safa annual activity report 2018 - south asian federation ... · a s m nayeem women leadership...

SOUTH ASIAN FEDERATION OF ACCOUNTANTS (AN APEX BODY OF SAARC)

Annual Activity REPORT of SAFA

2018

Permanent Secretariatc/o The Institute of Chartered Accountants of India

ICAI Bhawan, P.O. Box No. 7100, Indraprastha Marg, New Delhi 110002, India

Phone: 00 91 11 30110404, 30110487, Fax: 00 91 11 30110581, 30110591E-mail: [email protected] Website: www.esafa.org

SAFA Annual Activity Report for 2018

01FROM THE PRESIDENT

From the President

The efforts made by SAFA in the recent years have been notable and I am sure the future would witness exemplary efforts by the member bodies for the advancement of the accountancy profession in the South Asian region. I was extremely privileged to assume the leadership of the South Asian Federation of Accountants (SAFA) at a time when its efforts for development of accountancy profession has been appreciated and recognised by International Federation of Accountants (IFAC). I had tried to carry forward the good work done by my predecessors to achieve the mission and objectives of SAFA. During the year six highly productive Board meetings were organised to achieve the action plan and signifi cant progress has been made on the projects undertaken by the technical committees. Coinciding with the Board & committee meetings, fi ve conferences and seminars were organised to enlighten the professionals with divergent perspectives and global professional practices.

SAFA has continued its efforts to work closely with IFAC, CAPA and other international organizations on various accountancy related issues and those posed to the profession in context of the Region. Participation of IFAC leadership and other senior functionaries in SAFA events signifi es the importance IFAC has given to SAFA. IFRS Foundation has also recognized the contribution of SAFA and has appointed CA. M P Vijay Kumar on IFRS Advisory Council for a period of three years as SAFA representative. During current year SAFA has worked closely with the World Bank and organized joint SAFA-World Bank FRED III in Karachi. Our joint strategic meeting with CAPA in Sydney would be a mile stone in furthering our relationship with CAPA. An intention to work closer with CAPA in identifi ed areas in order to collectively pursue the common goals by contributing each other expertise would help in avoiding duplication of efforts, time and energy.

SAFA is also closely working for establishment of PAO in Maldives and Bhutan. I am sure that our continuous efforts will pave way for setting up of professional accountancy organization in Maldives and Bhutan soon. With an objective to promote women leadership in the profession, SAFA has also constituted Women Leadership Committee which is working towards providing technical knowledge to the women members by keeping them abreast with the latest developments taking place in the profession.

While the Report outlines the signifi cant activities performed during the year; all Board Members, heads of SAFA member bodies, their Councils, Chairman & members of various technical Committees, Permanent Secretariat held by the Institute of Chartered Accountants of India, Executive Secretariat and Nodal Offi cers deserve special acknowledgment for the contribution made by them. I must also thank my colleague Dr. PVS Jagan Mohan Rao, Vice-President for his support. I am sure that he will take the SAFA to newer heights under his able leadership. I thoroughly enjoyed serving the accountancy profession as President of this esteemed organization.

CA. (Dr.) Suvod Kumar KarnPresident

South Asian Federation of Accountants (SAFA)


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About SAFA

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 prolifi c 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 exemplifi ed 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 areas of accountancy profession.

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.’

ABOUT SAFA


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Offi ce Bearers - 2018President : CA. (Dr.) Suvod Kumar Karn, ICA Nepal

Vice-President: : CMA. (Dr.) P V S Jagan Mohan Rao, Institute of Cost Accountants of India

Advisor : Mr. A S M Nayeem, ICA Bangladesh

Permanent Secretary : Mr. V. Sagar, ICA India

Executive Secretary : Mr. Binod Neupane, ICA Nepal

Assistant Executive Secretary : Mr. Yogender Singh, Institute of Cost Accountants of India

Membership of SAFA

The current membership of SAFA represents ten Professional accountancy bodies in Bangladesh, India, Nepal, Pakistan, Sri Lanka and Afghanistan. The following are the member bodies of SAFA:

