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THE INSTITUTE OF CHARTERED ACCOUNTANTS

OF PAKISTAN- KSA CHAPTER

Formed under the MOU with SOCPA and operating under the patronage of Pakistan Embassy in KSA

Second Annual Report

2013

ICAP KSA Chapter Second Annual Report 2013

2

Table of Contents

President's Review ...............................................................................................................................................................3

Agenda of Second Annual General Meeting ……………………………………………………………………………... 5

Report of Management Committee ................................................................................................................................6

Financial Statements for the year ended June 30, 2013 .................................................................................... 18


3

President's Review

In the Name of Allah, the most Beneficent, the most Merciful

“Then which of the favours of your Lord will ye deny?” Surah Rahman – (55:13)

It is a pleasure for me to welcome you all to the 2nd Annual General

Meeting of the ICAP KSA Chapter.

This AGM also marks the completion of the 2 year period for which the

ICAP KSA Management Committee was appointed. I would like to take this

opportunity to reflect upon the last two years and the achievements of the

KSA Chapter.

As we started our professional activities, it became abundantly clear to us that we will need to

focus on some key areas including Continued Professional Development (CPD) and therefore we

set up the following committees:

- Continued Professional Development Committee (Riyadh & Khobar)

- Human Resources Committee

- IT Committee

- Public Relations Committee

Our biggest challenge was to ensure that we can provide regular CPD activities for our members

to enable them to keep themselves up to date with the developments in the professional arena

and also to meet the minimum CPD requirements of ICAP. Thanks to the efforts of the CPD

committees led by Mr. Sohail Nini (Riyadh) and Mr. Shahid Murad (Khobar), we were able to

organize 18 CPD events under the ICAP KSA Chapter banner and 8 CPD events jointly with

Pakistan Accountant Forum in Jeddah during these two years.

Another major achievement during this period was organizing the ICAP Final Exams in Riyadh.

Alhamdulillah, over 600 candidates were able to appear in their final exams from KSA and more

than 20 have qualified their final exams and became Chartered Accountants. I take this

opportunity to congratulate all of the successful candidates and hope that many more will

continue to utilize this facility and achieve success by using the Riyadh Centre for their final

exams.

Our Human Resources Committee led by Mr. Mohammad Iqbal is actively helping our members

to get placements in highly respectable organizations and has successfully developed a Job Portal

which is set to be launched soon.

The IT Committee (led by Mr. Aakif Hasnat / Mr. Assad Abbas) has also been very helpful by

developing our website and creating a group on Facebook for the benefit of the Chapter and its

members. The Public Relations Committee didn’t kick off as a formal committee; however I wish

to recognize the valuable contribution by Mr. Asher Noor who single handedly managed all the

tasks that were expected of the said committee.


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When we started the activities of the KSA Chapter we didn’t have any funds, however, thanks to

the understanding and support provided by Mr. Khalid Rahman (Chairman of ICAP Overseas

Committee) and other Council members, ICAP provided us some funds to start our initial

activities. Those funds along with the generous contributions from our sponsors helped us to

organize two very successful annual events including the one that coincided with the Golden

Jubilee of ICAP. I am very pleased that today we are leaving behind a sizable amount of funds for

the next management committee to support future professional events and activities.

I would like to take this opportunity to thank each and every member who has supported our

activities with a special thanks to the members of the Management Committee and particularly to

Mr. Muhammad Asif Iqbal for all his dedicated efforts and for being the focal point for all our

activities. Given his enormous contribution to the activities of the KSA Chapter, I have

recommended Asif to be part of the next management committee of ICAP KSA Chapter to ensure

there is continuity, however, I have personally decided not to continue in the next Management

Committee so as to provide an opportunity to other members to become part of the Management

Committee as I believe this would bring fresh perspective to enable the Chapter to achieve more

success going forward.

Finally, I would like to place on record my sincere appreciation for the wholehearted support

that has been provided by his Excellency the Ambassador of Pakistan to Saudi Arabia Mr. Naeem

Khan, the Secretary General of SOCPA Dr. Ahmad Al Meghames, the ICAP Presidents Mr. Rashid

Rahman Mir and Mr. Ahmad Saeed and the Chairman of ICAP Overseas Committee Mr. Khalid

Rahman without whose support it would not have been possible for us to carry out our

professional activities and organize successful social events for the members.

