First Meeting Of Accounting Standards Board
Lahore: April 10, 2017:- The first meeting of
the ‘Accounting Standards Board’ (ASB) of the Institute of Chartered
Accountants of Pakistan (ICAP) was held on April 6, 2017 in Karachi.
The ASB has been constituted by ICAP, with a
commitment to further strengthen financial reporting in Pakistan, includes
representation from the Securities Exchange Commission of Pakistan (SECP), State
Bank of Pakistan (SBP), Pakistan Stock
Exchange (PSX), Auditor General of Pakistan (AGP), Higher Education Commission
(HEC), industry and practitioners. ASB is chaired by Farrukh Rehman, ICAP Council
member and Partner A.F. Ferguson & Co. The representatives of regulators
include: Ali Azeem Ikram, Executive Director SECP; Ayesha Riaz, Additional
Director SECP; Farhan Ansari, Head of Internal Audit PSX and Shaukat Zaman,
Director SBP. The three industry representatives include: Aftab Mahmood Butt,
Chief Executive Officer Kot Addu Power Company Limited; Adnan Afaq, Managing Director,
Pakistan Credit Rating Agency Ltd and Rayomond Kotwal, Chief Financial Officer
Habib Bank Limited. Khuram Raza Qureshi, Director General IR&C represents
the Auditor General of Pakistan. The academia is represented by Dr. Farrukh
Iqbal, Dean of Institute of Business Administration, a nominee of HEC. The other members represent practitioners and
include Asad Ali Shah, Partner Deloitte Yousuf Adil and Past President of ICAP;
Mohammad Maqbool, Partner Maqbool Haroon Shahid Safdar & Co. and ICAP
Council member: Riaz A. Rehman Chamdia Partner EY Ford Rhodes and ICAP Council
member, Syed Najmal Hussain, Partner KPMG Taseer Hadi & Co. and ICAP
Council member; Shabbar Zaidi Partner, A.F. Ferguson & Co. and Past President
of ICAP.
The ASB was
presented with the status of adoption of International Financial Reporting
Standards (IFRS), IFRS for SMEs, Accounting Standards for Small Sized Entities
and Not for Profit Entities in Pakistan. The Board also noted differences
between the Standards and the Companies Ordinance, 1984. A list of exemptions
available from the applicability of Standards was also presented.ASB will be
developing a paper on electronic reporting of financial statements. Some of the
other initial projects are deliberations on recommending adoption of IFRS 9 - Financial Instruments, IFRS 15 Revenue from Contracts with Customers and IFRS 16 – Leases and IFAS – 4 Diminishing
Musharaka. Further
the ASB will play a key role in the
advocacy of International Public Sector Accounting Standards (IPSAS) for the
public sector entities for better governance, greater financial accountability
and transparency.The members believed that formation of ASB is
a positive step towards further promoting public confidence in accounting
standards setting process and enhancing the credibility and transparency of
financial reporting in Pakistan, and expressed their commitment to enhance the
reputation and credibility of the accounting profession in Pakistan.
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