Page 7 - Newsletter-Nov2015

Governance, Transparency and Service to Members & Students www.icap.org.pk Turner discussed IFRS 9 and issues related to US Generally Circular-02/2015 (March 24, 2015) and it is applicable Accepted Accounting Principles (GAAP). He illustrated from July 1, 2015 onwards. It is certainly a matter of the distinction between debt and equity instruments extreme importance for ICAP members. with practical examples. He further explained recognition and measurement of financial instruments, Trade vs. Shahid Hussain highlighted major changes in the revised Settlement date accounting, concept of impairment, framework, including issuance of QCR ratings on the basis classification of financial instruments, embedded of both engagement and firm review, discontinuation derivatives, hedging, difference between cash flow hedge of review of additional files, coverage of minimum and fair value hedge and differences between IFRS 9 audit partners, bringing more independence in the and IAS 39. Despite financial instruments being a highly composition of Quality Assurance Board, introduction technical topic, the delivery style of the presenter kept of the concept of Appellate Board and opportunity the participants engaged throughout the day. During of personal hearing to the aggrieved partner. This the presentation, Turner also answered various queries of framework can be downloaded from: http://www.icap. the participants. He had prepared various mock exercises org.pk/quality-assurance/qcr-framework-revised/. which were also solved and discussed with participants. In his closing remarks, Muhammad Maqbool appreciated This awareness session for NRC members was very the efforts of the presenter and thanked him on behalf of important in imparting useful knowledge regarding the members. A DVD of this session is also available from changes brought in through the revised QCR framework. NRC secretariat. Osman Hameed Chaudhri also aptly gave an overview of ISQC1. He also emphasised the need to hold full day workshop/roundtable for comprehensive understanding Seminar on Revised QCR Program by members. Many members participated in this session. Framework and ISQC1 Seminar on Revised QCR Program Framework and ISQC1 was arranged by Continuing Professional Development (CPD) Committee Lahore of Northern Regional Committee (NRC) on August 28, 2015. This seminar was conducted through webcast for members in Multan. The speakers were Shahid Hussain, director ICAP Quality Assurance Department and Osman Hameed Chaudhri, member SMP and Auditing Standards Committee ICAP, and partner Hameed Chaudhri & Co. Chartered Accountants. ICAP issued revised QCR Program Framework through Circular No. ICAP/QAD/38/8581/ November 2015 7