annual activity report 2014 - south asian federation of...
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Member Countries
Afghanistan
Bangladesh
Bhutan
India
Maldives
Nepal
Pakistan
Sri Lanka
South Asian Federation of Accountants (An Apex Body of SAARC)
Annual Activity Report 2014
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.’
Member Bodies
Full Members
Member Body Established Year
ICA Bangladesh Established in 1973
ICMA Bangladesh Established in 1977
ICA India Established in 1949
ICA India (erstwhile ICWAI) Established in 1959
ICA Nepal Established in 1997
ICA Pakistan Established in 1961
ICMA Pakistan Established in 1966
CMA Sri Lanka Established in 1959
CA Sri Lanka Established in 1999
Associate Member
Certified Practicing Accountants of Members(CPA Maldives) Established in 2010
Permanent Secretariat
c/o The Institute of Chartered Accountants of India ICAI Bhawan, P.O. Box No. 7100, IndraprasthaMarg,
New Delhi – 110002, India Phone: 00 91 11 30110404, 30110487
Fax: 00 91 11 30110581, 30110591 E-mail: [email protected]
Website: www.esafa.org
Office Bearers - 2014
Office Office Bearer
President CA. Subodh K. Agrawal, ICA India
Vice-President Mr. ArjunaHerath, CA Sri Lanka
Permanent Secretary Mr. T. Karthikeyan, ICA India (resigned on 31st October)
Acting Secretary Mr. V. Sagar, ICA India
Executive Secretary Mr. RakeshSehgal, ICA India
Assistant Executive Secretary Mr. ArunaAlwis, CA Sri Lanka Mr. ArunaAlwis, CA Sri Lanka
SAFA Board Memebrs2014
Member Body
Board Member Email Phone Photos Board members
ICA India CA Subodh Kumar Agrawal
Email: [email protected], [email protected]
Phone: +91 9830022848, 9871122848
ICA Bangladesh
Mr. ShowkatHossain Email: [email protected] , [email protected]
Tel: +880-2-9117521, 9115340, 9137847 Mobile: +880 1819321732
ICMA Bangladesh
Mr. Mohammed Salim Email: [email protected]
Phone: +880 1711 644859
ICA India (erstwhile ICWAI)
Dr. A. S. durgaprasad Email: [email protected]/ [email protected]
Phone: +91-040-24048410 Mobile: 919910030124/ 919440676392
ICA Nepal Mr. NarendraBhattarai Email: [email protected]
Mobile:- +977-98510-82391
ICA Pakistan Mr. YacoobSuttar Email: [email protected]; [email protected]
Mobile:- 0092 300 2021520
ICMA Pakistan
Mr. Zia ul Mustafa Email: [email protected], [email protected]
PH(O): [+92] (21) 99243027 Mobile: 0092-301-8447799
CMA Sri Lanka
Prof. Lakshman R Watawala
Email : [email protected]
Phone: +94777318565
CA Sri Lanka Mr. ArjunaHerath Email: [email protected], [email protected]
PH: +94773647437
Committee(s)/Task Forces of SAFA
Sno Committee(s)/Task Force Chairman
1
Committee for Improvement in Transparency, Accountability and Governance Mr. LasanthaWickremasinghe
2
Committee on Accounting and Auditing Standards Mr. Mohamed ReyazMihular
3
Committee on Education, Training and CPD CA. K. Raghu
4
Committee on Professional Ethics and Independence Mr. ASM Nayeem
5 Committee on Quality Control Mr. Syed NajmulHussain
6
Committee on Professional Accountants in Business Mr. TCA Srinivasa Prasad
7 Small & Medium Practices Committee CA. ManojFadnis
8
Committee on Harmonization of Fiscal & Tariff Regimes in SAFA Region Mr. Suvod Kumar Karn
9
Committee on Governmental and Public Sector Enterprises Accounting Mr. Sajjad Ahmed
10 International Relations Committee Prof. Lakshman R Watawala
11
Task Force to develop strategy to combat corruption in SAARC region Mr. SayyidMansoobHasan
12
Task Force to implement Basel-II Report in SAARC Countries Mr. Muzaffar Ahmad
Past Presidents
Name Country Year Mr. P. N. Shah India 1984 and 1985
Mr. Lakshaman R. Watawala Sri Lanka 1986
Mr. E.S.H. Dahodwala Pakistan 1987
Mr. M. Yunus Bangladesh 1988
Mr V. Kalyanaraman India 1989
Mr.MianMumtaz Abdullah Pakistan 1990
Mr. HabiburRahman Bangladesh 1991
Mr. K.M. Agarwal India 1992
Mr. N.A.L. Cabraal Sri Lanka 1993
Mr. EbrahimSidat Pakistan 1994
Mr. Jamal Uddin Ahmad Bangladesh 1995
Mr. K.R.S. Sastry India 1996
Prof.DrKhawajaAmjadSaeed Pakistan 1997
Mr. Hafizur Rahman Bangladesh 1998
Mr. T.S. Vishwanath India 1999
Mr. LalNanayakkara Sri Lanka 2000
Mr. Mohammed Kaliya Pakistan 2001
Mr. ZahirUddin Ahmad Bangladesh 2002
Mr. Ashok Chandak India 2003
Mr. BadruddinFakhri Pakistan 2004
Md.Nurul Hassan, Bangladesh 2005
Mr. Sunil Goyal India 2006
Mr. Indrajith Fernando Sri Lanka 2007
Mr. Syed Md. ShabbarZaidi Pakistan 2008
Mr. Sheikh A. Hafiz Bangladesh 2009
Mr. Komal B. Chitracar Nepal 2010
Mr. A.N. Raman India 2011
Mr. Muhammad Rafi Pakistan 2012
Mr. Abdul Mannan Bangladesh 2013
From The President
CA. Subodh Kumar Agrawal
President, SAFA
As the President of SAFA, this is going to be my last message. I am sure that year 2014 will be
remembered as a flourishing and vibrant year for SAFA as it has not only published its glorious
history of three decades but has also finalized more than 10 studies undertaken by its various
technical Committees and Task Forces. The Committees and Task Forces have all worked
extremely professionally and mostly have been able to deliver what was expected of them.
