KARACHI, Dec 8: All listed companies in Pakistan should follow the International Accounting Standards (IAS), said Fahimul Hasan, a partner in leading chartered accountants firm, A.F. Ferguson.
According to a press release issued by the ICAP on Thursday, he was the main speaker at a seminar on “Changes and Amendments in International Accounting Standards (IAS) to be effective from Jan 1, 2006, (session 2) organizd by the ICAP.
The speaker pointed out that the Institute and the SECP had adopted all applicable IAS hence any change or amendment in these standards could lead to significant impact on the reporting requirements and accounting treatment of industries such as banking, mutual funds and consumer-based industries in Pakistan.
He said that recently some 15 standards had been revised by the IAS Board, which are applicable to Pakistani companies from Jan 1, 2006.
