02-06-2009, 02:20 PM
Dears,
In fact people don't know the facts and speak without proper basis. If some body was out of Pakistan from the age of 14 years, how could he know what is happening out there at Pakistan.
Indian chartered accountants, their institute and their locally developed standards, may be quite respectable but one cannot debate on them without giving a required deep look. IFAC no where necessarily asked not to follow IFRSs and prepare own standards. This objection is foolish in its essense. Further, the objection that IFRSs over-rule the local laws is also childish. There are certain dissimilarities (though very nominal) where local laws do over-ride the IFRSs. This is logical if one can understand.
This MOU "RAULA" which certain people are giggling at the moment, will hopefully come to lower nodes soon. The ones who said that ICAP's revision of ACCA's recognition is objectionable would be seen least commenting on ICAEW when it will change the MOU with Pakistan. This may, however, take some time.
Local standards and proouncements had been made from time to time for various entities and the one who says only one islamic standard was developed is not right. I just don't wnat to go at length for the ones who don't wnat to understand. I advise them to study what is the financial reporting framework for various entities at Pakistan.
Regards,
KAMRAN.
In fact people don't know the facts and speak without proper basis. If some body was out of Pakistan from the age of 14 years, how could he know what is happening out there at Pakistan.
Indian chartered accountants, their institute and their locally developed standards, may be quite respectable but one cannot debate on them without giving a required deep look. IFAC no where necessarily asked not to follow IFRSs and prepare own standards. This objection is foolish in its essense. Further, the objection that IFRSs over-rule the local laws is also childish. There are certain dissimilarities (though very nominal) where local laws do over-ride the IFRSs. This is logical if one can understand.
This MOU "RAULA" which certain people are giggling at the moment, will hopefully come to lower nodes soon. The ones who said that ICAP's revision of ACCA's recognition is objectionable would be seen least commenting on ICAEW when it will change the MOU with Pakistan. This may, however, take some time.
Local standards and proouncements had been made from time to time for various entities and the one who says only one islamic standard was developed is not right. I just don't wnat to go at length for the ones who don't wnat to understand. I advise them to study what is the financial reporting framework for various entities at Pakistan.
Regards,
KAMRAN.