Volume 20 (XX) 2014-15

The opinions contained in this compilation are of the competent Committees constituted by the Council of the Institute and are of operational nature and not on issues on which relevant laws and rules are not explicit. These “Selected Opinions” are not a compendium of “legal advice”.

The opinions issued by the Committees to the members’ queries are dated. Since an opinion is arrived at on the basis of the facts and circumstances of each individual query, it may change if the facts and the circumstances change. An opinion may also change due to subsequent developments in law, pronouncements made by the Institute and other relevant changes. The Institute and the Committees will have no liability in connection with such opinion.

In every case the members have to take their own decisions in the light of facts and circumstances in accordance with related laws and rules etc., applicable to the issue under decision at that point in time.

Accounting

1.1 Deferred Tax Impact of Change on Taxation Rate of Companies

1.2 Technical Opinion on Class of Assets

1.3 Technical Opinion on Transfer of Rights of Hospital Rooms

1.4 Clarification on the definition of ‘Subsidiary’ in terms of Section 237 of the Companies Ordinance, 1984

1.5 Amortization of Interest Free Loan under IAS 39

1.6 Query on Trading Right Entitlement Certificates (TREC)

1.7 Primary and Secondary Freight Costs related to Inventory

1.8 Technical opinion – IFRIC 15 ‘agreements for the construction of real Estate’ read with IAS 18 ‘revenue’

Auditing

2.1 Signing of Previous Year Audit Report of Corporation

2.2 Clarification regarding Section 230 & Auditors Report to the Members