#Icap insurance update

For Tier 1 companies, the auditor's report refers to conformity with IFRSs as adopted for use in Pakistan.The ICAP will consider IFRS 1 for adoption after the remaining IASs and IFRSs (other than IFRS 4) are adopted in Pakistan.Because adoption of IFRS 4 (insurance contracts) would require amendment of the Pakistani insurance ordinance, the ICAP has deferred consideration of it until the IASB issues a final standard on Phase II of its Insurance Project.Until then, IAS 22 and IAS 35 continue in force in Pakistan. When they are adopted, they will be considered by the SECP for endorsement. Those four standards are now before the ICAP Council for adoption. The ICAP has published exposure drafts of IFRS 2 (share-based payment), IFRS 3 (business combinations), IFRS 5 (assets held for disposal), and IFRS 6 (extractive industries), and comments have been received.For all other types of entities, IAS 39 and IAS 40 are required. Some impediments to their use by banks and similar financial institutions also exist in the tax laws. The Pakistani securities and bank regulators have not yet approved IAS 39 (financial instruments) or IAS 40 (investment property) for use by banks and similar financial institutions.Whilst ICAP has adopted IAS 41, it is awaiting endorsement by the Securities and Exchange Commission of Pakistan (SECP). The ICAP has adopted all IASs without modification except IAS 29 (hyperinflation).

#Icap insurance update

Here is a summary of the adoption of IFRSs for Tier 1 entities:ДЄpril 2006 Update on the Use of IFRSs in Pakistan Small-sized entities apply a separate set of standards developed by ICAP (under development, around 6 pages). Medium-sized entities apply a separate set of standards developed by ICAP (under development, around 60 pages).

Publicly accountable entities, including listed companies and banks and other financial institutions must apply IFRSs as adopted in Pakistan. They noted that the ICAP has identified three tiers of entities with different standards applying to each, as follows: Representatives of the Institute of Chartered Accountants of Pakistan (ICAP) presented an update on the adoption of IFRSs in Pakistan. Insurance Continuation Assistance Program (ICAP): Individuals with certain private insurance with medication benefits are eligible for VA MAP assistance.

In addition, ICAP is an Exclusive Partner of INAC, one of the worldвЂ™s largest international networks of Executive Search firms, for Greece, Bulgaria and Cyprus, having the ability to respond to customer requests for selecting executives in more than 40 countries worldwide.Speakers included three IASB representatives вЂ“ IASB Chairman Sir David Tweedie, Board Member Warren McGregor, and Director of Standards for SMEs Paul Pacter.

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