The existential threat to Pakistan starts with the letter ‘T’. It’s ‘Taxes’. More precisely, it’s the lack of a fair and equitable taxation system, and the unwillingness and inability of successive governments to fix it.
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.
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.
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.
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.
Economic and Finance News
ISLAMABAD (June 12, 2013) - Finance ministry of the Government of Pakistan yesterday published the Annual Economic Survey of Pakistan for the year 2012-13, salient features and highlights of which have been compiled and presented here.
Recent Economic & Finance News
- SECP Issues Clarification on Broker-to-Broker Trading of Same Exchange
- NBP and Standard Chartered Bank Announce 2011 Financial Results
- HSBC Sells its Insurance Business in Asia and South America
- FBR Partially Implements Taxpayer Ledger System
- Bank Alfalah Records Rs.3.5 billion in Net Profits for CY11
Accounting Profession News
ROLLING MEADOWS, IL, USA (July 30, 2013) - ISACA (Information Systems Audit and Control Association) has issued revised Information Systems (IS) Audit and Assurance Standards. The standards have an effective date of 1 November 2013.
ISLAMABAD (June 06, 2013) - ACCA and WWF Pakistan yesterday hosted the Green Economy Forum in Islamabad. The event attracted 150 participants including some CEOs, CFOs, ACCA members and other professionals from corporate, public sector and practice, NGOs and Media.
ISLAMABAD (March 12, 2013) - ACCA Pakistan (Association of Chartered Certified Accountants) and RCCI (Rawalpindi Chamber of Commerce and Industry) signed a Memorandum of Understanding last week to work together to support the business community by building its capacity and capability.
KARACHI (January 22, 2013) - Majority of Chief Financial Officers (CFOs) looking to appoint new staff for their businesses say they should ideally have both a breadth and depth of finance expertise and capabilities, a new report from ACCA (the Association of Chartered Certified Accountants) reveals.
KARACHI (February 12, 2013) - Institute of Business Administration (IBA) in collaboration with the Institute of Chartered Accountants of Pakistan (ICAP) has designed an innovative four-year programme of combining the undergraduate academic degree in Accounting and Finance with a professional Chartered Accountancy qualification.
Recent Profession News
- ACCA Recognises Work of Chief Financial Officers by Celebrating CFO Month
- ACCA Organizes Accountants for Business Global Forum Pakistan 2012
- Global Accountancy Body Discusses the Future of the Profession in Afghanistan
- Opportunity Exists for CPAs to Better Leverage Emerging Technologies: AICPA Survey
- ISACA and SFIA to Map CISA and CISM Certifications to Skills Framework for the Information Age
Accounting Education News
ISLAMABAD (April 29, 2013) - ACCA Islamabad today held a launch ceremony for ACCA Foundation Diploma, the first in the series of launch events for the new diploma.
ISLAMABAD (February 11, 2013) - ACCA Islamabad recently organised a students appreciation event title 'Celebrating Achievement' in Islamabad. The event honored the nine high achievers of December 2011 and June 2012 sessions.
KARACHI (January 31, 2013) - Outstanding achievements by two students were recognised by ACCA during a recent visit of the Chief Executive of ACCA (the Association of Chartered Certified Accountants) to Pakistan.
KARACHI (October 02, 2012) - ACCA Pakistan organised Talent Gymnasium 2012 in Karachi at Pearl Continental, attended by key employers and more than three hundred ACCA students.
Recent Education News
- ACCA Pakistan Recognises 75 New Members
- ACCA Holds Ceremony to Honor Achievers of Recent ACCA and CAT Examinations
- AICPA, NASBA and Prometric Announce U.S. CPA Exam to be Administered in Brazil
- AICPA, NASBA and Prometric Announce Launch of U.S. CPA Exam at International Test Sites
- AICPA Recommends IRS Tax Return Preparer Competency Exam Focus on Basic Knowledge to Prepare Returns
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.