"Accounting standards in line with International Financial Reporting Standards will come into effect in Nepal from coming July", said Chairman of the Accounting Standards Board, Narayan Bajaj at a press conference held here on Friday.
The work towards adopting the global standards is taking place as part of the Strengthening Public Financial Management System Project, funded by Public Financial Management-Multi Donor Trust Fund, he added.
The Board is working with a plan in strengthening capacity of concerned ministries, Office of Comptroller General, Auditor General and regulatory body, Bajaj said.
The IFRS issued by the International Accounting Standards Board (IASB) are increasingly being recognized as Global Reporting Standards, and the International Accounting Standards is expected to become a common standard across the globe by the year 2016.
The standards has already come to force in Some 115 countries including European Union, Australia, New Zealand and Russia while other countries including China, Canada, India, Japan, Malaysia, Sri Lanka and Bangladesh have also announced to adopt the same.
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