Financial Reporting Framework 14-4-2010

8/9/2019 Financial Reporting Framework 14-4-2010

1/20

[Pick the date]

Financial Reporting Frameworkin Pakistan

To

pro

vide

inform

atio

n

about

the

financial

positio

n,

financ

ial

performan

ce,

andca

sh

flowso

fan

entity

that

isusefulto

a

wide

range

of

users

in

makin

g

econo

mic

decisio

ns.

[IAS

1.7

]

Prepared by:

[Ahsan tanvir] 8734[Hira Shariq] 10933

[Saadia sikander] 10661

[Fahad]


2/20

[IFA REPORT]

EMBA - Assignment

Financial Reporting Framework in Pakistan

Table of Contents

1. Executive Summary ................................................................................................ 3

1.1. Development of Financial Reporting Framework ..............................................3

1.2. Key Players in Financial Reporting Framework ................................................. 3

1.3. Adoption process of IAS and its current status ................................................. 3

1.4. Financial Reporting Framework in Action ......................................................... 4

2. Development of Financial Reporting Framework in Pakistan ..................................5

2.1. Mughal Dynasty - The Ancient Accounting History of Sub-continent ................5

2.2. British Dynasty - Evolution of Formal Accounting in Sub-continent .................. 5

2.3. Post Independence Era 1947 ...................................................................... 6

3. Key Players in Setting Financial Reporting Framework in Pakistan .........................8

3.1. Overview .......................................................................................................... 8

3.2. International Accounting Standard Board ......................................................... 8

3.3. Securities & Exchange Commission of Pakistan ............................................... 9

3.4. Institute of Chartered Accountants of Pakistan .............................................. 10

3.5. State Bank of Pakistan .................................................................................... 10

4. Adoption Process of IAS and its Current Status .................................................... 11

4.1. Process Overview ........................................................................................... 11

4.2. Accounting Framework - A Three Tier Framework .......................................... 11

4.3. Adoption Status of IFRS/IAS ............................................................................ 13

5. Financial Reporting Framework in Action ............................................................. 15

5.1. Listed Companies other than Insurance, NBFC, Modaraba & Banks ............... 15

5.2. Banking Companies ........................................................................................ 15

5.3. Insurance Companies ..................................................................................... 16

5.4. Non Banking Finance Companies (NBFC) ....................................................... 16

5.5. Modarabas ...................................................................................................... 17

Bibliography ............................................................................................................ 20

2|P a g e


3/20

[IFA REPORT]

EMBA - Assignment


1. Executive Summary

This report is divided into four sections. The first sections discuss the

historical development and origin of accounting standards in Pakistan. The

second section mentions the key players involved in setting financial

reporting framework. The third section elaborates the whole adoption processof IAS/IFRS and its current status while fourth section focuses on how the

financial reporting framework is in action.

1.1. Development of Financial Reporting FrameworkThe origin and historical development of accounting standards in Pakistan

have its roots linked to Mughal Dynasty where they used Persian mode of

accounting. Later with the rise of British rule in India, the accounting rules

also changed and have been developed over time since then and Company

Act 1913 was formed.

After the Independence, Pakistan continued working on refining the laws and

implemented Companies Ordinance 1984 which is being followed till date

with few amendments over the period.

1.2. Key Players in Financial Reporting FrameworkThe Key Players in setting financial reporting framework includes:

International Accounting Standard Board (IASB)

Securities and Exchange Commission of Pakistan (SECP)

Institute of Chartered Accountants of Pakistan (ICAP)

State Bank of Pakistan (SBP)

1.3. Adoption process of IAS and its current statusSECP is primary responsible for setting the financial reporting framework in

Pakistan and seeks recommendation from ICAP on this matter. ICAP prepares

and circulates draft rules to its members and obtains their feedback.

ICAP has divided the accounting framework into three tier framework based

on the public accountability, separation of owners/management and size.

Following are the three layers as recommended by ICAP and notified by SECP.

Tier 1: Publicly Accountable Entities

Tier 2: Medium Sized Entities (MSEs)

Tier 3: Small Sized Entities (SSEs).

3|P a g e


4/20

[IFA REPORT]

EMBA - Assignment


1.4. Financial Reporting Framework in ActionFollowing table summarizes the key categories of entities along with the

respective regulatory authority.

