries from textile companies regarding comparative figures to be disclosed in the first quarterly accounts for three months ended September 30, 2005.
It has also made clear that listed textile companies should release comparative figures according to the requirements of law from second quarter of 2005 and onwards.
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