12-19-2009, 05:48 PM
Dear
Pakistan has chosen to fully adopt complete set IFRSs (issued by a board under IFAC) for accounting purpose of all its significant and listed companies. You will appreciate that there are certain other reporting frameworks in the world and it has been matter of choice to do so. Similarly, in audit Pakistan follows full set of ISAs issued by a board constituted under IFAC.
ICAP and ICMAP are the permanent members of IFAC you must not forget. ICAP has its representatives on standard setting boards of IFAC for example Mr. Abdullah Yousaf, who had been a member of IAASB has again been taken on this board for a term of another 3 years. If you know the process of promulgation, discussion, debate, criticism and all phases of development of standard or pronouncement from a suggestion to exposure draft and then standard or pronouncement, you would be knowing what role the members of IFAC play and are supposed to play in standard setting (pronouncement finalization) process.
The standards, pronouncements, codes and other such documents and guidelines are neither the orders of a Marshal Law administrator nor are developed as highly confidential atomic reactor architectures. These are developed through a dialogue process and such dialogue and thought provoking process goes from top to down as well as down to top and entails the participation of all the member bodies of IFAC. In return the members (individual professionals) of such member bodies (institutes) of IFAC also participate thoroughly in such development since most of the pronouncements are sent for their comments and suggestions. Bodies like ICAP (may be ICMAP as well) have formed sub-committees and technical committees to meet, deliberate and finalize comments or suggestions after taking into account the detailed comments obtained from individuals. Even after final issuance of a pronouncement, it is considered for adoption locally with reference to suitability of time etc.
For example, Code of Ethics is revised by IFAC recently in July 2009, and is being deliberated at sub-committees for adoption.
So dear, this is not a matter of taking "American books changing $ to Rs., Joesuf to Yousuf and publish the book with their names on title".
Be informed, if you are not, that IFAC is federation and the federation is constituted by members. The finalization of its code of ethics has (as a MUST) entailed inputs of members all over the world including ICAP and ICMAP (and in return, the members of ICAP and ICMAP). So, adopting IFAC's code of ethics is far more beneficial, standardized, comparable, acceptable, and in a way or other NECESSITATED.
Why I said necessitated? you may not be knowing that following the Code of Ethics developed by IFAC is obligatory/mandatory for the member bodies of IFAC (and in return by the individual members of such member bodies).
Your objection speaks about some deficiency of knowledge on the subject matter. This is by no means your disgrace. If you have queries or reservations you have a right to raise it on the forum within the limits of decency. YouR query might have helped us or others to think and conclude what is what.
However, I would like suggesting that you should give some time to understand the procedures and requirements. Where there is some confusion, it should be raised as a query instead of as an objection because objection without strong basis will bring nothing but objections to you as well.
Keep on posting and happy new Hijri Year to you and all others.
Regards,
KAMRAN.
Pakistan has chosen to fully adopt complete set IFRSs (issued by a board under IFAC) for accounting purpose of all its significant and listed companies. You will appreciate that there are certain other reporting frameworks in the world and it has been matter of choice to do so. Similarly, in audit Pakistan follows full set of ISAs issued by a board constituted under IFAC.
ICAP and ICMAP are the permanent members of IFAC you must not forget. ICAP has its representatives on standard setting boards of IFAC for example Mr. Abdullah Yousaf, who had been a member of IAASB has again been taken on this board for a term of another 3 years. If you know the process of promulgation, discussion, debate, criticism and all phases of development of standard or pronouncement from a suggestion to exposure draft and then standard or pronouncement, you would be knowing what role the members of IFAC play and are supposed to play in standard setting (pronouncement finalization) process.
The standards, pronouncements, codes and other such documents and guidelines are neither the orders of a Marshal Law administrator nor are developed as highly confidential atomic reactor architectures. These are developed through a dialogue process and such dialogue and thought provoking process goes from top to down as well as down to top and entails the participation of all the member bodies of IFAC. In return the members (individual professionals) of such member bodies (institutes) of IFAC also participate thoroughly in such development since most of the pronouncements are sent for their comments and suggestions. Bodies like ICAP (may be ICMAP as well) have formed sub-committees and technical committees to meet, deliberate and finalize comments or suggestions after taking into account the detailed comments obtained from individuals. Even after final issuance of a pronouncement, it is considered for adoption locally with reference to suitability of time etc.
For example, Code of Ethics is revised by IFAC recently in July 2009, and is being deliberated at sub-committees for adoption.
So dear, this is not a matter of taking "American books changing $ to Rs., Joesuf to Yousuf and publish the book with their names on title".
Be informed, if you are not, that IFAC is federation and the federation is constituted by members. The finalization of its code of ethics has (as a MUST) entailed inputs of members all over the world including ICAP and ICMAP (and in return, the members of ICAP and ICMAP). So, adopting IFAC's code of ethics is far more beneficial, standardized, comparable, acceptable, and in a way or other NECESSITATED.
Why I said necessitated? you may not be knowing that following the Code of Ethics developed by IFAC is obligatory/mandatory for the member bodies of IFAC (and in return by the individual members of such member bodies).
Your objection speaks about some deficiency of knowledge on the subject matter. This is by no means your disgrace. If you have queries or reservations you have a right to raise it on the forum within the limits of decency. YouR query might have helped us or others to think and conclude what is what.
However, I would like suggesting that you should give some time to understand the procedures and requirements. Where there is some confusion, it should be raised as a query instead of as an objection because objection without strong basis will bring nothing but objections to you as well.
Keep on posting and happy new Hijri Year to you and all others.
Regards,
KAMRAN.
