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Sunday, May 11, 2008   

 
 

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Accounting News - General  

Accounting News - General
 
  No withholding tax deduction for making payments to banking companies
  ISLAMABAD (March 01 2008): There is no requirement in the Seventh Schedule (banking schedule) of the Income Tax Ordinance 2001 to deduct withholding tax at the time of making payment to banking companies. FBR has issued an income tax circular on Friday to clarify the applicability of withholding tax provision in case of banking companies.
   
  FBR Empowers Customs Collectors to Block Import Consignments
  ISLAMABAD (February 29 2008): The collectors of customs have been empowered to block import consignments where the businessman is unable to clear tax arrears. Sources told reporter on Thursday that the FBR has issued instructions to Collectors of Customs (Appraisement) not to clear containers of importers who failed to submit pending dues (taxes/duties).
   
  FBR Abolishes Bank Endorsement Condition on Good for Payment
  ISLAMABAD (February 28 2008): The Federal Board of Revenue (FBR) has abolished condition of bank's endorsement (good for payment) on post-dated cheques for the consignments being released for public and private bonded warehouses, expediting clearance of industrial/commercial consignments at Karachi.
   
  Special Excise Duty Adjustment: FBR to Remove Confusion
  ISLAMABAD (February 27 2008): The Federal Board of Revenue (FBR) will remove the confusion about the issuance of invoices by certain importers for claiming adjustment of one percent special excise duty (SED), which is inadmissible under the Sales Tax Act, 1990.
   
  Bank of Punjab seeking Licence to Launch Islamic Banking Services
  LAHORE (February 27 2008): The Bank of Punjab (BoP) has applied to the State Bank of Pakistan (SBP) for the issuance of a licence to launch Islamic banking from the platform of BoP. After the issuance of license, BoP will open specific Islamic banking branches throughout the country, BoP President Hamesh Khan, said.
   
 
 

Commercial importers to file goods declarations through clearing agents

Non-filers of Sales tax Returns to be De-registered

FBR seeks cash withdrawal data to increase WHT collection from SBP

Foreign investors seek 'advance ruling' on income tax

Advance payments against L/Cs: SBP liberalises foreign exchange regime

SECP seeking power to freeze bank accounts: banks to remain under SBP

FBR can't de-register unit unilaterally: Trade Ombudsman

SECP won't allow firms' takeover if law violated
 
 

General News Archive >>

  
 
     
 
 
 
 
Accounting News - Profession  

Accounting News - Profession
 
  SBP, ICAP to help implement IFAS-2
  KARACHI: The State Bank of Pakistan (SBP) on Monday organised a seminar on ‘Murabaha and Ijara Accounting Standards’ to develop an understanding of accounting treatment of such modes of Islamic transactions.
   
  SECP brushes aside apprehension about ‘panel of auditors’
 

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday brushed aside the apprehension expressed by certain auditors regarding the SECP’s decision to create a “Panel of Auditors,” which according to them has probably been designed to favour some big audit firms.
   
  ICAEW, ICAP Sign Memorandum of Understanding
  KARACHI: The Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Chartered Accountants of Pakistan (ICAP) have signed an MoU for enhanced cooperation and assistance.
   
  Japan Agrees to IFRS Convergence by 2011
  Ikuo Nishikawa, Chairman of the Accounting Standards Board of Japan (ASBJ), and Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB), jointly announced today an agreement (known as the Tokyo Agreement) to accelerate convergence between Japanese GAAP and International Financial Reporting Standards (IFRSs), a process that was started in March 2005.
   
  India announces convergence with IFRSs for public interest entities from 2011
  The Council of the Institute of Chartered Accountants of India, at its 269th meeting being held these days at New Delhi, has decided to fully converge with International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board from the accounting periods commencing on or after 1st April, 2011.
   
 
 

Accounting Firm BDO Seidman to Pay $170 million

ICAP Rejects CBR's Proposal to Certify Clients Regarding Income Tax Payment

Islamic Finance Scholar Joins AAB as Director Shariah Services

Ernst & Young Focuses on Restoring Investor Trust

Should auditors report on clients tax obligations?

Watson Wyatt and Sidat Hyder form Consulting Alliance

AGP develops system-based audit

SECP Asks Listes Companies to Adopt IFRS
 
 

Profession News Archive >>

  
 
     
 
 
 
 
Accounting News - Students  

Accounting News - Students
 
  IIA Offers New Tools for CIA Exam Preparation
  The Institute of Internal Auditors has developed a new tool to provide internal auditors with the best possible preparation methods for the Certified Internal Auditor (CIA) exam.
   
  MBA Students More Likely to Cheat, New Survey Finds
  A survey of 5,331 students at 32 graduate schools in the United States and Canada found an "alarming" amount of cheating across disciplines, but more among the nation's future business leaders. Fifty-six percent of graduate business students admitted they had cheated at least once in the last year, compared with 47 percent of non-business students.
   
  Public Confidence in Accountants Growing
  After a public-perception downfall following the 2002 accounting scandals, accountants are regaining ground. In response to a Harris Poll, 68 percent of U.S. adults surveyed said accountants tell the truth, up 13 percentage points from 55 percent four years ago.
   
 
 

ICAP announces Professional/Final Summer 2006 examination results

ICAP announces Foundation/Intermediate Spring 2006 examination results

ICAP announces Professional/Final Winter 2005 examination results

ICAP announces Professional/Final Summer 2005 examination results

ICMAP announces results of Spring-Summer 2005 examinations

ICAP announces Foundation/ Intermediate Examinations Spring 2005 Results

ICAP announces Professional/Final Winter 2004 examination results

ICAP announces Foundation/Intermediate Autumn 2004 examination results
 
 

Students News Archive... >>

  
 
     
 
 
 

 

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