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SEC Chairman urges full adoption of IFRSs

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05 Aug 2005

The Chairman of the Securities and Exchange Commission of Pakistan (SEC), Dr. Tariq Hassan, has urged "across-the-board adoption of the International Financial Reporting Standards (IFRSs) in order to bring transparency in the corporate sector in Pakistan".

Here is an excerpt from his remarks at a seminar on IFRSs organised by the Institute of Cost and Management Accountants of Pakistan:

What we seek in transparency is the ability of an investor to 'see through' a company's financial statements the true results of its operations. Transparency requires that companies follow Generally Accepted Accounting Principles (GAAP) in a manner that assures consistency and comparability. The best way of achieving this is to observe and adopt IFRSs in its true spirit.

Click for Press Release (PDF 6k).

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