07-14-2009, 08:48 AM
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.
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.
