Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 037 September 01, 2003
Poll Results
Should CA firms be allowed to market their services?
Yes 75%
No 25%
 

 

 

 
 
 
News
General
55 entities issued notices for doing illegal banking
Muslim Commercial Bank board told of Rs 2.11 billion pre-tax profit
New procedure for sales tax registration announced
Anomaly body bars three items from sale to unregistered persons- SRO 507 reviewed
Shell declares 255 percent dividend- net profit up by 18 percent
Revenue Board fails to check auditors against wrong reports
Union Bank nets Rs 238 million profit in six months
Duty and Tax Remission for Export scheme audit- modalities being worked out
State Bank and SECP agree to build strong regulatory framework
Karachi Chamber rejects FPCCI proposal on SRO 507
State Bank issues 'Guidelines' on commercial paper
CBR concerned over lack of data backup system in case of virus attack
Sales tax audit of hotels, power companies and paper units starts
Generic Job Descriptions of Revenue Board employees launched
Nine listed companies directors penalised
New import rules force India to divert palm oil cargoes to Pakistan
Pakistan International Container Terminal offers 16 million shares to general public
Utility consumers paying withholding tax to get NTN
National Intelligence Division proposed to identify massive tax evasion cases
Sales tax amnesty scheme jurisdiction extended
Pakistan International Airlines profit up 36 percent in six months
CITs can tax hidden assets of five past years, not beyond
Revenue Board takes steps to stop drugs smuggling
Ascertaining of S. Tax payment- CAA asked to submit details on supplies received in last two years
NAB and SECP to take action against illegal foreign exchange companies
Recovery drive initiated against 500 short-filers
Sales tax officials misusing Section 38
ECC okays cut in withholding tax, customs duty and sales tax on 13 items
Withholding tax on scrap ship import reduced to three percent
Practice
SEC settles case with PwC
They Fired Two Auditing Firms. Who Wants to Be No. 3?
KPMG Faulted on Handling of Polaroid Financial Reports
Small Accounting Firms Exit Auditing
Intuit Introduces CRM for Accountants
Polaroid Shareholders Sue KPMG
Costly u-turn for Deloitte Consulting
PwC India Sells Off Banking BPO Business To iSmart
Student
ICAP announces Summer 2003 Professional / Final Examination Results
ICMAP - Summer 2003 Examination Results Announced
ICAP - Clarification issued regarding computer practical exam
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

Featured Articles

Tech projects: more than just software and hardware - by L. Gary Boomer
There is an old saying about picking the low-hanging fruit first. The same is true when it comes to selecting technology projects. Many firms have already completed the easy projects, only to find that it’s time to move up. And they may also find it more difficult to both select new technology projects and implement them. Read the full article
 

Closing the GAAP - by Lawrence Richter Quinn
International standards are ready to fly. But will convergence between the US and the world cause delays? By all accounts - well, by most accounts - it's a done deal. After years of planning, the world is heading toward convergence of accounting standards, with most industrialized countries already pledged to commit by 2007 at the latest. Read the full article
 
Articles for Students

Job seekers provide unique responses when asked why they should be hired - by SmartPros
"Why should I hire you?" It's a standard interview question, but the answers employers receive can be far from ordinary. The Creative Group, a specialized staffing service, recently asked 250 U.S. advertising and marketing executives to describe the strangest responses candidates have given when asked why they should be hired.  Read the full article
 

Financial reports in a snap - by Jeff Lenning

Would you like to distribute financial reports throughout your organization electronically rather than on paper? Even better, would you like to give your reports drill-down capability that permits a user to get down to the sources and details of any number in the report? When you transmit the reports electronically, would you prefer not to use the Internet or an intranet—or any kind of e-mail technology at all?  Read the full article
 
 
Check out what they are talking about in our Forums
BASEL II (in forum "Technology")
Info on acturial sciences (in forum "Students")
Auditors Liability (in forum "Accounting and Audit")
Stock Valuation, Accounting Policy (in forum "Accounting and Audit")
Should marketing be allowed to CA firms? (in forum "Firms")
SECP Vs. Chartered Accountants (in forum "Accounting and Audit")
Should there be Mandatory Rotation (in forum "Accounting and Audit")
IT graduate to ACCA (in forum "Students")
Company in the process of winding up (in forum "Accounting and Audit")
ICAP's passing criteria (in forum "Career")
IAS-36 and Country Risk (in forum "Accounting and Audit")
Losses Carried Back & Carried Forward (in forum "Tax")
Internet resource for SROs (in forum "Students")
Final examination result 2003 (in forum "Students")
Women in accountancy (in forum "Students")
Financial reporting of private companies (in forum "General Discussion")
Bank Audits (Deposits) (in forum "Firms")
ACCA to CA (in forum "Students")
Disposal cost of 'available for sale' investments (in forum "Accounting and Audit")
 
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)
  The concept of Murabahah (230 Kb)
 

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