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Member CountriesAfghanistan Bangladesh Bhutan India Maldives Nepal Pakistan Sri Lanka

E NewsletterJan-March 2014

SAFA Mission‘SAFA as a forum of professional accountancy bodies is committed to positioning, maintaining and developing the accountancy profession in South Asian Association for Regional Co-operation (SAARC) Region and ensuring its continued eminence in the world of accountancy; in the public interest and towards broad economic development of the region.’

SAFA President Speaks

CA. Subodh Kumar AgrawalPresident, SAFA

Let me take this opportunity to express my gratitude towards our immediate past-President Mr. Abdul Mannan for steering the agenda of our Federation and strengthening its feet by taking up a lot of initiatives during his

tenure in 2013 working under his vision was a learning experience for me, and I am sure, others must have felt the same way. Knowing our strengths is not enough, we need to grow and learn from others. If we have integrity in our character, dedication in our purpose, selflessness in our approach and, overall, competence and knowledge in our actions, we can achieve everything possible.

I also find the time quite opportune topersonally acknowledge and formally congratulate Mr. Arjuna Herath on becoming the Vice-President of our Federation and I really look forward to the coming year full of cooperation and coordination, and initiatives

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and accomplishments. I am sure, with synchronized efforts from all quarters, we can bring in and sustain a rising curve of professional growth in the SAARC region.Let us all be committed to the betterment of accounting profession in the region, and thereby helping the IFAC and other regional accounting bodies in promoting their agenda of excellence in accountancy—in positioning the accountancy profession vis-à-vis world economy in larger public interest .

During our Karachi meeting held in March 2014, we had in principle decided that there would be one officer available to consider all correspondences relating to SAFA, and that should be marked by all member Institutes for the purpose. Then, we promised to have an e-Directory of SAFA. We also stressed on the timely publication of our annual reports. We decided to work on our website. We will have to exploit the available technological advancements in the interests of effective communication amongst us. All these steps are important in order to strengthen our communications. It is not just good enough to create directives, proposals and reports; success is, when we do that and we are not misunderstood. We do not want any barrier in communication to come in the way of our growth. Considering the age we are living in, an effective communication should not be a difficult proposition.

Earlier, we had focused our efforts on sustainable business practices and reporting, corporate governance standards, uniform accountancy education framework and capacity building of small and medium practitioners and promotion of professional ethics in the SAARC region. As expressed recently through our Action Plan, we want to organize more of theme-based conferences, workshops and seminars to strengthen the accountancy practices in our region, besides helping IFACand CAPA, and other professional accounting bodies in the region in accomplishing their objectives. We will conduct surveys and studies vis-à-vis global standards in order to help the accounting bodies of our region in IFRS convergence. Of course, besides that, this year too, we will put in our efforts to strengthen our base and position ourselves in our region while seeking and offering more cooperation and assistance from our members. Qualification and CPE reciprocity and IFRS convergence will be other chief agenda this year.

My vision is to build upon the work already undertaken in the past. I will see to it that the SAFA status as an instrumentality of SAARC whereby it has a relatively legal standing should come in handy to accomplish the same. Finally, it is an effective teamwork that pays. Therefore, I will urge upon all committees and taskforces, and all member bodies of the SAFA to work

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relentlessly in the interest of accountancy profession in the region. Although yet to be calculated, I am sure that the SAFA would be the accounting body having largest number of members and students. If it is so, we are giving out the largest force of competent accountancy professionals to the world. With coordinated efforts, we can actually transform our professionals into a globally competent accountancy workforce. We will not be away from becoming a formidable toweringaccountancy body in the world. We can then be in a position to control the policies of our profession across the globe, in the best interests of the SAARC countries.

We wish to audit our past. We wish to find out if the objectives stated by us in the past have been achieved. A proper log of complete and incomplete works should be before us in order to start on a new journey. In this context, we are also committed to historically analyze our objectives vis-à-vis achievements over the last 30 years of our existence. We have to find out a perspective to start and march forward. Though it is true that we regularly submit our annual activity reports to both IFAC and SAARC, we are not closed to the idea that much more has to be initiated and accomplished. We have literally miles to go before we rest.