With the technical assistance of World Bank, SAFA has also launched its Virtual Knowledge and
Training Centre for Financial Reporting in South Asia. I am sure that the Knowledge Centre
would be a milestone for the development of accountancy profession in the region and soon
we will see a more vibrant SAFA taking a leading role in the development of accountancy
profession regionally and globally.
Given the fact that SAFA is as an Apex body of SAARC, we have continued to respect the spirit
of co-operation underlying the activities of the South Asian Association for Region Co-operation
(SAARC) and explored ways and means to inculcate increased co-operation amongst member
bodies. SAFA has tried to align its work plan with SAARC objectives. SAARC Aligned Revised
SAFA Strategy Matrix has been prepared to align the work output of the individual committee
with the areas of cooperation identified by SAARC.
During current year various new initiatives have been taken for the branding of SAFA including
preparation of lapel pin; publication of official directory; revamping of website; mass emails to
IFAC member bodies; extending invitation to donor agencies & other stakeholders; closer
cooperation with IFAC and SAARC; participation at World Bank event and alike. Two historic
joint events with IFAC and first ever SAFA Women Members Conference were organized apart
from various theme based conferences and seminars organized by member bodies under SAFA
banner on various topics of professional interest.
SAFA has proven its importance to develop the accountancy profession in South Asian Region,
including the development of SAARC countries wherein accountancy profession is at initial
stage of development. Our continued efforts led to successful holding of SAFA events at
Maldives including meeting with His Excellency President of Maldives. We have also submitted
draft Act for incorporation of professional accountancy organization in Maldives. I am sure that
our continuous efforts will pave way for setting up of professional accountancy organization in
Maldives. We had also submitted a proposal to Ministry of Finance, Bhutan exploring the
possibility of organizing SAFA events at Bhutan and quiet hopeful of organizing SAFA events at
Bhutan in next year.
We have covered a lot of ground and have been able to move forward in some areas of SAFA
objectives, but we have still a long way to go. We need to grow and learn from others. If we
have integrity in our character, dedication in our purpose, selfness in our approach and, overall
competence and knowledge in our actions, we can achieve everything possible.
Last but not the least, I must thank my colleague and close associate Mr. ArjunaHerath, Vice-
President of the Federation for his support. I am sure that he will take the Federation further
higher under his able leadership. I would also like to express my sincere thanks to Board
Members, Heads of Member Bodies and other representatives of member bodies on various
Committees of SAFA for their unsolicited support and cooperation. I thoroughly enjoyed serving
the accountancy profession as President of this esteemed organization.
By the time you will be reading this message, we will already be in 2015. Therefore I wish you
all a happy and prosperous new year. May the New Year bring more and more moments of
happiness and prosperity in your life.
CA. Subodh Kumar Agrawal
President 2014
South Asian Federation of Accountants (SAFA)
The year that was 2014
2014 was a year of resounding attainments and exhilarating developments for the South Asian Federation of Accountants (SAFA). The following activities highlight the direction in which the efforts of SAFA headed during the year, some of which might prove to be milestones for SAFA:
Eight highly productive meetings of SAFA Board were held, two each in India and Pakistan, one each in Bangladesh, Sri Lanka, Maldives and Nepal.
Revised SAARC Aligned SAFA Strategy Matrix has been prepared to align the work output of the individual committee with the areas of cooperation identified by SAARC.
Closer cooperation was maintained with SAARC and IFAC. Recognition of SAFA as Regional Organisation of IFAC was actively pursued during the year.
Ten Conferences/Seminars/Workshops were organised under SAFA Banner on professional and economic issues.
Conferences/Seminars were addressed by Prime Minister, Ministers, Governors of Central Banks, besides other eminent speakers including President of International Federation of Accountants and the representatives of World Bank and IFAC.
Two joint programs with IFAC namely SAFA –IFAC PAO Development Workshop in January at Colombo, Sri Lanka and SAFA-IFAC Regional SMP Forum in October at New Delhi, India were organised.
The first ever exclusive SAFA Women Members Empowerment Conference was held at New Delhi, India in October.
SAFA Best Presented Annual Report Awards & SAARC Anniversary Awards for Corporate
Governance Disclosures Ceremony 2012 and 2013 were organised in March 2014 at Islamabad, Pakistan and in December 2014 at Bhubaneswar, India respectively.
Chairman, Small & Medium Practices Committee of IFAC addressed the SAFA Board Meeting held in October 2014 at New Delhi.
The first ever historic meeting of SAFA Board, Committee meetings and SAFA Workshop were organised in Maldives that was hosted by its Audit Office. Coinciding with the event Office Bearers also met His Excellency President of Maldives for the establishment of Professional Accountancy Organization in Maldives.
Draft Act for incorporation of Professional Accountancy Institute was submitted to Audit Office of Maldives.
CA Subodh Kumar Agrawal, President SAFA was amongst one of the Panelists in World Bank Event on 10th Nov at World Congress of Accountants 2014 held at Rome, Italy. SAFA Delegates also attended the World Bank event.
Document on 30 years history of SAFA titled ‘The History of South Asian Federation of Accountants –A Glorious Journey Spanning Last Three Decades’ was released in December 2014 at Bhubaneswar, India.
SAFA website has been redesigned to make it more informative and interactive.
Virtual Knowledge and Training Centre for Financial Reporting in South Asia was launched in December 2014 with the technical assistance of World Bank.
Official Directory of SAFA was published.
Quarterly E-Newsletter of SAFA was initiated and lapel pin of SAFA was prepared for the
branding of SAFA.
A new Committee on NPOs and Cooperative Sector was constituted under the Chairmanship of ICMAB.
The following studies have been finalized during the year:
Comparative Study of Fiscal Laws & Tariff Regimes in SAFA Countries Comparative Study of Transfer Pricing provisions in SAFA countries Desk Study Report on Anti Corruption Laws prevailing in SAFA countries Comparative Study Report on the status of adoption of IFAC Code of Ethics for
Professional Accountants (2013 edition) by SAFA Member Bodies Comparative Study Report on the status of Audit Firm Rotation in the countries of SAFA
member bodies SAFA Code of Ethics for Professional Accountants of SAARC Region Comparative Study of CPD practices prevailing in SAFA member bodies Comparative Study of Entry and Professional Accountancy Education Requirements of
SAFA Member Bodies Study on Best Practice on Corporate Governance for South Asian Countries Survey Report on Key Issues confronting SMPs & SMEs in SAARC Region Comparative Study on Double Taxation Avoidance Agreements (DTAA) in SAFA
Countries Comparative Study Report on Status of Quality Control Review System in SAFA Region SAFA Statement of Recommended Practice for Not for Profit Organizations (Including
Non Governmental Organizations) (Revised)
Following new projects were initiated:
Comparative Study Report on status of Integrated Reporting in SAFA Region Comparative Study Report on Corporate Governance and Accountant’s Role in SAFA
Region Study Report on implementation of BASEL-II Report in SAFA Region
Students exchange programmes were organised by member bodies under SAFA banner.
