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Gas pipeline agreement likely to be signed in a month

KARACHI (November 06 2002) : The presidents of Pakistan, Afghanistan and Turkmenistan are likely to sign an agreement for the three-nation gas pipeline project in a month, said Munawar Baseer Ahmed, the newly-appointed Managing Director of Sui Southern Gas Company (SSGC) on Tuesday. This plan would enable the country become the biggest gas importer in the region and would be ...

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Exports increase 15% in four months: Commerce minister

ISLAMABAD (November 06 2002) : Pakistan's exports have increased by 15 percent during the first four months (July-October) of the current fiscal as compared to the corresponding period of last year. Addressing a press conference here on Tuesday, Commerce Minister Razak Dawood said that exports fetched $ 3.478 billion in the four months as compared to $ 3.024 billion during ...

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Action against delinquent mutual funds planned; United Money Market Fund launched

KARACHI (November 06 2002) : The Securities Exchange Commission of Pakistan has noted several irregularities in mutual funds management and it intends to take action in respect of such delinquencies including weeding out management in default as they engender consolidation of the industry, warned SECP Chairman Khalid A Mirza. Addressing a gathering of businessmen and financial leaders at the launch ...

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New Fraud Standard Expands All Auditors Responsibility

The Auditing Standards Board of the AICPA has issued SAS No. 99, Consideration of Fraud in a Financial Statement Audit, that gives U.S. auditors increased responsibility for detecting material fraud. “While many reforms have been focused on public companies that have to file with the SEC, this Standard affects how the auditor conducts audits of any company, and encourages an ...

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FASB and IASB Agree to Work Together toward Convergence of Global Accounting Standards

LONDON, United Kingdom: The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have issued a memorandum of understanding, marking a significant step toward formalizing their commitment to the convergence of U.S. and international accounting standards. The FASB and IASB presented the agreement to the chairs of leading national standard setters at a two-day meeting being held in ...

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IFAC Task Force Focuses on Restoring Credibility in Financial Statements

(New York/October 18, 2002) – Improving the credibility of financial reporting worldwide is the objective of a new task force appointed by the International Federation of Accountants (IFAC), an organization representing more than 150 accountancy organizations from around the world. The IFAC Task Force on Rebuilding Public Confidence in Financial Reporting will be chaired by John Crow, former Governor of ...

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IFAC Issues Exposure Draft on Compliance with International Financial Reporting Standards

(New York/Oct. 28, 2002) — The International Federation of Accountant's International (IFAC's) Auditing and Assurance Standards Board (IAASB) is proposing new guidance designed to clarify when financial statements are in full compliance with International Financial Reporting Standards (IFRSs), thus contributing to greater consistency in the application of these standards. The exposure draft of International Auditing Practice Statement (IAPS) Reporting on ...

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IAASB Seeks Comments on Audit Risk Guidance

(New York/Oct. 29, 2002) — Contributing to the improvement of audit quality worldwide, the International Federation of Accountant's (IFAC) International Auditing and Assurance Standards Board (IAASB) has proposed new standards to help auditors identify and address audit risks. On an international level, the proposed new guidance represents significant changes to the standards governing audits of financial statements. Three International Standards ...

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ICMAP – New press release regarding ICMAP Winter 2002 Exams

ICMAP have issued a press release regarding Winter 2002 Examinations: “Further to our earlier circular # Note-C1.02.09.2002 dated September 7, 2002, students are informed that there will be a negative marking @ 50% of marks for an incorrect reply in the compulsory MCQs of accounting papers only w.e.f Winter 2002 Examination. However, there will be no negative marking for MCQs ...

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