Committee Details
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Committee on Accounting and Auditing Standards

Welcome to the web page of Committee on Auditing and Accounting Standards Chairman



Mr Reyaz Mihular, ICA Sri Lanka


Mission

The mission of the committee is to promote transparency and accountability and to develop, disseminate and promote implementation of better accounting and auditing standards and best practices among the countries in the SAFA region.

Objectives
  1. To undertake an initial survey of the National Accounting and Auditing Standards prevalent within the member bodies of the SAFA Region, with a view to harmonizing standards prevalent in the region.
  2. To compare the level of compliance of the National Standards of SAFA member countries with the respective International Standards and prepare a report setting out the gaps arising from the said study.
  3. To identify the region specific issues not addressed by the International Standards and either lobby the IASB and the IAPC to include such items in the next revision of the relevant standards or alternatively consider issuing modification and or additional standards to meet such needs.
  4. To set up a mechanism to respond to requests for comments from both IASB and IAPC on Exposure Drafts of proposed IAS or IAS’s or SIC interpretations on a SAFA Response Basis in addition to the comments that the respective National Member Bodies may make on the said Exposure Drafts separately.
  5. To arrange for regional programmes aimed at enhancing the level of awareness among the Members of the SAFA Member bodies and the business community within the SAFA Region of the objectives and practical application of these Standards and their contribution to greater transparency and quality of financial reporting in the region.
  6. To facilitate exchange of information on the methodologies adopted and the experience gathered by the Members bodies and Regulatory Agencies in the countries of the SAFA region to monitor compliance with these standards by their Members and the business community in their respective countries.
  7. To set up joint working groups to develop where necessary region specific standards not yet addressed by the International Standard setting bodies owing to their insignificance or lackof urgency from an international perspective. The output from these working groups can form the basis for National Standards that may be adopted by the Members bodies of the SAFA.
  8. To encourage research among Members of the SAFA Member bodies on issues related to Accounting and Auditing Standards, leading eventually to an Annual award of a Medal in recognition of the best contribution after an evaluation process initiated by the Committee.