KARACHI, March 16: The Institute of Chartered Accountants of Pakistan in a recently held council meeting has decided to form a committee on public sector accounting, stated a press release issued by ICAP on Thursday.

The purpose of the committee was to increase liaison with different departments of the government at federal and provincial levels. It would assist them in bringing their systems in line with internationally recognized standards and practices. The committee would be headed by Additional Finance Secretary Arif Mansur.

The ICAP statement noted that the council also deliberated and decided on formation of Pakistan Accounting Research Foundation to encourage and undertake research work. This foundation would be a “Trust” under auspices of the institute.