Institute of Chartered Accountants of Pakistan (ICAP) will recommend to ministry of finance, in its budget proposals 2014-15, not to engage Federal Board of Revenue (FBR) in budget making process, said president ICAP, Naeem Akhtar Sheikh.
Speaking at a press conference, after board and committee meeting of South Asian Federation of Accountants (SAFA) held at a hotel here on Monday, he said: "FBR, which is only a revenue collecting body, is always in budget making process and ICAP is now going to propose to ministry of finance to stop this practice from coming budget".
ICAP is presently working on its budget proposals, which are expected to be finalised by the end of this month, he said. Highlighting some salient features of ICAP's budget proposals 2014-15, he said: "ICAP will give suggestions on non-reporting and under-reporting issues, which he terms as one of the major challenges being faced by country's economy".
The institute will also recommend the authorities concerned to ensure accountability and proper implementation and execution of laws, he said SAFA, which is an apex body of South Asian Association for Regional Cooperation (SAARC), is planning to offer scholarships for SAARC countries, President SAFA Subodh Kumar Agrawal said.
SAFA works for enhancing accountants' skills in South Asia but it has also established a task force to conduct comparative study on SAARC countries for economic growth in the region, he said. According to a statement of ICAP, the issues under discussion included quality control, intensification of strategy to combat corruption in SAARC region, implementation of Basel II Report in SAARC countries, and harmonising the evaluation criteria, being used by SAFA member bodies for giving BPA Awards.
Emphasis was placed on establishment of transparency, accountability and corporate governance in the business and industrial sectors in the SAARC region. Reinforcing international relations, improvement in transparency, accountability and governance (ITAG), amplification of small and medium practices were also important agenda items deliberated in the meetings.
A purposeful thought was given by the committee members on the reviewing of the existing committee system, education, training and CPD, and invigorating up the governmental and public sector enterprises' accounting.
Besides President, ICAP and council members, delegates included President SAFA Subodh Kumar Agrawal, President Institute of Chartered Accountants of India, K. Raghu, President Institute of Chartered Accountants of Bangladesh, Showkat Hossain, President Institute of Cost and Management Accountants of Bangladesh, Mohammed Salim, Vice President Institute of Chartered Accountants of India, Manoj Fadnis, Vice President Institute of Chartered Accountants of Sri Lanka, Lasantha Wickremasinghe and Vice President Institute of Chartered Accountants of Nepal, Narendra Bhattarai.
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