It has been an honor for me to have served as the founder President of the ICAP KSA Chapter. I wish all the best for ICAP, the KSA Chapter and the members and pray for their continued success in the future.

Thank You,

Amin Qureshi President Riyadh

September 17, 2013


5

Notice of Second Annual General Meeting

The 2nd Annual General Meeting of ICAP KSA Chapter will be held on September 30, 2013 at 6:15

pm at Hilton Garden Inn, Riyadh.

Agenda

The proceedings of the meeting will commence with the recitation from the Holy Quran and will

have the following agenda:

1. Confirmation of draft minutes of the first Annual General Meeting held on September 19, 2012

2. Presentation and review of the annual report of the Management Committee and the Financial Statements of the Chapter for the year ended June 30, 2013.

3. Any other business with the permission of the Chair.

Muhammad Asif Iqbal Secretary Riyadh September 17, 2013


6

Report of the Management Committee Structure

The ICAP KSA Chapter was formed w.e.f August 1, 2011 and the following Management

Committee was elected unopposed for a period of two years:

The Management Committee is extremely thankful to the Pakistan Ambassador in KSA for

agreeing to become the Patron in Chief of the ICAP KSA Chapter. The Management Committee

also recognizes the full support of the Saudi Organization for Certified Public Accountants

(SOCPA) and its Secretary General, Dr. Ahmad Almeghames, without which successful

organization of activities would not have been possible.

Management Committee Meetings

During the current year, four meetings of Management Committee were held through

teleconference. The meetings were attended by majority of the committee members.

Muhammad Asif Yousuf (Jeddah) Vice President

Amir Waheed Ahmed (Khobar) Head of Financial Affairs

Muhammad Abdullah Akber (Jeddah) Joint Secretary

Muhammad Asif Iqbal (Riyadh) Secretary

Amin Nazir Qureshi (Riyadh) President


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Representation to ICAP

Under the recent Budget, an amendment was proposed under Section 114 of Income Tax Ordinance, 2001 through which all ICAP members (including overseas) will be required to file Income Tax return irrespective of income threshold. The ICAP KSA Chapter Management Committee requested ICAP to raise this with FBR so that overseas members continue to be treated just like other non-resident Pakistanis. The ICAP President had given a positive response to our request and the relevant committee of ICAP is pursuing this matter vigorously with FBR.

Elections for new Management Committee 2013-2015

We are pleased to inform you that the Managing Committee for the ICAP KSA Chapter successfully completed its two year term in July 2013. The new Management Committee is expected to take charge from October 19, 2013 as decided by the Overseas Coordination Committee (OCC) in accordance with the Institute’s Election Rules for Overseas Chapter Managing Committee 2010 and the existing Management Committee will continue to perform its duties till that date. The current Management Committee is extremely thankful to all the members for reposing confidence in them and hopes that the incoming Management Committee will improve upon the activities of ICAP KSA Chapter in Riyadh, Jeddah and Khobar.

Working Committees

In order to facilitate the Management committee to carry out its functions as mentioned in the

ICAP KSA Chapter Constitution and ICAP Overseas Chapter Guidelines, following working

committees have been formed:

CPD Committee Riyadh CPD Committee Eastern Province Placement Committee IT Committee

CPD Committee Riyadh

The Committee consists of the following members: 1. Sohail Nini - Chairman 2. Raeel Rafique - Secretary 3. Muhammad Asif Iqbal - Nominee from Management Committee 4. Abdul Hameed Suriya 5. Kashif Zafar 6. Arslan Azhar 7. Mustufa Abdul Latif

8. Syed Mohsin Ali


8

The Committee by the grace of Almighty achieved the target of providing mandatory 20

hours as required by ICAP CPD Directive by organizing the following eight CPD seminars

during the year:

