Inaugurating the conference, Minister Barshaman Pun said the development of accounting profession began with the establishment of the Institute of Chartered Accountants in the aftermath of 1990 and the Accounting Standards Board nine years ago. [break]
The government is committed to implementing the international accounting system in government, as well as in private and non-government organizations despite limited resources and technical skills, he said.
Minister Pun emphasized the need of its implementation for attracting direct foreign investment and added that there is a lack of enough capital for attaining high economic growth and for poverty alleviation.
He also said the country has enough opportunities for investment in water resources, agriculture and tourism.
Informing about the conference, Nepal Accounting Standards Board Chairman Narayan Bajaj said the conference participated in by more than 75 accounting standard-setters of 20 countries of Asian and Oceanic region will discuss on latest development in the sector and on insurance, agriculture, contract, proper value measurement, among others.
Chairman of the inaugural session, Kevin Stevenson urged to approve the proposal for establishment of an International Financial Report Standard Centre in Nepal. The proposal is expected to be approved at the end of the conference.
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