ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a meeting with a delegation of the International Accounting Standards Board (IASB) led by Dr Andreas, chairman IASB.
The delegation included Jianqiao Lu, Member IASB, Farukh Rehman President of the Institute of Chartered Accountants of Pakistan (ICAP), and Rana Usman Khan, Chairman of the Asia-Oceania Accounting Standards Group, Ashfaq Tola, Chairman of the Reforms and Resource Mobilization Commission of Pakistan (RRMC) and senior officers from the Finance Division also attended the meeting.
The finance minister highlighted the government’s comprehensive policy framework aimed at enhancing tax revenues through improved documentation and financial transparency. He emphasized the importance of standardizing financial regimes to align with global practices, which are crucial for fostering investor confidence, both domestic and international.
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He reiterated the government’s commitment to ensuring policy continuity to create a conducive environment for sustainable economic growth.
Dr Andreas acknowledged Pakistan’s leadership in adopting international accounting standards and commended the country for being an early follower of global practices. He expressed appreciation for the support provided by ICAP in advancing these efforts, emphasizing the role of professional organizations in promoting financial transparency and capacity building.
The Minister stressed that transparency and standardization are essential to attract investment and build confidence in Pakistan’s economic framework. The participants discussed the challenges and opportunities associated with the implementation of International Financial Reporting Standards (IFRS) in Pakistan.
Farukh Rehman and Rana Usman Khan shared insights into how ICAP and the Asia-Oceania Accounting Standards Group are contributing to strengthening financial reporting systems. The meeting concluded with a mutual commitment to further strengthen Pakistan’s financial documentation and reporting practices in line with international standards.
Copyright Business Recorder, 2024
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