Full MembersBangladesh• The Institute of Chartered Accountants of Bangladesh• The Institute of Cost and Management Accountants of Bangladesh

India• The Institute of Chartered Accountants of India• The Institute of Cost Accountants of India

Nepal• The Institute of Chartered Accountants of Nepal

Pakistan• Institute of Chartered Accountants of Pakistan• The Institute of Cost and Management Accountants of Pakistan

Sri Lanka• The Institute of Chartered Accountants of Sri Lanka• The Institute of Certifi ed Management Accountants of Sri Lanka

Associate MemberAfghanistan

• The Certifi ed Professional Accountants of Afghanistan

MEMBERSHIP OF SAFA


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Committee(s)/Task Forces of SAFA

Committee for Improvement in Transparency, Accountability and GovernanceChairman: Mr. Tishan Subahsinghe

Committee on Accounting StandardsChairman: Mr. Manil Jayesinghe

Committee on Education, Training and CPDChairman: CA. Dhinal Shah

Committee on Professional Ethics and IndependenceChairman: Mr. Adeeb Khan

Committee on Auditing Standards and Quality Control Chairman: Mr. Muhammad Ali Latif

Committee on Professional Accountants in Business Chairman: CMA Sanjay Gupta

Small & Medium Practices CommitteeChairman: CA. Prafulla P. Chhajed

Committee to study fi scal regimes and other statutory requirements of business in SAARC countries

Chairman: Mr. Madhubir Pande

Committee on Governmental and Public Sector Enterprises AccountingChairman: Mr. Zia Ul Mustafa Awan

International Relations CommitteeChairman: Prof. Lakshman R Watawala

Committee for Co-Operatives and NPO SectorsChairman: Dr. Swapan Kumar Bala

Committee to Govern Virtual Knowledge and Training CentreChairman: Mr. A S M Nayeem

Women Leadership CommitteeChairperson: CA. K Sripriya

Task Force to explore the possibility of MRA among all the Cost and Management Accountants Institutes of SAARC and MRA among all the Chartered Accountants bodies of the

South Asian RegionChairman: CMA (Dr.) PVS Jagan Mohan Rao


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Action Plan for the year 2018

1. To work towards harmonization of various facets of accountancy profession in the Region - education, accounting, auditing, professional and ethical standards.

2. To raise the concern on issues germane to the accountancy profession so that while drafting international standards, SAFA’s concerns are adequately considered. Expedite implementation of the system being developed, whereby comments of any member body, on different Exposure Drafts and Consultation papers issued by IFAC/IASB, circulated to all member bodies so that views expressed by one member body could be suitably considered by other member bodies of SAFA.

3. To organize joint programs with various IFAC Committees, its Independent Boards and IFRS Foundation (IASB) and work closely with IFAC, CAPA, PAFA and other Regional Accountancy Bodies.

4. To incorporate Foundation of SAFA in Sri Lanka.

5. To develop SAFA Virtual Knowledge & Training Centre (VKTC) as a center of excellence for e-learning by general membership of SAFA member bodies.

6. To identify such projects and give its value proposition to SAARC which can be undertaken by the SAFA in times to come.

7. To create awareness about the SAFA, IFAC and its ongoing activities among the members of SAFA member bodies, regulators nationally in each jurisdiction and alike

8. To work towards effective implementation of collaboration signed with International Integrated Reporting Council (IIRC) with an objective to promote Integrated Reporting in SAARC Region.

9. To work towards reviving various MoUs signed by SAFA with various International bodies.

10. To hold SAFA Conferences/Seminars regularly and in the countries of SAFA member bodies and to disseminate information about the SAFA Conferences/Seminars amongst the general membership of SAFA member bodies.

11. To take projects on topical professional matters for effective delivery by the technical Committees of SAFA.

Signifi cant progress has been made on the projects undertaken by various Committees during period under report. SAFA has taken various new initiatives out of which some of the important initiatives have been highlighted below:

• Foundation of SAFA has been registered in Sri Lanka to facilitate the operationalisation of Virtual Knowledge and Training Centre of SAFA due to ease of registration in Sri Lanka.