Date Topic Speaker

19 September 2012 Key aspects of Corporate

Governance regulations in KSA

Dr. Saleem Sheikh, Director – Head of

Legal Services, KPMG Saudi Arabia

16 October 2012 Investment accounting under

SOCPA and IFRS

Mansoor Chaudhry, Head of Treasury

Operations, Riyad Bank

20 November 2012 IFRS 7 & 9 - Financial

Instruments

Donald Mcdonald, Director, Capital

Markets and Accounting Advisory

Services, PWC Dubai

17 December 2012 When to Consolidate and how

to Fair value Kashif Zafar, Director Audit, KPMG Riyadh

28 January 2013 Overview of Zakat and Income

Tax Regulations in KSA

Pervez Maqbool, Executive Director-

Zakat and Tax, EY Riyadh Office

26 February 2013 Personal Branding & Career

Progression Asher Noor, CFO of AlTouq Group

30 March 2013 2nd Saudi-Pak Accountancy

Seminar Various speakers

30 April 2013 Understanding Derivatives –

Beyond Accounting

Safwat Khalid, BSM Treasury, Samba

Financial Group

Chief Guest: Tariq Javed, Senior Advisor,

Saudi Arabia Monetary Agency (SAMA)

27 May 2013 Fair Valuation - Concepts and

Challenges

Munish Mohendroo, Director, Deloitte’s

Financial Advisory Services, Abu Dhabi

Abid Moosa, Assistant Director, Deloitte’s

Financial Advisory Services, Riyadh

CPD Committee Eastern Province

The Committee consists of the following members: 1. Shahid Murad – Chairman 2. Salmaan Ali – Secretary 3. Amir Waheed – Nominee from Management Committee 4. Faisal Rashid 5. Nabeel Najam 6. Nadeem Asghar 7. Naveed Uddin 8. Syed Junaid 9. Tariq Naeem 10. Uzair Ashraf


9

The Committee organized following CPD seminars at Khobar during the year:

Date Topic Guest Speaker 10 October

2012

Overview of Regulations for

Companies and Corporate

Governance Regulations in KSA

Zahi Younes and representatives from

Baker & McKenzie

26 December

2012

Overview of Zakat and Income

Tax Regulations in KSA

Nauman Ahmed, Lead Partner of Middle

East Tax Practices, Deloitte & Touche

27 March

2013

Essential Elements of Corporate

Governance

Amjad Ali, Executive Manager, Advisory

Services in Ernst & Young Al Khobar

Joint CPD Programs with Pakistan Accountant Forum (PAF), Jeddah

At Jeddah, the ICAP KSA Chapter is currently organizing CPD programs jointly with the PAF and

the following seminars were held at Jeddah:

Date Topic Guest Speaker

17 September

2012

Islamic Finance Mr. Neil Miller - Global Head

Islamic Finance Mr. Neil Miller - Global Head of Islamic Finance, KPMG

7 October 2012 Survey on Fraud, Bribery, and Corruption in the Middle East

Mike Adlem, Senior Director, Fraud Investigation & Dispute Services (FIDS) Practice, Ernst & Young

13 November 2012

Business Process Management –Designing your processes

Irfan Younas Malik – BPM Leader in Emaar, The Economic City

27 May 2013

Saudi Tax and Zakat - An Overview

Mohammed Saleem Desin, Senior Tax Partner Ernst & Young

Placement Committee

The Committee consists of the following:

1. Muhammad Iqbal – Chairman (Riyadh) 2. Amir Waheed – Nominee from Management Committee (Khobar) 3. Zubair Sobani (Jeddah) 4. Imtiaz Haider (Khobar) 5. Ashfaq Batavia (Riyadh) 6. Rizwan Lari – Secretary (Riyadh) 7. Atif Rahim Alvi (Riyadh)


10

Main objectives of the Placement Committee are as follows:

• Source placement opportunities in KSA and identify suitable candidates for those positions and facilitate prospective employer/ prospective employee interaction to their mutual benefit.

• Maintain an up to-date repository of CV's of Pakistani accounting/finance fraternity for easy access by prospective employers.

Activities to date by Placement Committee:

Creation and management of database of CV's. Actively referred candidates to opportunities identified by members/organizations. Organized interview calls for 12 candidates in various Saudi companies. Successfully placed at least 6 candidates in various Saudi companies.

Since its inception in December 2011, the Committee has held six meetings, which was actively

participated by almost all members.

The committee is actively working on the project of automation of databank including by creating

an ICAP Middle East Job Portal for ICAP members and students in KSA and other GCC countries.

The ICAP UAE Chapter has also agreed to support this project. Through this portal, employees

and employers will be able to proactively interact with each other.

