ICAP – Newswire Pakistan

June 21, 2022June 22, 2022

ICAP working group is reviewing the international sustainability reporting standards

Karachi, June 21, 2022 (PPI-OT):The Institute of Chartered Accountants of Pakistan (ICAP), under the Accounting Standards Board, has formed a working group to review the draft sustainability reporting standards published by the International Sustainability Standards Board (ISSB).

The IFRS Foundation established the ISSB at the 2021 United Nations Climate Change Conference (COP26) with the vision to develop comprehensive global high-quality IFRS Sustainability Disclosure Standards. ISSB has issued drafts of two IFRS Sustainability Disclosure Standards for stakeholder consultations and feedback. The draft standards include IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information, and IFRS S2, Climate-related Disclosures.

IFRS S1 requires companies to provide material information about all the significant sustainability-related risks and opportunities necessary to assess enterprise value. These proposals respond to calls from primary users (investors, lenders, and other creditors) of general purpose financial reporting for more consistent, complete, comparable, and verifiable sustainability-related financial information to help them assess an entity’s enterprise value.

IFRS S2 contains requirements for disclosures of material information about significant climate-related risks and opportunities. These disclosures will provide information about how climate-related matters and the associated risks and opportunities affect the company’s financial position and financial performance and the time horizon and amounts involved will help stakeholders in assessing the enterprise value. The disclosures will also provide information about the company’s strategy and business model.

The sustainability reporting will be connected with the financial statements and corporate reporting as it will be part of the company’s annual general-purpose reporting. The draft standards do not specify the effective date, and it will be for the local jurisdictions to set the adoption date of the standards. ICAP working group is currently reviewing draft IFRS S1 and IFRS S2 with the objectives to collate the views of Pakistan stakeholders and highlight their concerns and advocate Pakistan’s interests before ISSB.

For more information, contact:
Media Coordinator,
Institute of Chartered Accountants of Pakistan (ICAP)
Chartered Accountants Avenue, Clifton
Karachi-75600, Pakistan
Tel: +92-21-111-000-422
Fax: +92-21-99251626
Cell: +92-300-2128185
Website: https://www.icap.org.pk/

May 19, 2022May 20, 2022

ICAP holds CFO Conference 2022 at Lahore

Lahore, May 19, 2022 (PPI-OT):The Professional Accountants in Business (PAIB) Committee of the Institute of Chartered Accountants of Pakistan (ICAP) organized CFO Conference 2022 on the theme ‘Embracing the role as Chief Value Officer’ on Thursday at a local hotel venue. Mr. Samiullah Siddiqui FCA Chairman PAIBC and Council Member ICAP in his address welcomed all the key note speakers, dignitaries, sponsors and guests. He also thanked all the sponsors for coming forward in supporting CFO conference 2022 on much needed topic “Embracing the role as Chief Value Officer.

Mr. Ashfaq Yousuf Tola, President of ICAP welcomed the guests and congratulated the organizing committee, council members, sponsors, and the participants. He said that this conference is very valuable as it is providing 500 years of experience in just a single day. He said that after Covid -19 pandemic a very fast technological advancement can be seen clearly leading the world to move very fast. Mr. Tola highlighted that the economy is the key pillar of sustainability, and in order to have the value of ascertaining, one needs to be updated and make appropriate decisions towards sustainability.

Mr. Paul Papadimitriou Founder and CEO of Intelligencer delivered a keynote speech on “A Peek into the World’s Financial and Economic Landscape. He said that Pakistan has a great potential to benefit from these faster dynamics as many rural areas in Pakistan are shifting into cities. Despite increasing inflation, Pakistan being a high-potential country is an opportunity for companies looking for outsourcing. CFOs need to be transcendent leaders who empower others in order to get maximum quality output. He said that technology is a great opportunity and always creates value in an organization irrespective of the fact that the country is rich or poor. He emphasized the importance of human assets that we have in the shape of youth. Around 2.5 billion people are entering the middle class and around 1 billion women are new emerging workforce.

Dr. Ahmad Junaid of KSBL presented the result of the CFO Survey 2022, the survey entailed collective insights from 300+ CFOs, Finance Directors, and Financial Controllers of diversified industries from within Pakistan. It will help businesses understand macroeconomic expectations, capital availability, tech perspective, workforce requirements, and other pressing concerns in Pakistan to make informed decisions. Sustainability is the burning topic these days and it is not a choice anymore, especially in Pakistan we have to make it available to everyone the reason to conduct this survey is to reduce the lack of communication among finance professionals. The conference hosted various key sessions on diversified subjects and featured prominent entrepreneurs and members of the business fraternity of Pakistan.