• SAFA International CFO Conference 2018 on “Evolving Economic Environment - Challenges and Way Forward” hosted by the Institute of Chartered Accountants of Nepal on January 31, 2018 at Hotel Soaltee Crowne Plaza, Kathmandu, Nepal.

• SAFA International Conference 2018 on “Professionals of the Future: Thoughts on 2018 and Beyond” hosted by the Institute of Cost Accountants of India on June 29, 2018 at Hotel Taj Diplomatic Enclave, Delhi, India.

• SAFA- World Bank FRED III Conference, 2018 on September 23 and 24, 2018 in Karachi, Pakistan jointly hosted by the Institute of Chartered Accountants of Pakistan and the Institute of Cost and Management Accountants of Pakistan.

• SAFA Workshop on Sustainable Development Goals (SDGs) and IFAC PAO Development Workshop on 18 October 2018 at Hotel Citrus, Waskaduwa, Sri Lanka hosted by CMA Sri Lanka.

• SAFA International Conference 2018 on the theme “The Future of Finance: Digitize, Drive and Transform” on December 8, 2018 at Hotel Intercontinental, Dhaka, Bangladesh hosted by the Institute of Cost and Management Accountants of Bangladesh.

• The second SAFA Quiz and Elocution Contest was held successfully on January 30, 2018 hosted by the Institute of Chartered Accountants of Nepal.

ACTION PLAN FOR THE YEAR 2018


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• Celebration of 10th November as International Accounting Day and 8th December as SAARC Charter Day in a befi tting manner by organizing various programmes by member bodies.

• Women Leadership Committee of SAFA has been constituted.

• Comparative study on the Practical Experience Requirements in lines with the IES 5 issued by IAESB of IFAC prepared by the Committee on Education, Training and CPD of SAFA.

• Comparative Study on Adoption status of International Auditing Standards (ISAs) in SAFA member bodies prepared by Committee on Auditing Standards and Quality Control.

• Comparative Review of Fiscal and Tariff Regimes in SAARC Countries prepared by Committee to Study Fiscal Regimes and other statutory requirements of business in SAARC Countries.

• Survey on compliance of IESBA Code of Ethics by Professional Accountants in Practice in the countries of SAFA Member Bodies has been completed by the Committee on Professional Ethics and Independence.

• Efforts were intensifi ed for setting up of Professional Accounting Bodies in Bhutan and Maldives.

• Inviting Donor Agencies and other stake holders in the meetings of SAFA Board as Observer.

Assembly & Board Meetings

Assembly MeetingsAssembly 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 in Nepal, India, Pakistan and Bangladesh.

Meet ing Date and Venue

86th Assembly Meeting

February 1, 2018 in Kathmandu, Nepal


June 30, 2018 in Delhi, India

Meet ing Date and Venue


September 25, 2018 in Karachi, Pakistan


December 10, 2018 in Dhaka, Bangladesh


The 86th meeting of SAFA Assembly was held on February 1, 2018 in Kathmandu, Nepal. At the meeting, the appointment of new offi ce-bearers was ratifi ed by the Assembly. CA. (Dr.) Suvod Kumar Karn, Institute of Chartered Accountants of Nepal was appointed as the President while CMA. (Dr.) PVS Jagan Mohan Rao, Institute of Cost Accountants of India was appointed as Vice President for the year 2018. Mr. Binod Neupane, Joint Director, ICAN was appointed as the Executive Secretary and Mr. Yogender Pal Singh, Institute of Cost Accountants of India was appointed as Assistant Executive Secretary.


The 87th meeting of SAFA Assembly was held on June 30, 2018 in Delhi, India. At the meeting the Assembly approved the recommendation of SAFA Board for Constitution of SAFA Women Leadership Committee. The Assembly also approved that the Chairpersonship of the SAFA Women Leadership Committee shall be given to the Institute of Chartered Accountants of India and Ms. Parveen Mahmud, Past President, ICA Bangladesh will be the Vice Chairperson of the Committee.