SAARC Charter Day was celebrated in a befitting manner.
Annual Activity Report 2014
Introduction
South Asian Federation of Accountants (SAFA), an Apex Body of SAARC was set up in 1984 for promoting the accounting profession in the countries in South Asia and internationally with a mission to bring the accounting bodies in the region together at a common forum and facilitate professional cooperation in the areas of education, training, technical and ethical standards.
SAFA as an Apex Body of SAARC and an Acknowledged Accounting Grouping of IFAC has been playing a pivotal role for the harmonization of professional standards in the areas of accounting, auditing, ethics and education and is committed to raise the level of profession in the Region. SAFA provides special impetus to cooperation amongst its member bodies for the overall growth of the accountancy profession in the SAARC region and explores means in which, it as a representative forum, could play prolific role in the development of the accountancy profession.
The role being played by SAFA for the development of the accountancy profession in the SAARC Region and for the economic development of the Region as a whole has been exemplified through the innovative work being carried through its various technical Committees working in the area of education, accounting & auditing standards, government accounting, quality control, ethics and many other emerging issues of accountancy profession.
During period under report, SAFA has identified following thrust areas in the overall context of SAFA mission of positioning, maintaining and developing the accountancy profession in public interest and playing a broader role in the regional economic development.
Augmenting visibility though increased stakeholder engagement
Positioning SAFA as an effective Regional Forum
Increased international convergence
Qualification Reciprocity with in Region
Increase Member Body cooperation
Promote Sustainable Business Practices and Reporting in SAARC
Strengthen Corporate Governance Standards in SAARC
Assist SAARC Governments in Accounting and taxation related areas
Capacity Building of Small & Medium Practitioners (SMPs) in SAARC Region.
Promote professional ethics in SAARC Region and to work towards reducing corporate corruption in SAARC Region.
The individual action plan of its technical Committees constituted in the areas related to accounting, auditing, ethics, education, quality control, public sector, PAIB and alike has been developed in lines with above said strategic themes. The prime objectives of these Committees are to promote and implement IFAC and SAARC work plan in SAFA Region.
Accordingly SAFA has finalized following Action Plan for the year 2014
1. To work towards Mutual Recognition of Qualification within the region.
2. To work towards harmonization of various facets of accountancy profession in the Region - education, accounting, auditing, professional and ethical standards.
3. To raise the concern on issues germane to the accountancy profession so that while drafting international standards, SAFA’s concern are adequately considered. A system could be developed whereby comments of any member body could be circulated to all member bodies on different Exposure Drafts issued by IFAC/IASB so that views expressed by one member body could be suitably considered by other member body.
4. To work closely with IFAC, CAPA, Federation of European Accountants (FEE), Interamerican Accounting Association, PAFA and other Regional Accountancy Bodies.
5. To identify such projects and give its value proposition to SAARC which can be undertaken by the SAFA in times to come.
6. To create awareness about the SAFA and its ongoing activities among the members of SAFA member bodies, regulators nationally in each jurisdiction and alike.
7. Disseminate information about the SAFA Conferences/Seminars amongst the general membership.
8. Suggestions on policy initiative to SAARC for increasing trade within SAARC countries and how accountancy profession can help support the broader mandate of SAARC.
9. To guide the technical Committees of SAFA.
10. To promote Inter Region Networking of Firms across SAFA region.
11. Authorizing ICAN to be in regular touch with the SAARC Secretariat.
12. Compliance of timely submission of Activity Plan to IFAC, SAARC and other Compliances, if any.
13. To work towards IFAC Regional Organization Status for SAFA.
14. Revamping the SAFA website making it more robust and informative.
15. To bring document on the 30 years of SAFA History.
16. To associate with the WCOA 2014 and having a speaking slot for SAFA.
17. To work towards development and strengthening of Accountancy Bodies in SAARC region and get financial support through MOSIAC or other donor bodies for them.
18. To invite representatives of donor agencies and other stakeholders as Observer in the meetings of SAFA Board.
During current year SAFA has taken various new initiatives out of which some of the important initiatives have been highlighted below:
SAFA Revamped Website
SAFA has revamped its website www.esafa.org to make it more interactive and informative. The new SAFA portal would further enhance the information value to member bodies. The new dynamic SAFA portal was the need of the hour to promote better knowledge sharing among the member bodies.
Virtual Knowledge and Training Centre for Financial Reporting in South Asia launched
SAFA in association with World Bank has developed Virtual Knowledge and Training Centre for Financial Reporting in South Asia. The knowledge and Training Centre was officially launched on 19th December 2014. It is expected that the Knowledge and Training Centre would be a milestone for the development of accountancy profession in South Asia and would be a modal for the other part of the world to follow.
Revised SAARC Aligned SAFA Strategy Matrix
Given the fact that SAFA is an Apex Body of SAARC, SAFA has tried to align work program of the
individual committee of SAFA with the relevant Committees of SAARC through revised SAARC
Aligned SAFA Strategy Matrix. SAFA is in continuous touch with the SAARC Secretariat and
providing its views on various important areas. Some of the important areas where in SAFA has
offered its support to SAARC Secretariat is as follows:
i) SAARC Arbitration Council ii) Trade in Services iii) Avoidance of Double Taxation iv) South Asian University v) SAARC Chair, fellowship and Scholarship Schemes
E-Newsletter of SAFA
SAFA has started quarterly E-News Letter and hosted it on the SAFA website and also circulating it through mass mail to all IFAC member bodies. The e-Newsletter will play a crucial role in strengthening the relationship between its member professional accounting bodies, since we aim to inform all our member professional accounting bodies about the contemporary changes and developments in the profession in the SAARC region through this Newsletter.
