Accounting Standards Board Holds First Meeting

Accounting Standards Board Holds First Meeting

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Accounting Standards Board Holds First Meeting

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.