Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 031 June 25, 2003

Poll Results
What do you think of the budget?
Good for the masses 15%
Excellent, although i didnt read it ...! 18%
Has some good areas and some weak 30%
"Best budget in the current situation!" 9%
"President shouldn't wear the uniform!!" 17%
Breaks the back of the masses 4%
Budget??!! When was it announced? 7%
 

 
 

 

 
 
News

General
Over Rs 96 billion Sindh budget presented amid rumpus
Sindh Budget 2003-04- Provincial Co-operative Bank structuring under way
Defence and Special Saving Certificates sale suspended
Exporters allowed to dispose of unused input goods under new DTRE rules
Surgical instruments industry to pay monthly fixed sales tax
SBP issues SME prudential regulations draft- comments deadline June 30
Revenue Board acts to bring proposed amendments in return forms
Input tax adjustment on power bills allowed
Revenue Board to consult trade bodies before deputing sales tax officer
Sales tax to be leviable on LPG industry at all stages
Reconciliation of revenue receipts- CBR and SBP evolve new system of reporting collection
Rs 34.8 billion tax-free Balochistan budget unveiled
Project for computerised customs clearance at Karachi soon- Revenue Board
Budget anomalies- Revenue Board's directive to stakeholders
Trade bodies comments invited on draft regulations for small and medium enterprises
Criteria for companies exemption from additional tax and penalty
Three categories not to get sales tax and additional tax exemption
Write-off scheme Banks, DFIs settle Rs10.50bn bad loans
Revenue Board starts probe into illegal foreign exchange business
Ghee mill-owners and Revenue Board agree to sort out general sales tax issue
Union Bank and American Express launch credit cards

Practice
PricewaterhouseCoopers launches corporate reporting awards
A buzzsaw for buzzwords developed by DTT
DTT losing business because of its consulting arm
7,500 Ernst & Young staff go live with Geac(R) time and expense software
Canada watchdog set to unveil new accounting rules
XBRL Gets $39 Million Boost
IASB issues standard on transition to International Financial Reporting Standards
IAASB Issues Exposure Draft to Enhance Firm Quality Control Practices

Student
  ICMAP - Last date for direct admission announced
ICMAP - Announcement regarding exam of IM Audit/ MIS-I in Professional-IV
ICMAP - Structure of MSA Prof-I paper
ICMAP - New nomenclature for academic sessions announced

Featured Articles

Assess Your Organization's Readiness to Execute Strategy  - by Randall Russell

In these times of economic turbulence, strategy execution has become the new mantra for executives who seek growth. Executives are demanding more of their strategy efforts; a strategy must be sound and executed before any benefits can be realized. The Balanced Scorecard explains that one major risk confronts all organizations who hope to achieve strategic success.  Read the full article
 

Leasing companies feeling heat of competition - by Dilawar Hussain

Leasing companies have a problem or two on their hands. In about the last three years, commercial banks have entered the arena and are wrestling away market share from the leasing sector. There is doubtless, nothing illegal about that, but leasing companies complain that banks are not bringing in fresh new business but because of the financial muscle that they enjoy, banks are 'poaching' from that share of the 'critical mass' which leasing companies had laboriously built up over the last 14 years.   Read the full article
 
Articles for Students

Accountants Need to Know IT, Say CFOs  - by SmartPros

The accounting profession is one of many professions dramatically altered by the technology revolution. A tradition of paper and pencil is now replaced by a highly competitive accounting software industry, and a new technical language called XBRL will soon transform financial reporting. So it should come as no surprise that chief financial officers expect accounting job candidates to have technical expertise in addition to a gift for numbers.  Read the full article
 

A Napster for Financial Data?  - by Stanley Zarowin

Imagine this: At any time of the day or night, and with just a few clicks of the mouse, a financial planner or an individual investor can access a company’s present and past financial reports in extraordinary detail. In addition, an array of instant analyses of those data can be performed, which displays them either graphically or as conventional financial statements. Within seconds a user can compare a company’s balance sheets with those of several competitors, examine an enterprise’s debt-to-equity ratio in any fiscal period, chart its stock price history and download an audit client’s major non-financial news. Read the full article
 
Check out what they are talking about in our Forums

Company Law paper (in forum "Students")
'PAKI' is Offensive..... It's 'Racist' (in forum "General Discussion")
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)
  Musharakah and Mudarabah as modes of finance (190 Kb)
 
  Economic Survey of Pakistan 2002-03 (3.8 Mb)
 
  Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (333 Kb)
 

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