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Accounting Standards Board meets.

Karachi -- In the public interest there is a scope of further improving the public sector financial reporting and to carry out a gap analysis of current accounting practices and study on the viability of implementing IPSAS in Pakistan.

A meeting of the Accounting Standards Board (ASB) in attendance with Javaid Jahangir, the Auditor General of Pakistan (AGP) and his delegation held at the Institute of Chartered Accountants of Pakistan (ICAP) here in Karachi. The meeting was attended by Riaz A. Rehman Chamdia President ICAP, Farrukh Rehman Chairman ASB, Jaffar Hussain Vice President of ICAP and other ASB members which included representatives of SECP, PSX, practice and industry, the Advisory Group and Task force members.

In the meeting, there was a consensus that in the public interest there is the scope of further improving the public sector financial reporting and to carry out a gap analysis of current accounting practices and study on the viability of implementing IPSAS in Pakistan.

In this regard, the President ICAP and AGP agreed that there is a need for further collaboration between the institutions, and the future partnership could be underpinned by consultation, coordination, cooperation and exchange of information.

The President ICAP emphasized the important role of the ICAP and AGP in country's auditing and accounting landscape and the need for further collaboration and use of each other's experiences and human resources for the betterment of public sector accounting practices and standards.

The participants discussed the need for making efforts in changing the public's perception about the role of public sector accounting, more transparency and timely corrective action on the audit observations raised by the AGP.

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Publication:Pakistan Observer (Islamabad, Pakistan)
Geographic Code:9PAKI
Date:Jul 6, 2018
Words:313
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