@ Omer
I feel offended Omer.
Never tell a BBA (hon.) finalist specializing in Finance (which I am by choice) that he does not know or at least has not studied accounting standards. I never said Pakistani courses don’t follow International Accounting Standards, I said “Pakistani books” and this I referred to the books on accounting topics written by Pakistani writers.
Secondly, IASB (International Accounting Standard Board) and FASB (Financial Accounting Standard Board) are two boards who set Accounting Standards they have recently reaffirmed their commitment to improve International Financial Reporting Standards (IFRS) and U.S. generally accepted accounting principles (U.S. GAAP) and to bring about their convergences. They already have in between them 2006 Memorandum of Understanding (MoU), as updated in 2008. IFRS is one thing and IAS could be another.
On the other hand, many of the
standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On 1 April 2001, the new IASB took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and SICs. The IASB has continued to develop standards calling the new standards IFRS.
Now let me come again, the way we in recent days refer to International Accounting Standards is that they are any Accounting Standards recognized internationally. Let me assure you one thing at least, you are not totally wrong and I am totally right. Hope you understand.
Finally, MBAs can never take CAs’ work, CAs are Chartered Accountants and we grow up to be a Financial Analyst. This is my point of view don’t quote me on this. And I even doubt if a CA has more prospects in out of Pakistan than an MBA from internationally recognized university. I am mentioning this only for the sake of mentioning. I am neither trying to prove anything nor trying to answer.
I whole heartedly say, I respect you a lot Omer. I have always loved your name before even knowing you. It’s just that I have recently taken a Financial Statement Analysis hourly (Mid-term).