May 13, 2022May 14, 2022

CFO Conference 2022 – Embracing the Role as Chief Value Officer

Karachi, May 13, 2022 (PPI-OT):The Professional Accountants in Business (PAIB) Committee of the Institute of Chartered Accountants of Pakistan (ICAP) is organizing CFO Conference 2022 on May 17 and 19 in Karachi and Lahore respectively. The conference will be attended by government officials, leading economists, finance leaders, national and international key opinion leaders and subject matter experts.

Since 2010, ICAP has organized 20 CFO Conferences across the country with participation of over 9,000 participants, business leaders and finance professionals. In 2020, online conference was held in which around 25,000 professionals participated from across the globe.

The world has dramatically and drastically changed and is ever- evolving with a faster pace than expected. The shifts and transformations are challenging the existing economic and business models, thereby pushing the business leaders to think differently and redefine their business strategies and leadership styles to lead and succeed. Considering the ever-evolving role of Chief Financial Officer into Chief Value Officer, the theme of this year’s Conference is ‘Embracing the role as Chief Value Officer’.

The CFO Conference 2022 will gather finance and business leaders to discuss the trends shaping the financial and economic landscape of Pakistan and the rest of the world. This year Conference agenda includes a blend of 40 international and local speakers, thought leaders sharing their experience and knowledge on CFO’s role in ESG led value creation, agile organizations, becoming a transcendent leader, the rise of high growth ventures and gaining strategic and financial leverage with technology.

The conference key note speakers are Dr. Alnoor Bhimani, Professor and Director of South Asia Centre at the London School of Economics and Political Science and Paul Papadimitriou, CEO, Intelligencr. Mr. Farrukh H Khan, MD and CEO, Pakistan Stock Exchange, Mr. Kevin Dancey, CEO, International Federation of Accountants, Dr. Amjad Saquib, Founder, Akhuwat Foundation and Dr. Nurmazilah Dato’ Mahzan, CEO, Malaysian Institute of Accountants will also share their thoughts in the Conference.

Mr. Samiullah Siddiqui, Chairman, Professional Accountants in Business Committee and Council Member, ICAP and Mr. Ashfaq Tola, President ICAP will share the Conference objectives, vision and the Institute’s contribution towards the finance and economic sector of Pakistan. The conference will also feature an evening with Pakistan’s legendary poets Mr. Iftikhar Hussain Arif and Mr. Ata ul Haq Qasmi.

December 22, 2021December 23, 2021

ICAP holds Grand Finale of National Finance Olympiad 2021

Karachi, December 22, 2021 (PPI-OT):The Institute of Chartered Accountants of Pakistan (ICAP) in collaboration with Unilever Pakistan organized the Grand Finale of the annual mega finance competition, National Finance Olympiad 2021 to bring to limelight the finance talent of the country at a local hotel in Karachi. According to a statement on Wednesday, the National Finance Olympiad 2021 started with registrations of 39 teams represented by 117 Chartered Accountants and Finance professionals from renowned private and public sector organizations across Pakistan.

The event comprised of the initial qualifying round where ICAP was supported by leading professional firms as Technical Partners. The second round comprised of Harvard Simulation, which was led by Karachi School of Business Leadership (KSBL) as our learning partners. The second round also included an activity session which was led by Carnelian.

The top six teams qualified to compete against each other in the Grand Finale included K electric, Thal Limited – House of Habib, Tabani’s school of accountancy, United Bank Limited, ARTT Business School and Account Ants. The Grand Finale encompassed three intriguing rounds Buzzer round, The Board Room and 100- seconds. ARTT Business School was judged as The National Finance Olympiad Champion 2021 followed by Thal Limited – House of Habib and Account Ants as 1st and 2nd Runners Up respectively.

Mr. Ashfaq Yousuf Tola, FCA, Vice President ICAP welcomed the participants and shared the concept and objectives of the competition. He said that the main purpose of the event was to engage finance professionals in their professional development in a unique way, place them against each other in a healthy competition and encourage them to discover their potential, exhibit their talent and celebrate their competence in a befitting manner. The finance competition has become one of the integral events of ICAP, as it offers a unique experience to finance professionals through expanding their knowledge and strategic thinking, challenging their boundaries and winning tremendous recognition.

He further added that, the world has undergone unprecedented changes and the pace of change will only increase. This will have a significant impact on the world economy and working professionals will have to become accustomed with these changes. To survive and remain relevant, professionals need to invest in attaining new skills. The National Finance Olympiad is a unique initiative by ICAP providing a distinctive platform to finance professionals working in industry and firms to come together, compete and celebrate their competence and acquire new knowledge and skills.

The Vice President congratulated the proud winners and showed gratitude to the NFO organizing team comprising Unilever, KSBL, Carnelian, PAIB committee, jury members, evaluators, ICAP Examinations Department, Information Technology Department, MarCom and everyone who made this event a success.