The 88th meeting of SAFA Assembly was held on September 25, 2018 in Karachi, Pakistan. At the meeting the Assembly approved the recommendation of SAFA Board that the name of CPA Afghanistan on admission as full member will be mentioned in the last i.e after CMA Sri Lanka and the existing provision with regard to admission as stated in the Constitution which provides as under will continue to apply:


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In the case of a new full member being admitted after 5th November 2009 the said member shall have to wait the completion of one complete rotational cycle before being eligible to nominate a person for the position of the Vice President.


The 89th meeting of SAFA Assembly was held on December 10, 2018 in Dhaka, Bangladesh. At the meeting the Assembly approved the nomination of Mr. Zia Ul Mustafa Awan as the Vice President of SAFA for 2019. The Assembly also approved the audited fi nancial statements of SAFA as recommended by the Board. The Assembly also approved the recommendation of SAFA Board for re appointing M/s Hingorani M & Co. as the Auditor for the audit of fi nancial statements of SAFA for 2017 and 2018.

Board Meetings

To achieve the action plan of SAFA for the year 2018 SAFA has organized six highly productive Board meetings during period under report – one each in Bangladesh, Pakistan, India and Sri Lanka and two meetings in Nepal. Coinciding with the meetings of the Board, meetings of various technical Committees also took place.

Meeting Date and Venue51st SAFA Board meeting

1st February 2018 in Kathmandu, Nepal

52nd SAFA Board meeting

11th May 2018 in Kathmandu, Nepal

53rd SAFA Board meeting

30th June 2018 in New Delhi, India

54th SAFA Board meeting

25th September 2018 in Karachi, Pakistan


19th October 2018 in Colombo, Sri Lanka


10th December 2018 in Dhaka, Bangladesh


The 51st SAFA Board meeting was hosted by the Institute of Chartered Accountants of Nepal on 1st February, 2018 in Kathmandu, Nepal. Apart

from Board Members and Technical Advisors, the meeting was also attended by Ms. Alta Prinsloo, Executive Director, Quality & Development, International Federation of Accountants, Mr. Chris Austin, Chairman, International Accountancy Education Standards Board (IAESB), Dr. Gary Pfl ugrath, Director, Public Policy & Regulation, International Federation of Accountants, CA. Manoj Fadnis, President, Confederation of Asian and Pacifi c Accountants (CAPA), Mr. Andrew Burns, President, Chartered Institute of Public Finance and Accountancy (CIPFA) and representatives from the World Bank. The following important issues were discussed/noted at the meeting:-

• Noting of Appointment of CA. (Dr.) Suvod Kumar Karn, as President, SAFA and CMA. (Dr.) Jagan Mohan Rao as Vice-President SAFA for the year 2018 w.e.f. 1st January 2018 for a period of 12 months.

• Appointment of Mr. Binod Neupane, Joint Director, ICAN as Executive Secretary and as CMA. Yogender Pal Singh, Assistant Director, Institute of Cost Accountants of India as Assistant Executive Secretary for the year 2018.

• Update on the Consultation Paper proposing changes to the international standard setting process for Audit and Ethics by Mr. Gary Pfl ugrath, Director, Public Policy & Regulation, International Federation of Accountants.

• Update on the status of registration of Foundation of SAFA in Sri Lanka.

• Update on the status of Virtual Knowledge & Training Centre (VKTC) project.

• In principle approval of the proposal of World Bank for partnering in the FRED Conference to be organised in 2018 jointly with ASEAN Federation of Accountants and CAPA.


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• Removal of CPA Maldives as Associate member of SAFA w.e.f January 1, 2018 and appointment of Auditor General of Maldives as Permanent Observer.

• Finalization of strategic action plan of SAFA for the year 2018.

• Approval of annual activity report of SAFA for the year 2017.

52nd SAFA Board meeting

The 52nd SAFA Board meeting was supposed to be hosted by CPA Afghanistan in Kabul but due to security concerns the Board meeting and other related events could not take place in Kabul, Afghanistan. The meeting was then shifted to Kathmandu Nepal which was hosted by the Institute of Chartered Accountants of Nepal on 11th May, 2018 in Kathmandu, Nepal. The following important issues were discussed/noted at the meeting:-

• Articles of Association of Foundation of SAFA was approved with minor modifi cations for signatures of member.

