Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 022 April 12, 2003

Weekly Poll Results
After the fall of Baghdad, the hottest issue being discussed in our drawing rooms nowadays is about who is next in line after Iraq. We asked our viewers for comments regarding this situation and this is how our readers have responded uptil now.

Iraq down... who's next for USA?
Iran 30%
Syria 25%
North Korea 4%
Pakistan 16%
Other 4%
Any country with dictatorship 0%
Any country with oil 23%
 
 
 
 

 

 
 
In this week's issue:
 
In the News

General
Adamjee Insurance Rs 219 million profit figure surprises analysts, traders
IMF criteria for quality service to taxpayers
15 percent GST on professionals unlikely in next budget
Pakistan's exports increase by 20.2 percent, trade deficit widens
IMF lays down parameters for new income tax return form
Revenue Board to extend case decision time limits only in exceptional terms
SBP issues fit and proper test guidelines to banks, DFIs for appointment of key executives
SBP report- an appraisal
Foreign banks post 53 percent growth in net profits in 2002
Gold jewellery export finance facility extended
PIA posts Rs 1.873 billion net profit in 2002
Pakistan now investor-friendly country- Hubco chief
NBP's pre-tax earning over Rs 6 billion highest-ever in financial sector
Tax ombudsman decides unique case against CBR officials' excesses
Turnover tax on some foreign firms may go
No plan to levy 15 percent general sales tax on food items- CBR
Export Promotion Bureau to be split into two entities
1st Islamic TFC of Rs250m this month
Auto makers asked to cut prices
SBP issues advice to banks, DFIs
   
Practice
Accounting firms sending tax returns on passage to India
IFAC's IAASB Adopts Action Plan to Promote High Quality Standards
Regulators to Force Rotation of Accounting Firms
GM ending consulting work by auditor Deloitte
ACCA breaks new ground with IFRS accounts
PwC unveils VAT help site for e-tailers
PwC revamps auditing practice
Deloitte ventures solo on consulting-audit road
   
Student
ICAP - New NBFC Rules to be included from Winter 2003 exams
ICAP - Last date of form submission for Summer 2003 exams
   
Featured Articles

Worldwide Accounting Irregularities - by Prof. Kang Hee-Joon

When accounting irregularities at the giant companies of Enron and WorldCom were reported in the U.S., many people believed that one of the main reasons for such a debacle might be due to the exorbitant compensations of American chief executive officers. Read the full article
 

A world without the Internet - by Patrick Kampert

Imagine a world without the Internet. Without e-mail. Without Windows or Apples. Heck, for that matter, imagine a world without PCs. That's what the world was like 25 years ago when two Chicago guys named Ward Christensen and Randy Suess officially launched the world's first computerized bulletin board system (BBS).  Read the full article

 
Articles for Students

A New Exam for a Changing Profession - by SmartPros

Say goodbye to the pencil-and-paper CPA exam. The last such exam is set for November. Come spring 2004, a new computer-based exam will be launched in its place that tests candidates on both their technical proficiency and their ability to integrate business knowledge. Read the full article
 

IAS 36 - Impairment of Assets - by Simon Riley

International Accounting Standard IAS 36, Impairment of Assets, is the first accounting standard that deals comprehensively with the impact of a decline in value in assets. IAS 36 became operative for annual financial statements covering periods beginning on or after 1 July 1999. Read the full article

 
Check out what they are talking about in our Forums

Excellent Book On IAS (in forum "Accounting and Audit")
Credit Card Journal Entry (in forum "General Discussion")
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

Note: You will need Adobe Acrobat® to read the library items featured below. Download Acrobat Reader®
 
Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (333 Kb)
 
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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