LAHORE: The Institute of Chartered Accountants of Pakistan (ICAP) on June 27, 2018 had the honor of Javaid Jahangir, the Auditor General of Pakistan (AGP) and his delegation attending the Accounting Standards Board (ASB) meeting. The meeting was attended by Riaz A Rehman Chamdia President, Farrukh Rehman Chairman ASB and Jaffar Hussain Vice President of ICAP and the other ASB members which included representatives of SECP, PSX, practice and industry, and the Advisory Group and Task force members.

Javaid Jahangir was given a warm welcome on his first official visit to ICAP.

He was briefed about the purpose of formation of multi-stakeholder ASB, the profile of its members and key initiatives undertaken by the board in last one year. It was noted that since its formation in March 2017, the ASB in the short span has deliberated and recommended for the adoption the new International Financial Reporting Standards – IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts from Customers and IFRS 16 Leases and developed guidance and illustrative financial statements under the Companies Act 2017.—PR