Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 021 April 04, 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
State Bank issues 'Master Circular' to work out bank's minimum capital
UBL to float securitised terms finance certificates worth Rs 990 million
Settlement of Non-performing loans- CBR urged not to charge tax
IMF flays performance of Revenue Board sales tax auditors
Oil Marketing Companies seek raise in profit/margin rates
New sales tax registration rules to be issued in next budget
Shipping firms levy war risk surcharge
Export refinance rate cut by one percent
CBR and SBP to devise foolproof system for tax receipts reporting
Karachi Electric Supply Corporation agrees to cut Security Deposit, SDC
SBP issues new guidelines for banks to prevent money laundering
SECP reforms make positive impact on bourses
Inter-corporate investment and disclosure
Revenue Board devising mechanism to determine exact turnover
SBP assigned to sell government shares in ABL- Privatisation Commission decision
Banking ombudsman to be appointed soon- State Bank governor
Afghans to use Bandar Abbas if ATTA negative list not abolished
Importers facilitated- advance remittances up to 50 percent allowed
Non-banking Finance Companies Rules notified
Rs 2.1 billion profit in 2002- PIAC board okays annual accounts
Government collecting Rs 16.20 per litre on motor gasoline
Taxation policy defended- CBR chief stresses need for applying fiscal laws correctly
   
Practice
KPMG Legal is to rebrand as Kensington Swan
Wall Street Players Hail XBRL
PwC Poised to Close Profession's "Expectation Gap"
New IFAC Publication Focuses on Quality of Earnings
Deloitte to Keep Its Consulting Unit
2003 Handbook of International Auditing, Assurance, and Ethics Pronouncements Now Available
Dubai auditors representative committee makes key appointments
Asahi becomes KPMG member
SEC Adopts Auditing Rules for Companies
Intel plans to change its auditors regularly
Deloitte Consulting CEO to quit
   
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
CASA to conduct seminar on paper F-21 "Information Technology Management, Audit and Control"
   
Featured Articles

Monte Carlo - it's not just gambling - by Bruce H. Barnett

Recent events have increased interest in the accuracy, reliability, and honesty of financial statements. This attention already has led to new standards and procedures that generally will be helpful to financial statement users. There is no doubt that we have not seen the last of such changes. Unfortunately, but inevitably, the pendulum will likely swing too far thereby planting the seeds for further reform in the future. Read the full article
 

Developing the brand from the inside out - by Alan Peaford

For a long time external and internal communication was placed in separate boxes with the belief that communicating with customers was somehow more important than with employees. Read the full article

 
Articles for Students

Interpretation of accounts - by Philip E Dunn

Interpreting financial statements usually includes comparison — that of one company with another or for the same company over a period of years to examine performance and trend. Other comparisons may include those on an interim basis, with published industry average figures. Read the full article
 

Build Rapport Within Your Network - by Accountemps

Chances are you're constantly hearing about the importance of networking when you're looking for a job or planning a career move. But establishing a connection to someone in a position to help you is often easier said than done. 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")
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

Introduction to ERP: Overview of ERP Systems
ERP Systems: Audit and Control Risks
Fraud Auditing in a SAP Environment
SAP Audit Work Program
 
Technical Releases (Auditing) issued by the Institute of Chartered Accountants of Pakistan.
Technical Releases (Accounting) issued by the Institute of Chartered Accountants of Pakistan.
 
Selected opinions issued by the Institute of Chartered Accountants of Pakistan
Volume I (109 Kb)
Volume II (110 Kb)
Volume III (139 Kb)
Volume IV (206 Kb)
Volume V (335 Kb)
Volume VI (154 Kb)
 

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