Railways to adopt IFRS for financial audit

Pakistan Railways will have its financial statements audited using International Financial Reporting Standards (IFRS) for the first time, Business Recorder reported. Federal Railways Minister Hanif Abbasi said an internationally reputed chartered accountancy firm would be hired for the 2025-26 fiscal year. The move is part of efforts to improve transparency, accountability and governance at the organisation.

The audit firm is to be selected on merit under Public Procurement Regulatory Authority rules, with the procurement process conducted through the e-PADS portal. Abbasi said decisions would be taken in light of the independent audit report, while corruption control and financial accountability remain stated priorities. The initiative also supports Pakistan Railways’ efforts to strengthen financial discipline and internal controls under the State-Owned Enterprises Act, 2023, with Prime Minister Shehbaz Sharif overseeing the reform agenda.