Presentation on the status of IFRSs in Pakistan
Sep 29, 2005
On 27 September 2005, at a meeting in London of accounting standard setters from over 50 countries sponsored by the IASB, Deloitte Partner Asad Ali Shah (Karachi, Pakistan) presented the Status and Roadmap: Compliance with IFRS in Pakistan.
Mr Shah, who chairs the Professional Standards and Technical Advisory Committee of the Institute of Chartered Accountants of Pakistan, presented an update on the adoption of IFRSs in Pakistan and also discussed compliance, enforcement, and views of regulators, among other issues. He cited a number of benefits of adopting IFRSs in Pakistan, including:
- Lower cost of capital
- Cross-border mergers, globalisation, FDI
- Single set of reliably, high quality standards, issued by an independent body (IASB)
- Countries like Pakistan do not have the resources to develop their own standards
- Why re-invent the wheel when IASB is doing it?
- Focus on enforcement rather than development
- Required by IFAC's statement of members' obligations
Click for the Status and Roadmap: Compliance with IFRS in Pakistan (PDF 222k).