The Institute of Chartered Accountants of Pakistan (ICAP-KSA Chapter) held the Second Pakistan-Saudi Accountancy Seminar entitled “Global Challenges, Local Solutions-Accounting to the Rescue” at a local hotel here Wednesday night.
Speaking on the occasion, Pakistani Ambassador Muhammad Naeem Khan praised the chartered accountants for creating an official platform for their community. He also promised them continued support.
Khan emphasized the common culture, trade and religion of Pakistan and the Kingdom. He urged the community to promote greater interaction and build new relationships.
Amin Qureshi, ICAP-KSA chapter president, highlighted the achievements of the chapter, including the holding of ICAP exams in Riyadh and monthly professional development activities in Riyadh, Dammam and Jeddah.
Ahmed Saeed, ICAP president in Pakistan, congratulated the ICAP-KSA chapter on the scale and relevance of the seminar. He stressed the importance of the accounting profession.
Ahmad Almeghames, Saudi Organization for Certified Public Accountants (SOCPA) secretary general, praised the good ties between SOCPA and ICAP. He presented the latest accounting developments including convergence with International Financial Reporting Standards (IFRS).
He said that SOCPA had been nominated as the first IFRS board trustees from the Muslim world.
He expects the convergence to take approximately five years given the complexities still surrounding the Shariah compliance aspects of transactions that IFRS has started to review.
The keynote speaker Kashif Rana, ACWA Power chief financial officer, emphasized the convergence and its practical implementation and challenges.
Leading managing partners from the Middle East deliberated on the subject “Impact of Convergence of Saudi Standards to IFRS” in a panel discussion.
The consensus was that the convergence, while it may come at a cost requiring developing an eco-system of expertise, manpower and certain skill set, also provided an upside in terms of transparency and global recognition.
The seminar was organized with the support of SOCPA and attended by 180 professionals from the accountancy, audit and the finance sector. Many Saudi finance professionals also attended, including from Dammam, Jeddah and the United Arab Emirates.
Envoy stresses on culture and trade at Saudi-Pak accountancy seminar
