The Institute of Chartered Accountants of Pakistan

                                   
   
Circular No. 12/ 2005
December 20, 2005
   
ALL MEMBERS OF THE INSTITUTE
   
ADOPTION OF IFRS & ISA
   
Dear Member  
 
1.
ADOPTION OF IFRS
     
  The Professional Standards and Technical Advisory Committee (PS&TAC) in its 49th meeting held on October 29, 2005 has decided that before sending the following IFRS to the Council, the same should be exposed to the general membership:-
  • IFRS 3 – Business Combinations
  • IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations
  • IFRS 6 – Exploration for and Evaluation of Mineral Resources

All the three IFRS are available in the IFRS Bound Volume, which can be obtained from ICAP offices.

The main features of the three IFRS are enclosed as Annexure “A” (PDF Format).
     
2.
 ADOPTION OF ISA
     
  In the same meeting the PS&TAC also decided to seek comments from the general membership on the following before sending them to the Council: -
  1. International Framework for Assurance Engagements
  2. International Standard on Assurance Engagements 3000

The two documents are available in the ISA book available from the ICAP offices and have also been placed on ICAP’s website. Their main features along with rationale for their issue and reasons for adopting them by the Institute are enclosed as Annexure “B” (PDF Format).
     
Members are invited to offer their comments, if any, on the five documents. Comments would be more helpful if they indicate the specific paragraph or group of paragraphs to which they relate, clearly explaining the issue(s).

Members are requested to send their comments to the undersigned by January 7, 2006.

Thanking you

Yours truly

Shahid Hussain
Deputy Director Technical Services


Encl.: As above (Annex A) PDF Format (Annex B) PDF Format