Accounting Articles
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Disciplining the Corporate Sector
The chairman of the board of directors of a public company can no longer don two hats at the same time that of the chairman as well as the managing director. The ‘Code of Corporate Governance (CCG) 2012’ launched by the Securities and Exchange Commission of Pakistan (SECP) recently, among other things proposes this important reform of separation of the board from the management. -
Internal Audit in the New Business Environment
United States public companies are navigating new reporting and monitoring demands arising from new regulation and societal trends. The Sarbanes-Oxley Act (SOX) and the apparent conversion of US Generally Accepted Accounting Principles (GAAP) to the International Financial Reporting Standards (IFRS) have created reporting issues for US companies. -
Our Stubborn Tax Culture
Even though the Federal Board of Revenue (FBR) appears determined to widen the tax net and is undertaking some unconventional measures as well to rein in the evaders, not much change can be expected from resource mobilisation effort in the year 2012. -
Making Inter-corporate Financing Transparent
The Securities and Exchange Commission of Pakistan (SECP) has decided to streamline investments made by listed companies in associated firms, much of which is made without proper disclosures to the shareholders. -
Are Tax Reforms Delivering?
The 1973 Constitution provides for eliminating all forms of exploitation on the basis of, ‘from each according to his ability, to each according to his work.’ Deviating from this fundamental principle, our successive governments have failed to develop a fair taxation system.
Accounting News
Economic and Finance News
NBP and Standard Chartered Bank Announce 2011 Financial Results
ISLAMABAD (March 08, 2012) - National Bank of Pakistan (NBP) and Standard Chartered Bank (SCB) have today announced financial results for the year ended December 31, 2011 according to which these banks have posted profits of Rs 17.60 billion and Rs 5.44 billion respectively.
SECP Issues Clarification on Broker-to-Broker Trading of Same Exchange
KARACHI (March 08, 2012) - The Securities and Exchange Commission of Pakistan (SECP) has issued some clarifications regarding the transactions between the brokers of the same stock exchange and asked stock exchanges to review their respective regulations for proprietary trading to remove any anomalies/inconsistencies therein to bring them in line with the spirit of the subject directive.
HSBC Sells its Insurance Business in Asia and South America
HONG KONG (March 07, 2012) - Banking giant HSBC has announced that it has agreed to sell its general-insurance businesses in Hong Kong, Singapore, Argentina and Mexico for around $914 million. The move is part of the bank's strategy to cut costs and focus on growth, HSBC Group Chief Executive Stuart Gulliver said in a statement to the Hong Kong stock exchange.
Bank Alfalah Records Rs.3.5 billion in Net Profits for CY11
KARACHI (March 05, 2012) - Bank Alfalah Limited (BAFL) recorded Rs.3.5 billion in net profits in CY11, nearly 3.6 times higher than the previous year. BAFLs mark-up revenues jumped by 18 percent to Rs.44 billion in CY11 relative to the previous year although the detailed accounts are not available at the moment. It seems that the Bank has benefited from expansion in its asset base, stemming from growth in its investments portfolio.
UBL Records Substantial Growth from Last Year
KARACHI (February 23, 2012) - In line with market expectations, United Bank Ltd (UBL), the country's third largest commercial bank, managed to record outstanding growth in its bottom line in CY11 compared to the last year. The Banks mark-up revenues managed to exhibit an impressive growth, likely due to a massive expansion in its investment portfolio.
Recent Economic & Finance News
- FBR Partially Implements Taxpayer Ledger System
- Revenue Collection Increased by 27.4 percent in July-September 2011: FBR
- SECP Seeks Comments on Draft of Fertilizer Industry (Cost Accounting Records) Order, 2011
- Salient Features and Highlights of the Federal Budget 2011-12
- Highlights of the Economic Survey of Pakistan 2010-11
Accounting Profession News
Strategy for Growth: ACCA Pakistan Organises Pre-budget Seminar 2012-13 in Islamabad
ISLAMABAD (April 28, 2012) - ACCA Pakistan organised a pre-budget discussion here in Islamabad on Friday, with an aim to contribute its research and insight towards healthy fiscal measures in the country.
Technology Has Made it Easier to Spend, Not Save: AICPA Survey
New York (April 18, 2012) - All those songs, games, apps, mobile connections and movie downloads are taking a toll on Americans’ wallets, with more than half of U.S. adults saying technology has made it easier to spend money and only 3 percent saying it has made it easier to save, according to a survey conducted for the American Institute of CPAs by Harris Interactive for National Financial Literacy Month.
Developed Countries Making Errors on PPP: ACCA Publishes Review of PPP/PFI Around the World
LONDON (April 12, 2012) - Developed economies are using Public Private Partnerships (PPP) in a fashion more appropriate for developing economies, according to a major new research project from ACCA (the Association of Chartered Certified Accountants).
Americans Ready to Change Diet than Give up Cell Phones and Digital TVs in Financial Pinch: AICPA
NEW YORK (April 10, 2012) - To contend with a financial crunch, Americans would rather change what they eat than give up their cell phones, downloads or digital TV services, according to a new survey conducted for the American Institute of CPAs (AICPA) by Harris Interactive for National Financial Literacy Month.
Recent Profession News
- Opportunity Exists for CPAs to Better Leverage Emerging Technologies: AICPA Survey
- Global Accountancy Body Discusses the Future of the Profession in Afghanistan
- ISACA and SFIA to Map CISA and CISM Certifications to Skills Framework for the Information Age
- AICPA Provides Ten Tax Tips For USA-based Small Business Owners
- Corporate Reports Still Hold Value to Stakeholders but Undermined by Length, Complexity: ACCA
Accounting Education News
ACCA Pakistan Recognises 75 New Members
ISLAMABAD (February 27, 2012) - ACCA Pakistan today held its New Members Ceremony in Islamabad to celebrate the achievement of 75 new ACCA members from the north region, who have attained the membership milestone during the last year.
ACCA Holds Ceremony to Honor Achievers of Recent ACCA and CAT Examinations
KARACHI (January 26, 2012) - ACCA Pakistan today organised a High Achiever's ceremony at the Marriott in Karachi to acknowledge the achievements of ACCA students who performed well in the December 2010 and June 2011 CAT and ACCA examinations.
AICPA, NASBA and Prometric Announce U.S. CPA Exam to be Administered in Brazil
NEW YORK, NASHVILLE and BALTIMORE (October 18, 2011) - The American Institute of Certified Public Accountants, National Association of State Boards of Accountancy, and Prometric announced the international administration of the Uniform CPA Examination will be offered in Brazil, starting in February 2012.
AICPA, NASBA and Prometric Announce Launch of U.S. CPA Exam at International Test Sites
NEW YORK (Aug. 8, 2011) - The American Institute of Certified Public Accountants (AICPA), National Association of State Boards of Accountancy (NASBA), and Prometric today announced the successful launch of the U.S, CPA Examination in international locations – the first time in history it has been administered outside of the United States and its territories.
Recent Education News
- ACCA Signs Contract with Summit Consulting Group for Provision of on-demand Examinations
- AICPA Recommends IRS Tax Return Preparer Competency Exam Focus on Basic Knowledge to Prepare Returns
- HEC Recognizes ACCA Qualification as Equivalent to Masters Degree
- ACCA Pakistan Recognises Outstanding Achievement of Peshawar Student
- ACCA Pakistan Holds New Member Ceremony
Students and Education Articles
Why Islamic banking?
Islamic banking is based on Sharia that prohibits ‘riba’. According to religious scholars it means both usury and interest, and ‘gharar’, that signifies ambiguity, uncertainty, or lack of specificity in terms of a financial contract.
Accounting articles