Inviting Donor Agencies and other stake holders in the meetings of SAFA Board as Observer
SAFA has been regularly inviting Donor Agencies and other regional accountancy bodies in the meetings of SAFA Board as Observer. The World Bank nominees are regularly attending the meeting of SAFA Board as Observer.
To work towards IFAC Regional Organization Status of SAFA
The request of SAFA for upgrading its status from Acknowledged Accounting Grouping to Regional Organization status is under consideration of IFAC.
Document on 30 years History of SAFA
With an objective to document and publish the challenges and achievements witnessed by SAFA in last 30 years, the 2nd volume of History Document of SAFA has been prepared. The document titled ‘The History of South Asian Federation of Accountants –A Glorious Journey Spanning Last Three Decades’ was released by the august hand of Hon’ble Minister for Education, Government of Odisha, India on 4th December 2014 at Bhubaneswar, India.
Published official directory of SAFA
SAFA has published official directory of SAFA for the year 2014. Soft copy of the official directory is also hosted on the website of SAFA.
SAFA SMP Survey
A survey report on the survey conducted by SAFA on the key issues confronting small- or
medium-sized practices (SMPs) and their small- and medium-sized entity (SME) clients in SAARC
Countries has been prepared in lines with IFAC SMP Quick poll. A total 1141 members
expressed their views on the survey. The report was highly appreciated by the Small & Medium
Practices Committee of International Federation of Accountants (IFAC).
Assembly& Board Meetings
Assembly Meetings
Assembly comprises of heads of member bodies and is tasked to govern the affairs of SAFA based upon the recommendations of the Board. Assembly looks into the strategic, and policies related issues while Board is the executive body of SAFA. During the year the Assembly met thrice – in Sri Lanka, Pakistan and India.
Meeting Date & Venue
77th Assembly meeting 21st January 2014 at Colombo
78th Assembly meeting 3rd May 2014 at Islamabad
79th Assembly meeting 11th October 2014 at New Delhi
77th Assembly meeting
The 77thmeeting of SAFA Assembly was held on 21stJanuary 2014 at Colombo, Sri Lanka. At the meeting, the appointment of new office-bearers for the year 2014 was ratified by the Assembly. CA. Subodh Kumar Agrawal, the then President of the Institute of Chartered Accountants of India was appointed as the President while MrArjunaHerath, President of the Institute of Chartered Accountants of Sri Lanka was appointed as Vice President for the year 2014. MrRakeshSehgal, Additional Director of the Institute of Chartered Accountants of India was appointed as the Executive Secretary for the year 2014.
78th Assembly meeting
The 78th Assembly meeting was held on 3rd May 2014 at Islamabad, Pakistan. The Assembly noted the activities of SAFA organized in 2014 till date.
79th Assembly meeting
The 79th Assembly meeting was held on 11th October 2014 at New Delhi, India. Apart from noting the activities held till date, the Assembly on the recommendation of SAFA Board constituted a new Committee on NPOs and Cooperative Sector under the chairmanship of ICMAB.
Board Meetings To achieve the action plan of SAFA for the year 2014, SAFA has organized eight highly productive Board meetings during the year –one each in Sri Lanka, Nepal, Bangladesh and Maldives and two each in Pakistan and India. Coinciding with the meetings of the Board, meetings of various technical Committees also took place.Significant progress has been observed on the projects undertaken by various Committees during period under report.
The events organized by SAFA across the Region received wide publicity from print and electronic media wherein IFAC and SAARC has also got excellent visibility.
Meeting Date & Venue
30th SAFA Board meeting 21st January 2014 at Colombo
31st SAFA Board meeting 10th March 2014 at Karachi
32nd SAFA Board meeting 3rd May 2014 at Islamabad
33rd SAFA Board meeting 9th June 2014 at Maldives
34th SAFA Board meeting 20th July 2014 at Kathmandu
35th SAFA Board meeting 10th September 2014 at Dhaka
36th SAFA Board meeting 11th October 2014 at New Delhi
37th SAFA Board meeting 4th December 2014 at Bhubaneswar
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.
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. Coinciding with the meeting of SAFA Board various meetings of Technical committees of SAFA
also took place on 20th January 2014.
CA. SubodhAgrawal crowned as President SAFA
CA. SubodhAgrawal addressing the 30th
SAFA Board meeting
CA. SubodhAgrawal convening the 30th SAFA Board Meeting held on 21st January, 2014 at CA Sri Lanka premises, Colombo
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.
To organize 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.
CA. SubodhAgrawal addressing the 31st
SAFA Board meeting
Deliberation at 31st SAFA Board meeting
Group photo of SAFA Board members on the occasion of 31st SAFA Board Meetingheld on
10th March 2014 at Hotel Marriott, Karachi, Pakistan.
32nd SAFA Board Meeting
The 32nd meeting of SAFA Board was held on 3rd May, 2014 in the premises of Hotel Serena,
Islamabad, Pakistan. Apart from reviewing the status of actions on various decisions taken by
the Board at its earlier meetings, following important issues were discussed at the meeting:
It was decided to send SAFA’s comments on various Exposure Draft issued by IFAC on
issues germane to the profession in SAARC Region.
It was noted that the official directory of SAFA is being finalized by Permanent
Secretariat.
It was decided to finalize the various studies on the basis of responses received from
majority of member bodies.
It was decided to prepare a Comparative Study of the status of Audit Firm rotation in
SAFA Countries.
It was decided to revise the old publications of SAFA.
It was decided to conduct surveyon Corporate Governance and Accountant’s role in
lines with the survey conducted by the Federation of Mediterranean Accountants.
It was requested to all member bodies for organizing at least one student exchange
program in a year.
In addition to above Board discussed in detail various work program of SAARC that are
relevant to SAFA and how SAFA can assist SAARC in achieving those areas.
Coinciding with the Board meeting, meetings of various committee meetings also took place.
CA. SubodhAgrawal delivering the
inaugural address at SAFA RSS Conference
CA. SubodhAgrawal addressing the
32nd SAFA Board meeting
Group photo of SAFA Board members during 32nd SAFA Board Meeting held on 10th March
2014 at Hotel Marriott, Karachi, Pakistan.
