KARACHI, April 19: The two-day first South Asian accounting summit organised by the Institutive of Chartered Accountants of Pakistan (ICAP) ended here on Wednesday, says a press release.

Director of Standards for Small and Medium sized entities (SMEs) at the International Accounting Board, London, explained the international accounting standard IAS39 and said that it had many benefits which were in recognition of all financial instruments.

Hussain Basrai, deputy senior partner KPMG Taseer Hadi and Company said that the SMEs were more than 75 per cent of the total entities operating making significant growth in the last two decades.

Prof Sir David Tweedie, Chairman International Accounting Board gave a presentation on the topic of global challenges.