President of Institute of Chartered Accountants of Pakistan (ICAP) Syed Mohammad Shabbar Zaidi disclosed on Wednesday that ICAP has succeeded in developing International Accounting Standard (IAS) with regard of Islamic Banking and financial reporting system.
Addressing members of Karachi Income Tax Bar Association (KITBA) he said this IAS would be a land mark in the history of Islamic banking & finance as international reporting standards and requirements had been embodied in it so that it could be acceptable to professionals and regulatory bodies of Pakistan and abroad.
He said in the process of the preparation of this IAS all stakeholders were consulted extensively, but it is still open to accommodate any suggestions and improvements after the issuance of this IAS.
He said this IAS was being released on the first day of 2006.
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