Cabinet committee denies gas utilities exemption from international accounting standards

ISLAMABAD: The Cabinet Committee on state-owned enterprises on Thursday rejected a request from two circular debt-hit state-owned gas utilities — Sui Southern and Sui Northern — for exemption from international accounting and financial reporting standards to avoid being declared insolvent. However, the cabinet committee, headed by Finance Minister Muhammad Aurangzeb, “instructed the Petroleum Division to undertake further deliberations with the Finance Division and the Law and Justice Divisio...

By none@none.com (Khaleeq Kiani)