• Signing of the agreement for CAPEX was deferred till the time OPEX is fi nalized by the Committee to govern VKTC.

• The format for submission of member body reports as prepared by Mr. Muhammad Farhad Hussain for submission of the reports by SAFA member bodies was approved.

• The draft fi nancial statements of SAFA were approved.

53rd SAFA Board meeting

The 53rd SAFA Board meeting was hosted by the Institute of Cost Accountants of India and on June 30, 2018 in Delhi, India. Apart from Board members

and technical Advisors the meeting was also attended by Ms. Rachel Grimes, President, IFAC, Mr. Gary Pfl ugrath, Sr. Director, IFAC, Mr. Budhiman Rai, Technical Committee Member, AASB of Bhutan, Mr. Karman Yeshey, Board Member, AASB of Bhutan and Ms. Kinzang Wangmo, General Secretary, AASB of Bhutan.

Ms. Rachel Grimes and Mr. Gary Pfl ugrath updated the progress with regard to the Consultation paper issued by Monitoring Group proposing changes to the international standard setting process for Audit and Ethics

The following important issues were discussed/noted at the meeting:

• Joint Strategic meeting of SAFA And CAPA in Sydney, Australia.

• Update of WCOA, 2018.

• Opening a bank account in the name of Foundation of the South Asian Federation of Accountants in Sri Lanka.

• Update of FRED Conference, 2018 on August 10 and 11, 2018 in Karachi, Pakistan.

• Nominations of CA. Manil Jayesinghe and CA. M P Vijay Kumar from SAFA for IFRS Advisory Council.

• Amendments in the Constitution of SAFA.

• Constitution of SAFA Women Leadership Committee.

54th SAFA Board Meeting

The 54th SAFA Board meeting was hosted by the Institute of Chartered Accountants of Pakistan


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on September 25, 2018 in Karachi, Pakistan. Mr. Majyd Aziz, President, South Asian Federation of Employers (SAFE) and President, Employers Federation of Pakistan addressed the Board members on how SAFE along with SAFA can help in creating employability of Accountants through employers.

The following important issues were discussed/noted at the meeting:-

• Agenda for the Joint strategic meeting of SAFA and CAPA Board on November 4, 2018 in Sydney.

• IFAC Regional Organisation Application by SAFA.

• IFAC-PAO Workshop on October 20, 2018 coinciding with the SAFA events in Colombo, Sri Lanka.

• SAFA Strategic Workshop at the SAFA events in Colombo, Sri Lanka from October 19-21, 2018.

• Pakistan Institute of Public Finance Accountants (PIPFA) Membership of SAFA.

• MRA among Cost Accountant bodies of SAFA and MRA among Chartered Accountants bodies of the SAARC region.

• Amendments in the Constitution of SAFA.


The 55th SAFA Board meeting was hosted by the Institute of Certifi ed Management Accountants of Sri Lanka on October 19, 2018 in Waskaduwa, Sri Lanka. Mr. Adrian Lim, Technical Manager, Quality & Development, IFAC addressed the Board members and extended full support from IFAC to SAFA in its endeavour to develop the Accountancy profession in South Asian region.


• Status of VKTC.

• Status of IFAC Regional Organization Application by SAFA.

• Registration of Foundation of South Asian Federation of Accountants and administrative diffi culties in changing the Directors of Foundation of South Asian Federation of Accountants -update since last Board meeting.


The 56th SAFA Board meeting was hosted by the Institute of Cost and Management Accountants of Bangladesh on December 10, 2018 in Dhaka, Bangladesh. Mr. C.Q.K. Mustaq Ahmed, Chairman, Financial Reporting Council (FRC) addressed at the Board meeting and he congratulated SAFA for playing the important role for the development of accountancy profession in the Region.


• The Institute of Chartered Accountants of India informed that it will host the 21st World Congress of Accountants in Mumbai, India in November 2022 and requested SAFA member bodies to popularize the same in their respective countries.