Category Regulating Authority

Listed Companies other than,Insurance, NBFCs, Modaraba andBank

Securities and Exchange Commission ofPakistan (SECP)

Banking Companies Securities and Exchange Commission ofPakistan and State Bank of Pakistan.

Insurance Companies Securities and Exchange Commission of Pakistan.

Non Banking Finance Companies(Leasing Companies, InvestmentCompanies,

Securities and Exchange Commission ofPakistan.

Modarba Securities and Exchange Commission ofPakistan and Registrar of Modarba

4|P a g e


5/20

[IFA REPORT]

EMBA - Assignment


2. Development of Financial Reporting Framework inPakistan

The current financial reporting framework in Pakistan has been developed

gradually. The historical development of the financial framework is divided

into 3 key distinct periods; the Mughals, the Britishers and the post

Independence period.

2.1. Mughal Dynasty - The Ancient Accounting History of Sub-continentThe accounting method in the subcontinent has started developing in 15th

century under the Mughal Dynasty. Until 1583 there was a Hindu method of

accounting before the adoption of the Persian mode, during the Era of

Jalaluddin Muhammad Akbar, the third Mughal Emperor. This method of

accounting used by Bengali traders was a double-entry system used by

Indian traders.

2.2. British Dynasty - Evolution of Formal Accounting in Sub-continentWith the fall of Mughal Empire and the rise of the British Empire in the

subcontinent, the change in leadership also brings changes in the accounting

system. The Britishers, along with other things, also brings with them the

formal accounting, as we understand it today. This formal accounting system,

along with the concept of limited liability and statutory audit came to the

Indian subcontinent in the middle of the 19th century during the British rule,

when the Companies Acts of 1850 and 1857 were initially enacted.

The Acts required that the companies should submit their accounts including

half-yearly audits and auditors reports. These Acts were followed by the

Companies Act 1883 which required detailed audit guidelines in term of

appointment, remuneration and duties of auditors.

2.2.1. Companies Act 1913

The Companies Act 1883 was followed by the Companies Act 1913 which

mandated that every company maintain books of accounts with respect to:

1. Sales and purchases

2. Receipts and payments of money

3. Assets and liabilities of a company

Under the requirements of this law, no person should act as an auditor of the

company unless he/she held an auditors certificate granted by the provincial

government.

5|P a g e


6/20

[IFA REPORT]

EMBA - Assignment


The central government, however, held the right to issue this certificate to

members of certain professional bodies, namely; the Institute of Chartered

Accountants in England and Wales (ICAEW), Institute of Chartered

Accountants of Scotland (ICAS), and Institute of Chartered Accountants of

Ireland (ICAI), who were immediately recognized as qualified auditors. There

were no examinations required for obtaining the practitioners certificate until1918.

2.2.2. Formal Examination for the Issuance of Auditing Certificate

In 1918 the Government of Bombay instituted a Government Diploma in

Accounting and constituted detailed rules regarding the examination and

training of those who wanted to obtain the diploma and the license to audit.

All provinces in British India soon adopted these rules. It was not until 1932

that the Government of British India framed auditors certificates rules to

control and regulate the auditing profession.

2.3. Post Independence Era 1947 After gaining independence in 1947, Pakistan adopted as is the Companies

Act of 1913 and the auditors certificate rules, 1932.

In 1952, as a first step toward the institutional development of the profession,

the practicing accountants (back then called Registered Accountants) formed

a private body known as the Pakistan Institute of Accountants (PIA) to look

after their own interests and to take up the accounting professional matters

with the government.

With the formation of the Institute of Chartered Accountants of Pakistan

(ICAP) in 1961 the accounting profession marked a major post-independence

development. This step was the result of persistent pressure from the

Pakistan Institute of Accountants, and the governments realization that the

profession has grown in stature and importance. Another major development

in the institutional structure was the creation of the Institute of Cost and

Management Accountants of Pakistan (ICMAP) in 1966 (as a follow up to the

formation of Pakistan Institute of Industrial Accountants) to regulate the

profession of cost and management accountants.

2.3.1. 1971 1984

In 1970, the Securities and Exchange Authority, a semi-autonomous body

created by the government, developed certain rules (that became effective in

1972) to improve financial reporting practices in the country primarily

through disclosures.

