Home » News (page 18)

News

SECP informs CCP it has authority to give exemptions and relaxations from IAS applicability

ISLAMABAD (February 13 2009): The Securities and Exchange Commission of Pakistan (SECP) has informed the Competition Commission of Pakistan (CCP) that the SECP has the authority to give exemptions and relaxation's from the applicability of International Accounting Standards (IAS). Sources in the SECP told reporters on Thursday that the commission has responded to the policy note of the CCP regarding ...

Read More »

CCP asks SECP not to issue directive on IAS-39 which would violate Competition Ordinance

ISLAMABAD (February 11 2009): The Competition Commission of Pakistan (CCP) has asked the Securities and Exchange Commission of Pakistan (SECP) to ensure that any directive on International Accounting Standards (IAS-39) should not violate the Competition Ordinance, 2007. It has been learnt here on Tuesday that the CCP has dispatched a policy-note to the SECP about the IAS-39. The SECP should ...

Read More »

50 percent margin on sugar trade financing impsed by SBP

KARACHI (February 10 2009): As a step to curb sugar hoarding, the State Bank of Pakistan (SBP) on Monday imposed 50 percent cash margin condition for financing sugar trade. Sugar price has been on the rise during past two weeks due to rising demand and low supply. Besides, trend for hoarding of commodity has also been observed, sources said. During ...

Read More »

ICAP Not Competent to Issue Relaxation on Application of IFRSs and IASs

KARACHI (February 10 2009): It is not within the ambit of Institute of Chartered Accountants of Pakistan (ICAP) to issue any relaxation from application of International Financial Regulatory Standards (IFRSs) or International Accounting Standards (IASs). However, Securities and Exchange Commission of Pakistan (SECP), being regulators, are empowered to lay down specific treatments in certain special circumstances which prevail over the ...

Read More »

ACCA Pakistan Awards Platinum Employer Status to Coca Cola Beverages Ltd

(Feb. 10, 2009 – Karachi) ACCA (Association of Chartered Certified Accountants) awarded Coca Cola Beverages Pakistan Ltd with Platinum Approved Employer Status in recognition of their commitment towards training and development of ACCA trainees. ACCA’s Approved Employer Scheme plays a pivotal role in the recruitment, development and retention of the ACCA trainees and members. As a benefit of being an ...

Read More »

SECP needs to suspend impairment in valuation of investment for Accounting Year 2008

KARACHI (February 08 2009): The Securities and Exchange Commission of Pakistan (SECP) needs to suspend the impairment in valuation of investment for accounting year 2008. Views to the above were generally given at a meeting held on Saturday at the Institute of Chartered Accountants of Pakistan in Karachi. The participants included representatives from banks, DFIs, leasing companies, investment banks, mutual ...

Read More »

CCP issues notices to four banks for advertising incorrect profit rates

ISLAMABAD (January 30 2009): The Competition Commission of Pakistan (CCP) has issued notices to four banks for advertising term/time deposit accounts giving what it says exaggerated and incorrect profit rates ranging between 16-18 percent. Official sources told reporters on Thursday that some banks have offered return of 16-18 percent to general public. Whereas, if we calculate rates by using genuine ...

Read More »

Global economy discussion gets personal – with launch of new ACCA site

ACCA (the Association of Chartered Certified Accountants) has recently launched a dedicated new micro site which gives its members an opportunity to share experiences and receive personal support on dealing with the current economic situation. The new micro-site  www.accaglobal.com/economy brings together existing analysis, resources, business strategy ideas and discussion boards, giving ACCA members the opportunity to share ideas on how ...

Read More »

SBP Allows Banks to Use Market Price of Dec. 31, 2008 for Listed Securities

KARACAHI (January 28 2009): In order to avoid subjectivity in mark to market of investments held by banks, the State Bank of Pakistan has allowed banks to use the market price prevailing on December 31st, 2008 for listed securities while preparing their financial statements. Banks currently hold three types of investments: fixed income securities, equity market securities and investment in ...

Read More »

Prudential Regulations Amended – Banks to Avail 30 Percent FSV Benefit of Collateral

KARACHI (January 28 2009): State Bank of Pakistan has allowed the banks to avail 30 percent benefit of Forced Sale Value (FSV) of collateral for calculating provisioning requirement. Banks, at present, had to take 100 percent cash provision. However, the benefit of 30 percent FSV is permissible against pledged stocks and mortgaged commercial and residential properties only. Industrial land and ...

Read More »
X