Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 024 April 29, 2003
Weekly Poll Results
Soaring foreign Reserves, increasing exports, decreasing budget deficit, positive economic indicators. Lately we have constantly been bombarded by news which indicates that good times for Pakistan economy lay just around the corner. But is that really so? We asked our viewers for comments regarding this situation and this is how our readers have responded uptil now.

Is Pakistani economy finally on the way up?
Yes ... indeed 61%
Not yet 23%
Don't know 16%
 
 
 
 

 
 
 
In this week's issue:
 
In the News
General
Revenue Board makes amendment on crossed bank draft payment
Export processing zones to have factory premises- minister
White oil pipeline project- Revenue Board to restore duty exemption on machinery import
Indian move against EU decision for declaring Pakistani products under GSP to be blocked
Sales Tax on sugar exported by Trading Corporation waived
Defaulted loans settlement- SBP dismayed over attitude of banks, DFIs
Green channel likely for invoices clearance without scrutiny
State Bank drafts proposals to regulate banking
Rationalisation of CED on POL products- levy on mineral greases to be slashed in next budget
Revenue Board directs jewellers to pay sales tax or face legal action
Carriers raise charges for containerised cargo
State Bank opens on-line credit information bureau
Pakistan State Oil declares 30 percent second interim dividend
Revenue Board mulling to enhance Appeals Collector's powers
Warehousing surcharge not to be levied on machinery
50 percent branches of banks to be automated by 2004- SBP governor
Exact number of income tax exemption not possible before budget- IMF told
Withholding tax on calling cards may be removed
Indus Motors records 100 percent growth
Pak Suzuki profit rises two-fold in first quarter
Central excise duty abolition on major items ruled out
PTCL profit records Rs 2.3 billion increase in nine months
Muslim Commercial Bank profit almost doubles
   
Practice
PwC accused of 'negligent conduct' in $2.5bn lawsuit
Deloitte Study Finds $356 Billion Outsourcing Trend; India to Benefit Most
SEC bans bullying of corporate auditors
SEC suspends 2 E&Y partners for Cendant audits
IFAC's IAASB Releases New Practice Statement and Invites Comments on Exposure Drafts
Ex-Andersen Chief Berardino Sets up New Shop
Accenture-AT&T Forge $500M Outsourcing Pact
Bank sues KPMG over Finance Credit scandal
   
   
Student
ICAP - New NBFC Rules to be included from Winter 2003 exams
ICMAP - Circular issued regarding exam of Industrial Relations Ordinance 2002
ICAP announces Spring 2003 Foundation / Intermediate Examination Results
   
Featured Articles

Asset management in the new accounting world - by Vicky Stanley
Responding to the recent controversy on the quality of spreadsheets used for fixed asset management registers, FMIS director Vicky Stanley argues that since the demands on finance departments have changed, the tools they use should also change.     Read the full article
 

An accountants guide to the top issues in technology - by Scott H. Cytron and Robert Tie

In the early 1980s, when desktop computing and communications capabilities became affordable, practitioners began to realize that understanding basic hardware and software—PCs, modems and spreadsheets—would give them a competitive edge. Since then, the potential rewards for technological proficiency have mushroomed.     Read the full article
 
Articles for Students

Career Success Strategies - by SmartPros
Business is constantly changing, and so are the demands placed on accountants. New challenges arise, niche specialties emerge and accounting procedures continue to evolve. However, there are some techniques that can help you thrive in any environment.     Read the full article
 

Targeting Spreadsheet Data - by Philip Dunn

Various definitions and terminology appear in texts in management accounting on the subject of the preparation and interpretation of fixed overhead variances; but the fixed overhead variance and the sub-analysis of this variance in standard absorption costing is shown as...     Read the full article
 
Check out what they are talking about in our Forums
Congratulations to all who passed Foundation exams (in forum "Students")
Chartered Accountant's AutoBiography (in forum "General Discussion")
Let us introduce ourselves! (in forum "Meet the members")
Capital and net Profit (in forum "General Discussion")
Withholding Tax Deduction (in forum "Tax")
Further Qualifications (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")
Best foreign job destination (in forum "Career")
 
Added to 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.
 
 

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