ISLAMABAD, November 26, 2024: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, met with a delegation from the International Accounting Standards Board (IASB) on Monday to discuss the advancement of financial transparency and the implementation of international accounting standards in Pakistan.
The delegation, led by IASB Chairman Dr. Andreas conists of Jianqiao Lu, IASB Member, Farukh Rehman, President of ICAP, and Rana Usman Khan, Chairman of the Asia-Oceania Accounting Standards Group.
Also present were senior officials from the Finance Division, comprising of Ashfaq Tola, Chairman of the Reforms and Resource Mobilization Commission (RRMC).
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During the meeting, Senator Aurangzeb outlined the government’s ongoing efforts to boost tax revenues through improved financial documentation and greater transparency.
He emphasized the importance of aligning Pakistan’s financial practices with global standards, which, he noted, would enhance both domestic and international investor confidence.
Dr. Andreas commended Pakistan for its leadership in adopting international accounting standards and praised the country’s proactive stance in aligning with global financial practices.
He also highlighted the significant role of ICAP in promoting the adoption of these standards and supporting financial transparency.
The discussions also focused on the challenges and opportunities associated with the implementation of International Financial Reporting Standards (IFRS) in Pakistan.
Mr. Rehman and Mr. Khan shared their insights on the contributions of ICAP and the Asia-Oceania Accounting Standards Group in strengthening the country’s financial reporting systems.
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The meeting concluded with a renewed commitment from both sides to enhance Pakistan’s financial reporting and documentation practices, ensuring they align with international standards.
The ultimate goal is to foster greater transparency and attract increased investment to support sustainable economic growth in Pakistan.
