Accounting Articles
An Alternate Approach to Practiced Islamic Corporate Finance
Accounting News
Economic and Finance News
Tax Clearing House for implementation of E-payment/refund facility through banks
ISLAMABAD (March 09 2010): The Electronic Payment and Refund System (EPARS) facility of Federal Board of Revenue (FBR) would be available through banks fulfilling minimum criteria notified by the State Bank of Pakistan (SBP). Sources told reporters here on Monday that the board would establish a Tax Clearing House (TCH) for implementation of the EPARS to directly deposit the refunds payment to the taxpayer's bank account.
SECP may give powers to its Enforcement Department to monitor and examine companies' accounts
ISLAMABAD (February 16 2010): The Securities and Exchange Commission of Pakistan (SECP) is likely to give powers of adjudication to its Enforcement Department to act against public unlisted and private companies, which failed in filing their annual audited accounts with the registrars of the commission.
SBP Announcement: CNIC not needed for sub-$5000 foreign exchange deals
KARACHI (February 11 2010): The State Bank of Pakistan (SBP) on Wednesday announced that sellers and buyers of foreign exchange up to $5000 will be exempted from providing computerised national identity card (CNIC). Earlier, the SBP had stated that all transactions at exchange companies must be reported to SBP on the same day, and CNIC be obtained from all clients.
STARR to have detailed information on business bank accounts for refund claims
ISLAMABAD (February 09 2010): Detailed information on the business bank accounts of registered taxpayers would directly be available to the tax officials through the Sales Tax Automated Refund Repository System (Starr) for quick processing of refund claims.
Finance Amendment Ordinance 2009 re-promulgated: Empowers Tax Officials
ISLAMABAD (February 09 2010): The federal government has re-promulgated the Finance Amendment Ordinance 2009 empowering tax officials to continue with making provisional assessment of the non-filers of income tax returns for the Tax Year 2009.
Recent Economic & Finance News
- Banking Companies (Amendment) Bill 2009 passed: SBP given powers to take control of banks
- FBR to credit tax refunds upto Rs 50,000 to bank accounts
- FBR to issue investment bonds to swap tax refund liability with banks
- SBP to gradually adopt AAOIFI's Shariah standards
- SECP allows KESC to issue 14.5 percent right shares
Accounting Profession News
ACCA Pakistan to Launch SME Survival Kit
KARACHI (February 12, 2010) - Acknowledging the contribution of the SME sector to the economic growth, ACCA Pakistan in partnership with stakeholders like Small and Medium Enterprise Development Authority (SMEDA) and local chambers has been focusing on enhancing accounting, bookkeeping and taxation skills and knowledge of SME owner managers.
Accountants for Business: ACCA Pakistan Organises Conference
KARACHI (December 15, 2009) - As part of its Managing Human Capital international series of events, ACCA Pakistan organised a conference "Accountants for Business" at the Marriott Hotel Karachi.
Socio-economic factors signal shift in training needs for finance professionals: ACCA
KARACHI (November 18, 2009) - Social and economic trends have influenced dramatically the training requirements of the global finance profession, according to a new report by ACCA (the Association of Chartered Certified Accountants).
ACCA Urges Business Leaders to Look beyond Audit Committees
KARACHI (October 01, 2009) - As the code of Corporate Governance of Pakistan is being reviewed, the business case of board committees other than audit committees need to be discussed urgently and comprehensively, recommends ACCA Pakistan's exploratory discussion paper "Looking Beyond Audit Committees".
ACCA launches online career planning resource for finance professionals
KARACHI (September 04, 2009) - A new online training resource – developed by accountants for accountants - is being launched by ACCA (the Association of Chartered Certified Accountants).Called ACCA COMPASS, the resource assesses core competencies and abilities online. It is unique to ACCA and developed for accountants by finance professionals.
Recent Profession News
- Training of future business professionals requires overhaul - ACCA
- ACCA welcomes completion of IASB’s 'most important project'
- ACCA calls for principles-based approach to avoid future financial shocks
- ACCA Pakistan Comments on Federal Budget 2009-10
- ACCA Pakistan and WWF Hold Environmental Reporting Awards
Accounting Education News
Central Depository Company (CDC) becomes ACCA Approved Employer
KARACHI (Thursday, February 25) - The Central Depository Company of Pakistan (CDC) has been registered as an Approved Employer with the Association of Chartered Certified Accountants (ACCA), the global body for professional accountants.
ACCA Pakistan Organizes "Train the Teacher" Initiative
KARACHI (February 03, 2010) - As part of ACCA’s continued efforts to develop excellence in professional accounting education and establish best practices amongst tertiary accounting education providers, ACCA Pakistan recently organised "Train The Trainer" workshop on 3 February 2010 at the Marriott Hotel, Karachi. Dr Afra Sajjad, Head of Education and Policy Development of ACCA Pakistan and Barrister Mahreen Khan were the event facilitators.
ACCA Pakistan holds new members ceremony 2009
KARACHI (December 21, 2009) - ACCA Pakistan recently organised New members ceremony 2009 at a local hotel in Karachi. Mr Raza Haroon, Minister for Information Technology, Government of Sindh was the chief guest
English really counts: ACCA Pakistan launches ICFE
KARACHI (December 19, 2009) - ACCA Pakistan has launched Cambridge ICFE (International Certificate in Financial English) in Karachi. The launch was celebrated with a Talk show – "Harnessing Finance Talent of Pakistan" featuring Ayesha Tammy Haq as moderator.
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