• Presentation on Unique Document Identifi cation Number (UDIN) initiative of ICAI by CA. Ranjeet Agarwal, Central Council Member, ICAI.

• Approval of winners of SAFA Best Annual Report Awards & SAARC Anniversary Awards for Corporate Governance Disclosure Ceremony 2017.

• Update from joint strategic meeting of SAFA and CAPA Board held on November 4, 2018.

• Approval of the audited fi nancial statements and recommendation of the same for approval to the Assembly.

• Registration of Foundation of South Asian Federation of Accountants and administrative


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diffi culties in changing the Directors of Foundation of South Asian Federation of Accountants -update since last Board meeting.

• Appointment of auditor for the Audit of Financial Statements of SAFA for 2017 and 2018.

• Review of performance of Committees/Task Forces of SAFA.

SAFA Best Presented Annual Report Awards & SAARC Anniversary Awards for Corporate Governance Disclosure Ceremony

The SAFA BPA Award for the “Best Presented Annual Reports” is considered as the most prestigious accolade for fi nancial reporting in the South Asian

region and signifi es 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 fi nancial statements in accordance with the international framework.

SAFA has been organizing Best Presented Annual Report Awards since 1997 in various categories including Banking Sector, Financial Services Sector, Communication & Information Technology Sector, NGO& NPO Sector and alike. In addition SAFA has also initiated SAARC Anniversary Awards for Corporate Governance Disclosures since 2006 and Integrated Reporting Awards since 2015.

The Committee for Improvement in Transparency, Accountability and Governance (ITAG) had number of meetings to fi nalize the winners of SAFA Best Presented Annual Report Awards & SAARC Anniversary Awards for Corporate Governance Competition 2017. After a series of meetings, the two days Conference Marking Session was held on December 8 and 9, 2018 in Dhaka, Bangladesh whereat the winners were decided.

OVERALL WINNER: Country Company Award

Bangladesh IDLC Finance Limited Winner

Private Sector Banking Institutions (including Co-operative Banks)Country Company Award

Bangladesh Bank Asia Lid Merit BRAC Bank Ltd WinnerDutch Bnagla Bank Ltd Merit

India Kotak Mahindra Bank Merit HDFC Bank LTd. Merit

Sri LankaCommercial Bank of Ceylon PLC 1st Runner-upHatton National Bank PLC Merit National Dev Bank PLC 2nd Runner-up

Pakistan Allied Bank Ltd MeritMCB Bank Ltd Merit Meezan Bank Ltd Merit

Nepal Citizen Bank international Ltd Merit


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Public Sector Banking InstitutionsCountry Company Award

Sri Lanka Bank of Ceylon WinnerNational Savings Bank 2nd Runner-upPeople's Bank 1st Runner-up

Insurance SectorCountry Company Award

Bangladesh Green Delta Insurance Co Ltd Joint 2nd Runner -upPrime Insurance Co Ltd WinnerReliance Insurance Co Ltd 1st Runner-up

India HDFC Standard Life Insurance Merit ICICI Prudential Life Insurance Merit

Sri LankaHNB Assurance PLC Merit Union Assurance PLC MeritSoftlogic Life Insurance PLC Joint 2nd Runner –up

Pakistan EFU Life Assurance Ltd MeritJubilee Gen Insurance Co Ltd Merit TPL Insurance Ltd Merit

Financial Services SectorCountry Company Award

Bangladesh IDLC Finance Ltd WinnerLanka Bangla Finance Ltd 1st Runner-upIPDC Finance Ltd 2nd Runner-up

Sri LankaLB Finance PLC Merit Citizen Dev. Bus. Finance PLC MeritPeoples Leasing Merit

Pakistan First Habib Modaraba Merit

Manufacturing SectorCountry Company Award

Bangladesh British American Tobacco 1st Runner-upGlaxo Smith Kline MeritPremier Cement 2nd Runner-up

India Coromandel Int. Ltd. MeritAtul Ltd. Merit

Sri Lanka Dipped products MeritAlumex PLC WinnerHayleys Fabric PLC Merit

Pakistan Attock Petroleum Ltd MeritCherat Packaging MeritMughal Iron & Steel Ltd Merit


