Islamabad, Nov 26: Finance Minister and IASB Commit to Enhancing Financial Reporting Standards in Pakistan. A delegation from the International Accounting Standards Board (IASB), headed by Dr. Andreas, Chairman of the IASB, met with Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue.
A shared resolve to further improve Pakistan’s financial reporting and documentation procedures in accordance with international standards marked the end of the meeting.
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The finance minister outlined the government’s extensive policy framework, which aims to increase tax revenues by improving financial openness and documentation.
In order to promote investor confidence both domestically and internationally, he underlined the significance of standardizing financial systems to conform to international standards. He reaffirmed the government’s resolve to maintain policy consistency in order to foster an atmosphere that supports long-term economic expansion.
Dr. Andreas praised Pakistan for being an early adopter of international techniques and recognized the nation’s leadership in implementing international accounting standards. He emphasized the importance of professional associations in fostering financial transparency and capacity building and conveyed gratitude for ICAP’s assistance in furthering these initiatives.
The Minister emphasized that in order to draw in investment and foster trust in Pakistan’s economic system, transparency and uniformity are crucial. The panelists talked on the potential and difficulties Pakistan faces in implementing International Financial Reporting Standards (IFRS). Rana Usman Khan and Farukh Rehman discussed how the Asia-Oceania Accounting Standards Group and ICAP are bolstering financial reporting systems.
Farukh Rehman, President of the Institute of Chartered Accountants of Pakistan (ICAP), Rana Usman Khan, Chairman of the Asia-Oceania Accounting Standards Group, and Jianqiao Lu, Member of the IASB, were among the delegation members. The conference was also attended by senior executives from the Finance Division and Ashfaq Tola, Chairman of the Reforms and Resource Mobilization Commission of Pakistan (RRMC).
