An agreement to this end was reached at the three-day international accounting standards conference that began here on Wednesday. Representatives of 25 countries in Asia and Oceania region are members of the IFRS.
Meanwhile, speaking at a programme organized here this evening by Nepal Accounting Standards Institute to celebrate the decision to establish the centre of excellence in Kathmandu, Governor of Nepal Rastra Bank, Yubaraj Khatiwada said promotion of international financial reporting was inevitable in order to attack foreign direct investment.
He also said that the central bank was ready to provide every possible support to the operation of the financial reporting centre of excellence.
Chairman of International Accounting Standards Board, Hans Hoogervorst said international financial reporting standards was essential for all the countries in order to maintain financial transparency and attract foreign investment.
As of now, 125 countries of the world have enforced the international financial reporting standards and Nepal will be enforcing the same within the next 12 months, according to information shared at the programme.
President of Nepal Accounting Standards Board Narayan Bajaj, Chief Secretary Lilamani Poudel, Secretary at the Secretariat of the Prime Minister and Council of Ministers, Krishna Hari Banskota, Finance Secretary Shanta Raj Subedi and delegates of various countries taking aprt in the conference attended the programme.
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