Under the Companies Act, 2017 of Pakistan, all companies are required to prepare and maintain accurate financial records, and to submit their accounts to the relevant authorities on a regular basis. The specific rules for the submission of accounts depend on the type of company and its size.
Here are the main rules for the submission of accounts in Pakistan:
- All companies are required to prepare annual financial statements, including a balance sheet, a profit and loss statement, and a cash flow statement.
- Private companies must have their financial statements audited by a registered auditor, and must submit the audited financial statements to the Securities and Exchange Commission of Pakistan (SECP) within 180 days of the end of the financial year.
- Public companies must have their financial statements audited by a registered auditor, and must submit the audited financial statements to the SECP within 120 days of the end of the financial year.
- Listed companies must also publish their financial statements in at least one national newspaper and on their website.
- Companies with a turnover of more than 500 million rupees (approximately $3.2 million) must prepare their financial statements in accordance with the International Financial Reporting Standards (IFRS).
- Companies that fail to submit their accounts on time may be subject to fines and other penalties.
It is important to note that these rules apply to all companies incorporated in Pakistan, regardless of their location or place of business.