Annual Activity Report-2013 - South Asian Federation of …€¦ · · 2017-01-28Annual Activity...

Annual Activity Report-2013

Member Countries

Afghanistan

Bangladesh

Bhutan

India

Maldives

Nepal

Pakistan

Sri Lanka

South Asian Federation of Accountants

(An Apex Body of SAARC)



MISSION

‘SAFA as a forum of professional accountancy bodies is

committed to positioning, maintaining and developing the

accountancy profession in South Asian Association for

Regional Co-operation (SAARC) Region and ensuring its

continued eminence in the world of accountancy; in the

public interest and towards broad economic development

of the region.’


Member Bodies

Full Members

The Institute of Chartered Accountants of Bangladesh (ICAB)

Established in 1973

The Institute of Cost and Management Accountants of Bangladesh (ICMAB)

Established in 1977

The Institute of Chartered Accountants of India (ICAI)

Established in 1949

The Institute of Cost Accountants of India (ICAI (erstwhile ICWAI))

Established in 1959

The Institute of Chartered Accountants of Nepal (ICAN)

Established in 1997

The Institute of Chartered Accountants of Pakistan (ICAP)

Established in 1961


The Institute of Cost and Management Accountants of Pakistan (ICMAP)

Established in 1966

The Institute of Chartered Accountants of Sri Lanka (CA SRI LANKA)

Established in 1959

The Institute of Certified Management Accountants of Sri Lanka (CMA SRI LANKA)

Established in 1999

Associate Member

Certified Practicing Accountants of Members (CPA Maldives)

Established in 2010

Permanent Secretariat c/o The Institute of Chartered Accountants of India

ICAI Bhawan, P.O. Box No. 7100, Indraprastha Marg,

New Delhi – 110002, India Phone: 00 91 11 30110404, 30110487

Fax: 00 91 11 30110581, 30110591 E-mail: [email protected]

Website: www.esafa.org

http://www.esafa.org/


Office Bearers - 2013 President Mr. Abdul Mannan, ICMA Bangladesh Vice-President CA. Subodh K. Agrawal, ICA India

Permanent Secretary Mr. T. Karthikeyan, ICA India

Executive Secretary Mr. Md. Mamunur Rashid, ICMA Bangladesh Assistant Executive Secretary Mr. Rakesh Sehgal, ICA India

Committee(s) of SAFA

Committee for Improvement in Transparency, Accountability and Governance Chairman: Mr. Lasantha Wickremasinghe

Committee on Accounting and Auditing Standards Chairman: Mr. Mohamed Reyaz Mihular

Committee on Education, Training and CPD Chairman: CA. V. Murali

Committee on Professional Ethics and Independence Chairman: Mr. ASM Nayeem

Committee on Quality Control Chairman: Mr. Syed Najmul Hussain

http://esafa.org/About/TAG.pdf

http://esafa.org/About/AAS.pdf

http://esafa.org/About/ETCPD.pdf

http://esafa.org/About/PEI.pdf

http://esafa.org/About/QC.pdf


Committee on Professional Accountants in Business Chairman: Mr. TCA Srinivasa Prasad

Small & Medium Practices Committee Chairman: CA. K. Raghu

Committee on Harmonization of Fiscal & Tariff Regimes in SAFA Region Chairman: Mr. Suvod Kumar Karn

Committee on Governmental and Public Sector Enterprises Accounting Chairman: Mr. Sajjad Ahmed