6|P a g e


7/20

[IFA REPORT]

EMBA - Assignment


Pakistan became a member of The International Accounting Standard

Committee (IASC) shortly after its formation in 1974. Since Pakistan doesnt

have any national accounting standard of its own, the Institute of Chartered

Accountants of Pakistan (ICAP) encouraged its members to recommend to

their corporate clients to prepare their financial statements in conformity with

international accounting standards. Use of international accounting standardswas not mandated for listed companies, until the enactment of the

Companies Ordinance 1984.

2.3.2. 1984 - to dateCompanies Ordinance 1984 included some critical requirements, given the

corporate context of the country.

Financial statements of listed companies continued to improve with a number

of new international accounting standards issued by the IASC (now known as

the International Accounting Standards Board IASB). These standards were

issued as part of a core standards project specified by International

Organization of Securities Commissions (IOSCO) to IASC before it would

consider endorsing IAS for cross-border listing of companies on the

international stock exchanges of the world. Most of these standards were

adopted by SECP (Securities and Exchange Commission of Pakistan) on the

recommendation of ICAP along with many old standards that were notadopted earlier.

Another major development in the financial reporting system is the Code of

Corporate Governance issued on March 28, 2002. Several features of the

Code have specific reference to financial reporting and auditing issues.

7|P a g e


8/20

[IFA REPORT]

EMBA - Assignment


3. Key Players in Setting Financial ReportingFramework in Pakistan

3.1. Overview The responsibility of accounting standards setting in Pakistan is largely

vested with Securities & Exchange Commission of Pakistan (SECP) and

Institute of Chartered Accountants of Pakistan (ICAP).

Companies in Pakistan are required by Company Law to comply with

requirements related to International Financial Reporting Standards (IFRS)

and International Accounting Standards (IAS as developed by International

Accounting Standard Board (IASB). All the companies in Pakistan are required

to comply with IASs / IFRSs under section 234 of the Companies Ordinance,

1984 that are notified by Securities & Exchange Commission (SECP).

SECP notifies the accounting standards based on the recommendations of

ICAP. In the event of difference between IAS/IFRS, with Company law or SECP

notifications, the law / notifications prevail.

In addition to the above, the listed companies are required to show

compliance with the regulations of Stock Exchanges on which they are listed

and Code of Corporate Governance. The State Bank of Pakistan (SBP) also

plays its role in standard setting where SECP and ICAP seek recommendation

from SBP for setting standards particularly for Banking Companies and

Development Financial Institutions (DFI).

The Key Players involve in the development of Financial Reporting Framework

in Pakistan are:

3.2. International Accounting Standard Board

International Accounting Standards (IAS) and International Financial

Reporting Standards (IFRS) are Standards, Interpretations and the

Framework adopted by the International Accounting Standards Board (IASB).

Many of the standards forming part of IFRS are known by the older name

of International Accounting Standards (IAS). IAS was issued between 1973

and 2001 by the Board of the International Accounting Standards

Committee (IASC).

The IASC Foundation is an independent, not-for profit private sector

organization working in the public interest. Its principal objectives are:

8|P a g e


9/20

[IFA REPORT]

EMBA - Assignment


Develop a single set of high quality, understandable, enforceable and

globally accepted international financial reporting standards (IFRSs)

through its standard-setting body, the IASB

Promote the use and rigorous application of those standards

Take account of the financial reporting needs of emerging economies

and small and medium-sized entities (SMEs)

Bring about convergence of national accounting standards and IFRSs to

high quality solutions

The governance and oversight of the activities undertaken by the IASC

Foundation and its standard-setting body rests with its Trustees, who are also

responsible for safeguarding the independence of the IASB and ensuring the

financing of the organization. The Trustees are publicly accountable to a

Monitoring Board of public authorities.

3.3. Securities & Exchange Commission of Pakistan

The responsibility of setting accounting standards is largely vested with

Securities and Exchange Commission of Pakistan (SECP). SECP notifies the

IAS standards with the recommendation of Institute of Chartered Accountants

of Pakistan (ICAP).

SECP was set up in pursuance of the Securities and Exchange Commission ofPakistan Act, 1997. This Act institutionalized certain policy decisions relating

to the constitution and structure, powers, and functions of the SECP, thereby

giving it administrative authority and financial independence in carrying out

its regulatory and statutory responsibilities.

