The Institute of Chartered Accountants of Pakistan (ICAP) is committed to serve public interest and has taken various measures to promote international best practices. One of the recent endeavors is the establishment of the 'Accounting Standards Board' (ASB). The ASB will work towards providing high quality accounting standards to strengthen financial reporting in Pakistan.
The composition of ASB includes representation from Securities Exchange Commission of Pakistan, State Bank of Pakistan, Pakistan Stock Exchange, Higher Education Commission of Pakistan, Auditor General of Pakistan, Institute of Cost and Management Accountants of Pakistan and members from industry and practice of the Institute of Chartered Accountants of Pakistan for ensuring greater transparency and wider participation of stakeholders in the standard setting process.
The scope of ASB is to contribute towards the adoption, development, implementation of high quality accounting standards, issue guidance and deal with all related matters. The establishment of ASB is a historical achievement which will promote best practices and give the boost to the economy of Pakistan with consistent financial reporting and disclosure practices across the board.-PR
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