11-20: Accounting and Audit - Accountancy Forum Topics

Islamic Banking,insurance,accounting & Standards

Let's talk about (now not much alien topics): 1) Islamic Banking; 2) Islamic Insurance (Takaful); 3) Islamic Accounting; 4) Islamic Accounting Standards and 5) Shariah Compliance Audit

Accounting & Financial Research And Role Of Icap

Why on earth, Pakistani Chartered Accountants never think to conduct any research of their own instead of doing "Makkhi-Pe-Makkhi-Maro"? Pakistani Scientists, Economists, Doctors&Engineers have done much on International level but I never heard of any Pakistani Chartered Accountant achieved any International landmark. Sadly, they haven't been able to design a comprehensive "Tax Return Form" that may not need changes every year!!! Shouldn't ICAP pay a little attention towards this matter? Shouldn't beyond a specific period of practice, CPE credit be only on the basis of Research work? Can't ICAP start any programme to persuade research in the field? How long should it remain like this? You must have heard that "Why the Auditor crossed the road?... Because last year it was done so, and it was written in the file." So, should we keep on crossing the road... forever??

Safa Conference

Most of you might have attended that yet another session of "Aamdam, Nashistam, Khurdam, Barkhaastam" ( Means... came, sat, ate and left)... This is what our GOOD OLDIES have been doing for the last Sooooo many decades... You see!!! how Mian Mumtaz Abdullah was blasting at the stage about cruelty upon "Insurance Sector"? (Because his own Insurance company has come under certain conditions). May I ask, BLUNTLY, I repeat BLUNTLY (no impression of humbleness to such corporate vultures).. that what He did for the betterment of Corporate Sector in Pakistan when He was the Chairman of CLA (then I used to call it "Corruption and Lawlessness Authority")?????... Now since it's online.. it's in the cyberspace... even I can't delete my posting... Now it's responsibility of Mian Sahib to prove that whether is he right now (being cm of an insurance co.)or was he wrong then (being cm of CLA)??? this is just one example of that conference..... Please share your views.. and if I'm wrong, Please correct me.

Standardised Spelling? Icap?? Where Are You?

I've been surfing around for more than 8 years. Surely, I can refer you more than 100 sites that spell any single "Islamic" term in a different way. In these circumstances when we've got to rely upon "e" modes... why shouldn't we define "Standardised Definitions" of Islamic Terms????? Even at various forums at this site I read tens of spellings of "Assalam Olaikum" (Yes... this is how I spell it.. Can you prove it's wrong???)... But Why shouldn't we spell it globally in a same way and same manner????? It's not simply "Assalam Olaikum"... (For the time being I'll not mention anything about standard spellings of financial terms like "Mudarabah" ,Murabahah" , "Ijarah" etc. etc.) When it comes to Net&WWW, standard spelling means millions of dollars. I wonder, I go crazy, I go nuts when I see that none of my leaders in profession is doing nothing!!!!!... ICAP..!!! ICMAP... Where are you??? Is there anybody out there who thinks alike???...

Valuation Of Internet Domain Names - Hi Oldies !!!

Wow..... I can't hold my breath...!! Business.com was sold for US$ 7,500,000/- , Loans.com was "grabbed" for US$ 3,000,000/- and registrant of America.com was demanding US$ 30,000,000/- for it....but why? How?? Can my respected Good Oldies give any criteria for valuation of this sort of "Intangible Asset"????? Is there any Accounting Standard for "Domain Names" Valuation????? If yes, then surely I can also be a millionnair (at least) in books... and if there's no such Standard... then who should define One for ICAP or IFAC?. It's totally strange field for Accountants. I'll wait for response. Edited by - TheOne on May 12 2003 01:21:21 AM

Islamic Banking - Myth Or Reality ?

Ok!!... perhaps I streched the subject to it's limits in the very beginning by including Accounting, Insurance&Accounting Standards in discussion ambit. Whereas, perhaps our majority is still thinking that whether "Islamic Banking is a Myth or Reality?"... Let's see what the learned ones say about it.

Why Just "acca" You "stink-tanks"??

Why just withdrawing exemption to ACCA people!!! Why shouldn't this whole new format of edu.&exams. (like PE Bla Bla Bla) be abolished at all??? and why shouldn't all those who passed through this (Bla Bla back-door system) be required to be re-examined??? And why shouldn't we withdraw all exemptions to all world bodies (incl. ICMAP)???... because if World has got "Think Tanks" for the time being, we're "Stink-Tanks" of all times??? Above all, why shouldn't those accounting vultures be examined at least for "ONCE" who being simply B.Com and "Registered Accountants" became "Chartered Accountants" back in 1961???.... No!!!! perhaps it can never be done..!!!Because we're the one who are copied (for Stinking??)... we never copied the World for "Thinking"!!!!!..... Shame on us... Shame on Us... Shame on us...why the hell we, being self proclaimed leaders, preachers&"advertisers" of Islamic teachings don't learn to speak and accept the truth... the reality??? Edited by - TheOne on May 18 2003 03:50:12 AM

Why Advertising Here????

With due apology to Mr.Asif,... why should you advertise here about www.dawateislami.net at this forum??? I don't know whether accountancy.com.pk is owned by you or not. If it is.... then it's the cheapest way to market your sister web site. And if it's not.... then you're probably using this forum like..@#$%^&*&^%$#&*????? I've got more then three (3) website online. One being for more than 4 years. But I never sorted for such cheap way!!...Please stop it and don't do it anymore. It's the cheap advertising trick... everybody who uses net, knows it. If you are affiliate to accountancy.com.pk, you can simply run a banner on every page of it or use email address list.. that'll more honourable. I request to Admn. of the forum to stop this sort of advertisement...it doesn't look nice.

My Apologies....

Since I joined different forums at this website and started postings, during last week I received many emails cursing and abusing me about my so many posts... one email said "you seem to be some icap dropped out who could't pass, that's why you are pissing."... in fact right place to reply those postings was this very forum but I still don't mind those emails... it's also a kind of safety-vaulve for our closed-end minds. Apologise to all those who've been hurt by my many postings... next time I'll be more careful. This forum is also not the right place for my Apology, but since many of "referred" postings related to this forum so I'm compelled to do it... my apology to the Admn. of the Forum also, I wouldn't post such message again here. If needed, it'll be in general discussion forum.

Accounting Oversight Board In Pakistan....

Destruction of our Financial Sector is a direct result of "Bad Loans". Were all such Balance Sheets which carried huge financial black-holes in them, were audited&reported quite properly???? Why shouldn't there be an "Accounting Oversight Baord" in Pakistan also??