Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 026 May 14, 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 57%
Not yet 30%
Don't know 13%
 
 
 
 

 

 
 
News

General
Government to slash central excise duty on cement by 20 percent in next budget
CBR to extend Pakistan goods declaration system from July
Drawback rates on export of cotton garments enhanced
NIT's profit up 28 percent in nine months
Revenue Board to remove some income tax exemptions in CRITO list
KESC to be privatised in three months
Qasim International Container Terminal raises import handling charges
Pakistan Steel to offload 10 percent shares through Karachi Stock Exchange
Revenue Board removes anomalies in DTRE rules
State Bank extends date for banks, DFIs credit rating
Rs 7 billion debt may hamper Karachi Electric Supply Corporation privatisation
SBP issues new Master Circular for banks, DFIs cash reserve requirement
Budget proposals- Sialkot Chamber demands sales tax exemption for all exporting units
CNG gadgets exempted from duty and sales tax
Income Tax Ordinance section 153 not applicable on ICI
FIA meeting hurdles in getting 114 Custom files
Cement industry registers 20 percent sales growth
State Bank drafts proposals for bonds issues
CBR allows payment against supply in kind by transferring landed property
Federation Chambers to approach president, premier for amendment in FTO Ordinance

Practice
PwC Launches Best Practice Service In India
PwC- Business intelligence top IT priority
Ernst & Young's woes mount with Accredo lawsuit
Lawmakers, CEOS criticize FASB for options move
XBRL Top Tech Trend, Says PwC Forecast
Are IASB and FASB Converging on Derivatives-
IFAC Releases New IT Guidance for SMPs and SMEs

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

E-commerce and its future in Pakistan - by Dr. Mushtaq A. Sajid

E-commerce is a very hot issue these days. After the revolution of Internet, more and more countries are getting involved in it. However, in general, if we use any type of electronic devices in getting orders and sending catalogues, like telephone, fax or any other such instruments, we are supposed to be applying electronic business techniques.   Read the full article
 

Top 10 Audit Deficiencies - by Mark S. Beasly, Joseph V. Carcello & Dana R. Hermanson

How can auditors learn to more effectively detect financial statement fraud? One of the best ways is to “profit” from the mistakes of others. The information presented here is based on cases in which the SEC sanctioned auditors for their association with fraudulent financial statements.   Read the full article
 
Articles for Students

Irrational Ratios - by Joseph T. Wells

Financial statements tell a story,” says accounting professor W. Steve Albrecht, “and the story should make sense.” If not, it’s possible the story is a fake. By standing far enough back from the numbers to get a good picture of the client’s business, auditors frequently can detect signs of financial statement frauds.  Read the full article
 

Equal Opportunities - by John Ball

Organisations and businesses are made up of many individuals working together to achieve organisational success. These individuals bring different attitudes, perceptions and learning experiences to the workplace, as well as ethnic, gender and personality differences. These can be a source for developing creativity within an organisation. However they can also be the cause of problems. Read the full article

 
Check out what they are talking about in our Forums

Islamic Banking,Insurance,Accounting & Standards (in forum "Accounting and Audit")
SAFA Conference (in forum "Accounting and Audit")
Valuation of Internet Domain Names (in forum "Accounting and Audit")
Revenue Recognition (in forum "Accounting and Audit")
Deferred Tax Regarding Depreciation (in forum "Accounting and Audit")
Lets share our Knowledge! (in forum "Students")
Let us introduce ourselves (in forum "Meet the members")
Withholding Tax Deduction (in forum "Tax")
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®

Lectures on areas of Islamic Finance by Maulana Taqi Usmani:
  The concept of Ijara (143 Kb)
  The concept of Mudarabah (88 Kb)
  Principles of Shari'ah governing Islamic Investment funds (120 Kb)
 
   Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (333 Kb)
 

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