IT Committee

The Committee consists of the following:

1. Aakif Hasnat - Chairman 2. Umair Murtaza - Secretary 3. Abdullah Akbar – Representative from Management

Committee 4. Khurram Amanullah 5. Muhammad Farhan

Main objectives of the Placement Committee are as follows:

The principle objective is to service the members and potential members by developing and

thereafter managing the following:

ICAP KSA’s chapter website

Presence on social medial such as Face book, Linkedin etc.

so as to;

communicate with them,

share useful and knowledge resources,

share news and updates,

communicate about upcoming events ,

obtain feedback on the ongoing,

share the videos of the seminars held, and

foster networking amongst the members and non-members through social media

presence.


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The following milestones were achieved by the committee:

A) Launched ICAP KSA’s chapter website (www.icapksachapter.org)

A very user friendly ICAP KSA chapter’s own

website was launched with the following

features:

- Introduction to what ICAP KSA chapter

is and how this group is promoting the

interests of our accountants’ community,

including the members and potential

members. This includes communication

from the KSA chapter’s President.

- Communication of the future events

- Sharing of videos of the past events

- Sharing of photos of the past events

- Links to useful websites

- Ability to download some resources

B) Launched Facebook group

The facebook group namely ‘ICAP KSA Chapter’, is a very informative and useful resource with opportunities to learn, share knowledge, updates and yet network in an informal manner.

It is getting new joiners almost on a daily basis and so far we have close to 300 members.

The committee actively shares resources, news, updates, job requirement postings on this group, hence making it very usable resource for the members of the group.

The Resources placed on facebook group include the following: o Article on Real Estate Accounting o Article on Interviewing Skills o Annual Report

Our future plan is to continue striving to meet our objectives, i.e. service to members, and we are

planning to do the following:

Start a new service of quarterly video update through facebook, website and email.

Adding more resources to KSA Chapter website, make it more user friendly.

http://www.icapksachapter.org/


12

Presenters at CPD events

Safwat Khalid Tariq Javed, Senior Advisor, Saudi Arabia

Monetary Agency (SAMA)

Abid Moosa Asher Noor

Munish Mohendroo Dr. Saleem Shaikh

Pervez Maqbool Kashif Zafar


13

Presenters at CPD events

Donald Mcdonald Mansoor Chaudhry

Nauman Ahmed Zahi Younes

Amjad Ali Neil Miller


14

Second Saudi-Pak Accountancy Seminar

The ICAP KSA chapter organized the Second Saudi-Pak Accountancy Seminar on March 20, 2013 in Riyadh. The seminar was held at Riyadh Sheraton Hotel and was attended by more than 175 people relevant to the accountancy profession. A large number of Saudi finance professionals also attended including others who had flown in from Dammam, Jeddah and even UAE. The topic of the seminar was "Global Challenges, Local Solutions - Accounting to the rescue." Speakers at the seminar included His Excellency Muhammad Naeem Khan, Ambassador of Pakistan to Saudi Arabia, Dr. Ahmad Almeghames, Secretary General of SOCPA, Mr. Ahmad Saeed, President of ICAP and Kashif Rana, CFO for ACWA Power. President of ICAP KSA chapter, Mr. Amin Qureshi welcomed the participants and in his speech highlighted the achievements of the chapter including holding ICAP exams in Riyadh as well as monthly CPD activities in Riyadh and also in Dammam and Jeddah. ICAP President, Mr. Ahmad Saeed, who had flown in from Karachi for the seminar, congratulated the ICAP KSA chapter on the scale and relevance of the seminar. He highlighted the importance of the profession of accountancy and how its core values remain sought after in these times. He reiterated the resolve that ICAP has accorded to SOCPA and welcomed initiatives to further that mutual cooperation. Speaking on the occasion, His Excellency, the Pakistani ambassador expressed his admiration for the successful event and promised continued support. He spoke of the recent visits made at the highest level of leadership in both Saudi Arabia and Pakistan which are expected to take the relationship to a whole new level. He spoke warmly of the brotherly relations and praised the Kingdom as being a key country for the global economy. Dr. Almeghames, in his speech praised the good ties that SOCPA and ICAP enjoy. He presented on the latest developments within SOCPA on the convergence to IFRS and highlighted that last year the project to converge had received the official approval from all stakeholders, with H.E. Dr. Taufiq Al Rabiah, Minister of Commerce & Industry in Chair. He expected the convergence to take approximately 5 years given the complexities still surrounding the Shariah compliance aspects of transactions that IFRS has now started to review. The key note speaker for the event Mr. Kashif Rana gave an insightful speech on importance of Convergence of IFRS and its practical implications and challenges. He cautioned that it is not a one size fit all approach and with the standards continuously evolving, the practitioners along with the regulators need to be nimble and focused. A very engrossing one hour interactive panel deliberated on the "Impact of Convergence of Saudi Standards to IFRS". The panel was moderated by Mr. Asher Noor - CFO of AlTouq Group and Mr. Taha Ali Khan - National Operations Controller at Al Jomaih Automotives. The panelists included Mr. Kashif Rana and Dr. Almeghames alongwith partners of Big 4 audit firms; Mr. Steve Drake from PWC, Mr. Ehsan Makhdoum from Deloitte, Mr. Fahad Al-Toaimi from EY and Mr. Ebrahim Baeshen from KPMG. The consensus was that the convergence, while it may come at a cost requiring developing an eco-system of expertise, manpower and skillset to emerge, also provided an upside in terms of transparency and global recognition. The Master of Ceremony for the seminar was Mr. Aakif Hasnat from Olayan Group who expertly managed the seminar agenda on stage. The evening culminated with a grand dinner along with mementos to speakers as well as lucky prize draws which were ably conducted by Mr. Muhammad Asif Iqbal - Secretary of ICAP KSA Chapter and Director Accounting Standards, SOCPA, who also gave the vote of thanks.


