Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 020 March 26, 2003
Weekly Poll Results
In light of the current geopolitical situation we asked our viewers for comments regarding the war in Iraq. This is how our readers have responded uptil now and the results are quite interesting.

War in Iraq is ....
unjust 42%

necessary

 4%
for oil 54%
for freedom of Iraqi people 0%
 
 
 
 

 
 
 
In this week's issue:
 
In the News
General
Privatization: feast for vulture capital
Is there a need for 4th stock exchange?
Custom clearance pilot project- CBR asked to include detailed changes by July
Recommendations finalised for amending Companies Rules, 1985
Net profit of 10 private banks up by Rs 1.1 billion in 2002
Shipping companies and airlines can open rupee accounts
15pc GST on bricks, blocks under study
No income tax relief to welfare bodies working for personal gains
Sales tax auditors blackmailing taxpayers
IMF suggests 15 percent GST on computer items, machinery
Printing price on imported goods- Revenue Board decision creates problems for MNCs
Import of 78 more items from India allowed
Shipping lines hint at war risk premium
SECP finalises Companies Rules, 2003 to regulate Single-member companies
Duty drawback facility given to cosmetics units
Task force suggests boost in levels of investment to 20 percent of GDP
Revenue Board devising new system for income tax returns under SAS
State Bank dollar buying triples in six months
Large Taxpayer Unit to cover textile sector and high-profile entrepreneurs
Two percent surcharge on imports cleared up to March 31 waived
SECP assigned task of regulating Private Pension Schemes and Funds
State Bank issues 'Master Circular' to work out bank's minimum capital
Banks may close millions of accounts unless SBP rule on deposit terms is abolished
Panel set up to resolve sales tax disputes
   
Practice
Investors bombard FASB with mail over options
Accounting firm head calls for expansion of auditors' responsibilities
Four Merrill Lynch executives face charges in Enron scandal
Deloitte chief ponders dropping audit work
AICPA Issues Exposure Draft on Internal Control Reporting
KPMG celebrates 30th year in UAE
Deloitte opts for limited liability
   
Student

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

ICMAP - Business Taxation (P-II) revised syllabus approved
ICMAP - Last date for submission of examination forms
ICAP - Examination forms available
   
Featured Articles

How do internal auditors add value? - by James Roth
Characteristics common to top-rated audit shops help to shed light on the nebulous concept of adding value. The definition of "Value Added" can vary considerably from one audit department to the next. For many practitioners, this phrase describes audit work that helps management improve the business, rather than assignments that simply verify compliance with policies and procedures.  Read the full article
 

XBRL drives reporting revolution - by Danka Starovic

Extensible business reporting language (XBRL) is helping to revolutionise the way business results are communicated and boost the drive to transparency. Extensible business reporting language (XBRL) has recently enjoyed a huge amount of support and international participation. Read the full article
 
Articles for Students

Evaluating Whether to Move for a Job Opportunity - by SmartPros
In a competitive job market, immediately jumping at the next employment opportunity can be tempting, even if it requires relocation. However, there are many aspects to consider before taking the plunge.  Read the full article
 

Gearing - by Malcolm Anderson

Gearing, or leverage, describes the mix of long-term corporate funding provided internally (by shareholders) to that contributed externally (by lenders). Interpreting financial statements using ratio analysis demands considerably more than just the ability to calculate key gearing ratios. Read the full article
 
Check out what they are talking about in our Forums
Are MBA's better than us accountants (in forum "General Discussion")
Combined paper of FA+FR (in forum "Students")
Do all firms meet standarads of Foriegn members (in forum "Firms")

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")
Did Yousuf Adil deserve DTT Membership? (in forum "Firms")
Best foreign job destination (in forum "Career")
 
In our Reference Library
 

Feel the urge to write something?

We invite all our audience to write articles for accountancy.com.pk. If the article is good and relevant to the theme of the website, we will publish this article along with giving credits to the article provider. If you are interested in writing for us and have any queries, we will be most happy to answer all of them. Submit your queries at
articles@accountancy.com.pk

Guidance on submission of articles
http://www.accoutancy.com.pk/article_submit.asp