ACCA (the Association of Chartered Certified Accountants) and Institute of Cost Management
Accountants of Pakistan (ICMA Pakistan) have now joined forces by signing a Memorandum of
Understanding (MoU) to jointly train the public sector professionals in Pakistan on IPSAS®, the
international accrual-based accounting standards, to enhance the quality, consistency and
transparency of public sector financial reporting in Pakistan and help rebuild the public trust.
The announcement was made at a Virtual MoU signing ceremony on the theme ‘’The
Importance of Strengthening of Public Sector Institutions’. The ceremony was attended by
senior members of both the professional bodies, as well as by senior public sector leaders
including Abdul Ghafoor Khan, Rector, Pakistan Audit & Accounts Academy, Dr Jawad Zaka
Khan, Deputy Military Accountant General Pakistan, Sumaira K Aslam, Additional Secretary,
Ministry of Finance, Umar Banoori, DG Accounts, Controller General of Accounts Pakistan, Zia
Ul Mustafa, President, ICMA Pakistan, and Sajjeed Aslam, Head of ACCA Pakistan.
Under this partnership, a certificate in IPSAS, will be delivered jointly by ACCA and ICMA
Pakistan to finance professionals working in the public sector or aspiring to join the sector in the
Speaking at the event, ACCA’s Head of Pakistan, Sajjeed Aslam, said,
“The Public Sector is facing a dizzying array of challenges, from declining public trust to
technological disruption, that require innovative responses. The current pandemic has added an
unprecedented pressure on the sector to deliver public services in the most effective manner.
Therefore, there’s an urgent need for radical reforms and improved capacity. ACCA as a global
force for public good is delighted to have signed this MOU with ICMA Pakistan. This is just
another example of our commitment to strengthening the public sector in Pakistan, working in
partnership with all the stakeholders, and upholding the public trust in the accountancy
Addressing the ceremony, Zia Ul Mustafa, President, ICMA Pakistan, said:
“ICMA Pakistan is pleased to partner with ACCA to train public sector organisations in IPSAS
with the goal of improving transparency and accountability, as well as the adoption of an
accrual-based public financial reporting framework. The objectives are to be met by
strengthening existing financial institutions within the Government of Pakistan and delivering
knowledge to public sector accountants while developing the country’s public sector
accountancy capacity. This MoU with the objective of enhancing public financial management
will assist public sector set ups in gearing up to meet the new demands of the augmented role
of the public sector organisations in providing development finance solutions for effective
Issued by the International Public Sector Accounting Standards Board (IPSASB), IPSAS® are
cash-based standards and accruals standards used for the preparation of general purpose
financial statements by governments and other public sector entities around the world.
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The recording of the ceremony can be viewed here:
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About ICMA Pakistan
The Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) was
established in 1951 with the objective to regulate and promote the profession of Management
Accounting in Pakistan.
The Institute is chartered under Cost and Management Accountants Act No. XIV of 1966 of the
Parliament of Pakistan and its activities are governed under Cost and Management
Accountants Regulations 1990.
Presently, Institute has more than 5,000 members. These members are serving on senior
management positions such as CEOs, CFOs, COOs, CIAs, Company Secretaries, Financial
Analysts, Public Practitioners, Management Consultants, etc., hence making significant
contributions towards business growth and economic development.
The Institute, currently, has over 15,000 students, more than 200 faculty members, over 260
employees, 07 regional and 06 overseas Branch Councils, 11 education campuses and 20
examination centres. The Institute is providing Education, conducting Examinations, organising
Corporate Trainings, holding CPD Programs, undertaking Research work and engaged in
In addition to this, the Institute is also actively involved in providing technical support to the
Ministry of Finance, Ministry of Commerce, Planning Commission, Securities and Exchange
Commission of Pakistan, State Bank of Pakistan, Federal Board of Revenue, Accountant
General of Pakistan Revenues, Auditor General of Pakistan, Competition Commission of
Pakistan, other ministries, regulators and policy making organisations.