Pakistan taking steps to comply with IFRS by 2009

The Securities and Exchange Commission of Pakistan (SECP) and the Institute of Chartered Accountants in Pakistan (ICAP) have agreed, in principle, to take urgent necessary steps to ensure full compliance with International Financial Reporting Standards (IFRS). This applies to listed companies (other than banks and financial institutions) in respect of the financial statements for the year ending December 31, 2009. (Read the President’s Communication - 1.)