Adoption of IFRS by Pakistan

[skhan]

Hi All

As per my understanding, SECP has announced to adopt IFRS in Pakistan by 2009. Now I am curious to know if we have already adopted it or still in the process. Also I have heard that IFRS are based on Principles than Rules (as is the case in US GAAP), can someone please tell me what is the difference between the two, and which one serves the best in terms of avoiding financial crisis.

[Odyssee]

I would urge you to read <b>"IFRS and US GAAP Similarities and Differences"</b> published by PriceWaterhouseCoopers and is available on the following link
http//www.pwc.com/extweb/pwcpublications.nsf/docid/598E9D7EDF5239A0852574AB00659431/$File/IFRS_USGAAPSep08.pdf

Efforts are underway to converge and harmonize IFRS and US-GAAP. The US Securities and Exchange Commission has announced that a mandatory two year dual-reporting period would begin for most companies in 2012, with IFRS only required by 2014. see page 8 of the following
https//www.sdn.sap.com/irj/scn/go/portal/prtroot/docs/library/uuid/60eecedc-7ff0-2b10-b2be-c329c1114298?overridelayout=true

[Odyssee]

ACCA CALLS FOR PRINCIPLES-BASED APPROACH TO AVOIDING FUTURE FINANCIAL SHOCKS
http//www.accaglobal.com/databases/pressandpolicy/global/3222786