Committee on Accounting Standards
The mission of the committee is to promote transparency and accountability and to develop, disseminate and promote implementation of better accounting standards and best practices among the countries in the SAFA region
1. To undertake an initial survey of the National Accounting 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 lobby the IASB 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 IASB on Exposure Drafts of proposed IAS 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 lack of 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 Standards, leading eventually to an Annual award of a Medal in recognition of the best contribution after an evaluation process initiated
|CA Sri Lanka (Chairman)
|Mr. Manil Jayesinghe
|Mr. Muhammad Farooq
|Mr. Md. Kausar Alam
|CA. Pramod Jain
|Institute of Cost Accountants of India
|CMA (Dr.) V Murali
|CA. Surendra Shrestha
|Mr. Farrukh Rehman
|Mr. Awais Yasin
|CMA Sri Lanka
|Mr. Ruchira Perera
|Mr. Ibrahim Fazee