Update on financial reporting in Pakistan
20 Nov 2007
Deloitte (Pakistan) partner Asad Ali Shah recently presented an update on financial reporting in Pakistan.
Pakistan has developed three tiers of financial reporting standards – for public interest entities, medium-sized entities and small entities. The goal of the Institute of Chartered Accountants of Pakistan (ICAP) is that the public interest tier be IFRS compliant by 2009. Currently, the ICAP has not adopted the Pakistani equivalents of IFRS 1 and IFRS 4, and the Securities and Exchange Commission of Pakistan – the governmental body that must approve standards after ICAP adoption – has not yet approved the Pakistani equivalents of IAS 29, IFRS 7, and IFRS 8. Mr Shah's presentation also discusses impediments and problems in implementing IFRSs. Click to download Update on Financial Reporting in Pakistan (PDF 143k).