Interaction Program to Address Issues of Implementation of Standards NFRS in Hydro Power Sector
Address Issues of Implementation of Standards (NFRS) in Hydro Power Sector
The Institute organized an Interaction Program on issues observed in Adoption of Standards in Hydropower Sector on 25 August 2019 at ICAN Premises, ICAN Marg, Satdobato, Lalitpur. The objective of the program was to highlight the issues in adopting the Standards for preparing financials of Hydro Power Companies.
ICAN President CA. Krishna Prasad Acharya welcomed the invitees and participants of the program and stressed that the program could help to adopt the Standards by the hydropower companies as prescribed without any doubt and conflict for implementation. He also expressed that the interaction program could help to formulate Guidelines and Strategies for proper implementation of Standards in Hydro Power Sector.
The program witnessed two sessions.
In the first session of the program CA. Ashish Garg, General Secretary, IPPAN presented a paper on Nepalese Hydropower Sector, Adoption of Changes in Accounting Standards. During the presentation he focused on various areas where IFRIC-12 and NFRS will have impact while preparing financials of the Nepalese Hydropower Companies. He specially focused on recognition of assets in the books of hydropower companies, treatment of tax liability and dividend and bonus payouts due to adoption of NFRS.
Chairman of Security Exchange Board of Nepal Dr. Rewat Bahadur Karki thanked the Institute for raising the burning issues in the program. Basically, he focused on the corporate governance issues in hydropower sector. He further mentioned that establishment of corporate governance in hydropower sector could attract foreign Investment for hydropower development in Nepal.
The second session of the program was floor discussion. The issues of hydropower sector raised by the participants were answered by the specialist from different sectors such as Inland Revenue Department, Accounting Standards Board, Nepal Electricity Regulatory Commission and IPPAN.
The program was concluded with vote of thanks by ICAN Vice- President CA. Madan Krishna Sharma to the participants for their active participation in the program. The program was participated by the ICAN Council Members, representatives from IRD, hydro power companies and senior officials of the ICAN. Altogether, more than 60 participants participated in the program.