International Relations Committee Chairman: Prof. Lakshman R Watawala

http://esafa.org/About/PAIB.pdf

http://esafa.org/About/SMPC.pdf

http://esafa.org/About/HFTR.pdf

http://esafa.org/About/GPSA.pdf

http://esafa.org/About/IR.pdf


Past Presidents

Mr P. N. Shah India 1984 and 1985

Mr Lakshaman R. Watawala Sri Lanka 1986

Mr E.S.H. Dahodwala Pakistan 1987

Mr M. Yunus Bangladesh 1988

Mr V. Kalyanaraman India 1989

Mian Mumtaz Abdullah Pakistan 1990

Mr Habibur Rahman Bangladesh 1991

Mr K.M. Agarwal India 1992

Mr N.A.L. Cabraal Sri Lanka 1993

Mr Ebrahim Sidat Pakistan 1994

Mr Jamal Uddin Ahmad Bangladesh 1995

Mr K.R.S. Sastry India 1996

Prof Dr Khawaja Amjad Saeed Pakistan 1997

Ch Hafizur Rahman Bangladesh 1998

Mr T.S. Vishwanath India 1999

Mr Lal Nanayakkara Sri Lanka 2000

Pir Mohammed Kaliya Pakistan 2001


Mr Zahir Uddin Ahmad Bangladesh 2002

Mr Ashok Chandak India 2003

Mr Badruddin Fakhri Pakistan 2004

Md Nurul Hassan, Bangladesh 2005

Mr Sunil Goyal India 2006

Mr Indrajith Fernando Sri Lanka 2007

Mr. Syed Md. Shabbar Zaidi Pakistan 2008

Mr. Sheikh A. Hafiz Bangladesh 2009

Mr. Komal B. Chitracar Nepal 2010

Mr. A.N. Raman India 2011

Mr. Muhammad Rafi Pakistan 2012

http://www.esafa.org/?page_id=52#26




Activity Report for the period 1st January 2013 to 31st

December 2013

1. Introduction

1.1 South Asian Federation of Accountants (SAFA), an Apex Body of SAARC was set up in 1984 for promoting the accounting profession in the countries in South Asia and internationally with a mission to bring the accounting bodies in the region together at a common forum and facilitate professional cooperation in the areas of education, training, technical and ethical standards.

1.2 SAFA as an Apex Body of SAARC and an Acknowledged Accounting Grouping of IFAC has been playing a pivotal role for the harmonization of professional standards in the areas of accounting, auditing, ethics and education and is committed to raise the level of profession in the Region. SAFA provides special impetus to cooperation amongst its member bodies for the overall growth of the accountancy profession in the SAARC region and explores means in which, it as a representative forum, could play prolific role in the development of the accountancy profession.

1.3 The role being played by SAFA for the development of the accountancy profession in the SAARC Region and for the economic development of the Region as a whole has been exemplified through the innovative work being carried through its various technical Committees working in the area of education, accounting & auditing standards, government accounting, quality control, ethics and many other emerging issues of accountancy profession.

1.4 During period under report, SAFA has identified six strategic themes for developing the individual action plan of its technical Committees constituted in the areas related to accounting, auditing, ethics, education, quality control, public sector, PAlB and alike. The prime objectives of these Committees are to promote and implement IFAC work plan in SAARC Region. Following are the six strategic themes identified by SAFA in the overall context of SAFA


mission of positioning, maintaining and developing the accountancy profession in public interest and playing a broader role in the regional economic development:

To promote Sustainable Business Practices and Reporting in SAARC

To strengthen Corporate Governance Standards in SAARC

To develop Uniform Accountancy Education Framework in SAARC

To assist SAARC Governments in Accounting and taxation related areas

Capacity Building of Small & Medium Practitioners (SMPs) in SAARC Region.

To promote professional ethics in SAARC Region and to work towards reducing corporate corruption in SAARC Region.

2. Assembly Meetings

2.1 Assembly is the governing body of SAFA, which looks into the strategic, and policies related issues while Board is the executive body of SAFA.

2.2 The 76th meeting of SAFA Assembly was held on 12th January 2013 at Dhaka, Bangladesh. At the meeting, the appointment of new office-bearers for the year 2013 was ratified by the Assembly. Mr. Abdul Mannan, of the Institute of Cost and Management Accountants of Bangladesh was appointed as the President while CA. Subodh Kumar Agrawal of the lnstitute of Chartered Accountants of lndia was appointed as Vice President for the year 2013 w.e.f. 1st January 2013 for a period of one year.

