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Friday, July 04, 2008
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Economic Survey of Pakistan 2007-08 - Part 1
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Economic Survey of Pakistan 2007-08 - Part 2
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"To the accountants, a true work of art is an investment that hangs on the wall."
- Hilary Alexander, Sunday Telegraph (1993)
"Economists are people who work with numbers but who don't have the personality to be accountants."- Unknown
Accounting Articles
Strategic Fiscal Policy
One wonders about the news item appearing in the newspapers in which World Bank issued a report stating the fact that corruption has increased in last eight years. I reiterate my earlier year’s submission whereby I suggested that Government should be bound to present Financial Statements in line with International Public Sector Accounting Standard Board’s exposure draft 27 – Presentation of Budget Information in Financial Statements.
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Juncta Juvant of Finance Act 2007
Accounting Article Archive >>
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Finance Bill 2008 - Full Text
Thursday, June 12, 2008 - ISLAMABAD: Finance Minister Naveed Qamar on Wednesday presented the Finance Bill to give effect to the financial proposals of the federal government for the year beginning on the first day of July, 2008, and to amend certain laws. Following is the text of the bill.
Highlights of the Economic Survey of Pakistan 2007-08
Islamabad, June 10 - The Economic Survey of Pakistan for the year 2007-08 was released today by the Ministry of Finance. The following are the salient features and highlights of this survey.
FBR may remove procedural flaws in EOUs and SME rules
ISLAMABAD (June 09 2008): The Federal Board of Revenue (FBR) is likely to remove procedural flaws in the Export-Oriented Units (EOUs) and Small and Medium Enterprises Rules, 2008, in coming budget, which have created serious problems for collectors of customs in issuance of fresh licenses to the applicant units.
New sales tax return not workable: Sales Tax Bar Association
KARACHI (June 09 2008): The proposed new sales tax return, being implemented from coming budget, is not workable and could create difficulties for taxpayers owing to its amendments, which are not considerable in Sales tax Act.
Redundant provisions in ITO 2001 related to dividend tax to be deleted
ISLAMABAD (June 09 2008): The Federal Board of Revenue (FBR) is likely to amend the Income Tax Ordinance 2001 in the 2008-09 budget to abolish redundant provisions relating to the taxation of dividend. Sources told reporters on Sunday that there was a separate system for taxation on dividend under the Ordinance 2001.
Current tax regime to fetch more revenue than CGT: KSE managing director
Raise in withholding tax on cash withdrawal likely
CGT exemption extended to 2010, no change in CVT
No withholding tax deduction for making payments to banking companies
FBR Empowers Customs Collectors to Block Import Consignments
FBR Abolishes Bank Endorsement Condition on Good for Payment
Special Excise Duty Adjustment: FBR to Remove Confusion
Bank of Punjab seeking Licence to Launch Islamic Banking Services
General
News Archive >>
Accounting News - Profession
Helen Brand appointed as New Chief Executive of ACCA
Helen Brand, 43, has been appointed as the new chief executive of ACCA (Association of Chartered Certified Accountants). Currently the managing director of strategy and development at ACCA, she joined the global accountancy body in 1996.
ACCA and PTCL join hands to cultivate professional talent
Islamabad - ACCA (Association of Chartered Certified Accountants) Pakistan hosted a ceremony at the Serena Hotel on Wednesday to certify Pakistan Telecommunications Ltd (PTCL) as its approved employer.
SBP, ICAP to help implement IFAS-2
KARACHI: The State Bank of Pakistan (SBP) on Monday organised a seminar on ‘Murabaha and Ijara Accounting Standards’ to develop an understanding of accounting
treatment of such modes of Islamic transactions.
SECP brushes aside apprehension about ‘panel of auditors’
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on
Wednesday brushed aside the apprehension expressed by certain auditors regarding
the SECP’s decision to create a “Panel of Auditors,” which according to them has
probably been designed to favour some big audit firms.
ICAEW, ICAP Sign Memorandum of Understanding
KARACHI: The Institute of Chartered Accountants in England and Wales (ICAEW)
and the Institute of Chartered Accountants of Pakistan (ICAP) have signed an MoU
for enhanced cooperation and assistance.
Japan Agrees to IFRS Convergence by 2011
Ikuo Nishikawa, Chairman of the Accounting Standards Board of Japan (ASBJ), and Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB), jointly announced today an agreement (known as the Tokyo Agreement) to accelerate convergence between Japanese GAAP and International Financial Reporting Standards (IFRSs), a process that was started in March 2005.
Accounting Firm BDO Seidman to Pay $170 million
India announces convergence with IFRSs for public interest entities from 2011
ICAP Rejects CBR's Proposal to Certify Clients Regarding Income Tax Payment
Islamic Finance Scholar Joins AAB as Director Shariah Services
Ernst & Young Focuses on Restoring Investor Trust
Should auditors report on clients tax obligations?
Watson Wyatt and Sidat Hyder form Consulting Alliance
AGP develops system-based audit
Profession News
Archive >>
Accounting News - Students
IIA Offers New Tools for CIA Exam Preparation
The Institute of Internal Auditors has developed a new tool to
provide internal auditors with the best possible preparation methods for the
Certified Internal Auditor (CIA) exam.
MBA Students More Likely to Cheat, New Survey Finds
A survey of 5,331 students at 32 graduate schools in the United States and
Canada found an "alarming" amount of cheating across disciplines, but more among
the nation's future business leaders. Fifty-six percent of graduate business
students admitted they had cheated at least once in the last year, compared with
47 percent of non-business students.
Public Confidence in Accountants Growing
After a public-perception downfall following the 2002 accounting scandals,
accountants are regaining ground. In response to a Harris Poll, 68 percent of
U.S. adults surveyed said accountants tell the truth, up 13 percentage points
from 55 percent four years ago.
ICAP announces Professional/Final Summer 2006 examination results
ICAP announces Foundation/Intermediate Spring 2006 examination results
ICAP announces Professional/Final Winter 2005 examination results
ICAP announces Professional/Final Summer 2005 examination results
ICMAP announces results of Spring-Summer 2005 examinations
ICAP announces Foundation/ Intermediate Examinations Spring 2005 Results
ICAP announces Professional/Final Winter 2004 examination results
ICAP announces Foundation/Intermediate Autumn 2004 examination results
Students News
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Accounting Students
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Accounting Articles for Students
Update Your Resume Regularly
It seems a simple thing to keep your resume updated. But it isn't. You perform so many unique projects in the Big4 that if you don't keep track of them, you may lose sight of all your accomplishments when you are preparing a new resume. Time and again, I have to pull the information out of my clients as to why they are special.
ICAP announces Professional/Final Summer 2006 Examination Results
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