Accountancy Newsletter
  Issue # 5  November 21, 2002

One of our forum members touched a sensitive, yet a very pertinent issue this week, that is about accounting firms in Pakistan publishing their financial results.

Although there is no statutory requirement on the firms here in Pakistan to publish such results, he is of the opinion that the crisis this industry faces nowadays is due to the lack of transparency. He also suggests that to improve their image and for more transparency, the firms should voluntarily announce their periodic financial results.

Since this issue affects all of us in this profession, we would love to hear your comments on this issue by either through feedback or by participation in our forum.

The Accountancy team

Weekly Poll Results
This week, we took your opinion on the newspaper giving the best coverage to business news. Our readers, most of whom are avid newspaper readers, responded in this fashion.
Jang 8%
Dawn 22%
The News 10%
Business Recorder 37%
Financial Times 18%
Other 3%
None 1%
 
 
 

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In this week's issue:
 
In the News

General
Loan period for letter of credit extended to six months
Banks, financial institutions allowed for asset securitisation through special purpose vehicle
Ordinance issued: NBFIs asked to get licence from SECP
State Bank slashes discount rate to 7.5 percent: 5th cut in 15 months
Discount rate cut may have no effect on banks' lending rates
CBR cancels ruling for input tax adjustment
Public sector entities allowed to invest surplus funds in non-government securities
SECP to regulate NBFIs from December
November sales tax returns dates for textile, ginners extended
Sales Tax-payers allowed relaxation
Companies given December 10 deadline to get licensed software
Delay likely in issuance of SRO on CNG kits
Revenue Board rescinds over 100 individual duty drawback SROs
Dollar targeted at Rs 57.20
 
Practice
SEC: Ernst & Young Violated Rules
Andersen Points Blame at Bosses of Software Firm
BDO Seidman Withdraws Suit
PwC showcases staff's ethical credentials
Retired Partner at Andersen Sues Three Rival Firms
Former Andersen chief dismayed by Big Four's attitude
Accountants regroup after 'year of hell'
IFAC's IAASB Invites Comments on its Operations and Guidance
 
Student
ICMAP - New press release regarding ICMAP Winter 2002 Exams
ICAP issues update to Advanced Taxation syllabus
CASA - Election Schedule for the two seats falling vacant at the next AGM
 
Featured Articles

Paradigm Shift: Will the Internet Revolutionize Your Practice?

The accounting and tax profession is currently experiencing a new technology-based paradigm shift—the migration from Windows based PC applications to the Internet. This is not the first new paradigm to affect all practitioners. Indeed, the evolution of tax preparation exemplifies the technological transition we now face. Read the full article
 
How to avoid common Web mistakes

Yes, your new computer came with Web design software and you are no doubt tempted to be a build-it yourself Web designer. However, owning Web software doesn't mean good results any more than owning a camcorder means you should write, produce and edit your own television commercials. Read the full article

 
Articles for Students

The other side of getting qualified
Barry Payne explains why every ACCA student should take work experience as seriously as their studies and shows how to take the strain out of completing ACCA’s Student Training Record. Read the full article
 
The systems approach to internal audit
Each systems audit assignment should concentrate on an assessment of the adequacy and reliability of the controls necessary to ensure that each of the agreed control objectives is achieved. This evaluation should form the core part of the audit work. Read the full article
 
In our Reference Library

We have made available for the first time anywhere, Sales Tax Act 1990 , the Income Tax Ordinance 1979 and the new Income Tax Ordinance 2001 in PDF format, complete with section-wise bookmarks for your download.
 
We have added another online publication: FINANCIAL INSTRUMENTS- APPLYING IAS 32 AND IAS 39 Summaries, Guidance and Examples
 
Our Accounting Ratios reference section is now complete and ready for your attention.
 

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