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Full Version: Adoption of Framework & Standards by ICAP Council
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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.
Adnan
are you a council member or related to one of the council members?
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.
you are very right 'abdur rehman!'