The Council of the Institute on recommendation of the Accounting Standards Board recommends adoption of IFRS and IAS to the SECP.
SECP notifies the adoption through the Official Gazette.
Islamic Financial Accounting Standards
The Institute’s Working Group on Accounting and Auditing Standards for Interest Free Modes of Financing and Investments consisting of various stakeholders, regulators, scholars and practitioners has developed IFAS-1, IFAS-2 and IFAS-3.
The Standards are available to download here.