15


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ICAP President meets SOCPA Secretary General at Riyadh

Mr. Ahmed Saeed, President of ICAP during his visit to Saudi Arabia visited SOCPA and had a meeting with Dr. Ahmad Almeghames, Secretary General of SOCPA. President of ICAP KSA chapter, Mr. Amin Qureshi and Mr. Muhammad Asif Iqbal - Secretary of ICAP KSA Chapter and Director Accounting Standards, SOCPA were also present during the meeting. Dr. Ahmad Almeghames warmly welcomed Mr. Saeed to SOCPA and appreciated the efforts of ICAP and its KSA Chapter in the development of accounting profession in KSA. He specifically mentioned about the support from ICAP members working in KSA for the SOCPA's IFRS transition project. He requested Mr. Saeed that both SOCPA and ICAP should work very closely on the recent initiative of IASB's working group for looking into the IFRSs from Shariah's perspective. Mr. Ahmad Saeed thanked Dr. Ahmad Almeghames for the whole hearted support for the activities of the ICAP KSA Chapter. He assured ICAP's full support for SOCPA for the IFRS transition project.

The meeting ended on a highly positive note and with a firm commitment to develop even closer ties between both professional bodies of brotherly Muslim countries.

ICAP Final Examination Center in Riyadh

The ICAP KSA Chapter continues to provide its support in organizing the ICAP Final examinations

at Riyadh since June 2012 and the last exams were held in June 2013.

Acknowledgements

The Management Committee deeply acknowledges the support provided by the following

sponsors in making the Second Saudi-Pak Accountancy Seminar held on March 20, 2013,

respectively, in Riyadh, a real success:

ACWA Power Deloitte & Touche Bakr Abulkhair & Co. Ernst & Young KPMG Al Fozan & Al Sadhan

Pricewaterhouse Coopers Philips Electronics Middle East &

Africa BV - Saudi Branch Saudi Orix Leasing

The Management Committee would also like to place on record its sincere gratitude to all members in general and those who served in various committees of the Chapter in particular, for their support, dedication and help they extended in the activities of the Chapter. Here, the Management Committee would specially like to mention the continued contribution made by the following members and friends, without which the successful organization of activities would not have been possible:


17

Aakif Hasnat Abdul Hameed Suriya Ali Haider Arslan Azhar Asher Noor Ashfaq Batavia Assad Abbas Khan Atif Rahim Alvi Furqanullah Khan

Junaid Amanullah Khurram Amanullah Muhammad Farhan Muhammad Iqbal Raeel Rafique Sohail Nini Shahid Murad Salmaan Ali

The Management Committee would not like to forget the contributions made by all the guest

speakers during the CPD seminars at Riyadh, Khobar and Jeddah and would look forward for

their participation in the future events.

Finally, all these activities would not have been possible without the support of ICAP Council and Management for which we are highly thankful. The Management Committee is also thankful to Mr. Ahmad Saeed, President ICAP, for taking out time of his extremely busy schedule to visit Riyadh on the occasion of Second Saudi-Pak Accountancy Seminar in March 2013.