The SECP became operational in January 1999 and has come a long way

since then. It was initially concerned with the regulation of corporate sector

and capital market. Over time, its mandate has expanded to include

supervision and regulation of insurance companies, non-banking finance

companies and private pensions. The SECP has also been entrusted with

oversight of various external service providers to the corporate and financial

sectors, including chartered accountants, credit rating agencies, corporate

secretaries, brokers, surveyors etc. The challenge for the SECP has amplified

manifold with its increased mandate.

9|P a g e


10/20

[IFA REPORT]

EMBA - Assignment


3.4. Institute of Chartered Accountants of Pakistan

Institute of Chartered Accountants of Pakistan acts as an advisor to SECP on

the adoption and adaptation of IAS in Pakistan. SECP notifies the accountingstandards based on the recommendations of ICAP and in the event of

difference between IAS/IFRS, with Company law or SECP notifications, the law

/ notifications prevail.

ICAP was established on July 1, 1961 to regulate the profession of

accountancy in Pakistan. It is a statutory autonomous body established under

the Chartered Accountants Ordinance 1961. With significant growth in the

profession, the CA Ordinance and Bye-Laws were revised in 1983, and are

periodically reviewed to align them globally. It is a professional body of CharteredAccountants in Pakistan, and represents accountants employed in public practice, business and

industry, and the public and private sectors.

ICAP is a member of the International Federation of Accountants (IFAC), International

Accounting Standards Board (IASB), Confederation of Asian & Pacific Accountants (CAPA),

International Innovation Network (IIN) and South Asian Federation of Accountants (SAFA).

3.5. State Bank of Pakistan

In addition to the rules and standards set by the SECP in consultation with

ICAP, Banking companies also needs to comply with the regulations of State

Bank of Pakistan in Financial Reporting.

The State Bank of Pakistan (SBPB) is the Central Bank of Pakistan. The SBP

started its operation on July 1, 1948 and is responsible for regulating and

monitoring of Banking and Monetary System of Pakistan. Some of the

important functions of the bank are as follows:

Issues the legal tender currency

Implements the monetary and credit policy Regulates the financial market

Acts as a banker to the banks

Acts as a banker to Government

With regards to the management of the bank, the Board of Directors plays a

significant role. The Board consists of the Governor being the chairman of the

board, Secretary Finance, Government of Pakistan and seven directors.

10|P a g e


11/20

[IFA REPORT]

EMBA - Assignment


4. Adoption Process of IAS and its Current Status

4.1. Process OverviewAs discussed above that the primary responsibility of setting Financial

Reporting framework is vested with SECP who seeks recommendation from

ICAP on technical matters. The recommendation process starts with theconsultation with the stakeholders belongs to different sectors, including

practicing Chartered Accountants, representatives of Government and

different trade bodies.

The Accounting & Auditing Standards Committee (AASC), a sub committee of

the ICAP council, conducts review, deliberations and prepares an exposure

drafts / new IFRSs. This exposure draft is then disseminated to corporate

sector and members of ICAP followed by extensive consultation with

members and send its recommendation to council.

Council Recommends to SECP for notification under Section 234 of theCompanies Ordinance 1984. SECP further conducts its internal deliberations

and review process, leading to notification.

4.2. Accounting Framework - A Three Tier FrameworkICAP has implemented three levels of standards to provide a comprehensive

framework of accounting and financial reporting that:

Covers all entities of varying sizes

Addresses the degree of public interest involved in such entities

In line with international practice, the criteria for classification of Tiers arebased on:

Public accountability

Separation of owners/management Size

Following are the three layers as recommended by ICAP and notified by SECP.

Tier 1: Publicly Accountable Entities Tier 2: Medium Sized Entities (MSEs)

Tier 3: Small Sized Entities (SSEs)

4.2.1. Tier 1: Publicly Accountable EntitiesTier 1 companies include either of the following:

Listed companies

11|P a g e


12/20

[IFA REPORT]

EMBA - Assignment


It has filed, or is in the process of filing, its financial statements withthe SECP or other regulatory organization for the purpose of issuingany class of instruments in a public market.

It holds assets in a fiduciary capacity for a broad group of outsiders,such as a bank, insurance company, securities broker/dealer, pensionfund, mutual fund or investment banking entity

It is a public utility or similar entity that provides an essential publicservice

It is economically significant on the basis of criteria such as totalassets, total income, number of employees, degree of marketdominance, and nature and extent of external borrowings

The criteria for economically significant is as follow:

i. Turnover in excess of Rs. 1 billion, excluding other incomeii. Number of employees in excess of 750iii. Total borrowings (excluding normal trade credit and accrued liabilities)

in excess of Rs, 500 million

In order to be called economically significant any two of the criteria

mentioned in (i), (ii) and (iii) above have to be met.