33rd SAFA Board Meeting The 33st SAFA Board meeting was held on 9th June 2014 at Maldives. The following important
issues were discussed at the meeting:-
It was requested to President and Vice-President to come out with some viable options
for Rotation Policy for rotation of Chairmanship amongst SAFA member bodies and will
take it for the consideration of the Board at its next meeting.
It was decided to prepare Comparative study Report on the Status of adoption of IFAC
Code of Ethics for Professional Accountants (2013 edition) by SAFA Member bodies.
The Board after detailed deliberations approved the revised SAARC Aligned SAFA
Strategy Matrix. It was requested to all Committees/Task Forces for preparing their
Committee’s Action Plan based on revised SAARC Aligned SAFA Strategy Matrix.
It was decided to explore the possibility of organizing SAFA events at Bhutan.
It was affirmed to write to SAARC Secretariat expressing interest of SAFA in associating
with South Asian University.
It was noted that as per information received from SAFA member bodies, presently SAFA represents 3, 13,676 professional accountants and 14, 58,233 students.
It was requested to SAFA member bodies to maintain a close contact between the local
SAARC Offices and the member bodies and suggested that official of SAARC Division
from the host country may be invited in their program on regular basis.
It was decided to organize SAFA Best Presented Annual Report Awards & SAARC
Anniversary Awards for Corporate Governance Disclosures Awards Ceremony 2013at
Bhubaneswar, India being hosted by Institute of Cost Accountants of India
It was decided that Committee on Professional Ethics and Independence will undertake
a new project ‘Advertisement by Professional Accounting Firms: A Way Forward’.
Coinciding with the Board meeting, meetings of various committee meetings also took place.
Group photo of the members of SAFA Board
34thSAFA Board Meeting
The 34th meeting of SAFA Board was held on 20th July, 2014 at Hotel Radisson, Kathmandu,
Nepal. The meeting was also attended by the representatives of World Bank as Observer. The
Board deliberated in detail on the proposal of World Bank for establishment of a Virtual
Knowledge and Training Centre with the support of World Bank and approved the proposal.
The Board also approved the following studies finalized by its Committees/Task Forces:
i) Comparative Study of Fiscal Laws & Tariff Regimes in SAFA countries
ii) Comparative Study of Transfer Pricing & International Taxation provisions in SAFA
countries, especially in regard to Double Taxation Avoidance Treaties
iii) First phase report on Corruptions in Financial Institutions of SAARC Region.
The Board also discussed about the progress on setting up of professional accountancy
organization in Maldives. It was emphasized by President SAFA for providing full support to
Audit Office of Maldives in drafting Act for incorporation of professional accountancy
organization. The Board also approved the Annual Activity Report of SAFA for the year 2013.
The Board also reviewed the status of actions on various decisions taken by the Board at its
earlier meetings. The Board also decided for undertaking a new project on Integrated Reporting
and the task was assigned to CA Sri Lanka.
Group photo of SAFA Board members during 34th SAFA Board Meeting held on 20th July 2014 Hotel Radisson, Kathmandu, Nepal.
35th SAFA Board Meeting
The 35th meeting of SAFA Board was held on 10thSeptember 2014 at Bangabandhu Convention
Centre, Dhaka, Bangladesh. The meeting was also attended by the representatives of the World
Bank and the Auditor General of Maldives. The following important issues were discussed at
the meeting:-
Progress on establishment of Virtual Knowledge and Training Centre for financial
Reporting in South Asia. It was agreed that the Virtual Knowledge and Training Centre
would be a part of the SAFA official website.
Request of World Bank for assisting in revising ROSC Study of Pakistan and India
conducted by World Bank in 2004
It was decided for associating with SAARC Arbitration Council (SARCO) and to send a
letter to SARCO expressing SAFA’s willingness of nominating panel of arbitrators.
Recommendation of the Board for constitution of a new Committee on NPOs and
Cooperative Sector under the chairmanship of ICMAB.
It was decided for organizing SAFA Women Members Empowerment Conference on 10th
October 2014 at New Delhi coinciding with SAFA-IFAC Regional SMP Forum being hosted
by ICAI.
It was decided for organizing SAFA Best Presented Annual Report Awards & SAARC
Anniversary Awards for Corporate Governance Disclosures Ceremony on 8th December
2014 at Bhubaneswar, India being hosted by the Institute of Cost Accountants of India.
The Board also approved the following studies finalized by its Committees/Task Forces:-
i) Study Report on the status of adoption of IESBA Code of Ethics for Professional
Accountants (2013 edition) by SAFA member bodies.
ii) Survey Report on the Auditor Independence in the countries of SAFA member
bodies.
iii) Survey Report on key issues confronting SMPs and their SME Clients.
iv) Comparative Study of CPD practices prevailing in SAFA member bodies.
v) Comparative Study of Entry and Professional Accountancy Education Requirements
of SAFA member bodies.
Coinciding with the Board meeting, meetings of various committees also took place.
Group photo of SAFA Board members during 35th SAFA Board Meeting held on 10th March
2014 at Hotel Marriott, Karachi, Pakistan
36thSAFA Board Meeting
The 36thSAFA Board Meeting was held on 11th Oct 2014 at Hotel Le Meridian, New Delhi,India. President SAFA emphasized on the need of greater cooperation amongst SAFA member bodies. The Board reviewed the report received from IFAC indicating the Q1 2013 status of SAFA member bodies with regard to IFAC compliance program. It was noted that the report indicates that all the SAFA member bodies are on track in submitting and updating Action Plan requirements of IFAC. Mr. Giancarlo Attolini, Chairman, Small & Medium Practices Committee of IFAC attended the meeting as special guest and addressed the Board Members. The following important issues were discussed at the meeting:
Participation of SAFA at World Bank event in Rome coinciding with World Congress of Accountants.
Status of World Bank RoSC studies in SAFA Countries
Draft Act for incorporation of Professional Accountancy Organization in Maldives
Progress on establishment of Virtual Knowledge and Training Centre for Financial Reporting in South Asia.
Constitution of new Committee on NPOs and Cooperatives Sector under the Chairmanship of ICMA Bangladesh.
The Board also approved the following studies finalized by its Committees/Task Forces:-
i) Survey Report on key issues confronting SMPs and their SMEs Clients in SAFA
Region.
ii) History of South Asian Federations of Accounting –A Glorious Journey Spanning Last
Three Decades.
iii) Best Practice on Corporate Governance for South Asian Countries.
iv) Report on Corruptions in Financial Institutions of SAARC Region.
