chapter  4
Development of accounting and financial reporting practices in the Islamic Republic of Pakistan
ByImtiaz Badshah, Frode Mellemvik
Pages 16

Accounting in Pakistan needs to be studied because this field has not yet received sufficient attention from researchers. Nevertheless, the global reforms have significantly changed the management of public-sector organizations. The main documents that regulated government accounting in Pakistan after independence included the 1935 Government of India Act, the 1936 Audit and Accounts Order and the Combined Set of Account Code, the first two of which were the genesis of accounting in Pakistan. In order to regulate and promote management accounting in Pakistan, the Institute of Cost and Management Accountants of Pakistan (ICMAP) was established in 1951. The advisory body of the PIA (Pakistan Institute of Accountants) recommended the formation of the Institute of Chartered Accountants in Pakistan. The Companies Ordinance, 1984, outlines the basics for accounting and financial reporting for companies operating in Pakistan. The State Bank of Pakistan (SBP) was established by the State Bank of Pakistan Order 1948 to function as the central bank of Pakistan.