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Author Archives: Accountancy

Rs4.09 Trillion Federal Budget for 2015-16 Unveiled

000026-federal-budget-2015-16

ISLAMABAD (June 06, 2015) – The federal budget for the year 2015-16, with a total outlay of Rs4.089 trillion, was approved by the federal cabinet on Friday. In his budget speech in parliament, finance minister Ishaq Dar told the house that Rs700 billion have been allotted for the Public Sector Development Programme (PSDP), a 33 percent increase from last year. ...

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Economic Survey 2014-15: Features and Highlights

Economic Survey of Pakistan 2014-15

ISLAMABAD (June 05, 2015) – The finance ministry of Government of Pakistan yesterday published the annual Economic Survey of Pakistan for the year 2014-15. Highlights of this publication are being presented here. Click on the links below to go directly to that section: Growth and Investment Agriculture Manufacturing and Mining Fiscal Development Money and Credit Capital Markets Inflation Trade and ...

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Empirically Analyzing the "Five Percent Rule of Materiality" in Financial Reporting Decisions

Empirically Analyzing the Five Percent Rule of Materiality in Financial Reporting Decisions

This study analyzes a sample of financial restatements from 2011 and 2012 as a way to assess a proposed “five percent rule of materiality” for financial reporting decisions. Such a rule claims the average investor is only influenced by income restatements greater than five percent. Market reactions are observed through stock price, volume, and bid-ask spread following the restatement in the Form 10-K/A. The study finds only some firms restating net income by more than five percent experience statistically significant reactions in two of these metrics.

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Interpreting and Applying IAS 11 – Construction Contracts

Interpreting and Applying IAS 11 - Construction Contracts

The interpretation and application of an accounting standard could be a complex task especially in those cases where a slightly different interpretation could lead to materially different financial results. The most difficult part of an accountant’s work life is to accurately apply the accounting standards without compromising on the fair presentation of financial data and that’s a skill which needs ...

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ACCA joins hands with Nayatel, awards approved employer accredition

Acca Pakistan Nayatel Employer Accredition

KARACHI (February 01, 2015) – ACCA Pakistan recently awarded Nayatel (Pvt) Ltd. with employer accreditation in a ceremony held in Islamabad. ACCA’s global programme is awarded to employers who meet high standards for training and developing their employees and show a commitment towards supporting the ongoing development of their ACCA employees. Sajjeed Aslam, head of ACCA Pakistan, presented Nayatel with ...

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FBR Establishes a Transfer Pricing Unit

FBR establishes transfer pricing unit

ISLAMABAD (December 24, 2014) – The Federal Board of Revenue (FBR) has established a transfer pricing unit to facilitate and strengthen the ability of the tax officials to effectively deal with the transfer pricing related issues. As per the notification issued by FBR on Monday, 22nd December; a transfer pricing unit has been set up at FBR the purpose of ...

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ACCA Pakistan Opens Office in Peshawar

ACCA Pakistan opens Peshawar office

PESHAWAR (December 11, 2014) – ACCA Pakistan recently inaugurated its office in Peshawar for the promotion of accounting and finance profession in Khyber Pakhtunkhwa. The inaugural ceremony was attended by Provincial Minister Secondary Education Mr. Muhammad Atif, Head of ACCA Pakistan Mr. Sajjeed Aslam and Head of North, ACCA Pakistan Mr. Junaid Ahmed. The opening of the Peshawar office strengthens ...

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ACCA and University of Peshawar sign MoU for advancement of finance profession

ACCA Pakistan and Peshawar University sign MoU

KARACHI (13 November 2014) – ACCA (the Association of Chartered Certified Accountants) and University of Peshawar have entered into a memorandum of understanding (MoU) for promotion and academic enhancement of Accounting and Finance profession in Khyber Pakhtunkhwa (KPK). The MoU will be beneficial for the University of Peshawar’s students who now will be able to avail exemptions for their different programmes ...

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Date for filing of Income Tax returns extended till October 31, 2014

income tax 2014 return filing date extension

ISLAMABAD (September 27, 2014) – Federal Board of Revenue (FBR) has extended the date for filing of tax returns to October 31, 2014 for individuals, associations and special tax year companies whose tax year ends between July 01, 2013 to December 31, 2013. This was done after Pakistan Tax Bar Association (PTBA) requested an extension citing difficulties in preparation and ...

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PricewaterhouseCoopers consulting unit suspended for 2 years and fined $25 million

PwC suspended and fined

The Regulatory Advisory Services (RAS) unit of PricewaterhouseCoopers LLP in USA, one of the Big4 accounting firms, has been suspended for two years and fined $25 million by New York State Department of Financial Services. They have been charged with altering and improperly submitting an anti-money laundering compliance report for Bank of Tokyo Mitsubishi. According to findings, PwC bowed to ...

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