Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 038 September 16, 2003

Poll Results
"Accountants are _________ individuals"
remarkable 19%
admirable 16%
trustable 18%
sociable 16%
laughable 7%
ignorable 7%
pitiable 16%
 

 

 

 

 
 
News

General
Revenue Board fails to notify drawback rates
Banks asked to publish un-audited statements on quarterly basis
Ship-breaking and ghee industry tax relief to have minimal revenue impact
Illegal forex trade- SBP, SECP task force to work out strategy
Several information technologies development projects approved
Traders allowed not to fill tax return forms with oath and details
Hubco profit falls 16 percent; 21 percent dividend declared
Revenue Board allows sealing of textile mill premises
Karachi East, West sales tax and central excise duty collectorates merged
Tourism industry being denied tax exemptions
Revenue Board asked to compile database for correct valuation
Monopoly Control Authority told to enhance penalty limits
State Bank permission awaited for NDLC and IFIC merger
System for tracing new units proposed
SECP to set up Task Force on 'Takaful' business
Income Tax returns filing date not to be extended
Over 100 CNG-related items get duty and tax relief
New Companies Registration Offices Regulations promulgated
3.2 percent National Bank shares to be offered at discount rate
Revenue Board to spend $2.16 million on construction of new structures
1,553 companies incorporated in 2003- SECP
Section 73 being amended- Revenue Board to allow six-month credit period to claim sales tax inputs
Hubco elects 12 directors
Objections about new tax return forms removed
SECP will have its own Financial Crimes Wing
CBR orders steps to secure sales tax department computers- Internet access to be minimised
State Bank issues directive to banks about security stationery
10 percent Sui Southern Gas Company government shares to be listed on bourses by November
71 percent rise in National Bank half-year profit
Tax reforms help cut sales tax refund period to 10 days
CBR relaxes two conditions of income tax return form

Practice
Costly u-turn for Deloitte Consulting
Accountants questioned for questioning accounting
FSA warns companies on accounting standards
Deloitte CEO says Sarbanes-Oxley reforms working
IASB publishes proposals on macro hedging
IFRIC releases draft interpretation on Changes in Decommissioning, Restoration & Similar Liabilities
Cost Accountants to determine cost of locally-made cars and tractors

Student
ICAP - Results of PPT Autumn 2003 announced
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

Featured Articles

Corporate social responsibility: a concept lost in money-making - by A.B. Shahid

Recent revelations about corruption in the corporate sector brought into sharp focus everywhere the flawed relationship between the corporations and the communities, they operate in.  Read the full article
 

The basic principles of Islamic Economy and their effects on accounting standards-setting - by Mohammad R. Taheri

This paper examines the basic principles and other salient features of Islamic economy, such as the principles of multi-faceted ownership, economic freedom within a defined limit and social justice. Then their effects on users of financial statements and objectives of financial statements have been considered.  Read the full article

 
Articles for Students

The Truth Behind Common Networking Myths - by Accountemps

By now you've probably heard all about the importance of networking to enhance your career search. However, asking someone for their assistance can be difficult at first. And many job seekers limit the effectiveness of their efforts by believing in myths more than they believe in themselves. Overcoming these ideas will help you make the most of your activities.  Read the full article
 

Automate Shortcuts - by Jeff Lenning

Accountants spend hours working at computers, and usually much of that time they’re doing repetitive tasks—such as opening the same group of spreadsheets or creating the same header or formatting for each new workbook and document. Wouldn’t it make sense to invest a little time to create programs that perform these repetitive jobs with just a click of a mouse button?  Read the full article

 
Check out what they are talking about in our Forums

Insider Dealing (in forum "Firms")
CIMA students in Lahore (in forum "Students")
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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