Present is the right time to start a work; it is useless to wait for an opportune time to arrive.

Let us anticipate, plan and start putting in our efforts. Our efforts and accomplishments will produce that. All great accomplishments have begun with nothing. If we are committed, accomplishments will follow. Let us work the other way round and move ahead. Francis Bacon says: If we begin with certainties, we shall end in doubts; but if we begin with doubts, and are patient, we shall end in certainties. We should love our work because we may find ourselves in that, and that will be best reward.

CA. Subodh Kumar AgrawalPresident

South Asian Federation of Accountants (SAFA)

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ABOUT SAFASouth Asian Federation of Accountants formed in the year 1984 to serve the accountancy profession in the South Asian Region and uphold its eminence in the world of accountancy. SAFA is an Apex Body of the South Asian Association for Regional Cooperation (SAARC) and an Acknowledged Accounting Grouping of International Federation of Accountants (IFAC). SAFA represents over 300000 accountants having membership of the national chartered accountancy and cost and management accountancy institutions in the South Asian countries namely Bangladesh, India, Maldives, Nepal, Pakistan and Sri Lanka. SAFA came into existence at the initiative of the accounting professional bodies in the South Asian Region, which has a bond of culture and homogeneity of professional environment.

SAFA NEWS

SAFA events held at Colombo, Sri Lanka -20th to 22nd January 2014

30th SAFA Board Meeting

The 30th meeting of SAFA Board was held on 21st January, 2014 in the premises of CA Sri Lanka, Colombo. The following important decisions were taken at the meeting:

Preparation of comparative study of Fiscal & Tariff regimes in SAFA Countries. Preparation of comparative study of Transfer Pricing and International Taxation Provisions in

SAFA. Preparation of comparative study of CPD practices prevailing in SAFA member bodies. Preparation of study on corporate corruption in Financial Institutions of SAARC region. Preparation of rotation policy for the rotation of Chairman Ship amongst SAFA member bodies. Finalization of SAFA SMP Survey 2013.

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Preparation of comparative study report on the status of adoption of IFAC Code of Ethics for Professional Accountants (2013 Edition) by SAFA member bodies.

Preparation of comparative study on the status of Audit firm rotation in SAFA countries. To invite donor agencies and other regional Accountancy bodies as Observer to the meeting of SAFA

Board. To revise the SAARC aligned SAFA Strategy Matrix. To revamp the SAFA website to make it more robust and informative. To update the SAFA History Document. To consider organizing SAFA events at Maldives and Bhutan.

The Board also considered the draft action plan of SAFA for the year 2014 and also decided to invite comments from the Board Members.

77th SAFA Assembly Meeting

The 77th SAFA Assembly meeting was held on 21st January 2014. The Assembly ratified the appointment of CA. Subodh Kumar Agrawal, the then President of ICAI as President of SAFA for the year 2014 w.e.f. 1st January 2014. He was the Vice President of SAFA for the year 2013. The Assembly also ratified the appointment of Mr. Arjuna Herath, as Vice President of SAFA for the year 2014 w.e.f. 1st January 2014.

Coinciding with the meeting of SAFA Board and Assembly, various meetings of Technical committees of SAFA also took place on 20th January 2014.

IFAC- SAFA PAO Development workshop on 22nd January 2014

CA Sri Lanka hosted the PAO Development workshop held on 22nd January 2014 in the premises of CA Sri Lanka. Mr. Warren Allen, President IFAC made a presentation at the workshop. Ms. Marta Rusell, Technical Manager conducted the workshop. Representatives of Audit office of Maldives and AASB of Bhutan also attended the workshop. The workshop was focused on PAO development and capacity building of the Accountancy profession in the SAFA countries.

SAFA OFFICE BEARER 2014

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President

CA Subodh Kumar Agrawal

Vice President

Mr. Arjuna Herath

Safa Events at Colombo, Sri Lanka (20-22 Jan 2014)SAFA events held at Karachi, Pakistan – 9th to 11th March 2014

31st SAFA Board Meeting

The 31st SAFA Board meeting was held on 10th March 2014 at Karachi Pakistan. The following important decisions were taken place at the meeting:-

Preparation of detailed guidelines for evaluation of BPA Awards.

