IFA Pakistan - conquering new horizons

By FD.Sheikh
Fri, 05, 18

Accountancy is considered one of the most significant and respectable professions in Pakistan...


Accountancy is considered one of the most significant and respectable professions in Pakistan and around the world. Under patronage of International Federation of Accountants (IFA), the global accounting standard-setter and regulator, various accountancy bodies all over the globe have been working for a disciplined mechanism for the profession and smooth handling of business transactions. Keeping in view the highly demanding prospects of the profession in Pakistan, various accountancy bodies have started offering certifications and memberships to students and professionals so that they can strengthen their professional knowledge and serve their organizations in a more effective way.

Established in 1916, IFA UK recently organized its first series of quarterly branch meetings here in Pakistan. A series of two conferences were first held in Lahore and then in Karachi.

Consisting of thematic discussions about “Work-Life Balance”, “Blockchain Process” and “Contemporary Finance and the need of Research”, the conferences were attended by a large number of business professionals from the industry, and the public and private sectors. At the conferences, young accountants and business professionals got an opportunity to communicate and share ideas with successful leaders, innovators, chartered accountants, business and economic analysts.

Talking about “blockchain”, Mr. Anayat Ullah, Association of Chartered Accountants (ACA), said, “The new business world is going to witness a dramatic transformation through blockchain technology - a digital ledger in which transactions made in bitcoin or other cryptocurrency are recorded chronologically and publicly. This would ease up swift settlement of transactions in no time.” Endorsing the significance of research in contemporary finance, Mr. Rakesh Parakash said, “In today’s fast-paced world, meaningful research and to the point interpretations are significant for the development of accountancy. I am glad that in Pakistan we have not just recognized the importance of financial research in the field but have also been successful in implementing it at some levels.”

Apart from business talks, the conference also touched upon topics like work-life balance that are quite relevant to accountants. Talking about work-life balance, Mr. Amer Shakeel, ACA, ACMA (Associate Cost and Management Accountant) was of the view, “In order to live a peaceful and energetic life, we ought to get rid of this robotic life and focus on creating a balance between work and life. We spend our entire day earning dollars and totally forget to take care of ourselves and family. We work like machines now.”

Mr. Abdul Shakoor, regional director Institute of Financial Accountants (IFA) Pakistan shared upcoming activities and projects with the students at IFA; new members were also recognized and encouraged to contribute to the field in all possible ways.