President of Institute of Chartered Accountants of Pakistan (ICAP) Syed Mohammad Shabbar Zaidi said that ICAP has succeeded in developing International Accounting Standard (IAS) with regard to Islamic Banking and financial reporting system.
This IAS would be a land mark in the history of Islamic banking and finance as international reporting standards and requirements had been embodied in manner that it could be acceptable to professionals and regulatory bodies of locally in Pakistan and Internationally.
Addressing members of Karachi Income Tax Bar Association (KITBA) 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.
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