Unlisted Companies: Section 223 of Companies Act, 2017 "Financial statements"
Reform ID		F512
Description		The law requires every unlisted company with the paid capital above 1 million PKR to have their accounts audited. It was suggested that the paid-up capital shall be removed as a metric to determine the liability of audited financial statements. Instead it shall be based upon the size of the company which shall be ascertained by a company's annual turnover, net assets and number of employees.
Department		Securities and Exchange Commission of Pakistan (SECP)
Jurisdiction / Location		Federal - Entire Pakistan
Sector		All Sectors
Start Date
Target Deadline
Date Enacted
Implementation Status		In Progress
Progress		25%
CCORR Direction		Simplify
Cost Savings PKR (Mil.)
Evidence