Institute of Chartered Accountants of Pakistan (ICAP) envisages to initiate a concept of Limited Liability Partnership and help rationalise exposure of audit firms of the country, said ICAP President, Syed Asad Ali Shah at its 47th Annual General Meeting.
He said that in view of global initiative for a uniform accounting framework, ICAP contemplates to introduce a certificate or diploma course on IFRS. Syed Asad Ali Shah said that in 2008-09, Institute will focus on making necessary changes in regulations to enable CA firms to induct non-Chartered Accountants as partners.
New practice license requirements, full compliance of IFRS, expansion of ICAP's span of activities to smaller cities and review of curriculum to make it more responsive to current requirements, he said would also be materialised during 2008-09.
ICAP President also shared with the members in details about the decision of the institute's council meetings, which include significant changes in the education and training schemes of the Institute.
He said that publication of suggested answers of examination questions, formation of think tank to generate, collect and disseminate ideas and share the same at national level and formation of committee for small and medium size practices were also among key decisions made at the council meeting.
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