Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 030 June 16, 2003

Poll Results
What do you think of the budget?
Good for the masses 18%
Excellent, although i didnt read it ...! 18%
Has some good areas and some weak 28%
"Best budget in the current situation!" 10%
"President shouldn't wear the uniform!!" 13%
Breaks the back of the masses 4%
Budget??!! When was it announced? 9%
 

 
 

 

 
 
News

General
Concern at 16.3 percent rise in sales tax refund
Duty and sales tax relief on machinery import to be allowed
20pc GST levied on edible oilseeds
Duty on 259 items reduced
9.2 pc revenue growth to accrue from 5.7 pc GDP and inflation 3.5 pc
Withholding tax on two types of payments reduced
Direct tax ratio retained at 32 per cent
Sales tax department told to decide refund case in 30 days
Textile goods drawback extended up to June 2004
Machinery import- six industries exempted from paying sales tax
SBP advises banks to capitalise on reliefs in Budget
General sales tax on processed food stuff abolished
New Duty and Tax Remission for Export rules give 117 major concessions to exporters
Income Tax department to be divided into eight entities
Bank income from mutual fund debt to be taxed at corporate rate
Auto industry registers 51.4 percent growth
Tax on prize money may create problems
Industrial sales come to a standstill due to SRO 507
New system to verify extra airfreight paid by foreign suppliers
Revenue Board allows central excise duty adjustment on various goods
Value of corporate governance being realised- SECP chief
SBP allows Crescent to work as commercial bank
Five Muslim banking institutions status changed
Government incorporates SECP proposals in Finance Bill
SECP starts process against 22 companies for failing to hold annual general meeting
National Assembly passes Finance Bill
Punjab Budget 2003-04- motor vehicle tax raised; stamp and entertainment duties cut
Punjab Budget 2003-04- salaries and pensions raised by 15 percent

Practice
E&Y Dismisses SEC's Conflict Criticism
Deloitte Consulting Plans To Double its India Team
ICAEW sees key role for CAs
Report says WorldCom CEO masterminded the $11 bn fraud
Five Consumer Groups Attack Ernst & Young
India close to complete work on data protection law
PwC sells business process outsourcing unit
PricewaterhouseCoopers launches corporate reporting awards

Student
ICMAP - Announcement regarding exam of IM Audit/ MIS-I in Professional-IV
Examination programme announced for Module F Specified paper for ACCA/ CIMA candidates
ICMAP - Structure of MSA Prof-I paper
ICMAP - New nomenclature for academic sessions announced

Featured Articles

XBRL Leaders Push for Global Acceptance - by SmartPros

With standards of corporate reporting under intensifying scrutiny, Extensible Business Reporting Language (XBRL) is the silver lining in the cloud hanging over the corporate world, leaders of the financial community were told at an investment industry forum.  Read the full article
 

Finally, Business Talks the Same Language... XBRL - by Stanley Zarowin and Wayne E. Harding

Just as English is the universal language of commercial pilots, so XBRL soon will be the lingua franca for all business reporting—from issuing financial statements to banks and shareholders to uploading business information onto a Web site. The development surely will revolutionize how business data are reported, used and calculated.  Read the full article
 
Articles for Students

Ethics and Your Career - by SmartPros

In the wake of recent corporate scandals and increased regulation of accounting practices, ethics has become one of the hottest buzzwords in accounting. And organizations aren't just paying lip service to this trend, they're taking concrete steps to ensure they abide by a strong set of values, such as creating a code of ethics or hiring an ethics officer.  Read the full article
 

Standard costs - an effective tool for business? - by George Brown

Standard costing and variance analysis has been in use since the early twentieth century. In recent years the role of standard costing and variance analysis as a useful part of the management accounting tool kit has been increasingly questioned.  Read the full article
 
Check out what they are talking about in our Forums

Nothing Revolutionary (in forum "The Budget")
Economic Survey (in forum "The Budget")
Corporate Governance... a "Scapegoat" (in forum "Corporate Governance")
Business Intelligence & Information Supply Chain (in forum "Technology")
Alternative to being under Big 4 (in forum "Firms")
IAS 38 compliance (in forum "Accounting and Audit")
ERP Vs EAM (in forum "Technology")
Professional "Think-Tanks" (in forum "Accounting and Audit")
Withholding Tax Deduction (in forum "Tax")
e-Governance (in forum "Corporate Governance")
ERP Software (in forum "Technology")
Accounting Oversight Board in Pakistan (in forum "Accounting and Audit")
Gender Equality? anywhere?? (in forum "General Discussion")
Islamic Banking,Insurance,Accounting & Standards (in forum "Accounting and Audit")
Valuation of Internet Domain Names (in forum "Accounting and Audit")
Lets share our Knowledge! (in forum "Students")
Let us introduce ourselves (in forum "Meet the members")
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 Ijarah (143 Kb)
  The concept of Mudarabah (88 Kb)
  Principles of Shari'ah governing Islamic Investment funds (120 Kb)
  The concept of Musharakah (139 Kb)
  The concepts of Salam and Istisna' (128 Kb)
 
  Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (333 Kb)
 

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