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Communication and Information Technology SectorCountry Company Award

Bangladesh Grameenphone Ltd WinnerIndia Mindtree Ltd. Joint 2nd Runner -up

Sri LankaTata Consultancy Ser. 1st Runner-upSri Lanka Telecom Joint 2nd Runner –up

Service Sector (Excluding Financial Services & Communication & IT Sector)

Country Company Award

Sri LankaThe Nuwara Ellya Hotels Joint Winner Aitken Spence Hotel 2nd Runner-upJohn Keells Hotels 1st Runner-up

Nepal Oriental Hotel (Radisson) Joint Winner

Non-Governmental Organizations (including NPOs)Country Company Award

Bangladesh BRAC Bank Ltd WinnerSajida Foundation Merit Uddipan Joint 2nd Runner –up

India Akshaya Patra Foundation 1st Runner-upVidya Dairy Merit

Sri LankaPlantation Human Dev Trust Merit SL Inst. of Marketing Merit

Pakistan Citizen Foundation Joint 2nd Runner -up

Agricultural SectorCountry Company Award

Bangladesh Golden Harvest Winner

Sri LankaTalawakelle Tea 2nd Runner-upKelani Valley 1st Runner-upWatawala Merit

SAARC Anniversary Award for Corporate GovernanceCountry Company Award

Bangladesh IDLC Finance Ltd WinnerLanka Bangla Finance Ltd 1st Runner-upBritish American Tobacco Merit

Sri LankaNational Dev Bank PLC MeritUnion Assurance PLC MeritHatton National Bank PLC Merit


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Pakistan Cherat Cement Co. Ltd MeritFauzi Fertilizer Co. Ltd 2nd Runner-upMari Petroleum Co. Ltd Merit

Public Sector EntitiesCountry Company Award

Bangladesh Investment Corp. of BD 1st Runner-upIDCOL Joint Winner

Pakistan Oil & Gas Dev. Co 2nd Runner -upPakistan State oil Joint Winner

Diversifi ed holdingsCountry Company Award

Sri LankaHayleys PLC 2nd Runner-upDiesel & Motor Merit John Keells Holdings 1st Runner-up

Pakistan Cresent Steel WinnerCyan Ltd. Merit

Integrated ReportingCountry Company Award

Bangladesh IDLC Finance Ltd WinnerBRAC Bank Ltd Merit

Sri LankaDiesel & Motor 2nd Runner-upJohn Keells Holdings MeritPeoples Leasing 1st Runner-up

The Awards shall be distributed at a ceremony slated to be organized in January, 2019 in Pune, India.

Seminars, Workshops and Conferences

SAFA International CFO Conference 2018 on “Evolving Economic Environment - Challenges and Way Forward” hosted by the Institute of Chartered Accountants of Nepal on January 31, 2018 at Hotel Soaltee Crowne Plaza, Kathmandu, Nepal.

The Institute of Chartered Accountants of Nepal (ICAN) hosted SAFA International CFO Conference 2017 on “Evolving Economic Environment - Challenges and Way Forward” on January 31, 2018 to enhance knowledge on emerging accounting & fi nancial issues, knowledge sharing on leading trends of the profession and to deliver insights for managing fi nancial risk, modelling transparency and accountability which was inaugurated by Rt.

Honorable Vice President of Nepal, Mr. Nanda Bahadur Pun.

Mr. Md. Abdul Hamid, Hon’ble President, People’s Republic of Bangladesh inaugurated the SAFA Regional CFO Conference as the Chief Guest while A H M Mustafa Kamal FCA, MP, Hon’ble Minister, Ministry of Planning, GoB was present as the Special Guest.


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SAFA International Conference 2018 on “Professionals of the Future: Thoughts on 2018 and Beyond” hosted by the Institute of Cost Accountants of India on June 29, 2018 at Hotel Taj Diplomatic Enclave, Delhi, India

The Institute of Cost Accountants of India hosted the SAFA International Conference, 2018 on “Professionals of the Future: Thoughts on 2018 and

Beyond” on June 29, 2018 at Hotel Taj Diplomatic Enclave, Delhi, India.


