Adoption of Framework & Standards by ICAP Council

[Muhammad Adnan Arshad]

The Institute’s 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 – Share-based Payment
o w IFRS 3 – Business Combinations
o w IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations
o w IFRS 6 – 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]

Adnan
are you a council member or related to one of the council members?

[Abdur.Rehman]

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]

you are very right 'abdur rehman!'