S.R.O.860(I) 2007.–In exercise of the powers conferred by sub-section (3) of section 234 of the Companies Ordinance, 1984 (XLVII of 1984), the Securities and Exchange Commission of Pakistan is pleased to direct that the Accounting and Financial Reporting Standards for Medium and Small Sized Entities be followed in regard to the accounts and preparation of balance sheet and profit and loss accounts of non-listed companies.