02-07-2009, 10:33 PM
Awais,
"Escaping" was not mentioned for you. Rather you said I may not reply if don't like, so I responded to that line.
If you feel I am mixing the standards for medium and small entities you need to learn all the accounting from scratch. This is just an advice. Would you like to study latest Fifth Scedule to the Companies Ordinance, 1984. Keep in mind you are arguing with a practicing CA working for a top ten firm. Don't behave childish. This part of your post suggest that I should not reply you since you don't know alphabets. Still, I give some replies to your queries.
The professional In-equivalence is market driven situation. You and I cannot change it. Keep it in your record for all the times to come. Mind it, everything is market driven. ICAP does not ask any one to recruit its part qualified people. Your posts depcit why people prefer CA part qualified ones. No offence. You don't even know about what are the accounting anf financial reporting standards for medium and small sized entities and you want to get good positions in the competition. Decision is yours. If you feel you are better in the competition then one day you will get the better. No one in the world can snatch it from you.
While I believe book writing is no magic (in Pakistan's scenario; if you need explanation what does this mean I can go in detail) and I can point out so many mistakes in the books you are refering, still, you should understand that book writing does not make some one a better professional. However, if you have not seen the books written by CAs, it is your fault. The whole tax and corporate laws (in past) remained dependent on S.A.Salam publications. Do you know who was he? I mean Mr. S.A. Salam? Do you know who are the writers of PBP and BPP publishers, the people like Muhammad Maqbool and Eugene Stanley Williams (Pakistani CAs)? There are some people having common memberships like Kh. Amjad Saeed. There could be produced a long list of such writers. Still, I believe book writing is very good thing but is not a measure of professional competence. Theoratical and practical aspects do vary a lot sometimes. We have seen very good teachers and writers but when they come to professional work they fail to manage their share of work.
Don't base your challenges on the ground of your ignorance. I just suggest.
The issues of american and british terminology do not practically exist. Can you tell me where such a distinction is made. Yes, there is difference on recognition, derecognition, measurement, subsequent to initial measurement, presentation and disclosures requirements for certain things between IFRSs and US standards. IFAC is working on convergence I pointed out. But what you are discussing is a story which is commonly known to B Com students. If you prepare income statement, its USA method, if you prepare trading profit and loss account it is british. If you make out this statement this way it is british otherwise it is american. If you call "stocks" it is british and if you call inventories or merchandise it is american. What a joke. Can you list down such differences which you are pointing out? I would wait for. Remember ICAP or ICMAP cannot sit in any one's mind to remove his illusions or make him to learn and then speak.
If you don't know about OGDCL, then try to know about it. There are certain others in the row if you would try you will come to know.
I would not be going to reply any childish queries from you now hereon. If you need professional insights you are at liberty to discuss.
Regards,
KAMRAN.
"Escaping" was not mentioned for you. Rather you said I may not reply if don't like, so I responded to that line.
If you feel I am mixing the standards for medium and small entities you need to learn all the accounting from scratch. This is just an advice. Would you like to study latest Fifth Scedule to the Companies Ordinance, 1984. Keep in mind you are arguing with a practicing CA working for a top ten firm. Don't behave childish. This part of your post suggest that I should not reply you since you don't know alphabets. Still, I give some replies to your queries.
The professional In-equivalence is market driven situation. You and I cannot change it. Keep it in your record for all the times to come. Mind it, everything is market driven. ICAP does not ask any one to recruit its part qualified people. Your posts depcit why people prefer CA part qualified ones. No offence. You don't even know about what are the accounting anf financial reporting standards for medium and small sized entities and you want to get good positions in the competition. Decision is yours. If you feel you are better in the competition then one day you will get the better. No one in the world can snatch it from you.
While I believe book writing is no magic (in Pakistan's scenario; if you need explanation what does this mean I can go in detail) and I can point out so many mistakes in the books you are refering, still, you should understand that book writing does not make some one a better professional. However, if you have not seen the books written by CAs, it is your fault. The whole tax and corporate laws (in past) remained dependent on S.A.Salam publications. Do you know who was he? I mean Mr. S.A. Salam? Do you know who are the writers of PBP and BPP publishers, the people like Muhammad Maqbool and Eugene Stanley Williams (Pakistani CAs)? There are some people having common memberships like Kh. Amjad Saeed. There could be produced a long list of such writers. Still, I believe book writing is very good thing but is not a measure of professional competence. Theoratical and practical aspects do vary a lot sometimes. We have seen very good teachers and writers but when they come to professional work they fail to manage their share of work.
Don't base your challenges on the ground of your ignorance. I just suggest.
The issues of american and british terminology do not practically exist. Can you tell me where such a distinction is made. Yes, there is difference on recognition, derecognition, measurement, subsequent to initial measurement, presentation and disclosures requirements for certain things between IFRSs and US standards. IFAC is working on convergence I pointed out. But what you are discussing is a story which is commonly known to B Com students. If you prepare income statement, its USA method, if you prepare trading profit and loss account it is british. If you make out this statement this way it is british otherwise it is american. If you call "stocks" it is british and if you call inventories or merchandise it is american. What a joke. Can you list down such differences which you are pointing out? I would wait for. Remember ICAP or ICMAP cannot sit in any one's mind to remove his illusions or make him to learn and then speak.
If you don't know about OGDCL, then try to know about it. There are certain others in the row if you would try you will come to know.
I would not be going to reply any childish queries from you now hereon. If you need professional insights you are at liberty to discuss.
Regards,
KAMRAN.