Accountancy
The weekly newsletter of accountancy.com.pk
  Issue # 041 October 23, 2003

Poll Results
Should ICAP's QCR be restricted only to the first audit year?
Yes 29%
No 64%
Don't care 7%
 

 

 

 

 
 
News

General
Revenue Board for penalty on NBP for illegal retention of tax
Revenue Board clarifies conditions for exemption
SRO 410 date extended
SECP developing system to promote pension funds- Meezan Islamic Fund launched
Self-Assessment Scheme- FTO turns down plea against random ballot
OGDCL earns Rs 20.673 billion net profit
Transaction-based assessment of errant taxpayers worked out
Names and phone numbers must on notices, Revenue Board tells officers
FPCCI suggests substitutions to Sections 73 and 7 of Sales Tax Act
Revenue Board redrafts Sales Tax Refund Rules
'Prudential Regulations for SMEs next month'
Hubco approves 21 percent dividend
Nine banks penalised for helping loan pyramidising
Companies Rules governing deposits amended
Notices on 'further tax' adjustment against input levy issued
CBR investigating under-invoicing and dumping of blades
105 more companies put under Karachi LTU
Sales Tax registration made easy for new traders
SECP re-elected to chair IOSCO panel
Banks allowed to set up asset management subsidiaries
Five new medium taxpayer units established
Minimum tax liability of non-filers to be fixed

Practice
Andersen lawyer tells appeals court that judge prevented fair trial
Ernst & Young Chief Leaves After Holding Post a Year
Training programme on comprehensive auditing in Oman
Deloitte decides one word will suffice
New Accounting Rules Due to Promote Transparency
Accountants must change mindset- ACCA
Oversight chief- Auditors are on their own
U.S. Auditing Oversight Board Begins Policing Role
SEC votes to give shareholders more say on directors
Back to the drawing board for proposed auditing standard
Deloitte wins another round in Barings case
PricewaterhouseCoopers launches new corporate reporting framework

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

The new trend in offshore outsourcing - by Knowledge at Wharton

The concept of business process outsourcing typically conjures up images of inexpensively hired college graduates dialing away at call centers in India, Singapore or the Philippines. It suggests software engineers rewriting arcane code in a technology park office in Bangalore, Beijing or some other place in the developing world for a fraction of the salary that their U.S. counterparts might earn for similar work.  Read the full article
 

Getting the measure of knowledge - by Jan Mouritsen & Per Bukh

For many companies the knowledge economy is real. Knowledge - whether in people, organisational procedures, customer relations or management and information systems - is critical to how a firm functions and performs. But knowledge can only be a manageable resource if it is made visible, and it can only help in evaluating a firm if it is used effectively and efficiently. Read the full article
 
Articles for Students

Show-and-Tell in Real Time - by Kimberly A. Killmer & Nashwa George

Your boss asks you to make an important financial presentation to a group of potential shareholders who are not particularly adept at reading spreadsheets crammed with numbers. Although the financial information is collected and calculated in Excel, he wants the presentation to be viewer friendly and have more pizzazz than a spreadsheet. It may be a cliché, he says, but a picture is worth a thousand words—or in this case it’s worth more than a thousand numbers. Read the full article
 

Putting the squeeze on spreadsheets - by Don Kiamie

In this age of electronic spreadsheets, local and wide area networks and the Internet, it’s a cinch to distribute financial data to many different people in an organization. And therein lies a problem. The CEO says he’s too busy for all the details (“Just give me an overview”). The CFO, on the other hand, wants both the overview (“So I can quickly see the trends”) and the line-item details. 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

The reference section has been totally redesigned for ease of use! Click here to check out the new Reference section.

 

We have also added a new Audit Reference section.

 

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