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The SECP has developed and approved draft Thermal Energy (Cost Accounting Records) Order, 2011, for the company engaged in production, processing and generation of thermal energy/power. The companies engaged in generation of thermal energy are required to maintain such cost accounting records, including all particulars relating to utilization of material, labour or other inputs of items of cost as would be necessary.. The aforesaid draft will be issued in exercise of powers conferred by clause (e) of sub-section (1) of section 230 read with section 246 of the Companies Ordinance, 1984, and section 40 B of the Securities and Exchange Commission of Pakistan Act, 1997. Cost audit can only be an effective regulatory tool when the cost records are properly prepared and cost audit reports are made on a uniform format for a particular sector. In order to bring uniformity to the cost records and cost audit reports, the SECP requested the ICMAP to develop guidelines  for  new secto

The Karachi Stock Exchange (KSE) 100-share index lost value in November 2011, albeit with a marginal decline of 2.8 percent on monthly basis, but the value erosion doubled in dollar terms (5.5 percent on monthly basis) during the month due to the rupee depreciation of 2.6 percent against the greenback.   Continuing with still high volatility marked with one of the lowest volumes years so far, Pakistan’s equities headed southwards especially last week amid severe noise not only on home’s political canvas but also on the latest event of a ‘friendly fire’ from the so-called ally, USA, of the country, killing a bunch of military personnel of the latter.  Following such unprovoked strike, the government responded with seize on NATO supplies while ordered the USA out of the airbase at Shamsi. This joggled investors at both equities and forex markets resulting in a speedy drainage in their respective values. In addition, fear of the commencement of a random audit by the Federal B