2.3 The Assembly deliberated in detail about the role that SAFA can play in the institutionalization of accountancy profession in Maldives, Bhutan and Afghanistan.

3. Meetings of SAFA Board & Committees


3.1 During period under report, SAFA has organized five highly productive Board meetings -two each in Bangladesh and Sri Lanka and one in lndia. 3.2 Coinciding with the meetings of the Board, meetings of various technical Committees also took place. Significant progress has been observed on the projects undertaken by various Committees during period under report.

25th SAFA Board meeting held on 12th January 2013 at Dhaka, Bangladesh.

26th SAFA Board meeting held on 23rd March 2013 at Colombo, Sri Lanka.

27th SAFA Board meeting held on 1 7th June 2013 at Colombo, Sri Lanka.

28th SAFA Board meeting held on 1 1th October 2013 at Dhaka, Bangladesh.

29th SAFA Board meeting held on 22nd November 2013 at Kolkata, India.

3.3 The 25th SAFA Board meeting was held on 12th January 2013 at Dhaka, Bangladesh. The appointment of New President and Vice-President for the year 2013 was noted by the Board. The Board in the meeting thoroughly reviewed status report of actions in respect of decisions taken earlier. The following important issues were discussed at the meeting:

Strategic Action Plan of SAFA for the year 2013

Comparative Study on the status of Accrual Based Accounting in Governmental and Public Sector Enterprises Accounting in SAARC Countries

Consideration of proposal received from Audit Office of Maldives to conduct training programmes for staff of Audit Office of Maldives and other Public Sector Organisations

Extension of collaboration with Global Reporting Initiative (GRI) for another one year to

promote sustainability reporting in the Region.

Proposal for developing SAFA Standards and Guidelines for Education, Training and

Assessments to bring harmony in the standards and quality of education imparted by

the member bodies in the region

In the meeting, Mr. Muhammad Rafi, Immediate Past President SAFA apprised the Board about

his visit to Capetown, South Africa to attend the recent IFAC Council and Regional Organisation

& Acknowledged Accounting Grouping meeting held on 13th-15th November 2012. He

highlighted the role being played by SAFA in promoting the IFAC work program in SAARC region

at the meeting that was well appreciated by IFAC.


The Board finalized the Action Plan of SAFA for the year 2013 as follows:

1. Promoting Joint Conference, Webinar and SMP Exchange Programs with European Federation of Accountants & Auditors (EFAA)

2. Promote Sustainability Reporting in SAARC Region with the support of Global Reporting Initiative.

3. Uniform Accounting Education through developing and application of common curriculum in major areas for both Chartered Accountancy and Cost & Management Accountancy disciplines

4. Assisting Government of SAARC countries for implementation of Accrual Based Accounting System through organizing Seminar and Conferences

5. Harmonization of Tax Regimes in SAARC Region 6. Development of compliance for improvement in Transparency, Accountability and

Governance 7. Maintaining close coordination with IFAC & SAARC 8. Compliance on timely submission of activity reports to IFAC and SAARC 9. To develop a harmonized Cost Auditing System in SAARC countries. 10. To evolve a sound methodology for transfer costing formulas. 11. To review the committee system and adopt updating, if any. 12. To authorize ICAN to regularly keep in touch with SAARC Secretariat, keep them abreast

of the developments in SAFA, open a dialogue on regular basis. 13. To include items as they emerge during the year for discussion and decisions.

25th SAFA Board meeting held on 12th January 2013 at Dhaka, Bangladesh.


3.4 The 26th SAFA Board meeting was held on 23rd March 2013 at Colombo, Sri Lanka. The Board thoroughly reviewed status report of actions in respect of decisions taken earlier. The following important discussions were taken place at the meeting:

Proposal of ICMAB to set up a new Committee to implement BASEL Committee Report in SAARC countries were discussed.

Restructuring of existing Committee System to make functioning of SAFA more effective.

Association of SAFA in World Congress of Accountants 2014 at Rome, Italy from November 10-13, 2014.

