Application of IFRSs, IASs: ICAP not competent to issue any relaxation

KARACHI (February 10, 2009): It is not within the ambit of Institute of Chartered Accountants of Pakistan (ICAP) to issue any relaxation from application of International Financial Regulatory Standards (IFRSs) or International Accounting Standards (IASs). However, Securities and Exchange Commission of Pakistan (SECP), being regulators, are empowered to lay down specific treatments in certain special circumstances which prevail over the requirements specified in the IFRS/IAS.