ABSTRACT
The South Asian Association for Regional Cooperation (SAARC) was established in 1985 by Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka, to be joined later by Afghanistan. The South Asian Federation of Accountants (SAFA), a forum of professional accountancy bodies in the SAARC region, works towards positioning, maintaining and developing the accountancy profession in the region. It is expected that the financial reporting practices will be improved after adoption of the whole set of International Financial Reporting Standards by 2021 in the region. The chapter provides detailed insight into developments in the smaller countries, where institutional developments are relatively rarely researched.
