KARACHI, Oct 30: The Institute of Chartered Accountants of Pakistan (ICAP) declared on Saturday that the passing marks would be 50 per cent. The disclosure was made for the first time and it aimed at bringing about greater transparency in the examinations of ICAP.

A press release issued by ICAP said that decisions made in an earlier meeting of the Council held in the morning on Saturday, were conveyed to the members in the 43rd Annual General Meeting. The meeting was presided over by the President of ICAP, Zafar Iqbal Sobani.

The president also apprised members of other decisions taken at the council meeting, which included: (1) The council approved in principle the formation of the Accounting Standard Board and the Quality Assurance Board which would include besides the members of the institute, independent members representing the constituents, so as to ensure transparency and independence in line with best international practices and (2)The council also approved the draft Training Regulations and Guidelines for exposure to general membership and the same had been placed on Institute's website. The website was also said to include Discussion Board for members' comments on the Exposure draft.

The ICAP press release stated that after the AGM, the Facilitation centre equipped with newly developed software for one window operation catering for the members and students was inaugurated by M.Afzal Munif, Past President, ICAP.