ISLAMABAD, Oct 25: The Securities and Exchange Commission of Pakistan (SECP) has allowed listed textile companies to restate comparative figures for the period July to September 2004 in the accounts for the quarter ended September 30, 2005.
The SECP has also allowed them the option of not disclosing comparative figures in the quarterly accounts for September 2005 to avoid practical difficulties.
According to a statement the Central Board of Revenue vide SRO no. 684 dated 10 August 2004 had directed the cotton textile industry to close its financial year on June 30 instead of September 30. Accordingly, the SECP, in November 2004, vide circular no. 29 of 2004 advised the cotton textile industry to prepare annual accounts for nine months ending on June 30, 2005.
Recently, the SECP received a number of queries from textile companies with regard to comparative figures to be disclosed in the first quarterly accounts for the three months ended September 30, 2005. In the light of these requests, the SECP allowed the listed textile companies the two options of restating or not disclosing comparative figures.
The SECP has further clarified that from the second quarter of 2005 and onwards, the listed textile companies will disclose comparative figures as per the requirements of law.