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SAFA- World Bank FRED III Conference, 2018 on September 23 and 24, 2018 in Karachi, Pakistan

The Institute of Chartered Accountants of Pakistan and the Institute of Cost and Management Accountants of Pakistan hosted joint SAFA –World Bank FRED III on ‘Maximizing Private Sector Finance and Solutions for Development - Role of the Accountancy Profession’ on September 23 and 24, 2018 in Karachi, Pakistan.

SAFA Workshop on Sustainable Development Goals (SDGs) and IFAC PAO Development Workshop on 18th October 2018 at Hotel Citrus, Waskaduwa, Sri Lanka.

CMA Sri Lanka hosted the SAFA Workshop on Sustainable Development Goals (SDGs) and IFAC PAO Development Workshop at Hotel Citrus, Waskaduwa, Sri Lanka . This workshop co-hosted by the South Asian Federation of Accountants (SAFA) and the International Federation of Accountants (IFAC), presented an opportunity for in-depth

dialogue to share and learn about the approaches professional accountancy organizations (PAOs) have implemented across different areas that relate to the profession and how they align and support the goals of the UN Sustainable Development Goals (SDGs).

FRED III explored the enhanced role of the professional accountant from stewardship to decision making and how the profession is gearing up to meet the new demands at this critical juncture when development fi nance is transforming, and the private sector is providing not only development fi nance but also solutions for development.


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SAFA International Conference 2018 on the theme “The Future of Finance: Digitize, Drive and Transform” on December 8, 2018 at Hotel Intercontinental, Dhaka, Bangladesh.

The Institute of Cost and Management Accountants of Bangladesh hosted the SAFA International Conference, 2018 on the theme “The Future of Finance: Digitise, Drive and Transform” on December 8, 2018. The Conference was inaugurated

by Mr. Abdul Maal A. Muhith, Minister, Ministry of Finance, Government of People’s Republic of Bangladesh and was attended by around 500 local and foreign participants.


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Other Activities

SAFA Quiz and Elocution contest, 2018

SAFA Quiz and Elocution Contest was held on 30th January, 2018 at Kathmandu in presence of delegates from SAFA, IFAC, IAESB, CAPA and Professional Accounting Organizations with an objective to motivate students towards the focused study of fi nancial reporting standards and to develop the future speakers for the profession. National winners from each member body have participated the contest on 30th January 2018 at Hotel Soaltee Crown Plaza Kathmandu. 16 Students from SAARC region participated for SAFA Quiz Contest and 15 students participated for SAFA Elocution Contest. The chief guest of the program

was Mr. Chris Austin, Chairman, International Accounting Education Standard Board (IAESB), IFAC.

The Board noted that the students from ICAI won the elocution contest and fi rst runner up and second runner up award was given to the student of ICAB.

In Quiz Contest, the student’s team of ICA Nepal was awarded as winner and the student’s team of ICA Pakistan was declared as runner up.

Celebration of 10th November as International Accounting Day

The member bodies of SAFA celebrated 10th November as International Accounting Day in a befi tting manner by organizing Debate Competition, Quiz competitions, Elocution Competition, Essay Writing Competition, Marathon race/ Human Chain and various other programmes.

SAARC Charter Day celebrations on December 8, 2018

The member bodies of SAFA have organised various activities to commemorate SAARC Charter Day on December 8, 2018 in a befi tting manner.

SOUTH ASIAN FEDERATION OF ACCOUNTANTS (AN APEX BODY OF SAARC)

Annual Activity REPORT of SAFA

2018

Permanent Secretariatc/o The Institute of Chartered Accountants of India

ICAI Bhawan, P.O. Box No. 7100, Indraprastha Marg, New Delhi 110002, India

Phone: 00 91 11 30110404, 30110487, Fax: 00 91 11 30110581, 30110591E-mail: [email protected] Website: www.esafa.org

safa annual activity report 2018 - south asian federation ... · a s m nayeem women leadership...

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