Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 019 March 17, 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 56%

Should not be taken away

 41%
Huh... what exemptions??!! 4%
 
 
 
 

 
 
 
In this week's issue:
 
In the News
General
Tea and jelly exporters get drawback facility
KSE members to challenge setting up of electronic bourse in court
Pakistan's July-February exports up 19 percent to $6.916 billion
Hubco declares 33 percent interim dividend
Duty drawback granted on 14 polyester staple fibre based items
Revenue Board to update list of pharma raw materials for GST exemption
Pakistan altering external financial market policy
Code of conduct for insurance surveyors
Procedural hurdles in tax collection to be cut in next budget- CBR
Pakistan's foreign exchange reserves cross $10 billion landmark
Revenue Board faces uphill task in abolishing central excise duty
Automotive wheel hub exporters given duty drawback- rates of juices revised
Income tax law ambiguity for shipping sector removed
No more audit of businessmen by DRRA- finance adviser tells Federation Chambers
Privatisation Commission to sell shares of public entities through stock exchange
Tax reforms to complete by 2006
HBL okays rules for write-off
SBP body to settle write-off disputes
UBL profit up by 87 percent in 2002- first annual report after privatisation
IMF wants withholding tax relief on NSS profits withdrawn
Govt orders release of Rs25-30bn sales tax refund
CBR likely to amend Sales Tax refund rules
Financial sector mergers- guidelines
Foreign currency export finance mark-up (FCEF) rates amended
Corporate sector assessees- Revenue Board compiling data to detect variation in income tax payments
Government urged to revise drawback rates on polyester products
Karachi large taxpayer unit told to ensure over Rs 36 billion sales tax recovery
Taking out currencies to Dubai- SBP refuses time extension to money changers
MCB writes-off loans of Rs 1.52 billion of 69 companies
Two more companies get foreign exchange licences
   
Practice
Accounting Board Wants Foreign Firms to Register - Overseas Auditors Protest Dual Standards
PWC- Indian satellite communications market to grow five times
Most CEOs surprisingly upbeat about growth prospects- PwC
IBM winning back lost PWC clients
FASB in US Strengthens Off-Balance-Sheet Reporting Guidance, But Errors Persist
Ahold problems mount as Deloitte Touche disavows early audits
Deloitte Consulting fires up the whalesong and joss sticks
Dubai auditors elect representative committee
KPMG Agree to Settle Lawsuit
Health workers more likey to get work visas for Australia than accountants
XBRL-based reports are coming soon to a bank near you
FASB adds stock options to rule-making agenda
KPMG employees in South African court on fraud charges
   
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

Professional trends in accounting for 2003 - by Max Messmer
A number of important developments will affect accounting professionals in 2003. New regulations, changing job responsibilities, emerging technologies and specialties, and a more moderate hiring climate are a few of the key issues. Individuals who adapt quickly to these trends will be in the strongest position for career advancement this year.  Read the full article
 

The seven deadly sins of strategy implementation - by Martin Corboy and Diarmid Corrbui

CEO’s and senior managers are increasingly judged on the success of their companies’ business strategies. Yet, despite the existence of complex strategy formulation processes in many organisations, many corporate strategies fail to actually get implemented. In this brief article, we describe the main pitfalls of successful strategy implementation.  Read the full article
 
Articles for Students

Responsibility Accounting - by Philip Dunn
This article considers organisational structures and measures of divisional performance. Candidates need to develop competence in this vital area of financial management so they can advise senior management on an analysis of divisional performance measurement. Read the full article
 

Setting the Stage for a Successful Interview - by SmartPros

If you've been invited for a job interview, you've already impressed the prospective employer with the accomplishments and skills listed on your resume. But while the resume is important, the one-on-one meeting with the hiring manager can make or break your chances of receiving a job offer. You must now win him or her over with your professionalism and enthusiasm for the position. 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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