Participation of SAFA at EFAA Annual Conference scheduled on 17th-18th April 2013 at Amsterdam

Recent developments in Accounting and Auditing Internationally.

The ToR of newly formed International Relations Committee was approved by the Board.

A new Task Force to harmonise the criteria being used by SAFA member bodies for giving Best Presented Annual Report Awards was constituted.

26th SAFA Board meeting held on 23rd March 2013 at Colombo, Sri Lanka.


3.5 The 27th SAFA Board meeting was held on 1 7th June 2013 at Colombo, Sri Lanka. President SAFA emphasized on the need of greater cooperation amongst SAFA member bodies. The Board reviewed the report received from IFAC indicating the Q1 2013 status of SAFA member bodies with regard to IFAC compliance program. It was noted that the report indicates that all the SAFA member bodies are on track in submitting and updating Action Plan requirements of IFAC. The following important issues were discussed at the meeting:

Proposal of ICAI to host SAFA meetings coinciding with CAPA meetings and ICAI International Conference at Kolkata, India in November was discussed. It was also suggested for organizing joint SAFA-CAPA meeting at Kolkata.

Train the Trainer program on IFRS for SMEs from 19th to 21st August 2013 at Colombo, Sri Lanka was approved.


3.6 The 28th SAFA Board meeting was held on 11th October 2013 at Dhaka, Bangladesh. The following important issues were discussed at the meeting:

Task Force to implement BASEL II report in SAARC Countries was constituted.

Proposal of ICMAP for giving common designation for members of SAFA member bodies was discussed.

Proposal of EFAA for extension of collaboration for another two years was approved by the Board.

Visit of IFAC President at Colombo and organizing SMO compliance Workshop in January 2014 was discussed.

Activity Report of SAFA submitted to IFAC was noted.

28th SAFA Board meeting held on 1 1th October 2013 at Dhaka, Bangladesh.


3.7 The 29th SAFA Board meeting was held on 22nd November 2013 at Kolkata, India. Mr. Keith Wedlock Immediate Past President of CAPA and Mr. Brian Blood, Chief Executive CAPA had joined the meeting. Mr. Brian Blood, Chief Executive, CAPA praised the work being done by SAFA in the Region and emphasized on the need of collaborating with SAFA for the development of accountancy profession. The following important issues were discussed at the meeting:

Role that Regional body can play in assisting countries where profession is at initial stage of development.

The Board decided to organize SAFA-IFAC SM0 Compliance Workshop in January 2014 at Colombo

Proposal of EFAA to organize Joint program was discussed.

The ToR of the newly constituted Task Force to implement Basel II Report in SAARC countries was approved by the Board.

The Board thoroughly reviewed status report of actions in respect of decisions taken earlier as under:The Board on review of the report indicating the Q3 2013 status of SAFA member bodies with regard to IFAC Compliance program stated that the SAFA member bodies are on track except CA Sri Lanka in submitting and updating Action Plan requirements of IFAC. The Board requested CA Sri Lanka for submitting the required information to IFAC.

29th SAFA Board meeting held on 22nd November 2013 at Kolkata, India.


4. SAFA Best Presented Annual Report Awards & SAARC Anniversary Awards for Corporate Governance Disclosures Ceremony organized on 22"d March 2013 at Colombo, Sri-Lanka. SAFA Best Presented Annual Report Awards & SAARC Anniversary Awards for Corporate Governance Disclosures Ceremony was organized on 22nd March 2013 at Colombo, Sri Lanka. Dr. Nalaka Godahewa, Chairman, Securities Exchange Commission of Sri Lanka was the Chief Guest at the occasion. The SAFA BPA Award for the "Best Presented Annual Reports", is considered as the most prestigious accolade for financial reporting in the South Asian region and signifies SAFA's recognition and reward for organizations in the region which have achieved excellence in presentation and disclosure of high quality, relevant, reliable and objective financial statements in accordance to the framework stipulated by lnternational Accounting Standards Board (IASB).