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To Invite Joint IFAC- SAFA regional SMP Forum on 10th October 2014 at New Delhi, INDIA. To organize SAFA committees and Board meeting on 8th-9th June 2014 at Maldives followed by SAFA

Seminar on Efficiently Managing SMP’s on 10th June 2014. Progress on various comparative studies/studies was noted at the meeting. Revamped SAFA website was launched at the meeting. To develop an Action Plan for the effective implementation of MOU signed by SAFA with EFAA, GRI

and AFA. Action plan of SAFA for the year 2014 was approved by the Board. To identify publications of SAFA for revision. To nominate Nodal officers to coordinate for SAFA matters.

Coinciding with the Board meeting, meetings of various committee meetings also took place on 9th

March 2014.

Safa Events at Karachi, Pakistan (9-11 March 2014)

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SAFA Member Body News

ICA BangladeshTraining for NGO-MFI Officials registered under MRA

A Training Program on ‘Financial Management’ for NGO-MFI Officials registered under Microcredit Regulatory Authority (MRA) has been started since 1st February 2014 at CA Bhaban, Dhaka. To ensure transparency and accountability of microfinance operations of NGO-MFIs as well as foster sustainable growth of this sector, ICAB is providing this training program to NGO-MFIs Officials (mainly Chief Accountants & Accountants) through Microcredit Regulatory Authority and 800 MFIs officials will receive training at this stage. Mr. Md. Abdul Karim, Managing Director of PKSF and Ms. Fawzia Zafreen, Director-1 of MRA were present as the Chief Guest and Special Guest in the inauguration of the training program on 01 February 2014. Till 19 February 2014, total 240 participants under 6 batches (40 participants per batch) completed their 2 days long training program in ICAB.

CPD Seminar on ‘BFRS-13: Fair Value Measurement’

A CPD Seminar on ‘BFRS-13: Fair Value Measurement’ was held at ICAB Chittagong Regional Office, Chittagong on 1 February 2014. Mr. Showkat Hossain FCA, President ICAB and Mr. Nasim Anwar FCA, Vice President ICAB graced the occasion as the Chief Guest and Special Guest. Mr. Ahmad Dawood FCA, CFO & Company Secretary, Chittagong Stock Exchange Ltd. in his Technical paper focused on the objectives of IFRS-13, measurement approach of fair value, valuation techniques, disclosure and Auditing fair values. Mr. Mohammad Solaiman FCA, Former President, Taxes Appellate Tribunal, Dhaka summing up the Session as Session Chairman. Good number of Members attended in the Seminar and many of them participated in the floor discussion.

Meeting with the World Bank Senior Representatives

A meeting between ICAB Council Members headed by President ICAB and Senior World Bank (WB) Representatives of the World Bank Dhaka Office headed by Ms. Suraiya Zannath Khan FCA, Sr. Financial

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Management Specialist, WB was held at ICAB Office on 9 February 2014. Meeting discussed about the implementation status of WB financed project titled ‘Promoting Public Private Partnership for Improved Quality Audit & Assurance’.

ICMA BangladeshThe ICMAB Convocation-2013 heldThe ICMAB Convocation-2013 was held on January 28, 2014. Mr. Abul Maal Abdul Muhit, MP, Hon'ble Minister for Finance, Government of the People's Republic of Bangladesh graced the occasion as Chief Guest and distributed certificates among the recipients.

ICA IndiaAppointment of New President and Vice-President of ICAI

The Council of the Institute of Chartered Accountants of India (ICA India), at its meeting held on 12th February 2014 at New Delhi, has elected new office bearers for a period of one year commencing from 12th February 2014. CA. K. Raghu from Bengaluru has been elected as new President and CA. ManojFadnis from Indore has been elected as new Vice President for the year 2014-15. Detailed profiles of these eminent luminaries of our profession are available on the link:http://icai.org/new_post.html?post_id=10359&c_id=240

CA. K. Raghu CA. Manoj Fadnis

President Vice-President

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Launch of ICAI Now and Knowledge gateway.

