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Nepal to enforce Int'l standard in account system

  

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KATHMANDU: Nepal is set to adopt account system of international standard in a compulsory manner.


Nepal is enforcing the 'International Finance Report Standard'–the phase-wise uniformed account system to be adopted at international level.


At a discussion organized here on Thursday by Nepal Electricity Authority and Nepal Chartered Accountants Organization, it was informed that the system would be brought in to effect in private and public organizations from fiscal year 2012-13.


Multinational companies including Unilever and Nepal Bottlers' Association are set to use the account system in line with the IFRS from this fiscal year while it would be in use in the companies scheduled in stock exchange market.


Likewise, it would be in effect in public enterprises and 'A' grade banks in third stage and other organizations would adopt the system in the fourth stage.


On the occasion, Deputy Auditor General Somraj Pokharel said it was customary to go for IFRS from coming fiscal year and directed the regulatory bodies of the economic sector including Finance Ministry, Nepal Rastra Bank, Stock Exchange Board and insurance Committee to be prepared for the same.


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