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+--- Thread: Adoption of Framework & Standards by ICAP Council (/thread-adoption-of-framework-standards-by-icap-council)
Adoption of Framework & Standards by ICAP Council - Muhammad Adnan Arshad - 06-23-2006
The Instituteâs Council in its 180th meeting held on April 28, 2006 decided to adopt following IFAC pronouncements
o w International Framework for Assurance Engagements ( I FAE);
o w ISA 720 - Other Information;
o w International Standard on Assurance Engagements (ISAE) 3000
The Council also approved adoption of following International Financial Reporting Standards and decided to recommend to SECP for their notification-
o w IFRS 2 â Share-based Payment
o w IFRS 3 â Business Combinations
o w IFRS 5 â Non-current Assets Held for Sale and Discontinued Operations
o w IFRS 6 â Exploration for and Evaluation of Mineral Resources
The above IFRSs will be applicable for preparation of financial statements for the periods beginning on or after July 1, 2006.
- Goodman - 06-23-2006
Adnan
are you a council member or related to one of the council members?
- Abdur.Rehman - 06-26-2006
Thanx 4 the information adnan.
I think that the inclusion of ISA 720 has increased the responsibility of auditors. Wut do u think in this regard.
- Muhammad Adnan Arshad - 06-27-2006
you are very right 'abdur rehman!'