Group photo of SAFA Board members during 36th SAFA Board Meetingheld on 11th Oct 2014 New Delhi, India.
37th SAFA Board Meeting
The 37th SAFA Board Meeting was hosted by Institute of Cost Accountants of India on
4thDecember2014 at Hotel Mayfair, Bhubaneswar, India.The following important issues were
discussed/noted at the meeting:-
Appointment of Mr. V, Sagar as Acting Secretary consequent upon the retirement of Mr. T. Karthikeyan, Permanent Secretary SAFA.
Nomination of Mr. NaeemAkhtar Sheikh, Immediate Past President ICAP for appointment as Vice-President SAFA for the year 2015.
Admission of CMA Sri Lanka as full member of IFAC.
Election of CA. K. Raghu, President ICAI on the Board of IFAC.
Approval of prototype for establishment of Virtual Knowledge and Training Centre for Financial Reporting in South Asia
Finalization of draft Act for Incorporation of professional accountancy institute in Maldives for onward submission to Audit Office of Maldives.
Decision to promote IFAC Global SMP Survey 2014 amongst general membership at large of SAFA member bodies.
Approval of SAFA Statement of Recommended Practice for Not for Profit Organizations (Including Non Governmental Organizations) (Revised).
Group photo of SAFA Board members during 37th SAFA Board Meeting held on 04th Dec 2014
Bhubaneshwar,Odisha, India.
SAFA Best Presented Annual Report Awards and SAARC Anniversary Awards for Corporate Governance Disclosures
The SAFA BPA Award for the "Best Presented Annual Reports" is considered as the most prestigious accolade for financial reporting in the South Asian region and signifies SAFA's recognition and reward for organizations in the region which have achieved excellence in presentation and disclosure of high quality, relevant, reliable and objective financial statements in accordance with the international framework.
During period under report awards ceremonies were organized for the year 2012 & 2013.
SAFA Best Presented Annual Report Awards and SAARC Anniversary Awards for Corporate
Governance Disclosures Competition 2012
The Committee for Improvement in Transparency, Accountability and Governance (ITAG) had number of meetings to finalize the winners of SAFA Best Presented Annual Report Awards&SAARC Anniversary Awards for Corporate Governance Competition 2012. After a series of meetings, the two days Conference Marking Session was held on 18th-19thFebruary 2014 at Dhaka whereat the winners were decided. Following companies were adjudged as winner in different categories:
Overall Winners
Company Country Overall Ranking
Union Capital Bangladesh First
Company Country Rank
Private Sector Banks (including Co-operative Banks)
Islami Bank Bangladesh Limited Bangladesh First
Prime Bank Limited Bangladesh Second
Public Sector Banking Institutions
Rupali Bank Bangladesh First
Bank of Ceylon Sri Lanka Second
Insurance Sector
HNB Assurance Sri Lanka First
Janashakthi Insurance Sri Lanka Second
Financial Services Sector
Union Capital Bangladesh First
IDLC Finance Limited Bangladesh Second
Manufacturing Sector
Engro Food Ltd. Pakistan First
GlaxoSmithKline Bangladesh Ltd. Bangladesh Second
Communication and Information Technology Sector
Sri lanka Telecom Sri Lanka First
Presistent Systems Ltd. India Second
Service Sector (Excluding Financial Services & Communication &IT Sector)
John Keells Holdings PLC Sri Lanka First
Diesel & Motor Engineering Sri Lanka Second
Non-Governmental Organizations Non-Governmental Organizations (including NPOs)
The Citizen Foundation Pakistan First
AkshayaPatra Foundation India Second
Agricultural Sector
Watawala Plantation (Sri Lanka) Sri Lanka First
Kelani Valley Plantation (Sri Lanka) Sri Lanka Second
Public Sector Entities
Investment Corporation of Bangladesh Bangladesh First
SAARC Anniversary Award for Corporate Governance
Islami Bank Bangladesh Limited Bangladesh First
Commercial Bank Ceylon PLC Sri Lanka Second
SAFA Best Presented Annual Report Awards & SAARC Anniversary Awards for Corporate
Governance Disclosures Ceremony 2012 was organized by ICMAP on 3rd May 2014 at
Islamabad, Pakistan.The event witnessed the presence of representatives of top Corporates in
SAARC Region.
CA. K. Raghu, President ICAI conferring the SAFA Best Presented Annual Report Awards and SAARC
Anniversary Awards for Corporate Governance Disclosures 2012
SAFA Best Presented Annual Report Awards and SAARC Anniversary Awards for Corporate
Governance Disclosures Competition 2013
The two days Conference Marking Session was held on 9th-10th October 2014 at New Delhi to
finalize the winners of SAFA Best Presented Annual Report Awards&SAARC Anniversary Awards
for Corporate Governance Competition 2013. Following companies were adjudged as winner in
different categories:
Company Country Rank
Private Sector Banks (including Co-operative Banks)
Commercial Bank of Ceylon PLC Sri Lanka First
MCB Bank Limited Pakistan Second
Insurance Sector
Green Delta Insurance Company Limited Bangladesh First
HNB Assurance PLC Sri Lanka Second
Financial Services Sector
ArifHabib Corporation Limited Pakistan First
Union Capital Limited Bangladesh Second
Manufacturing Sector
Fauji Fertilizer Company Limited Pakistan First
Crescent Steel and Allied Products Limited Pakistan Second
Communication and Information Technology Sector
Sri Lanka Telecom Sri Lanka First
Nucleus Software Exports Limited India Second
Service Sector (Excluding Financial Services & Communication & IT Sector)
Unique Hotel & Resorts Limited Bangladesh First
Diversified Holdings
John Keells Holdings PLC Sri Lanka First
Engro Corp. Ltd Pakistan Second
Non-Governmental Organizations Non-Governmental Organizations
(including NPOs)
The AkshayaPatra Foundation India First
The Citizens Foundation Pakistan Second
Agricultural Sector
Watawala Plantations PLC Sri Lanka First
Kelani Valley Plantations PLC. Sri Lanka Second
SAARC Anniversary Award for Corporate Governance
Prime bank Limited Bangladesh First
IDLC Finance Limited Bangladesh Second
Public Sector Entities
Bank of Ceylon Sri Lanka First
National Savings Bank Sri Lanka Second
John Keells Holdings PLC of Sri Lanka was adjudicated as overall winner. The Awards Ceremony for SAFA Best Presented Annual Report Awards & SAARC Anniversary Awards for Corporate Governance Disclosures 2013 Competition was hosted by the Institute of Cost Accountants of India on 4th December 2014 at Bhubaneswar, India.
