{"id":425,"date":"2025-06-26T12:10:31","date_gmt":"2025-06-26T12:10:31","guid":{"rendered":"https:\/\/icap.org.pk\/aseb\/?page_id=425"},"modified":"2025-07-09T12:05:00","modified_gmt":"2025-07-09T12:05:00","slug":"aseb-circular-09-revised-atr-17-and-atr-18","status":"publish","type":"page","link":"https:\/\/icap.org.pk\/aseb\/circulars\/circular-2025\/aseb-circular-09-revised-atr-17-and-atr-18\/","title":{"rendered":"ASEB Circular 09 – Revised ATR 17 and ATR 18"},"content":{"rendered":"

The Council of the Institute in its 398th<\/sup> meeting held on May 31, 2025, has approved the revised Auditing Technical Release (ATR) on the recommendations of the Auditing Standards & Ethics Board (the Board):<\/p>\n

    \n
  1. ATR 17, Auditors\u2019 Report to the Trustees\/ Board of Governors \/ Management Committee\u2019 (Revised 2025)<\/em>; and<\/li>\n
  2. ATR 18, Bank reports for Audit Purposes <\/em>(Revised 2025).<\/em><\/li>\n<\/ol>\n

    As part of due process of revision, the Board has sought member\u2019s comments on the draft changes via ASEB Circular No. 01 (dated April 8, 2025). The comments received were duly considered and incorporated and finalized ATR 17 and ATR 18 were then referred to the Council for consideration.<\/p>\n

    Summary of key changes of the ATR 17 (<\/strong>Revised 2025)<\/strong>:<\/strong><\/p>\n

      \n
    1. Change of terminology in IAS 1 from \u2018a summary of significant accounting policies\u2019 to \u2018material accounting policy information\u2019.<\/li>\n
    2. \u2018Repealed Companies Ordinance, 1984\u2019 has been replaced with the \u2018Companies Act, 2017\u2019 wherever it is coming in ATR 17.<\/li>\n
    3. \u2018Approved accounting standards as applicable in Pakistan\u2019 has been replaced with the revised term \u2018Accounting and reporting standards as applicable in Pakistan\u2019.<\/li>\n
    4. Form 35A of \u2018The Companies (General Provisions and Forms) Rules, 1985\u2019 has been replaced with the Annexure I of the \u2018Auditors (Reporting Obligations) Regulations, 2018\u2019 issued by SECP.<\/li>\n
    5. Addition of new ICAP accounting standards <\/strong>in the note of accounting and reporting standards as applicable in Pakistan:<\/li>\n<\/ol>\n