The Securities and Exchange Commission of Pakistan (SECP) rejected an application by Engro Powergen Qadirpur (EPQ) for relaxation of disclosure requirements of International Financial Reporting Standards (IFRS).
The decision was made in the commission meeting on the grounds that maximum disclosure of information of financial statements was required, and such exemptions to companies from provisions of IFRS will suppress the objective of comparability and transparency through financial statements.
EPQ, a public listed company, had requested the SECP to waive the requirement of additional disclosures in the company’s financial statement for few years.
