Establishment of Accounting Standards Board
Lahore (PR): The Institute of Chartered Accountants of Pakistan (ICAP) is committed to serve public interest and has taken various measures to promote international best practices.
One of the recent endeavours is the establishment of the ‘Accounting Standards Board’ (ASB). The ASB will work towards providing high quality accounting standards to strengthen financial reporting in Pakistan.
The composition of ASB includes representation from Securities Exchange Commission of Pakistan, State Bank of Pakistan, Pakistan Stock Exchange, Higher Education Commission of Pakistan, Auditor General of Pakistan, Institute of Cost and Management Accountants of Pakistan and members from industry and practice of the Institute of Chartered Accountants of Pakistan for ensuring greater transparency and wider participation of stakeholders in the standard setting process.
The scope of ASB is to contribute towards the adoption, development, implementation of high quality accounting standards, issue guidance and deal with all related matters.
The establishment of ASB is a historical achievement which will promote best practices and give the boost to the economy of Pakistan with consistent financial reporting and disclosure practices across the board.
ICAP and TEVTA discuss avenues of development of underprivileged areas
Lahore (PR): Executive Director, The Institute of Chartered Accountants of Pakistan (ICAP) Razi Khan met Chairman, TEVTA Irfan Qaiser Sheikh to discuss different areas for the development of skills in the underprivileged areas of the country. They also discussed how to explore various avenues of mutual interest with the joint efforts of ICAP and TEVTA to facilitate and invigorate the talent in Punjab.
The ICAP, established under The Chartered Accountants Ordinance, 1961, is a professional self-regulatory body, operating under the CA Bye Laws 1983 and represents accountants employed in public practice, business and industry and the public and private sectors.
Technical Education and Vocational Training Authority (TEVTA), on the other hand, is governed by the Government of Punjab to enhance global competitiveness in Punjab through a quality and productive workforce by developing demand driven, standardized, dynamic and integrated technical education and vocational training service.
It was also agreed that the follow up meetings between the two institutes should be arranged so that the modalities could be finalised for joint efforts and cooperation.