Group photo of Awardees of SAFA Best Presented Annual Reports Awards & SAARC
Anniversary Awards of Corporate Governance Disclosures 2013.
SAFA Projects andStudies
During period under report, significant progress has been made in various studies and projects under by its technical committees in the areas of accountancy, auditing, ethics, taxationand alike. The technical Committees/Task Forces of SAFA have finalised following studies in the year 2014:
Comparative Study of Fiscal Laws & Tariff Regimes in SAFA Countries Comparative Study of Transfer Pricing provisions in SAFA countries Desk Study Report on Anti Corruption Laws prevailing in SAFA countries
Comparative Study Report on the status of adoption of IFAC Code of Ethics for
Professional Accountants (2013 edition) by SAFA Member Bodies Comparative Study Report on the status of Audit Firm Rotation in the countries of SAFA
member bodies SAFA Code of Ethics for Professional Accountants of SAARC Region Comparative Study of CPD practices prevailing in SAFA member bodies Comparative Study of Entry and Professional Accountancy Education Requirements of
SAFA Member Bodies Study on Best Practice on Corporate Governance for South Asian Countries Survey Report on Key Issues confronting SMPs & SMEs in SAARC Region Comparative Study on Double Taxation Avoidance Agreements (DTAA) in SAFA
Countries Comparative Study Report on Status of Quality Control Review System in SAFA Region SAFA Statement of Recommended Practice for Not for Profit Organizations (Including
Non Governmental Organizations) (Revised)
Following new projects were also initiated during the current year that is expected to be finalized shortly:
Comparative Study Report on status of Integrated Reporting in SAFA Region Comparative Study Report on Corporate Governance and Accountant’s Role in SAFA
Region Study Report on implementation of BASEL-II Report in SAFA Region
Seminars, Workshops and Conferences
A number of Seminars, Workshops and Conferences were organized under the aegis of SAFA on various contemporary issues affecting the accountancy profession in the South Asian Region.
IFAC PAO Development Workshop on 22nd January 2014 at Colombo, Sri Lanka
The Institute of Chartered Accountants of Sri Lanka has hosted the SAFA-IFAC PAO Development Workshop on the theme ‘Realizing the Power of PAOs’ held on 22nd January 2014
at Colombo, Sri Lanka. Ms. Marta Russell, Technical Manager, IFAC conducted the Workshop and Mr. Warren Allen, President IFAC, presented the opening remarks.
In addition luncheon was organized for a meeting with President, IFAC Warren Allen on 21st January 2014wherein Mr. Warren made a presentation on ‘IFAC Overview: Strengthening Organizations, Advancing Economies’.
An interactive session on ‘Global Accounting Education’ with IFAC President was also organized on 20th January 2014.
Regional Standard Setters Conference on 4th May 2014 at Islamabad, Pakistan
The SAFA Regional Standard Setters Conference was organized on 4th May 2014 at Islamabad, Pakistan. The event witnessed the participation of around 100 delegates from SAARC Region.The Conference was focused on challenges being faced by SAFA member bodies in
implementing IFRS 10, 11 & 13.
SAFA Seminar on the theme ‘Managing Small & Medium Practices efficiently’ on 10th June 2014 at Maldives
SAFA Seminar on the theme ‘Managing Small & Medium Practices Efficiently’ was hosted by the Audit Office of Maldives on 10th June 2014. The Workshop was attended by around 150 delegates from SAARC Region.
SAFA International Conference on ‘Governance for Creating Enabling Environment for Economic Development’ on 18th-19th July 2014 at Kathmandu
Coinciding with 34th SAFA Board meeting, SAFA International Conference on the theme ‘Governance for Creating Enabling Environment for Economic Development’ was hosted by the Institute of Chartered Accountants of Nepal on 18th-19th July 2014 at Kathmandu. The conference was an assimilation of learned resources in areas of corporate governance and focused on the current and emerging issues on corporate governance where representatives from the member bodies of SAFA presented and commented on the technical papers. Over 150 participants attended the Conference.
SAFA Workshop on ‘GRI New Standards’ on 22nd-23rd July 2014 at Colombo, Sri Lanka
A two day SAFA Workshop on ‘GRI New Standards’ was hosted by the Institute of Certified Management Accountants of Sri Lanka on 22nd-23rd July 2014 at Colombo, Sri Lanka. The Workshop was organized as a follow up to the launch of the latest version of the Global Reporting Initiative’s Sustainability Reporting Guidelines G4.
SAFA Workshop on “Impact of BASEL-II implementation on the national economy with special reference to Disclosure requirement and Risk management of banks and financial institutions" on 8th September 2014 at Dhaka, Bangladesh
A SAFA Workshop on the theme ‘"Impact of BASEL-II implementation on the national economy with special reference to Disclosure requirement and Risk management of banks and financial institutions" was hosted by the Institute of Cost and Management Accountants of Bangladesh on 8th September 2014 at Dhaka, Bangladesh.
A large number of Professionals from banking sector, researchers, credit rating agencies, sectoral experts, universities teachers and professional accountants attended the event.
SAFA International Conference on ‘Accountants for Growth: Perspective South Asia’ on 9th September 2014 at Dhaka, Bangladesh
A SAFA International Conference on the theme ‘Accountants for Growth: Perspective South Asia’ was hosted by the Institute of Chartered Accountants of Bangladesh on 9th September 2014 at Dhaka, Bangladesh. The Conference was focused on the role that professional accountants can play for sustainable growth of nations in South Asia using the best practices of professional accountants. The Conference was attended by around 400 delegates from South Asian Region.
SAFA –IFAC Regional SMP Forum on 10th October 2014 at New Delhi, India
With the aim of giving Small & Medium Practitioners (SMPs), an opportunity to know about the significant developments impacting the SMPs worldwide, the ICAI has hosted a SAFA-IFAC Regional SMP Forum on 10th October 2014 at Hotel Le-Meridien, New Delhi. The SAFA-IFAC Regional SMP Forum dwelled upon some of the important issues such as Global and Regional Trends impacting SMPs, Enhanced Practice Management and New Services for SMPs, Quality Control and Efficient Auditing and alike.
