Third Schedule: Third Schedule

THIRD SCHEDULE (Section 224 67and 225 of the Act) Classification of Companies S. Classification Criteria of Company Applicable Relevant No. Accounting Schedule Framework of Companies Act 1. Public Interest Company (PIC) Sub-categories of PIC: a) Listed Company International Fourth Financial Schedule Reporting Standards 68[b) Non-listed Company which is: (i) a public sector company as defined in the Act; or (ii) registered and/or licensed under the Administered Legislation or Rules, or regulations made International thereunder, as follows, - Financial Fifth a) Reporting Schedule Non-banking Finance Standards Companies which are Asset Management Companies, Pension Fund Managers, REIT Management Companies or Deposit Taking NBFCs; b) Modaraba Company 67 Inserted vide SRO 1169(I)/2017 dated 7th November, 2017. 68 Substituted the following clause (b) vide SRO 1195(I)/2019 dated 3rd October, 2019: “b) Non-listed Company which is: (i) a public sector company as defined in the Act; or (ii) a public utility or similar company carrying on the business of essential public service; or (iii) holding assets in a fiduciary capacity for a broad group of outsiders, such as a bank, insurance company, securities broker/dealer, pension fund, mutual fund or investment banking entity. (iv) having such number of members holding ordinary shares as may be notified; or (v) holding assets exceeding such value as may be notified.” c) Insurer d) Securities Exchange e) Commodity Exchange f) Central Depository g) Clearing House; or (iii) Registered, notified and/or licensed under the Banking Companies Ordinance, 1962 (LVII of 1962) or Microfinance Institutions Ordinance, 2001 (LV of 2001), as follows: a) Banking Company including Foreign Banking Company b) Microfinance Bank] c) Development Finance Institution (DFI)69[; or (iva) all companies engaged in production and sale of sugar.] 2. Large Sized Company (LSC) Sub-categories of LSC a) Non-listed Company with: (i) paid-up capital of Rs.200 million or more; or International (ii) 70[turnover greater than Financial Fifth Rs.800 Million]; or Reporting Schedule Standards (iii) Employees 71[750 or more]. b) A Foreign Company with turnover of Rs. 1 billion or more. c) Non-listed Company licenced/ International Fifth formed under Section 42 / Section Financial Schedule 69 Substituted full stop by semi colon and inserted new clause vide SRO No. 614(I)/2020 dated 6th July, 2020 70 Substituted the expression “turnover of Rs. 1 billion or more” vide SRO No. 602(I)/2022 dated 14th May, 2022. This sub-clause (ii) of clause (a) was previously amended vide SRO 1169(I)/2017 dated 7th November, 2017 whereby the original clause “turnover or Rs. 1 billion or more” was corrected as “turnover of Rs. 1 billion or more” by substituting word “or” by “of”. 71 Substituted the expression “more than 750” vide SRO 1169(I)/2017 dated 7th November, 2017. 45 of the Act having annual gross Reporting revenue (grants/ income/ subsidies/ Standards donations) including other income and / revenue of Rs.200 million 72[or Accounting more]. Standards for NPOs 3. Medium Sized Company (MSC) Sub-categories of MSC: a) Non-listed Public Company with: (i) paid-up capital less than Rs.200 million; (ii) 74[turnover upto Rs.800 million]; 75[and] (iii) Employees 76[…] less than 750. b) Private Company with: 73[Internation (i) paid-up capital of greater al Financial than Rs. 10 million but Fifth Reporting 77[less than] Rs. 200 million; Schedule Standards for (ii) 78[turnover greater than SMEs] Rs.150 million but not exceeding Rs.800 million]; 79[or] (iii) Employees more than 250 but less than 750. c) A Foreign Company which have turnover less than Rs. 1 billion. 72 Substituted the words “and above” vide SRO 1169(I)/2017 dated 7th November, 2017. 73 Substituted the words “Revised AFRS for SSEs” vide SRO 1169(I)/2017 dated 7th November, 2017. 74 Substituted expression “turnover less than Rs. 1 billion” vide SRO No. 602(I)/2022 dated 14th May, 2022 75 Inserted vide SRO 1169(I)/2017 dated 7th November, 2017 76 Omitted the expression “more than 250 but” vide SRO 1169(I)/2017 dated 7th November, 2017. 77 Substituted the words “not exceeding” vide SRO 1169(I)/2017 dated 7th November, 2017. 78 Substituted expression “turnover greater than Rs. 100 million but less than Rs. 1 billion” vide SRO No. 602(I)/2022 dated 14th May, 2022. This sub-clause (ii) of clause (b) was previously amended vide SRO 1169(I)/2017 dated 7th November, 2017 whereby the original clause “turnover greater than Rs. 100 million but not exceeding Rs. 1 billion” was amended as “turnover greater than Rs. 100 million but less than Rs. 1 billion” by substituting words “not exceeding” by “less than”. 79 Inserted vide SRO 1169(I)/2017 dated 7th November, 2017. d) Non-listed Company licenced/ 80[Internation formed under Section 42 or Section al Financial 45 of the Act Which has annual Reporting gross revenue (grants/ income/ Standards for Fifth subsidies/ donations) including SMEs and Schedule other income or revenue less than Accounting Rs.200 million. Standards for NPOs] 81[4]. Small Sized Company (SSC) A private company having: (i) paid-up capital up to Rs. 10 million; Revised Fifth (ii) AFRS for 82[turnover not exceeding Schedule 83[and] SSEs Rs.150 million]; (iii) Employees not more than 250. NOTE: 1. The classification of a company shall be based on the previous year’s audited financial statements. 2. The classification of a company can be changed where it does not fall under the previous criteria for two consecutive years. 3. The number of employees means the average number of persons employed by a company in that financial year calculated on monthly basis. 84[4. Subsidiary companies of a listed company shall follow the requirements of the Fourth Schedule.] 85[5. The Medium Sized Companies that are otherwise required to follow IFRS for SMEs and Accounting Standards for NPOs, may opt to follow the IFRS notified by the Commission for the preparation of financial statements.] 86[6. The Small Sized Companies that are otherwise required to follow revised AFRS for SSEs may opt to follow IFRS notified by the Commission or IFRS for SMEs.] 80 Substituted the words “Accounting Standards of NPOs” vide SRO 1169(I)/2017 dated 7th November, 2017. 81 Substituted serial number “3” vide SRO 1169(I)/2017 dated 7th November, 2017. 82 Substituted expression “turnover not exceeding Rs.100 million” vide SRO No. 602(I)/2022 dated 14th May, 2022 83 Inserted vide SRO 1169(I)/2017 dated 7th November, 2017 84 Inserted vide SRO 1169(I)/2017 dated 7th November, 2017 85 Inserted vide SRO 1092(I)/2018 dated 3rd September, 2018 86 Inserted vide SRO 1092(I)/2018 dated 3rd September, 2018

Effective date: 2017-05-30

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