Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 032 July 05, 2003

Poll Results
Do you think it is necessary to have other qualifications along with CA to get a job?
Yes, doing CA isn't enough nowadays 54%
No, CA still rules! 46%
 

 
 

 

 
 
News

General
State Bank directive for printing cheque books
Banks and DFIs asked to ensure returns payable to investors and depositors based on Shariah
Maintenance spares and consumable parts excluded from tax relief
State Bank extends period for banks' export financing limits
Listed corporate bond market remains more active- State Bank
Fiscal Responsibility and Debt Limitation Ordinance 2003 okayed
Central excise duty to be removed from many essential items, barring a few
Banks allowed to install off-site ATMs
State Bank clarification on quarterly report
State Bank invites proposals on draft consumer finance rules
Duty drawback rates on various items' export announced
Revenue Board proposes amendments in Income Tax Rules 2002
State Bank issues master circular for agriculture loans scheme
Banks and DFIs to report Revenue Board over Rs 10,000 profit paid to clients
Tax relief for textile units- Board of Investment blames Commerce for delay in cases finalisation
SBP circulars are binding on banks- Sindh High Court
19 EoIs received for Habib Bank sell-off
New system for excess income tax refund evolved
Unisame asks SBP to review rules
US offers to train SECP officers
Desk audit of ghee units directed
Banks uneasy over reporting clients' profits to Revenue Board
Customs told not to interfere in income tax matters
SBP forms body to resolve bank-borrower disputes
Banks can levy service charges on PLS deposits

Practice
IAASB Issues Exposure Draft to Enhance Firm Quality Control Practices
Lawsuit vs Andersen in WorldCom case can proceed
UK accountants best paid in the world
Women just don’t want to join big boys’ club
KPMG manager sues his firm over reassignment
SECP penalises two chartered accountant firms
India's ICICI Bank trips on US accounting rules
India ready for foreign auditors
Ernst & Young to Pay $15 Million Over Tax Shelters

Student
ACCA - Last date for submission of ACCA/CAT forms announced
CIMA - Exemption fees changed from 30 June 2003
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

Identity theft: a growing fraud threat  - by Stephen Hill

Stephen Hill in a special study, looks at the increasing problem of fraud and its implications for benefits, business and advisers.

"Who steals my purse steals trash, but he that filches from me my good name… makes me poor indeed"- (William Shakespeare (Othello)) Read the full article
 

Perfecting your proposal - by Howard W. Wolosky

When competing for an engagement, many accounting firms have a similar belief. “They believe all they have to do is show their qualifications; a sort of meritocracy. A belief that the cream will rise to the top and the intrinsic value of the services that they provide will be seen. What they don’t realize is there are five other firms who believe the exact same thing about themselves  Read the full article
 
Articles for Students

Vigilant Spreadsheets  - by Charles Kelliher & Lois S. Mahoney

Would you like to be able to scan your company’s financial operations spreadsheet and instantly see which departments are over budget or behind schedule or which accounts receivable are past due? There’s an easy way to do that in Excel, which can automatically flag cells that meet most any condition you establish. Read the full article
 

Variance Analysis  - by Roger Gibbins

Variance analysis is the comparison of actual costs with standard costs. The purpose of this article is not to discuss the principles of standard costing as a technique but to consider the calculation of variances and their interpretation.  Read the full article
 
Check out what they are talking about in our Forums

Comparatives on Half Year Ended Accounts (in forum "Accounting and Audit")
Can anyone tell me about actuarial sciences (in forum "Career")
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")
ERP Software (in forum "Technology")
Accounting Oversight Board in Pakistan (in forum "Accounting and Audit")
Gender Equality? anywhere?? (in forum "General Discussion")
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")
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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