ACCA Pakistan introduces XBRL –the key to future reporting
ACCA Pakistan arranged a series of one day workshops on “eXtensible business reporting language (XBRL)” in Lahore, Islamabad and Karachi on 6,7 and 8 December respectively. The workshops were conducted by Mr. Barry Smith.
The workshops in all the three cities were successful in attracting a large number of participants. including representatives of Securities and Exchange Commission of Pakistan, Stock Exchanges, corporate executives and a large number of ACCA members. The participants appreciated the initiative taken by ACCA Pakistan in introducing the latest breakthrough in transforming financial reporting to Pakistan. They were of the opinion that the development of XBRL will help position the accounting profession as valued knowledge providers for their clients or firms.
“The future of XBRL is bright. Soon every public company throughout the world will have a Web site where they will make their financial information available to interested parties. With added pressures in the marketplace, companies are being required to make financial statement information more accessible to investors in formats that work in a variety of software programs. XBRL will also provide a common way for disparate systems to exchange specific information so companies don't have to "rip and replace" systems or companies with international operations can exchange data more effectively to investors or regulators around the world” said Barry Smith, the XBRL workshop leader.
“A critical role for ACCA is to help accountants and business adapt to this new digital world. As the premier knowledge professionals, we can help organisations understand and take advantage of technologies like XBRL and the Internet. ACCA Pakistan has always been a thought leader in the introduction of new accounting ideas and XBRL is a natural next step in the clarification and development of a new accounting tool” said Mr. Arif Masud Mirza, Head of ACCA Pakistan. ACCA (the Association of Chartered Certified Accountants) is the largest and fastest-growing global professional accountancy body with 345,000 members and students in 170 countries.
ACCA's mission is to provide quality professional opportunities to people of ability and application, lead in the development of the global accountancy profession, promote the highest ethical and governance standards, work in the public interest, and be a leader in the knowledge-based profession of the 21st century.
ACCA Pakistan is a not for profit organization established under section 42 of the Companies Ordinance 1984 and is committed to supporting over 15,000 students and members in Pakistan and our objectives mirror ACCA’s mission above.
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Ms Afra Sajjad