Karachi Branch Council (KBC) of Institute of Cost and Management Accountants of Pakistan (ICMAP) has organised a seminar on International Financial Reporting Standards (IFRF) at ICMAP House on Friday. Speaking on the occasion, Ali Asghar ACMA, Senior Manager, KPMG Taseer Hadi & Co Charted Accountants said the International Accounting Standards Board (IASB) made amendments from time to time in various IFRFs.
The IFRFs were revised after thorough discussion and issuance of exposure draft for getting pertinent comments, so the final amendments truly reflects need of the time, he said. He said such revisions and amendments become effective after a given date and become applicable on financial statements, annual period of which begin on or after that date. The IASB had also made many revisions and amendments, which came to effect in the last financial year or would be applicable on companies whose financial statements would begin from January 1 or July 1, 2010, he added.
Addressing the participants, Mohammad Hanif Ajari FCMA, Vice President, ICMAP and Director, Strategic Development, Getz Pharma Pvt Ltd apprised them about the importance of IFRFs. The new IFRFs are formed after modifications in existing IFRFs for bringing improvements in financial standards, he said. In the end, Nouman Hameed, member, KBC thanked the participants for attending the seminar.
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