 We are continuing with IFRS which basically is the International Financial Reporting Standards. We talked about the IFRS in our previous session. We looked at what it is all about, how the different stakeholders tend to integrate the standards into the Pakistani corporate market, what is the role of SECP, what is the role of ICAP, what is the role of IFRS itself, what is the role of the International Standards Accounting Board. So, all of these stakeholders basically came into consideration and we were seeing that how they integrate to ensure that the IFRS standards are applicable in Pakistan across its corporate world. There are issues definitely with any financial standard even if we talk about financial standards like ISO 9000, ISO 14000, ISO 17000, ISO 25000, ISO 22000, ISO 27000 or if we talk about the different social accountability standards and even the kaizen management standards. So, I mean there are different standards around the world which basically tend to internationalize any activity within an organization or within a particular country or within a particular region and it tends to standardize things so that everyone can understand what they are doing. From an investment point of view and from the point of view of economics, finance and accounting have become extremely important and we see that through the IFRS standards Pakistan is getting more acceptability across the globe and more financial investment is coming into the country because of the prudent systems and mechanisms which are being followed and enforced through the Institute of Charter Accounts of Pakistan and the which is played by the Securities Exchange Commission of Pakistan. Now when we are looking at IFRS, it is not always economical, it is not always effective, it is not always something which is going to benefit every organization because there is a cost to it and that can sometimes be borne by an organization and many organizations face a lot of financial constraints in it and therefore in the case of Pakistan, there should be different standards for different types of entities because in Pakistan we don't have very large industrial entities or very large business or corporate groups. There are a few who can follow these standards but most of the companies in Pakistan are basically SMEs, small and medium enterprises. Now when we have such a large bulge of SMEs then it is extremely necessary and vital that there are different standards which are applied to the different segments of the market and it is nearly impossible for an SME to follow those regulations which are followed by a particular business group. Now in the case of SMEs, we see that the IFRS should be according to its expansion area and the level of the organization just like I was mentioning earlier that is extremely important and only then can we see the influx of IFRS in Pakistan and its broader acceptability, its broader implementation and its broader regulatory coexistence within the system of finance and accounting in Pakistan and therefore that would transcend into the economic market of Pakistan making it a favorable destination for different countries to invest in. So again these are very important. At present the IAS, the International Accounting Standard 39 is not affected due to the inaccessibility of information, moreover it is not affected due to the data quality as well as the decisions and estimates that differs across these businesses. So again what we see is that depending upon the size of the business from small, medium to large, there are different dynamics of data, there are different dynamics of decision making, there are different dynamics of standardization, there are different dynamics of accessibility or inaccessibility information. So all of these things are very important for the IFRS especially because when we are talking about the smaller organizations then they cannot endure the impact, the financial impact of having well qualified individuals who would ensure that the IFRS standards are being met which are globally acceptable. So there has to be this customization and there has to be this size orientation and market segmentation in the IFRS to make it more effective and much more applicable not only in countries like Pakistan but also other underdeveloped and developing countries across the world. There are issues in implementation, the techniques of predicting the forthcoming cash flows contrast which brings about the usage of different procedures for the evaluation of financial declaration. So again depending upon the texture of the organization we see that there are cash flow contrast, we see that there are different procedures and there are different evaluation of financial declaration. So all of these things tend to make it much more complex and complicated and therefore there is a great need of its contextualization and customization. According to SECP, mutual funds should not be taken as entities so its financial reports cannot be amalgamated with the organization's asset management. So again what we are seeing is that in Pakistan even the stock market is managed differently, organized differently and therefore the Securities Exchange Commission of Pakistan would face many things in asset management. The international accounting standards involve the merging of financial reports so IAS is also in question for implementation by the Securities Exchange Commission of Pakistan. So again we see these undulations and the indulations in the process of financial reporting of accounting amalgamation and also of the reporting standards. Now to make them all homogenous and coherent with the international financial reporting standards is a very uphill task but not an impossible task but there is a great need to improvise, there is a great need to segmentize, there is a great need to ensure that the standards are tweaked so that they can be accepted by the different segments of the Pakistan economy. There are also flaws in the IFRS regulations and the company's ordinance for instance in the conduct of revision space in the balance sheet in the duration of financial statements merger and other things. So again what we see is that there are time lapses, there are different mattresses, there are different templates, there are different financial integrations which are taking place and all of these make the IFRS sometimes very difficult to implement and can be looked as flaws because of the straight jacket approach it basically has and the straight jacket approach in which one size fits all does not work at least in a country like Pakistan and therefore we have to be more innovative, we have to be more flexible and we have to see how those standards can be customized according to the ground realities of the corporate sector in Pakistan. Thank you so much.