Accounting Articles
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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. -
SECP's Regulation Relaxation Spree
The Securities and Exchange Commission of Pakistan (SECP) is on a relaxation spree, amending rules and regulations governing the markets. Almost on a weekly basis, it issues a statement that certain legal requirements have been ‘streamlined’, ‘revised’ or ‘relaxed’, in the ‘interest of the market.’ -
Expanding Reach of Islamic Banks
With a futuristic approach, Islamic banks are now trying to find Shariah-compliant mode for overnight borrowings from the State Bank discount window. The Islamic banking committee of Pakistan Banks Association is fine-tuning a proposal for this purpose to present it to the State Bank.
Accounting News
Economic and Finance News
Revenue Collection Increased by 27.4 percent in July-September 2011: FBR
ISLAMABAD (October 04, 2011) - The Federal Board of Revenue (FBR) has realized a total provisional collection of Rs.373.819 billion during the first quarter of July-September 2011-12 showing an overall increase of 27.4 percent as compared to same period of last fiscal year.
SECP Seeks Comments on Draft of Fertilizer Industry (Cost Accounting Records) Order, 2011
KARACHI (October 03, 2011) - The Securities and Exchange Commission of Pakistan (SECP) has sought objections or suggestions from stakeholders in next thirty days about the draft of Fertilizer Industry (Cost Accounting Records) Order, 2011, issued vide SRO 852-I-2011.
Salient Features and Highlights of the Federal Budget 2011-12
ISLAMABAD (June 03, 2011) - The federal budget for the fiscal year 2011-2012 was announced on Friday. Following are its salient features and highlights:
Highlights of the Economic Survey of Pakistan 2010-11
KARACHI (June 02, 2011) - The Ministry of Finance has today released the annual Economic Survey for the year 2010-11 which reports on the performance of the Pakistani economy. Following are its salient features and highlights.
Recent Economic & Finance News
Accounting Profession News
Squeeze on Public Finances will Continue into 2017, says Leading Public Sector Think Tank
LONDON (December 22, 2011) - "Audit and financial management adding public value” was the theme of ACCA’s (the Association of Chartered Certified Accountants) third international public sector conference held recently in London.
AICPA Unveils Interactive Checklists to Ease Tax Preparation
NEW YORK (December 20, 2011) - Tax professionals have always looked to the American Institute of Certified Public Accountants’ Tax Practice Guides and Checklists as an essential tool for ensuring high quality standards in the preparation of clients’ returns. This season, however, the package has become even more valuable with the introduction of Interactive Tax Checklists that save time and boost efficiency.
AICPA and Brazilian Accounting Bodies Agree on Memorandum of Understanding
NEW YORK (Dec. 9, 2011) - The American Institute of CPAs (AICPA), the Conselho Federal de Contabilidade (CFC - Federal Accounting Council) and the Fundao Brasileira de Contabilidade (FBC - Brazilian Accounting Foundation) announced that they have agreed to a Memorandum of Understanding. The two-year agreement was signed earlier this week at the CFC offices in Brasilia.
Challenge of Diversity in Workplace: Experts to Offer Solutions for the Future
KARACHI (December 02, 2011) - The low representation of women in the boardroom, growing income inequality, and the retention of talent have all been prominent in recent news headlines. To better understand the challenges of workplace diversity, expert opinion and research findings will form the content of three global Expert Panels all centred on the theme of Diversity - launched today by ACCA (the Association of Chartered Certified Accountants) and the Economic and Social Research Council (ESRC).
Recent Profession News
- International Committee Roundtable Advances Discussion on Integrated Reporting
- USA and Hong Kong Sign Mutual Recognition Agreement for Accounting Profession
- The World has Changed - So Should Reporting: IIRC
- High Inflation and Low Investment Hampers Global Economic Recovery: ACCA Survey
- CPA’s Survey Shows CFOs Compensation Set to Rebound
Accounting Education News
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.
AICPA Recommends IRS Tax Return Preparer Competency Exam Focus on Basic Knowledge to Prepare Returns
Washington DC (July 07, 2011) - The American Institute of Certified Public Accountants (AICPA) has recommended to the US Internal Revenue Service (IRS) that the competency examination for prospective registered tax return preparer candidates should test the basic knowledge and skills required to assist individuals in filing accurate tax returns.
Recent Education News
- ACCA Signs Contract with Summit Consulting Group for Provision of on-demand Examinations
- HEC Recognizes ACCA Qualification as Equivalent to Masters Degree
- ACCA Pakistan Recognises Outstanding Achievement of Peshawar Student
- ACCA Pakistan Holds New Member Ceremony
- Record Numbers Appear for ACCA Exams
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