SAFA Best Presented Annual Report Awards and SAARC Anniversary Awards 2011


SAFA Best Presented Annual Report Awards and SAARC Anniversary Awards for Corporate

Governance Disclosures 2011

Overall Winners

Country Company Overall ranking

1. Bangladesh IDLC Finance Limited 1

2. Bangladesh Prime Bank Limited 2

3. Sri Lanka Sri Lanka Telecom 3

Private Sector Banks (including Co-operative Banks)

S/No Country Company Sector

Award

1

India

HDFC Bank Ltd. Merit

2 Yes Bank Ltd. Merit

3 Kotak Mahindra Bank Ltd. Merit

4

Nepal

NABIL Bank Limited Merit

5 Standard Chartered Bank Nepal Limited Merit

6 NIC Bank Limited

7

Pakistan

Allied Bank Limited Merit

8 Askari Bank Limited Merit

9 MCB Bank Limited 3


10

Bangladesh

Prime Bank Limited 1

11 Eastern Bank Limited Merit

12 Islami Bank Bangladesh Limited 2

13

Sri Lanka

Commercial Bank of Ceylon PLC Merit

14 Hatton National Bank PLC 2

15 Sampath Bank PLC Merit

Public Sector Banking Institutions


Award

1 India Bank of Baroda 3

2 Bangladesh Rupali Bank Limited 1

3

Sri Lanka

National Savings Bank Merit

4 Bank of Ceylon 2

5 People's Bank Merit

Insurance Sector


Award

1 India

Birla Sun Life Insurance Company Ltd. Merit

2 SBI Life Insurance Company Ltd. Merit


3 HDFC ERGO General Insurance Company Ltd.

4

Pakistan

Atlas Insurance Company Limited Merit

5 IGI Insurance Limited Merit

6 Jubliee General Insurance Company Limited Merit

7 Bangladesh

Reliance Insurance Limited Merit

8 Green Delta Insurance Company Ltd. 3

9

Sri Lanka

Union Assurance PLC 2

10 HNB Assurance PLC 1

11 Janashakthi Insurance PLC Merit

Financial Services Sector


Award

1

India

Shriram Transport Finance Company Ltd. Merit

2

Infrastructure Development Finance Company

Ltd. Merit

3 GRUH Finance Ltd. Merit

4 Nepal Clean Energy Development Bank Ltd. Merit

5 Pakistan First Habib Modarba Limited Merit

6 Bangladesh Prime Finance & Investments Limited 2


7 IDLC Finance Limited 1

8 Lanka Bangla Finance Limited Merit

9

Sri Lanka

People's Leasing Co. Ltd. Merit

10 DFCC Bank 3

11 Mercantile Investments PLC Merit

Manufacturing Sector


Award

1

India

Dr. Reddy's Laboratories Limited Merit

2 Hindustan National Glass & Industries Ltd Merit

3 Tilaknagar Industries Ltd. Merit

4 Nepal Chilime Hydropower Company Ltd.

5

Pakistan

Fauji Fertilizer Company Limited 3

6 International Industries Limited Merit

7 Pakistan Petroleum Limited Merit

8

Bangladesh

GlaxoSmithKline Bangladesh Limited Merit

9 RAK Ceramics (Bangladesh) Ltd Merit

10 Singer Bangladesh Limited Merit

11 Sri Lanka CIC Holdings PLC 1


12 Chemanex PLC 2

13 Singer (Sri Lanka) PLC Merit

Communication and Information Technology Sector


Award

1

India

Wipro 2

2 Presistent Systems Limited Merit

3 Nucleus Software Exports Limited Merit

4 Bangladesh Grameenphone Ltd 3

5 Nepal Nepal Telecom Limited

6 Pakistan Pakistan Telecommunication Company Limited Merit

7 Sri Lanka Sri Lanka Telecom 1

Service Sector (Excluding Financial Services & Communication &IT Sector)


