 Bismillahi r-Rahman r-Rahim and Islamic in Pakistan welcome back to corporate governance and today we are going to be talking about a very important topic which tends to basically standardize and institutionalize financial reporting. We have been talking about the importance of the board, we have been talking about the importance of audits about how financial prudential regulations are extremely important, the role of different stakeholders, shareholders and also how it becomes extremely important that in corporate governance the financial standards are met and all of the prudential regulations and all of the financial regulations which are stipulated by different agencies and by different laws they have to be fulfilled. We have looked at the role of the internal and external auditor and again seeing how the board and the top management ensure that there is good corporate governance. Today we are going to take the step further, we are going to go on to the international standard which is called the IFRS, the international financial reporting standard or an extremely important standard and its application in Pakistan. Now when we are talking about the international financial reporting standard then from the name itself what we see is that it is about financial reporting, it is standardize across the world and there are certain regulations which have to be followed ditto by the organization to ensure that they can get certified by this particular standard and the custodian of this standard in Pakistan are basically the institute of chartered accountants of Pakistan, they are the ones who ensure that the organizations which are following the IFRS they stick to the stipulations and ensure that the financial reporting is done in such a structured and institutionalized way that anyone around the world can tend to understand it. Now when we look at it then ladies and gentlemen the international financial reporting standard commonly known as the IFRS provides supported standards for emerging countries to help them boost their financial revenues by displaying the fair and genuine standing of the economy. So again what we see is that through this IFRS we can ensure more homogeneity across the globe and also ensure that those countries which are lesser advanced but can adhere to these standards they can come at par with the more advanced countries and therefore they can be better sharing of information and also an understanding of how things are done rather than having indigenous structures, indigenous standards which others cannot tend to comprehend. So that is one of the most important things. IFRS has been implemented in a number of countries and several are proceeding to enforce it in the near future. This is due to the fact that all registered international organizations follow IFRS. So again we see this trend which is moving in that countries and organizations are adhering and accepting the IFRS and following it despite the fact that there are many impediments and obstacles but definitely by following it you come into the international comity of nations and the international comity of institutions which has its own benefits. Now when we are talking about these benefits then one of the most important is that there is resource allotment and that can come from different countries because they understand the financial reporting which is being done which is basically brewing up the whole economy and by that the economic process, the economic aggrandizement, the economic growth that can be assessed by different organizations and countries in a better way. There is also assessment of comparative quality so that then different institutions and different countries can be cross assessed in a better way. We see that there is expanded portfolios why because what happens is that as the international understanding becomes better then many more opportunities are created through boosted investments. Just like we are seeing in Pakistan how CPAC has come in and more than 100 billion dollars has basically pumped in then we see more direct financial investment coming in from across the world and a very important thing which tends to emerge from the IFRS is the cost effectiveness because again different international standards are being met and different matrixes and frameworks are being followed which overall ensure cost effectiveness and that leads to enhanced financial declarations which can be understood across the globe. So, it gives an internationalization context to whatever a country or different organizations are doing and creates a better understanding of the economy which provides opportunities from around the world to come into the economy and can benefit different organizations. Therefore, for countries like IFR for countries like Pakistan IFRS is a very very important tool to move ahead in the economic context and the global economic context. Now IFRS implementation just like I mentioned earlier is done through the Institute of Charter Counts of Pakistan it reviews the IFRS and now it is being implemented through the Securities Exchange Commission of Pakistan 1984 companies ordinance. So, that is what we basically are seeing all organizations are bound to follow the standard in maintaining their financial records. So, just like you mentioned earlier the the structure of the financial records now has a international flavor and can be understood around the world. In Pakistan we basically see that the IFRS principles are enforced through the international accounting standards board the IASB with the exception of IFRS 1 and 9 which still are under discussion and negotiation. The strategy for the acceptance of IFRS by all public organizations is basically formulated by ICAP just mentioned earlier. According to the strategy formulated by ICAP strict administration of IFRS along with regular follow-ups allows the entities to assess the issues coming under the implementation of IRS. So, ladies and gentlemen just as an overview because this is basically part one of the IFRS we see that there are certain important components IFRS itself the international accounting standard board and ICAP the Institute for Charter Accounts of Pakistan complemented by the Securities Exchange Commission of Pakistan. They are the main stakeholders in IFRS and through IFRS organizations can get more global acceptability can contribute in a better way towards the national economy and Pakistan can grow economically because of the contribution the aggregated contribution which is coming together through the different organizations and corporate governance and through this process of following international standards. Thank you so much.