"International Financial Reporting Standards (IFRS) are increasingly moving to fair value measurement of assets and liabilities as a consequence of the current trend to fully portray the economic consequences of an entity’s performance," he said.
"This trend poses several challenges to countries in the South Asian region where we do not have active markets to support such fair valuations. We have addressed challenges such as this at our meeting."
The meeting of National Accounting Standard Setters of India, Pakistan, Bangladesh, Nepal and Sri Lanka was to discuss South Asia's moves towards a single Global Accounting Standards.
It was attended by David Tweedie, Chairman of the International Accounting Standards Board (IASB), an international lea