Award

1 India

CRISIL Ltd. 3

2 The Tata Power Company Ltd. Merit

3 Bangladesh DESCO


4

Sri Lanka

Hayleys PLC 1

5 Aitken Spence PLC Merit

6 John Keells Holdings PLC 2

Non-Governmental Organizations Non-Governmental Organizations (including NPOs)


Award

1 India

The Akshaya Patra Foundation 1

2 Help Age India

3 Pakistan

Layton Rahmatulla Benevolent Trust (LRBT) Merit

4 The Citizen Foundation Merit

5

Bangladesh

Sajida Foundation Merit

6 BRAC 3

7 Uddipan 2

8

Sri Lanka

The Ceylon Chamber of Commerce Merit

9

Association of Accounting Technicians of Sri

Lanka (AAT) Merit

10 Plantation Human Development Trust Merit


Agricultural Sector


Award

1

Sri Lanka

Watawala Plantations PLC 2

2 Kelani Valley Plantations PLC 1

3 Namunukula Plantations PLC 3

Public Sector Entities


Award

1 Nepal Karja Suchana Kendra Ltd (Credit Information

Centre Ltd.)

Merit

SAARC Anniversary Award for Corporate Governance


Award

1

Bangladesh

Islami Bank Bangladesh Ltd. 1

2 Prime Finance & Investments Ltd. Merit

3 IDLC Finance Limited Merit

4 Pakistan

Abbot Laboratories (Pakistan) Limited Merit

5 Al-Ghazi Tractors Limited Merit


6 Askari Bank Limited Merit

7

Sri Lanka

Union Assurance PLC 3

8 Commercial Bank of Ceylon PLC 2

9 John Keells Holdings PLC Merit

5. SAFA-IASB Train the Trainer Workshop on IFRS for SMEs from 19th to 21st August 2013 at Colombo, Sri Lanka The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) hosted the SAFA -IASB Train the Trainer Workshop on IFRS for SMEs from 19th to 215' August 201 3 at Colombo, Sri Lanka to trainer the preparers of financial statements, auditors, regulators and academia on the International Financial Reporting Standards (IFRS). 'The programme titled 'Train the Trainer' envisaged developing the capacity of trainers who will subsequently provide training on IFRS for Small and Medium-sized Entities (SMEs). The workshop also provided participants a common forum for interaction between trainers helping them share their individual experience and promote discussion on common issues in relation to IFRS for SMEs. 6. SAFA Students Exchange Programme SAFA Students Exchange Programme was organized coinciding with the lCAl lnternational Conference for CA Students on 14th & 15th September, 2013 at Science City Auditorium, Kolkata on the theme "Accounting Professional - Ace, Astute & Adaptable". There were a record number of 2600 registrations, including 43 foreign delegates, 75 outstation delegates and 21 paper presenters, including 7 foreign paper writers. 10 delegates from ICA Nepal, 9 delegates from ICA Bangladesh, 6 delegates from ICMA Bangladesh, 5 delegates from ICA Pakistan and 12 delegates from ICA Sri Lanka including 1 staff officer attended the Conference. 7. SAFA International Conference on the theme 'Foreign Direct Investment -An lmportant Tool for Economic Development' on 10th – 11th October 2013 SAFA International Conference on the theme 'Foreign Direct Investment -An Important Tool for Economic Development was hosted by the lnstitute of Cost and Management Accountants of


