Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 018 March 06, 2003
Weekly Poll Results
The news that ICAP is reviewing the future of exam exemptions claimed by ACCA / CIMA students has started a hot debate among the student community in our forums. So we have also asked for your opinion through this poll:  Should exam exemptions of ACCA / CIMA students be taken away by ICAP? This is how our readers have answered uptil now. 
Should be taken away by ICAP 52%

Should not be taken away

 43%
Huh... what exemptions??!! 5%
 
 
 
 

 
 
 
In this week's issue:
 
In the News
General
SECP announces new curbs on money laundering
Central Depository Company cuts 50 percent security deposit levied on issuers of securities
PICIC Bank chief steps down
APTMA demand for duty exemption on machinery rejected
Export Promotion Bureau warns textile bodies
Governemnt expects to raise $550-$750m from PSO sale
ECC okays issuance of 10th Wapda bonds
Date for claiming sales tax refund extended
Customs Self-Assessment pilot project from next fiscal year
SNGPL, SSGC and FFC-Jordan declare profits
Export financing rate further cut to five percent
PTCL profit rises to Rs 9.903 billion
Pakistan to sign fresh conventions with six states for avoidance of double taxation
New bank guarantee form issued for claiming sales tax refund
Saudi-Pak Investment okays Rs 1,413 million financing for 24 companies
Software sales can generate Rs 1.4b by 2006
Export Promotion Bureau issues directive to deduct quota of exporters
Dispute with Italian firm over Ghazi Brotha project- Pakistan challenges ICSID's jurisdiction
Federal Tax Ombudsman claims implementation of more than 80 percent decisions
Revenue board told to pay compensation to Emirates Bank
Stocks post 18.8 percent loss in six weeks
10 percent withholding tax on TV prize contests to be levied
Real estate trading all-time high in Pakistan
Third revised draft of sales tax registration rules issued
Port Qasim Authority plans to reduce berthing charges
State-run companies allowed to invest funds in stocks
Arif Habib Investments yields 14.7% return
Revenue Board to take parliament approval for income tax exemptions abolition
Hubco may declare 33.5 percent dividend
KSE members to challenge setting up of electronic bourse in court
10th Wapda bond issue over-subscribed
Mobilink to invest $300 million in next three years
   
Practice
Accounting Firms in Britain Putting Disclaimers on Audits
Deloitte's Work for Ahold Raises Audit Questions
More Countries to "Converge" on Global Standards
ACFE Team on Fraud Prevention & Detection Course
Move to tighten accounting rules
Deloitte named in Ahold shareholder suit
E&Y, Deloitte Named Top Trainers in U.S.
Former Andersen exec tells of stressful internal culture
   
Student

ICAP yet to decide the future of exemptions claimed by ACCA/CIMA students

Computerized CPA exams to be launched in April 2004
   
Featured Articles

The 7 Deadly Sins of Executive Dining - by Barbara Pachter
Many people don't want to believe it, but this is a true story: The senior director of a major (and we mean major) financial consulting firm wanted to make a good impression on a prospective client. He chose a four star restaurant to wine and dine him. Everything was going smoothly until the director, who otherwise had good manners, licked his knife. The client and his $30 million portfolio went elsewhere. Read the full article
 

Managing People - by John Ball

Everyone knows what a manager does, until that is you find yourself in a management position. This article provides an insight into management theory, practice and its relationship with people in the organisation. Read the full article
 
Articles for Students

Accounting for partnerships - by Christopher J Pyke
A partnership is defined as a relationship between two or more individuals in which they agree to operate as a joint business and share the risks and rewards. A partnership must comply with the Partnership Act of 1932 in Pakistan and the Partnership Act of 1890 in Britain and if there is a limited partner then the Limited Partnership Act of 1907 is also relevant for Britain. Read the full article
 

A revisit of the materiality concept - by Chin Bun Tse

Several years ago, a young accounting graduate started his first auditing job. In the client’s office, he checked everything. His supervisor commented on his work: "you will be a good accountant, but not a profitable accountant!" Since then, the young accountant, who is still quite young, learnt an important concept in his life — MATERIALITY.  Read the full article
 
Check out what they are talking about in our Forums

MODULE E V/S PE-1 (in forum "Students")
CA - MODULE E - Study guidelines... (in forum "Students")
Input Tax Adjustment (in forum "Tax")
Trade Discount (in forum "Tax")
Future of ecommerce (in forum "Technology")
Revision of ACCA exemption ....... Right OR Wrong? (in forum "Students")
Good Luck to Foundation Students !! (in forum "Students")
What is XBRL?  (in forum "Technology")
Should acquiring new clients be your top priority (in forum "Accounting and Audit")
Should external auditors provide “Other Services" (in forum "Accounting and Audit")
Should Accounting Firms publish their Financial Results (in forum "Crisis in the accounting industry")
Are Auditors Really Independent!!! (in forum "Crisis in the Accounting Industry")
Did Yousuf Adil deserve DTT Membership? (in forum "Firms")
Best foreign job destination (in forum "Career")
 
In our Reference Library
Technical Releases (Auditing) issued by the Institute of Chartered Accountants of Pakistan.
 
Technical Releases (Accounting) issued by the Institute of Chartered Accountants of Pakistan.
 

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