10-26-2004, 08:17 PM
Just to add to SMR's post, IASB is based in London, but is not a british body, the standards were developed by the body intially for developing countries (wherein US, UK, Australia and others continued to follow their own standards).
IAS is/will now be know as IFRS and the EU will be implementing these as their 'national' standards for listed companies.
So what we follow in Pakistan are IFRS which are neither British nor American, there are International standards. However, the standards are designed on the 'British' style and is closely moving towards the 'American' rule based standards.
"Allah does not change the state of people unless they change what is within themselves" Quran 1311
IAS is/will now be know as IFRS and the EU will be implementing these as their 'national' standards for listed companies.
So what we follow in Pakistan are IFRS which are neither British nor American, there are International standards. However, the standards are designed on the 'British' style and is closely moving towards the 'American' rule based standards.
"Allah does not change the state of people unless they change what is within themselves" Quran 1311