Bangladesh on 10th-11th October 201 3 at Dhaka, Bangladesh. Mr. Md. Abdul Hamid, Hon'ble President of the People's Republic of Bangladesh was the Chief Guest at the Conference. Mr. Ghulam Muhammed Quader, MP, Hon'ble Minister, Ministry of Commerce, Government of the People's Republic of Bangladesh was the Special Guest at the occasion. 8. SAFA Charter Day Celebrations The Institute of Chartered Accountants of lndia (ICAI), which houses the Permanent Secretariat of South Asian Federation of Accountants (SAFA), has organised an Inter-College Debate on the topic 'Mandatory CSR-Would it Enhance Accountability of Corporate?' on 9'h December 201 3 at New Delhi to commemorate SAARC Charter Day.Ms. Madhu Sethi, Deputy Secretary (SAARC), Ministry of External Affairs, Government of lndia was the Chief Guest at the occasion. 9. Collaboration with EFAA in the matters of Joint Conference, Webinar and SMP Exchange Programs SAFA had entered into a MoU with European Federation of Accountants and Auditors (EFAA) to share views on matters of common interests to the accountancy and auditing profession of both regions wherein a combined voice can bring visibility to the global standard setting bodies. SAFA had sent a delegation to Amsterdam on 1 7th -1 8th April 2013 for attending EFAA Annual Conference on the theme 'Evolution of SMPs and the requirement of skills beyond technical Competence'. Mr. TCA Srinivasa Prasad, Chairman, PAlB Committee of SAFA had presented the SAFA at the Panel discussion “What do we mean by soft skills and what skills should be assimilated in an SMP? What are the future implications for Accounting Education in addressing this need and enable the future roles of SMPs as the SME partner and trusted advisor? “ at the Conference. 10. Strengthen Ties with Global Reporting lnitiative to promote Sustainability in SAARC Region With a mission of Sustainable Development and to promote Sustainability Reporting in SAARC Region; SAFA had entered into a MoU with Global Reporting Initiative.


SAFA is actively associated with the activities of Global Reporting Initiative [GRI) to promote sustainability in SAARC Region. Representatives of SAFA had also attended the GRI Global Conference on 'Sustainability and Reporting' held on 22nd – 24th May 2013 at Amsterdam. 11. Uniform Accounting Education through developing and application of common curriculum for both Chartered Accountancy and Cost a Management Accountancy principles . The Committee on Education, Training and CPD of SAFA has prepared comparative studies of syllabi, training requirements and CPD requirements of Chartered Accountancy member bodies as a first step towards developing a model curriculum for SAFA Chartered Accountancy bodies. - The Committee on Education, Training and CPD of SAFA has decided to prepare Regional Education Standards in lines with IES issues by International Accounting Education Standards Board (IAESB) of IFAC. The objective of the Regional Education Standards is to bring harmony in the accountancy education being provided by SAFA member bodies in the Region. Upon finalization of broad Regional Education Standards, Committee will decide to develop separate standards for Chartered Accountancy bodies and Cost and Management Accountancy Bodies at a later stage. 12. Assisting Government of SAARC countries for implementation of Accrual Based Accounting System through organizing Seminar and Conferences . SAFA Committee on Governmental & Public Sector Enterprises Accounting has developed a comparative study of status of Accrual Based Accounting in SAFA Countries and the steps being taken by member bodies to promote Accrual Based Accounting in SAFA Region. The objective of study is to know the status of Accrual Based Accounting in different SAFA countries and how one member body can help other SAFA member body in implementing Accrual Based Accounting. The Committee is also planning to organize Seminars & Conferences to promote' awareness about the advantages of accrual based accounting and adoption of IPSAS at governmental level.


13. Harmonization of Tax Regimes in SAARC Region Committee on Harmonization of Fiscal & Tariff Regimes has prepared a comparative study of Fiscal and Tariff Regimes in SAFA Region. 'The Committee has also decided for updating the Study on annual basis as Fiscal and tariff laws keeps changes every year. Based on the comparative study the Committee would undertake further steps for Harmonization of Fiscal and Tariff Regimes in SAARC Region. Committee is also preparing a comparative study on International Taxation & 14. Capacity building of SMPs in SAARC Small and Medium Practices (SMP) Committee of IFAC has conducted a SAFA SMP Survey 2013 in lines with IFAC SMP Survey 2013 With the aim of giving Small & Medium Practitioners (SMPs) who operates in SAFA Region, an opportunity to express their views about significant trends and developments impacting them and their clients.

Annual Activity Report-2013 - South Asian Federation of …€¦ · · 2017-01-28Annual Activity...

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