Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 012  January 15, 2003

Weekly Poll Results
This week we asked our readers an interesting question which was tackled recently through his article by one of our contributors. The writer put the question what should be the top priority in your practice? This is how our readers have answered uptil now. 
Acquiring new clients 27%

More business from existing clients

23%
Increasing productivity and efficiency 35%
Reducing overhead 11%
Something other than the above choices 3%
 
 
 
 

 

 
 
In this week's issue:
 
In the News

General
Cut-off yield on six-month treasury bills reduced further
National Bank restructures Rs 2 billion syndicated loan for Hubco
Pakistan plans to invest 10 percent of reserves abroad
SBP Governor sees GDP growing 6 percent in 2004-05
CBR extends duty drawback facility to bedwear industry
New audit procedure for banaspati and cooking oil industry
Karachi Port Trust slashes 'wet charges' by 11 percent
SBP and SECP to review Abamco's Islamic mutual fund proposal
Duty drawback facility on knitted garments
Karachi Stock Exchange index crosses 2800 mark
Income tax relief to power plant investors not withdrawn
Revenue Board revises duty drawback rates on polyester cotton
Federal Tax Ombudsman rejects Revenue Board viewpoint
Bed linen exports to European Union halt as EPB suspends issuing licences
PSO privatisation- Commission holds briefing for defence ministry on January 29
Pak-Oman Investment Company to arrange four new TFCs worth Rs 1.5 billion
Hubco and other IPPs to be on buying chart as tax issue clarified
Rs 5 billion to be spent on Pakistan Steel expansion Phase-I
Government to charge Hubco Rs 802 million as 'first fill'
CBR to hold moot on e-commerce, taxation
Online trading in Pakistan has fastest inception rates in the world
 
Practice
Ernst & Young comes out fighting
Three Accounting Firms Named "Best Companies" by Fortune
Andersen site home to new board
KPMG Holds Industry Accountable
AICPA urges SEC to allow auditors to perform tax work
Meeting of AGCC panel on audit, accountancy
FASB Considers Revised Stock Option Rules, Releases FAS 148
SBP issues new 'Master Circular' for banks audit
KPMG appoints new partners, director
Insurers balk at accounting rules
Ernst & Young Financial Details Are Disclosed in a Divorce Case
CRM Vendors To Focus On Vertical-specific Apps- PwC
 
Student
ICMAP - Notifiction regarding schedule of classes
ICMAP - IT Syllabus Revised
ICAP announces Winter 2002 PPT results
 
Featured Articles

Financial Systems: Fact, Fancy ... Fast? - by Eric E. Cohen

The truth, the whole truth, and nothing but the truth: this may be the case in our justice system, but is it true in our financial systems? Managers and investors alike question the relevance and timeliness of traditional financial reporting systems. Add to that the Internet and its new economy, as well as market capitalization run wild — you have a mess waiting for an answer. Part of that answer may be a new specification from the accounting industry: XBRL. Read the full article
 

Accounting standards board takes on hot-button issues - by Jonathon Weil

Yesterday's accounting scandals are going to produce a lot of today's accounting reforms. Investors have clamored for change. And now, many of the nagging issues that not long ago looked hopelessly stuck in the status quo -- accounting for stock-option compensation, among them -- finally seem on the fast track to change.  Read the full article

 
Articles for Students

Understanding organisational structure - by John Ball

Accountants and accountancy is about communication. But communication is not just sending messages or emails, or indeed producing management reports or final accounts. It is about understanding the nature of the communication process, especially for the management of people. If people do not communicate then the accountants work can never succeed. Read the full article
 

Selecting Accounting Software: A User's Point of View - by Jake Mulligan

Not withstanding all of the marketing literature to the contrary, the selection, installation, and operation of accounting software is not easy. In fact, it can be one of the most frustrating experiences any company will ever undertake. In the extreme, it can be a complete catastrophe. Read the full article
 
In our Reference Library

- Technical Releases (Accounting) issued by the Institute of Chartered Accountants of Pakistan.
 
- Selected Opinions issued by the Technical Committee of ICAP in downloadable PDF format.
Volume I
Volume II
Volume III
Volume IV
Volume V
Volume VI
 
Introduction to ERP: Overview of ERP Systems
ERP Systems: Audit and Control Risks
Fraud Auditing in a SAP Environment
SAP Audit Work Program
 
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.
 

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