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Pakistan moving toward IFRS in 2009

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07 Nov 2008

The Securities and Exchange Commission of Pakistan (SECP) and the Institute of Chartered Accountants of Pakistan (ICAP) have agreed, in principle, to 'take urgent necessary steps so as to ensure full compliance with IFRS, as far as the financial statements of the listed companies (other than banks and financial institutions) are concerned', for the year ending 31 December 2009.

The ICAP President's Communication (PDF 33k) of 13 October 2008 states that, for this purpose, only two IFRSs – IFRS 1 and IFRS 4 – remain to be legally adopted, and some changes are required in an Ordinance.

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