Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 040 October 08, 2003

Poll Results
"Accountants are _________ individuals"
remarkable 73%
admirable 4%
trustable 6%
sociable 3%
laughable 4%
ignorable 2%
pitiable 8%
 

 

 

 

 
 
News

General
Over 1000 units blacklisted for Sales Tax law violation
Attock Cement earns Rs 132 million profit
Refund requests with income tax returns to be processed separately
Income tax exemption- religious bodies' rating by private agency from July
Bonded carriers- Revenue Board revises transportation procedure
Tax returns to be accepted after due date with penalty
SBP defeats banks' bid to raise TB rates
Income Tax returns date extended to October 11
Procedure to check bogus refund claims modified
Paint industry granted relief in CED payment
Co-ordination bodies formed to resolve tax-related issues
Banks and DFIs warned to comply with rules in issuing term deposit receipts
15 companies trading suspension on Lahore Stock Exchange extended
Sales tax auditors against amnesty scheme
Duty drawback on matchboxes reduced
No GST on ghee units' own produced hydrogen gas
Revenue Board analysing result of end to 'further tax' exemption
SECP chief to focus on three key reform areas
Issue of 15- and 20-year bonds allowed
Use of section 40-B of Sales Tax Act conditional- CBR

Practice
CAs’ panel in India points finger at surrogate auditing
Auditor questions accounting at BearingPoint
Deloitte Bucks Trend by Continuing to Consult
Big Companies Rule Out Non-Big 4 Auditors
EU Orders Single Accounting Standards Starting in 2005 for EU Companies
FASB to Study Pension Accounting
KPMG Admits 115 New Partners
SEC charges fifth KPMG partner in Xerox audit case
Online auditing from this year
Small accounting firms urged to merge, form alliances
Consulting unit helps Big Blue grow

Student
ICAP - Last date of form submission for Winter 2003 Professional exams
ACCA - Last date for submitting exam fees for Dec 2003 notified
ICAP - Results of PPT Autumn 2003 announced

Featured Articles

Using Software to Sniff Out Fraud - by Amey Stone

In the 1920s, Frank Benford, a physicist at General Electric (GE), discovered an astonishing mathematical law: In just about any given set of numerical data, numbers occur as the first or second digit at a predictable rate. For example, "1" will appear as the first digit 31% of the time, but "9" will appear first only 5%. While that sounds unlikely, Benford tested lists of numbers from many different sources accounting ledgers, geographic data, even magazine articles -- and found that the same probability persisted.  Read the full article
 

E-learning: business myth or business necessity?- by AccountingWEB

If you think back to the top of the dotcom bubble, the future looked very different then. Visionaries went around making bullish predictions about e-learning such as this one from Cisco CEO John Chambers: "Education over the internet is going to be so big it is going to make e-mail usage look like a rounding error."  Read the full article
 
Articles for Students

Bold Interview Tactics to Make a Favorable Impression - by Accountemps

It's likely that the other people applying for the position you want have read the same tips for interviews you have: arrive on time, act professionally, be courteous, show how you can contribute to the company, etc. But if everyone is following the same guidelines, how can you separate yourself from the crowd?  Read the full article
 

Preparing for Future Leadership Positions - by Accountemps

If you want to one day become a manager or executive, it's never too early to get started. Even if you're just embarking on your career, there are steps you can take to help you reach this objective. Read the full article

 
Check out what they are talking about in our Forums

Wastage at CNG stations (in forum "Tax")
Work Permits (in forum "Students")
Revaluation of leased assets (in forum "Accounting and Audit")
Islamic and Non Islamic Financing, Difference? (in forum "Accounting and Audit")
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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