03-02-2007, 08:48 PM
Dear Mr. Sheeraz Afzal (ACA, APA, ITP),
I think you have not gone through my complete message. The querry was never aimed at to get the clarification that has been received from your goodself.
Infact, the question was to compare the requirement of IAS 21 with the stipulations of the SELECTED OPINION of ICAP. You must be well informed that selected opinions are merely the opinions of a committee of ICAP for which even that committee and ICAP, both, dont take any responsibility. In this regard, I refer you to see the INTRODUCTION section of each volume of selected opinions issued by ICAP which says that the opinions are the sole views of the members of the technical advisory committee for which committee does not take any responsibility.
Further, SECP has never endorsed these opinions to make them a binding legal requirement. These opinions are termed as "non-legal gaaps" by some educationists, although this term is not widely known.
Moreover, contrary to the clarification you provided, there is no such explicit requirement in the Companies Ordinance, 1984 for including the foreign currency gains/losses in other income etc.
I understand that local laws always override the international standards but no such local LAW exists which requires such classification/grouping. The problem is of selected opinions which are strictly captured by some auditors to create hardships for their clients in exporting sector and these opinions can never be termed as a local law.
Therefore, clarification is still desired and the querry remains un-answered.
Best regards,
KAMRAN
I think you have not gone through my complete message. The querry was never aimed at to get the clarification that has been received from your goodself.
Infact, the question was to compare the requirement of IAS 21 with the stipulations of the SELECTED OPINION of ICAP. You must be well informed that selected opinions are merely the opinions of a committee of ICAP for which even that committee and ICAP, both, dont take any responsibility. In this regard, I refer you to see the INTRODUCTION section of each volume of selected opinions issued by ICAP which says that the opinions are the sole views of the members of the technical advisory committee for which committee does not take any responsibility.
Further, SECP has never endorsed these opinions to make them a binding legal requirement. These opinions are termed as "non-legal gaaps" by some educationists, although this term is not widely known.
Moreover, contrary to the clarification you provided, there is no such explicit requirement in the Companies Ordinance, 1984 for including the foreign currency gains/losses in other income etc.
I understand that local laws always override the international standards but no such local LAW exists which requires such classification/grouping. The problem is of selected opinions which are strictly captured by some auditors to create hardships for their clients in exporting sector and these opinions can never be termed as a local law.
Therefore, clarification is still desired and the querry remains un-answered.
Best regards,
KAMRAN
