Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 025 May 07, 2003

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 58%
Not yet 29%
Don't know 13%
 
 
 
 

 

 
 
 
News

General
State Bank governor sees no change in discount rate
Revenue Board tells industries production data to be kept confidential
Export refinance rate further cut by 0.5 percent
Sales Tax defaulters disqualified for DTRE facility
State Bank unveils prudential rules for banks
Exporters prefer euro over dollar for opening letters of credits
Procedure for national tax number issuance to non-resident companies issued
Revenue Board still charging central excise duty on sulphonic acid
Auto makers likely to cut prices by five percent
About 20 percent GST may be imposed on oilseeds import
Government may slash GST on pesticides
CBR rejects two budget proposals by consultant
SBP asks banks, DFIs to appoint COs
Banks' equity investment- KSE asks State Bank to raise limit to 40 percent
Eligible exporters list to be finalised- CBR starts 'green channel' sales tax refund system
Banks to be asked to invest 20-30 percent in information technology sector- minister
Al-Meezan Investment Management given licence to launch Shariah compliant schemes
'Further tax' exemption to 'spun' yarn makers may be extended
 
Practice
Accounting rulemakers tighten rules on derivatives
Accounting Standards Copyrighted in US
Ernst & Young launches financial statements guide
South Asian accountants concerned at life after WTO
Accountants urged to restore confidence
U.S. plans full probe of big accountants
'Scoundrel' accountant jailed
Ernst & Young's woes mount with Accredo lawsuit
PwC Launches Best Practice Service In India
PwC- Business intelligence top IT priority
 
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
ICMAP - Announcement regarding exam of IM Audit/ MIS-I in Professional-IV
ICAP - Notification issued regarding ACCA/ CIMA exemptions
Examination programme announced for Module F Specified paper for ACCA/ CIMA candidates
   
Featured Articles

Humor at work - by Altaf Noor Ali

A good sense of humour is the least expensive of all medicines to beat stressful moments in our lives. Try to remember a tense situation when someone passed a witty comment or cracked a good joke and made everyone laugh. How did it feel? As if, the whole tension evaporated in thin air...   Read the full article
 

Getting the Right Balance - by Susan W. Miller and Thomas A. Doucet

For busy accountants, balancing personal and professional lives can seem an impossible task. Many of us often assume we have to sacrifice one to succeed at the other. Others try so hard to succeed in both areas that they end up feeling harried and out of control—as if they’ve failed in both worlds.   Read the full article
 
Articles for Students

IAS 41, Agriculture - by Simon Riley

International Accounting Standard IAS 41, Agriculture, is the first standard that specifically covers the primary sector. The Standard becomes operative for annual financial statements covering periods beginning on or after 1 January 2003 with earlier application encouraged.  Read the full article
 

Understanding the importance of communication - by John Ball

If there is one prerequisite that sets accountancy apart from other professions, it is the need to communicate clearly and concisely both internally and externally. Communication is the core activity of the accounting profession, transmitting information from one person to another, from one organisation to another – or a combination of both – and to the shareholders and other stakeholders of the organisation.
  Read the full article

 
Check out what they are talking about in our Forums

Revenue Recognition (in forum "Accounting and Audit")
Deferred Tax Regarding Depreciation (in forum "Accounting and Audit")
Cash flows (in forum "Accounting and Audit")
Share our Knowledge! (in forum "Students")
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")
Do all firms meet standards of foreign members (in forum "Firms")
Input Tax Adjustment (in forum "Tax")
Future of ecommerce (in forum "Technology")
Revision of ACCA exemption ....... Right OR Wrong? (in forum "Students")
What is XBRL?  (in forum "Technology")
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.
 

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