The criteria followed are based on the previous years audited financial

statements. Entities can be delisted from this category where they do not fall

under the criteria as aforementioned for two consecutive years.

Tier 1 entities should comply with Approved Accounting Standards i.e. IASs as

notified and relevant statute requirements.

4.2.2. Tier 3 Small Sized EntitiesSmall Sized entities are those entities that meet the following criteria:

Have paid up capital plus undistributed reserves (total equity aftertaking into account any dividend proposed for the year) not exceedingtwenty five million rupees

Have annual turnover not exceeding two hundred million rupees,excluding other income

In order to qualify as a small entity, both of the above mentioned conditions

must be satisfied.

Tier 3 entities should comply with the proposed Standard on Accounting and

Financial Reporting by Small Size Entities and relevant statute requirements.

4.2.3. Tier 2 - Medium Sized Entities

12|P a g e


13/20

[IFA REPORT]

EMBA - Assignment


Tier 2 includes all entities which are not Tier 1 or Tier 3 and should comply

with the proposed Standard on Accounting and Financial Reporting by the

Medium Sized Entities and relevant statute requirements

4.3. Adoption Status of IFRS/IASThe adoption status of IFRS / IAS as on February 16, 2010 is as follows:

IAS#

TITLE

IAS 1 Presentation of FinancialStatements

IAS 2 Inventories

IAS 7 Cash Flow Statements

IAS 8 Accounting Policies, Changes in

Accounting Estimates and ErrorsIAS 10 Events After the Balance Sheet

DateIAS 11 Construction Contracts

IAS 12 Income Taxes

IAS 16 Property, Plant and Equipment

IAS 17 Leases

IAS 18 Revenue

IAS 19 Employee Benefits

IAS 20 Accounting for GovernmentGrants and Disclosure ofGovernment Assistance

IAS 21 The Effects of Changes inForeign Exchange Rates

IAS 23 Borrowing Costs

IAS 24 Related Party Disclosures

IAS 26 Accounting and Reporting byRetirement Benefit Plans

IAS 27 Consolidated and SeparateFinancial Statements

IAS 28 Investments in Associates

IAS 29 Financial Reporting inHyperinflationary Economies

IAS 31 Interests in Joint Ventures

IAS 32 Financial Instruments:Disclosure and Presentation

13|P a g e


14/20

[IFA REPORT]

EMBA - Assignment


IAS 33 Earnings Per Share

IAS 34 Interim Financial Reporting

IAS 36 Impairment of Assets

IAS 37 Provisions, Contingent Liabilities

and Contingent AssetsIAS 38 Intangible Assets

IAS 39 Financial Instruments:Recognition and Measurement

IAS 40 Investment Property

IAS 41 Agriculture

IFRS-1 First-time Adoption ofInternational Financial

Reporting Standards.

IFRS-2 Share-based Payment

IFRS-3 Business Combinations (ThisIFRS supersedes IAS-22)

IFRS-4 Insurance Contracts

IFRS-5 Non-Current Assets Held forSale and DiscontinuedOperations ( This IFRSsupersedes IAS-35)

IFRS-6 Exploration for and Evaluation

of Mineral ResourcesIFRS-7 Financial Instruments :

Disclosures ( This IFRS hassuperseded IAS 30 andDisclosure requirements of IAS32)

IFRS-8 Operating Segments ( This IFRShas superseded IAS 14)

IFRS-9 Financial Instruments

14|P a g e


15/20

[IFA REPORT]

EMBA - Assignment


5. Financial Reporting Framework in Action

5.1. Listed Companies other than Insurance, NBFC, Modaraba & Banks This category includes the companies other than Insurance, Non Banking

Finance Companies, Modarabas and Banking companies that are listed on

one or more exchanges of the country that includes:

Karachi Stock Exchange

Lahore Stock Exchange Islamabad Stock Exchange

5.1.1. Applicable Laws & regulations

The applicable laws governing this category include:


International Financial Reporting Framework (IFRS) as applicable inPakistan

Stock Exchange Listing Regulations

Code of Corporate Governance

5.1.2. Regulatory Authority

The Securities and Exchange Commission of Pakistan (SECP) is the sole

regulator of such companies.

