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| Wednesday, 16 February 2005 |
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To evaluate progress in adopting global standards : ICASL to host key South Asian Regional Standard-Setters Meeting Two world leaders in the field of international accounting standards will be in Sri Lanka next week for a top level regional meeting to be hosted by the Institute of Chartered Accountants of Sri Lanka (ICASL), the country's apex national accountancy body. Professor Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB) and Board Member Warren Macgregor will hear presentations in Colombo from the national accounting standard setters of India, Pakistan, Bangladesh, Nepal and Sri Lanka at this day-long meeting on Wednesday, February 23. These presentations will focus on the current status of each country's effort to adopt International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS), the challenges they face and the steps taken by countries affiliated to the South Asian Federation of Accountants (SAFA) for adoption of these international standards. "The South Asian Regional Standard-Setters Meeting is one of the most important events for our part of the world in the process of moving to a single set of global accounting standards," ICASL President Indrajith Fernando said. The ICASL, as the SAFA Centre for Excellence in Standards and Quality is proud to host this milestone conference." He said the meeting would help the International Accounting Standards Board to evaluate the progress made by countries in the region in moving to international accounting standards and generate valuable discussion on technical and other issues faced by countries in the region in this area. The expectations of SAFA countries from the IASB and the Board's responses would significantly take the process forward, Fernando added. Reyaz Mihular, Chairman of the SAFA Centre of Excellence for Standards and Quality said a key matter of debate at the meeting would be new trends in Financial Reporting Standards. "International Financial Reporting Standards are increasingly moving to fair value measurement of Assets and Liabilities as a consequence of the current trend to fully portray the economic consequences of an entity's performance," he explained. "This trend poses several challenges to countries in the South Asian region where we do not have active markets to support such fair valuations. We will address challenges such as this at our meeting." The International Accounting Standards Board (IASB), based in London was set up in 2001 to develop, a single set of high quality, global accounting standards that require transparent and comparable information in general purpose financial statements. In pursuit of this objective, the IASB cooperates with national standard-setters to achieve convergence in accounting standards around the world. A visiting Professor of Accounting in the Management School at Edinburgh University, Sir David has been awarded honorary degrees by seven British universities. Warren J McGregor was appointed to the International Accounting Standards Board in January 2001. Before joining the Board, he was a founding Director of Stevenson McGregor, a boutique accounting practice specialising in financial reporting and accounting standards. Previously he was for 10 years the Executive Director of the Australian Accounting Research Foundation (AARF). McGregor was a founding member of the G4 1 Group of national accounting standard-setters. |
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