Honorable CA. K. Rahman Khan, Member of Parliament, RajyaSabha, Government of India inaugurated the event and Dr. A. M. Gondane, IAS, Joint Secretary (BC & SAARC), Ministry of External Affairs, (MEA), Government of India was the Guest of Honour at the occasion. The SAFA-IFAC Regional SMP Forum provided an opportunity to the participants to have a firsthand interaction with Mr. Giancarlo Attolini, Chair, IFAC, SMP Committee, Mr. BrendenMurtagh, Member, IAASB of IFAC, Mr. Christopher Arnold, Technical Manager, SME & SMP Affairs, IFAC, and other renowned speakers from SAARC Region.
CA. K. Raghu, President ICAI presenting memento to CA. K. Rehman Khan(Hon’ble Member Of Parliament) at SAFA-IFAC Regional SMP Forum-10 Oct 2014-New Delhi, India
SAFA Women Members Empowerment Conference on 10th October 2014 at New Delhi
With a view to encourage empowerment of women in the profession of Accountancy, the Institute of Chartered Accountants of India has hosted a SAFA Women Members Empowerment Conference on the theme ‘CA Women Marching Ahead’ on 10th October 2014 at Hotel Lalit, New Delhi. It is for the first time in the history of SAFA that a conference exclusively for women professional accountants was organized.
Photograph taken at the inaugural session ofSAFA Women Members Empowerment Conference held on 10th October 2014 at New Delhi, India
SAFA International Seminar on Integrated Reporting on 4th December 2014 at Bhubaneswar, India
With a view to create awareness about Integrated Reporting in SAARC Region an International SAFA Seminar on Integrated Reporting was hosted by the Institute of Cost Accountants of India on 4th December 2014 at Hotel Mayfair, Bhubaneswar, India.
In addition to above mentioned events, the member bodies organized numerous programmes focusing on contemporary subjects of professional, technical and economic relevance. As a measure to promote professional cooperation within the SAARC Region, the member bodies
continued to invite the professionals of other member bodies for participation in these events. A satisfaction degree of participation of professionals from across the Region was visible in the programmes.
SAFA International Seminar on Integrated Reporting on 4th December 2014 at Bhubaneswar,
India
SAFA Delegation attended World Bank event at Rome A delegation of SAFA led by President SAFA attended the second Accountancy Development for Results event on the theme ‘Accountancy: Framing the Future’ organized by the World Bank on 10th November 2014 at Rome. The event was coincided with the World Congress of Accountants. The objective of the event was to provide a forum for a forward-looking, solutions-focused discussion among leaders of the global accountancy profession, with a view to shaping the World Bank’s engagement with professional accountancy organizations in the years to come. The event focused on four interrelated dimensions:
Developing economies need a well-managed public sector and there is scope for more interchange of ideas and sharing of skills between the public and private sectors.
Public oversight of the accountancy profession in the developing world will give greater
credibility to calls for engagement in broader governance debates.
The title accounting technician covers a wide number of important roles supporting every type of business and government. The whole profession benefits from developing the skills and expertise of everyone performing accountancy tasks.
Modern tools and information technology offer opportunities to streamline and enhance the quality of services, especially for SMEs, and increase efficiency and timeliness in the financial reporting supply chain.
President SAFA was one of the panelists at the Panel Discussion ‘‘The Profession’s role in improving public oversight’ wherein he presented the perspective of South Asian Countries on the concept of public oversight. The deliberations at the panel discussion were highly appreciated by the audience.
Meeting with Dignitaries SAFA Office-Bearers met His Excellency President of Maldives
CA SubodhAgrawal, President SAFA and Mr. ArjunaHerath, Vice-President SAFA alongwith Mr. Niyaz Ibrahim, Auditor General of Maldives met His Excellency Mr. Abdulla Yameen Abdul Gayoom, President of Maldives on 10th June 2014 and assured SAFA’s willingness to work closely with the Auditor General’s Office and other concerned Government authorities in Maldives for the development of accountancy profession. His Excellency assured that the Government would welcome the establishment of an accountancy institute in the Maldives, in order ensure compliance of Maldivian accountants to international standards. The meeting was attended by the Ministers at the President’s Office, Hon. Mohamed HussainShareef and Hon. Abdulla Ameen.
SAFA Office-Bearers met His Excellency President of Maldives
SAFA President met His Excellency President of Nepal
President SAFA attended the New and State of Art Building Inauguration Ceremony of the Institute of Chartered Accountants of Nepal. The building was inaugurated by His Excellency, President of Nepal, Dr. Ram BaranYadav. The visit provided an opportunity to interact with by His Excellency, President of Nepal, Dr. Ram BaranYadav, wherein President SAFA briefed His Excellency about the important role being undertaken by SAFA for development of accountancy profession in SAFA, and Nepal in particular. The President of Nepal appreciated the work done by SAFA and assured of his full support for the good cause of the profession.
Students’ Exchange Programmes
The Institute of Chartered Accountants of Sri Lanka has organized SAFA Students Conference on the theme ‘Unreason ability –The Fight against Mediocrity’ on 2nd April 2014 at hotel Galadari, Colombo, Sri Lanka. The students of other member bodies were tendered invitation to nominate their students under SAFA students exchange program. Eleven students from the Institute of Chartered Accountants of India, eight students from the Institute of Chartered Accountants of Pakistan and two students from the Institute of Chartered Accountants of Bangladesh attended the Conference. Coinciding the International Conference for CA students on the theme ‘Prarambh: A Kick start to Excellence’ organized by the Institute of Chartered Accountants of India on 27th-28th December 2014 at Bangalore, India, the students of other member bodies were invited under SAFA students exchange program. Students of CA Sri Lanka, ICA Nepal, ICA Bangladesh and ICMA Bangladesh participated in the Conference.
Permanent Secretariat
C/o The Institute of Chartered Accountants of India, ICAI Bhawan,
P.O. Box 7100, IndraprasthaMarg, New Delhi - 110002, India
Email: [email protected] Website: www.esafa.org