New ICAP Council

The new ICAP Council is going to take charge from September this year. The Management

Committee is very hopeful that the incoming ICAP Council would provide more support and

opportunities to all overseas chapters in the successful organization of their activities.

Future Plans

ICAP Middle East Job Portal

Third Saudi-Pak Accountancy Summit in 2014

Family and regular CPD events at Jeddah and Khobar

On behalf of the Management Committee

Muhammad Asif Iqbal

Secretary

Riyadh, September 17, 2013


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FINANCIAL

STATEMENTS


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ICAP KSA Chapter Statement of Financial Position 2013

2012

as at June 30, 2013 (in Saudi Riyals)

Accumulated surplus / (deficit) 94,073 46,569

Liabilities Accrued expenses - 1,375

- 1,375

94,073 47,944

Assets Receivable from office bearers (note 4) 94,073 47,944

94,073 47,944

The accompanying notes form an integral part of these financial statements.

President Head of Financial Affairs


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ICAP KSA Chapter

Statement of Income and Expenditure Account

for the year ended June 30, 2013 (in Saudi Riyals)

2013 2012

Receipts

Registration fees for CPD events 78,585 80,340

Sponsorship 100,660 84,927

Grant from ICAP - 35,000

179,245 200,267

Payments

CPD events related expenses 124,037 103,519

Gifts to participants - 34,964

Children activities in family event - 10,350

Website / Job portal development 2,277 375

Annual General Meeting 1,490 -

Miscellaneous 3,937 4,490

131,741 153,698

Net surplus for the year 47,504 46,569

Surplus brought forward from previous year 46,569 -

Surplus carried forward to statement of financial position

94,073

46,569




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ICAP KSA Chapter

Statement of Cash Flows

For the year ended June 30, 2013 (in Saudi Riyals)

2013 2012

OPERATING ACTIVITIES

Surplus for the year 47,504 46,569

Changes in operating assets and

liabilities:

Receivable from office bearers (46,129) (47,944)

Accrued expenses (1,375) 1,375

Cash used in operations (47,504) (46,569)

Net cash from operating activities - -

Changes in cash – net - -

Cash at the beginning of the period - -

CASH AT THE END OF THE PERIOD - -




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ICAP KSA Chapter

Notes to the financial statements

for the year ended June 30, 2013 (in Saudi Riyals)

1. Status and functions of the Chapter

ICAP KSA Chapter is a non-profit unincorporated association of persons which has been established on August 1, 2011 under the ICAP Guidelines for Overseas Chapters by the Institute of Chartered Accountants of Pakistan (“ICAP”) and under the Memorandum of Understanding with the Saudi Organization for Certified Public Accountants (SOCPA). The Ambassador of Pakistan in Saudi Arabia is the lifetime Patron-in-Chief of the ICAP KSA Chapter.

Main function of the Chapter is to organise / conduct CPD programmes and to provide facilities for interaction among members by arranging regular meetings for the acquisition and dissemination of useful information. It may make representation to the ICAP Council on matters of professional interest in KSA and to offer suggestions for raising the standard and status of the profession. It may also assist ICAP in locating suitable venues for the examination centers and carry out such other functions as may be entrusted by the Institute, from time to time.

2. Significant Accounting Policies:

2.1 Basis of preparation of financial statements:

These special purpose financial statements are prepared in accordance with the requirements of the Chapter`s Constitution.

2.2 Revenue recognition

Contribution from members on account of participation in CPD and other events is recognized on receipt basis.

3. Related party transactions

Related party consists of ICAP and the Managing Committee of the ICAP KSA Chapter. At year-end, there are

no outstanding balances with any related party, except for the balances as disclosed under note 4. Further,

the Managing Committee members are not paid any compensation for performing their functions.

2013 2012

4. Receivable from office bearers

Amir Waheed – Head of Financial Affairs 92,713

39,350

Muhammad Asif Iqbal - Secretary 1,360

8,594

94,073

47,944

The above represents funds lying with the Head of Financial Affairs and Secretary as custodians of the Chapter, as authorized by the Managing Committee.


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5. Contingencies and Commitments

The Chapter is not exposed to any contingencies and commitments.

6. Authorization of financial statements

These financial statements have been authorized by the Management Committee of the Chapter on September 17, 2013.


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