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HSBC Sells its Insurance Business in Asia and South America

HONG KONG (March 07, 2012) – Banking giant HSBC has announced that it has agreed to sell its general-insurance businesses in Hong Kong, Singapore, Argentina and Mexico for around $914 million. The move is part of the bank's strategy to cut costs and focus on growth, HSBC Group Chief Executive Stuart Gulliver said in a statement to the Hong Kong ...

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Bank Alfalah Records Rs.3.5 billion in Net Profits for CY11

KARACHI (March 05, 2012) – Bank Alfalah Limited (BAFL) recorded Rs.3.5 billion in net profits in CY11, nearly 3.6 times higher than the previous year. BAFLs mark-up revenues jumped by 18 percent to Rs.44 billion in CY11 relative to the previous year although the detailed accounts are not available at the moment. It seems that the Bank has benefited from ...

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ACCA Pakistan Recognises 75 New Members

ISLAMABAD (February 27, 2012) – ACCA Pakistan today held its New Members Ceremony in Islamabad to celebrate the achievement of 75 new ACCA members from the north region, who have attained the membership milestone during the last year. The ceremony commenced with welcome address, delivered by Ms. Noor Aftab, head of ACCA Islamabad who welcomed the new members to the ...

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UBL Records Substantial Growth from Last Year

KARACHI (February 23, 2012) – In line with market expectations, United Bank Ltd (UBL), the country's third largest commercial bank, managed to record outstanding growth in its bottom line in CY11 compared to the last year. The Banks mark-up revenues managed to exhibit an impressive growth, likely due to a massive expansion in its investment portfolio. In line with the ...

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Corporate Reports Still Hold Value to Stakeholders but Undermined by Length, Complexity: ACCA

KARACHI (February 01, 2012) – Corporate reports are being held back by confusion over their different audiences, their complexity, and lack of timeliness, according to a new ACCA (the Association of Chartered Certified Accountants) survey of annual report users ahead of the annual corporate reporting season. Respondents state in ACCA's report called 'Re-assessing the Value of Corporate Reporting' that there ...

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75% CEOs Admit There is Room for Improvement in Measurement of Non-Financial Value: AICPA

But just 51 percent of nearly 300 CEOs surveyed in 21 countries say their organizations currently measure the value of non-financial assets well or very well. And only 12 percent now turn to their finance teams for help with the task. AICPA and CIMA are releasing these findings today at simultaneous events in New York and London launching the Chartered ...

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Squeeze on Public Finances will Continue into 2017, says Leading Public Sector Think Tank

LONDON (December 22, 2011) – “Audit and financial management adding public value” was the theme of ACCA’s (the Association of Chartered Certified Accountants) third international public sector conference held recently in London. The conference was organised to draw out lessons learnt over recent years, and understand the key challenges from a range of high profile international speakers and focus on ...

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AICPA Unveils Interactive Checklists to Ease Tax Preparation

NEW YORK (December 20, 2011) – Tax professionals have always looked to the American Institute of Certified Public Accountants’ Tax Practice Guides and Checklists as an essential tool for ensuring high quality standards in the preparation of clients’ returns. This season, however, the package has become even more valuable with the introduction of Interactive Tax Checklists that save time and ...

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