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Keeping with the latest trends and technologies, the ICAI has recently launches two new services namely ICAI Now Mobile App & ICAI Knowledge Gateway. These revolutionary services will help all its members, students and other stakeholders access vital information from wherever, whenever. More details on these services are available on:http://icai.org/new_post.html?post_id=10361&c_id=240

ICAI Action Plan: Moving Towards New Frontiers

ICAI will move towards new frontiers through securing better professional opportunities and avenues for its members in practice and industry, and empowering them with cutting-edge technology that will enable the ICA India to create a formidable and robust future for the profession. Empowerment of women members and attending to the need of generation next accountants will be one of our primary concerns. To this effect, the ICAI has introduced its Action Plan enumerating the tasks and activities that will remain in focus during the year 2013-14.

http://220.227.161.86/actionplan2014-15.pdf

Institute of Cost Accountants of India The Institute has successfully organized its 55th National Cost Convention (NCC 2014) at

Bhubaneswar, Odisha, India during 23-24 February 2014. The Institute acknowledges the presence of speakers and guests from SAFA region for making this Convention a Grand Success. The convention was attended by more than 600 participants. The theme of the NCC 2014 was Nation Building through Cost Competitiveness and Responsible Governance. The following important publications from the Institute were got released during the convention:

1. Anti-dumping - Relevance of Cost Information.2. Service Tax - Reading Material.3. Guidance Note on CENVAT Audit under Central Excise Law.4. Guidance Note on Value Added Tax - it’s Accounting & Auditing.

The Institute laid foundation stone of the Centre of Excellence at Ajmer on 28th January, 2014. The

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Centre of Excellence is being set up by the Institute in partnership with Institute of Chartered Accountants of India and the Institute of Company Secretaries of India. This Centre of Excellence at Ajmer is intended to focus at creating a knowledge hub, organizing of programs aimed at capacity building through financial literacy & accounting education for the benefit of local population, student activities, members activities, professional development activities, workshops and seminars, conducting research and outreach programs on Investors Education and Protection, corporate governance and the best practices globally followed in the areas of Accounting, Cost Management, Corporate Governance etc. and other activities in furtherance of the professions of the Professional Institutes.

The Institute has created a state-of-art office space for the Technical Directorate Extension Centre office at Chennai inaugurated on 17th Jan 2014.

ICA NEPALHosting of International Conference on Merger and Acquisitions in Banking & Insurance

Sector- coinciding with 17th Anniversary Program- 31st of January 2014

The Institute of Chartered Accountants of Nepal (ICAN) has organized one day International Conference on the theme “Merger and Acquisitions in Banking and Insurance Sector” at Kathmandu on Friday, 31st

of January 2014 coinciding with its 17th Annual Day Program. The conference was highlighted the accounting of merger and acquisitions and prevailing practices in Sri Lanka, Pakistan and Nepal. Merger and acquisition are the two important aspects of corporate strategy, corporate finance and management dealing with buying and selling of two or more entities in to a single entity that can help an enterprise to grow rapidly in its sector. The conference addressed the issues related with mergers and acquisitions in the national and international perspectives following accounting standards and practices thereon. Mr. Rajendra Theagarajah, CEO/Director, National Development Bank PLC, Sri Lanka, Mr. Adnan Rizvi, FCA, Partner, KPMG Taseer Hadi& Co, Pakistan and Mr. Ratna Raj Bajracharya & Mr. Sudarshan Raj Pandey from Nepal presented the technical papers. Around 200 participants were participated in the conference.

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ICA PAKISTANImproved Education and Assessment MethodologyThe classes under the New Education Scheme 2013 commenced in Registered Accounting Education Tutors. The teachers and students were provided with official study packs for Assessment of Fundamental Competencies. The model papers of Assessment of Fundamental Competencies and Certificate in Accounting and Finance are now available on the website.

The classes for Certificate in Accounting and Finance will commence after the last examinations under old scheme in March 2014. The study packs for this stage will also be made available to all students.

