Accountancy Newsletter
  Issue # 01  October 21, 2002
Introducing the weekly newsletter of the first and only Pakistani portal related to the field of accountancy, accountancy.com.pk. Our mission is to give you relevant and up-to-date information and happenings in the field of accountancy.

Check out the latest news, read articles concerning you, have heated discussions in our interactive forum or browse our reference library. Search for firms and members of various professional bodies, receive guidance on entering this profession or find out the latest examination results.

Its all here!

Whether you are an accountancy professional or a student or even somebody just interested in accountancy.... visit accountancy.com.pk today.

Thank you
The Accountancy team
Weekly Poll Results
We had asked you people about the recent decision of ICAP to introduce the modular examination approach. This is how you responded
Traditional 28%
Modular 38%
None 7%
Dont Care 10%
Dont belong to ICAP 17%
 

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In this week's issue:
 
In the News
During the week, SBP issued Prudential Regulations for Microfinance Institutions. Also during the week, The government decided to allow the deduction of depreciation on second-hand plant and machinery while calculating income tax on assets, and it was also speculated during this week that Shaukat Aziz may continue as finance minister even after the the elected government takes its charge in a few days time.
 
Coming to the professional news, the newly formed firm Ford Rhodes Sidat Hyder & Co. held a formal dinner for its staff. Also during the week IFAC, recognizing the increasing use of the Internet as a medium for communicating financial information, has developed and issued a paper outlining the responsibilities of directors and management to ensure high-quality transparent financial reporting through this medium.
 
On the student front, October 19 was the last date for submission of forms for ICAP Winter 2002 Professional Examinations. However, ICAP will accept forms with late fee uptil the 26th of October. And Board of Secondary Education of Karachi announced that SSC Supplementary Examination-2002 are scheduled to be held from October 24.
Featured Articles
A Process for Understanding a Business and Its Industry
Dan L. Heitger, and Richard H. Tabor discuss the importance of understanding business and their industries for successful accounting and financial operations. However, developing and maintaining a thorough understanding of a business and industry can be challenging. Failure to understand and stay abreast of industry developments, moreover, can result in lost opportunities and exposure to financial risk. The authors suggest a ten-step process for efficiently filtering and structuring information that will create a useful mental model of a company and its economic environment.  Read the full article
 
Five Steps to a Solid Accounting Practice
Brian Hamilton is amazed how much information an accounting firm has about its clients and customers. He wonders then why are accounting professionals so scattered when it comes to focusing on their strengths and marketing their own skills? The author identifies reasons and then suggests ways to overcome these challenges.  Read the full article
Articles for Students
The Preparation of Future Accountants
Jacqueline-Ann Calderone believes that the accountancy profession is at a crossroads, and where it actually ends up depends greatly on our foresight, stamina and ability to initiate the required change.  Read the full article
 
Career Building Ethics - An important issue even before you land your first job
Sarah Self is says that a lot has been happening recently in the accounting world, and much of the turmoil has to do with professional ethics. Students and other job seekers need to start establishing first-class ethics long before graduation, but it can be especially challenging during that first job search. The author offers some suggestions that can help.  Read the full article
 
In our Reference Library
We have added latest IAS  and SIC summaries.
Our online accounting dictionary has several new accounting terms like 'What-if-analysis' and 'Yankee Bond'. Check them out if you don't know their meanings yet.
Our Accounting Ratios reference section is now complete and ready for your attention.
And in our online tools, we have added a multi-line calculator, a simple but powerful new computational tool. Now why doesn't any standard calculator carry these type of options?