5.2. Banking Companies This category includes the Banks and Development Financial Institutions(DFIs) as incorporated under Banking Ordinance 1962 and licensed by State

Bank of Pakistan.




Companies Ordinance 1984

Stock Exchange Listing Regulations (Particularly Code of CorporateGovernance)

Banking Ordinance 1962

Prudential Regulations (Corporate, SMEs and Consumers)

Islamic Financial Accounting Standards as recommended byICAP(incase of Islamic Bank)


15|P a g e


16/20

[IFA REPORT]

EMBA - Assignment


Banks and DFIs are regulated by:

Securities and Exchange Commission of Pakistan State Bank of Pakistan

5.3. Insurance Companies This category includes the Life Insurance companies, Non-life Insurance

companies and Takaful Companies the Banks and Development Financial

Institutions (DFIs) as incorporated under Banking Ordinance 1962 and

licensed by State Bank of Pakistan.





Stock Exchange Listing Regulations Insurance Ordinance and Rules

Islamic Financial Accounting Standards as recommended byICAP(incase of Takaful)


Insurance companies are regulated by Securities and Exchange Commission

of Pakistan.

5.4. Non Banking Finance Companies (NBFC) This category includes companies registered under the NBFC Regulations

such as Leasing Companies, Investment Banks, Asset Management

Companies, Real Estate Management Companies and Venture Capital

Investment Companies.



International Financial Reporting Framework (IFRS). Companies Ordinance 1984.


NBFC Regulations

NBFC Rules

Prudential Regulations for NBFCs

16|P a g e


17/20

[IFA REPORT]

EMBA - Assignment


Prudential Regulations for Leasing Company


NBFCs are largely regulated by Securities and Exchange Commission of

Pakistan (SECP).

5.5. ModarabasThis category includes Modarabas registered with Securities and Exchange

Commission of Pakistan and Registrar of Modaraba.



International Financial Reporting Framework (IFRS).



Modarba Act and Rules


Modarabas are regulated by:

Securities and Exchange Commission of Pakistan

Registrar of Modarba

17|P a g e


18/20

[IFA REPORT]

EMBA - Assignment


Summary of Financial Reporting FrameworkCategory Applicable Laws and Regulations Regulating Authority

Listed Companies otherthan, Insurance,NBFCs, Modaraba andBank


International Financial Reporting Framework(IFRS) as applicable in Pakistan


Securities and Exchange Commission ofPakistan (SECP)

Banking Companies International Financial Reporting Framework

(IFRS) as applicable in Pakistan Companies Ordinance 1984.

Stock Exchange Listing Regulations (ParticularlyCode of Corporate Governance)

Banking Ordinance 1962

Prudential Regulations (Corporate, SMEs andConsumers)

Securities and Exchange Commission of

Pakistan and State Bank of Pakistan.

Insurance Companies International Financial Reporting Framework(IFRS) as applicable in Pakistan



Insurance Ordinance and Rules


Non Banking FinanceCompanies (LeasingCompanies, Investment

Companies,

International Financial Reporting Framework(IFRS).



NBFC Rules.

Prudential Regulations for NBFCs

Prudential Regulations for Leasing Company


Modarba International Financial Reporting Framework(IFRS).



Securities and Exchange Commission ofPakistan and Registrar of Modarba

18|P a g e


19/20

[IFA REPORT]

EMBA - Assignment


Modarba Act and Rules

19|P a g e


20/20

[IFA REPORT]

EMBA - Assignment


Bibliography

Topic in thisReport

Development of Financial Reporting Framework inPakistan

Author Prof. Dr. Khawaja Amjad Saeed

SourceGlobal Prospects of Accounting Education and Certification Process: Focus onPakistan

Publisher Pergamon Press, New York

Topic in thisReport

Financial Reporting Framework in Action

Author -

Source A Presentation on Introduction to Financial Statements and Audit

Publisher Institute of Chartered Accountants of Pakistan (ICAP)

Topic in thisReport

Adoption process of IAS and its current status.

Author Asad Ali Shah

Source Presentation : Practical Implementation of IFRS in Pakistan


Topic in thisReport

Adoption process of IAS and its current status.

Author Shabbir Younus Khairullah

Source Presentation : Accounting Framework for Small and MediumEntities


20 | P

Financial Reporting Framework 14-4-2010

Documents

Transcript of Financial Reporting Framework 14-4-2010