In addition to the above, following initiatives are in various stages of implementation:

The software that would be used for Computer Based Examination is ready for system audit.

The Institute has signed an agreement with National Testing Center of the country for the conduct of CBE all over the country.

Education delivery mechanism is now ready for implementation in March 2014.

The new training regulations are being actively considered and efforts are being made to bring the training environment at par with the international best practices. The same is expected to be launched this year.

The Education Committee has constituted a special task force to consider the Industrial training and the task force is working diligently on the same.

IFAC NominationsIt is a great honour that after Mr. Yacoob Suttar nomination at the IFAC PAIB committee another Council member viz. Mr. Abdullah Yusuf has been elected as member to International Public Sector Accounting Standards Board.

ICMA PAKISTSNConference on 'Corporate Governance for the Public Sector Entities'

"Conference on Corporate Governance for The Public Sector Entities" was organized by National Council & Lahore Branch Council in collaboration with World Bank on 15th March, 2014 at Khurshed

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Mahal, Avari Hotel, and Lahore. Mr. Zia-ul-Mustafa Awan, President, ICMAP was the Chief Guest of the occasion. Mr. Nazir Ahmad Shaheen, Executive Director, SECP and Mr. Muhammad Iqbal Ghori, CFO, FESCO, were the technical speakers. Mr. Abdul Khalil, Member National Council and Mr. Muhammad Yasin, Chairman, Lahore Branch Council were the other speakers on the occasion.

Workshop on Corporate Governance in Utility Sector

The National CPD, Seminars and Conferences Committee of the Institute organized a Workshop on Corporate Governance in Utility Sector on 6th March, 2014 at Islamabad. The Workshop was attended by Board of Directors of Multan and Peshawar Electric Supply Companies. This event was organized in collaboration with USAID.

CMA SRI LANKA Certified Management Accountant Journal - March 2014

The Institute published the March 2014 issue on the theme "SME sector a dominant contributor to GDP" and was distributed to members free of charge.

CA SRI LANKACA Sri Lanka Public Sector Wing held capacity building programs in accountancy in the East

The Association of Public Finance Accountants of Sri Lanka (APFASL), the public sector wing of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), held a series of capacity building programs targeting accounting professionals in the Eastern Province. The training program wasconducted by Mr. V Kanagasabapathy, President, APFASL and Mr. K L Perera, Secretary, APFASL, in Batticaloa. They educated chief accountants, accountants, internal auditors and other accounting professionals attached to the local government bodies on the Sri Lanka Public Sector Accounting Standards and how they could prepare and present the respective financial statements of provincial councils, district secretariats, divisional secretariats, local authorities and other institutions under

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accrual accounting in compliance with the public sector accounting standards. Their objective being to conduct these awareness programs throughout the country in the year 2014.

http://www.casrilanka.com/casl/index.php?option=com_content&view=article&id=1206%3Aca-sri-lanka-public-sector-wing-kicks-off-2014-with-capacity-building-programmes-in-accountancy-in-the-east&catid=50%3Ageneral&Itemid=156&lang=en

CA Sri Lanka launched its much sought after cyber-crime fighting diploma in February 2014

The much sought after cyber-crime fighting diploma offered by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) launched in mid-February and was conducted by a versatile expert from India, who specialized in the subject. The Diploma in Information Systems Security Control and Audit (DISSCA) conducted jointly by CA Sri Lanka and the Institute of Chartered Accountants of India has received rave reviews with participants of the past programs terming the diploma course as a program that enhances skills and helps add value to their career.

http://www.casrilanka.com/casl/index.php?option=com_content&view=article&id=1191%3Aca-sri-lanka-to-kick-off-its-much-sought-after-cyber-crime-fighting-diploma-this-month&catid=50%3Ageneral&Itemid=156&lang=en

Permanent SecretariatC/o The Institute of Chartered Accountants of India, ICAI Bhawan,

P.O. Box 7100, Indraprastha Marg, New Delhi - 110002, IndiaEmail: safa@icai.in Website: www.esafa.org