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Withholding Tax Statements Filed by Agents u/s 165 of ITO to be Desk Audited

ISLAMABAD  (November 02, 2010) – The withholding tax (WHT) statements filed by the withholding agents under section 165 of the Income Tax Ordinance 2001 (ITO) for first quarter (July-September) of 2010-11 would be subjected to desk audit to check discrepancies in payment of taxes for improving collection during current fiscal. Sources told reporters here on Monday that the deadline for filing ...

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SECP Extends Validity Periods of CRS and CEES

ISLAMABAD  (November 02, 2010) – The Securities and Exchange Commission of Pakistan (SECP) has further extended the validity period of the Companies Regularisation Scheme (CRS) and the Companies Easy Exit Scheme (CEES) for another month, up to November 30, 2010, according to its Circular No 25 of 2010, its press release on Monday said. These schemes were initially operative for three ...

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IASB Issues Additions to IFRS 9 for Financial Liability Accounting

LONDON (October 30, 2010) – The International Accounting Standards Board (IASB) has issued requirements on the accounting for financial liabilities. These requirements will be added to IFRS 9 Financial Instruments and complete the classification and measurement phase of the IASB’s project to replace IAS 39 Financial Instruments: Recognition and Measurement. They follow the IASB’s November 2009 issue of IFRS 9, ...

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IASB, FASB and Deloitte Discuss Future of Global Accounting Standards at IFRS Summit

(NEW YORK, October 29, 2010) – Deloitte's third annual International Financial Reporting Standards (IFRS) Summit drew more than 200 chief financial officers and senior financial executives to New York City today to discuss the incorporation of IFRS into the United States public company financial reporting framework. International Accounting Standards Board (IASB) Chairman Sir David Tweedie and Acting Financial Accounting Standards ...

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AFP Asks G20 Nations to Delay Deadline on US GAAP, IFRS Convergence on Lease Accounting

(WASHINGTON, October 22, 2010) – The Association for Financial Professionals (AFP) has asked the G-20 nations to delay the June 2011 deadline to merge U.S. Generally Accepted Accounting Principles (U.S. GAAP) and the International Financial Reporting Standards (IFRS) regarding lease accounting to allow time to deliberate on several proposed financial reporting changes. The request by AFP came in a letter ...

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Standard Rate for Reformed General Sales Tax (RGST) Proposed

ISLAMABAD (October 12, 2010) – The standard rate of sales tax under the reformed general sales tax (RGST) has been proposed as 17 percent to avoid any major revenue shortfall during the remaining months of current fiscal (2010-11). Sources told reporters here on Monday that the Federal Board of Revenue has also proposed standard rate of 17 percent for sales ...

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Governor Sindh Meets ACCA High Achievers

KARACHI (October 6, 2010) – ACCA Pakistan's High Achievers were recently honored the opportunity to meet Governor of Sindh, Dr Ishratul Ibad at the Governor House in presence of leadership from ACCA. Mr Arif Masud Mirza, Head of ACCA Pakistan, Mr Shamez Mukhi, Head of Marketing, Communications and Media Relations, Mr Taimur Beiram Khan, Manager Business Development and Ms Almas ...

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ACCA Trains Career Advisors

LAHORE (September 24, 2010) – ACCA Pakistan recently organized a one-day Career Counseling workshop for teachers and student advisors at a local hotel in Lahore. ACCA recognizes the integral role career guidance plays in helping students identify their natural talents in order to pursue a career promising them professional success. The workshop was based on the concept that the best ...

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Over 6,000 students worldwide take major step towards becoming ACCA members

KARACHI (August 24, 2010) – Results from the latest examinations of ACCA (the Association of Chartered Certified Accountants) show that more than 6,000 students around the world successfully completed their final papers to become affiliates and move closer to membership of the global body for professional accountants. More than 196,000 students sat ACCA examinations in June, producing over 384,000 scripts. ...

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