Financial standards centre to be set up

KATHMANDU, NOV 29 -

The Asian-Oceanian Standard Setters Group (AOSSG) is setting up the International Financial Standards (IFRSs) centre for excellence in Kathmandu soon.

The centre will help Nepal harmonise its accounting standard with respect to the international standard. The centre will also contribute in training, education and skill development of professionals in the country.

Inaugurating the fourth annual AOSSG meeting in Kathmandu, Finance Minister Barsa Man Pun said there is a huge gap between the accounting standard Nepal is following and the one that is followed internationally.

“It is essential to update our standard at par to international standard in order to win the confidence of foreign investors,” said Pun. “Foreign investors are comfortable only when financial reporting and accounting standard are of international standard.”

Speaking at the meeting, Kevin Stevenson, chairman of the group, said they will initiate a study to implement international accounting standard in Nepal. Narayan Bajaj, chairman of the Accounting Standard Board of Nepal, said every business , regulatory bodies and other stakeholders should understand IFRS codes.

Source: The Kathmandu Post