Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 6  November 28, 2002

It has been a week since one of our forum members posted a topic in our forum, which was about accounting firms in Pakistan not publicly announcing their financial results, and we had asked your opinions on this sensitive, yet pertinent issue. During the last week, our mailbox was flooded by emails on this issue and a number of our viewers also expressed their views via the forum.

We thank all of our viewers for their feedback on this issue. To continue debate on this important topic, please continue to express your opinions by participating in our forum.

The Accountancy team

Weekly Poll Results
This week, keeping on the current theme of discussion in our forum, we asked our readers whether the firms should publicly announce their financial results or not. This is how our readers have answered uptil now. Since we think that this is an issue demanding more discussion, we will continue this poll for another week so that more viewers can poll their opinion. 
Yes 56%
No 39%
Don't Care 6%
 
 
 

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In this week's issue:
 
In the News

General
Balloting of Income Tax returns for total audit on November 27
CBR launches tea traders' registration drive for general sales tax
Musharraf government's reforms will continue, Jamali assures Shaukat
Equity market set to attract more investment
Cut in interest rate settles badla rate in 14 percent range
CBR cuts powers of adjudicating authorities
SBP issues licences to two exchange companies
SBP invites tenders for 6-month Treasury Bills
10, 5-year Pakistan Investment Bonds trading at all-time high
Sales tax collectors warned against de-registration delay
Karachi Stock Exchange takes action against errant member
Duty Drawback on PVC cables allowed
SBP slashes 6-month treasury bills rates by 1.53 percent
 
Practice
IFAC's IAASB Invites Comments on its Operations and Guidance
Accountants regroup after 'year of hell'
Certain Accountants to Face Regulatory Control Post-Enron- IFAC
ICAP Chief attends IFAC moot
New IFAC president named
Partner profits fall by 16% at Ernst & Young
Ernst & Young poised to raise audit fees
UK Accounting Standards Board defers FRS 17 implementation
Study- Option Expensing Has No Impact on Share Price
PwC's Chairman Blasts Mandatory Auditor Rotation
KPMG leads battle against French consultancy separation plans
FASB Issues Guidance on Guarantees
AICPA in US urges SEC to broaden auditor proposal
 
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
CISA - ISACA makes 2003 examination form available online
ICAEW - Admission details for Professional stage December exams available online
 
Featured Articles

Accountant of the future

Accountants need to capitalise on traditional strengths such as independence and concern for the public interest, through migrating to higher value-added activities, developing broader skills and being committed to lifelong learning.
Read the full article
 

Core competency in CRM? Outsourcing customer management could cut costs

Keith Hammonds writing in Fast Company asks a pivotal question -- "Can big companies really care about customers?" Expanding his provocative question, a more universal question should be, "do any of us really care about the customer?" And if so, the follow up should be "how can any of us better demonstrate that we care about our customers?". Read the full article
 
I never felt so handsome!

Four days. 5,000 of the world's top accountants. It doesn't get better than this! As an outsider, Bryan Walsh takes a lighter look at the recent meeting of world's accountants held in Hong Kong. Read the full article

 
Articles for Students

Debunking job-Search myths

Looking for a job is rarely easy, especially when there are so many theories on what you should and should not do. Following are five common myths about job hunting and some advice for putting your best foot forward. Read the full article
 
21st century job search
The internet means it is now possible to find the perfect job without leaving your desk. Helen Perkins looks at 21st century job search with a particular emphasis on how new technologies are revolutionising the job market. Read the full article
 
In our Reference Library

Complete Sales Tax Rules
 
We have also 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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