https://www.accountancy.com.pk/forum/ Wed, 22 Apr 2026 00:50:54 +0000 MyBB https://www.accountancy.com.pk/forum/thread-what-is-accounting-purpose-importance-relationship-to-business Tue, 25 Jul 2017 09:50:44 +0000 juliamoran]]> https://www.accountancy.com.pk/forum/thread-what-is-accounting-purpose-importance-relationship-to-business https://www.accountancy.com.pk/forum/thread-australian-corporate-insolvency-books Tue, 18 Jul 2017 10:54:59 +0000 frugalphoenix]]> https://www.accountancy.com.pk/forum/thread-australian-corporate-insolvency-books

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Sent from my iPhone using Tapatalk]]> https://www.accountancy.com.pk/forum/thread-anyone-who-decided-to-change-fields-career-late-in-life Thu, 22 Jun 2017 21:06:02 +0000 Savak85]]> https://www.accountancy.com.pk/forum/thread-anyone-who-decided-to-change-fields-career-late-in-life
I then proceeded to work at Habib Bank Limited (HBL) for almost 2 years before my immigration to Canada came through in 2012. While i was a student in Pakistan, i also had the opportunity to do internships at GlaxoSmithKline, the Finance department of Agha Khan University and Hospital and an internship at Arif Habib Investments in Pakistan which totalled one year.

I had done a lot of homework prior to coming to Canada and was very well aware that my Pakistani qualifications and work experiences would have no real standing and that i had to acquire a local qualification and a strong, powerful one. At the time because i had already done an MBA before, i was personally less inclined to do another MBA. I was also well aware that Canada's job market for most professions and fields is badly over saturated and that plenty of fresh graduates have difficulty finding jobs in Canada.

I after speaking to a few family members and close friends, thought about pursuing the CPA designation in Canada. I then got in touch with the Institute and was very impressed with their presentations, discussions where they provided all sorts of facts and figures that as an articling student you will earn this much, with 3 years of experience and a designation you will earn this much and with 5 years of experience with the designation you will break into six figures. At the time my thought process was, instead of trying to do another MBA why not just diversify and do accounting.

So that is what i decided to do, i enrolled myself at a University in Toronto, took all the CPA prerequisite courses while i did odd jobs on the side to support myself and also worked as a volunteer in a book keeping firm to add some relevant experience to my CV. Everything in University sounded extremely rosy where all the Accounting professors would talk about the subjects, the profession from the big 4 perspective, what life was like in the Big 4 firms or major mid sized firms. I did decently in the CPA courses that i took and thought i was in the right direction.

However upon graduating, it was indeed very hard to get that first opportunity but after a few months of struggle i finally got into an accounting firm. But i have now worked for approximately 3 small accounting firms now in 2 years and slowly and gradually my passion, intensity for this field has declined in a massive way, i am just basically going to the motions.

The pay scale in these small firms is terrible and even with experience in this province, you will at best be paid close to minimum wage which is $15/hr now. Just because you were being paid $18/hr at your previous firm is no guarantee of that is what you are going to be offered and of-course there is absolutely no job security in these small firms either. The other frustrating bit in these small firms for me is that i have been forced to work over time without any over time pay, without any appreciation and have been forced to work on some statutory holidays and on some weekends which i did without any complaints but with very little appreciation. My health has gone for a complete toss where i have just not been able to focus on my eating habits, exercising, gymming, swimming and other elements of my personal life.

I have tried very hard in the last 2 months to study for the accounting exams but somewhere along the line i eventually could not motivate myself to do it anymore and i started to ask myself

"Do i seriously want to keep doing this for the rest of my life given that i am 32 years old now?"

"Do i really like this field, does it excite me?"

"Am i not better off doing something else i.e. using my energies wisely?"

"Am i really happy with the quality of life i am living?"

So in the last few days, i have now more or less decided that i no longer want to pursue accounting or the CPA designation anymore in Canada. The designation is not all what it is portrayed to be, it is not necessarily the high paying field that the Institute and Accounting Professors in University like to sell it to be, i have seen the lifestyle and the amount of money that partners in small firms make and the amount of stress they have to deal with and trust me, the risk to reward ratio is not always appealing.

Plus i also have to now come to terms with my own aptitude and limitations, i don't really want to live a life for the next 3-4 years where i am working late hours, coming home late and then having to worry about studying for exams and not doing things i enjoy like exercising, gymming, swimming or spending quality time with family, friends e.t.c.

So all these factors combined have now more or less led me to acknowledge that i made an error in deciding to opt for the accounting field as far as i am concerned and i am no longer going to be held hostage to the sunk cost problem where i am like "I have devoted so much time and effort to this field, designation, how can i give up now?", if i am not enjoying the field, if i don't like my lifestyle then i need to make a decision now and move on.

I became a Citizen of Canada last year so i am not bound to Canada as such anymore. I am now keeping all my options open but am more keenly looking at options outside Canada. But based on discussions with a few friends and other people i know i have the following options

1) To see if you can get any job in the US based on your Pakistani MBA and use the TN Visa to your advantage

2) To look into the possibility of doing an MBA from a decent ranked school in the US if you really want to improve your career prospects and earning potential in the US

3) To look into the Middle East where you can either utilize your Pakistani MBA or if you decide to pursue a US MBA, then utilize that and see if your Canadian Passport can help you as well

4) Whether my Canadian Passport which allows visa free travel to 150 countries in the world along with my MBA from IBA can help me secure a good high paying job in Pakistan?

5) I cleared my CFA Level 1 exam a few years ago, i can look into getting back to studying for this designation as it only deals with 1 exam a year which should be easier to manage with a job provided it is related to my job and field

6) Worse come to worse, look into business and entrepreneurship possibilities.

I am going to be meeting a few highly recognized Career Counselling Services where they do many in-depth tests, personality and temperament tests, interviews and then they discuss potential fields, career choices better suited to your personality.

Anyways, the purpose of this thread was to reach out with people and see if anyone has ever decided to change careers or get out of a field that they discovered that they weren't really enjoying? It will be great to hear from you guys and get some feedback on my situation and my options.

Regards]]>
I then proceeded to work at Habib Bank Limited (HBL) for almost 2 years before my immigration to Canada came through in 2012. While i was a student in Pakistan, i also had the opportunity to do internships at GlaxoSmithKline, the Finance department of Agha Khan University and Hospital and an internship at Arif Habib Investments in Pakistan which totalled one year.

I had done a lot of homework prior to coming to Canada and was very well aware that my Pakistani qualifications and work experiences would have no real standing and that i had to acquire a local qualification and a strong, powerful one. At the time because i had already done an MBA before, i was personally less inclined to do another MBA. I was also well aware that Canada's job market for most professions and fields is badly over saturated and that plenty of fresh graduates have difficulty finding jobs in Canada.

I after speaking to a few family members and close friends, thought about pursuing the CPA designation in Canada. I then got in touch with the Institute and was very impressed with their presentations, discussions where they provided all sorts of facts and figures that as an articling student you will earn this much, with 3 years of experience and a designation you will earn this much and with 5 years of experience with the designation you will break into six figures. At the time my thought process was, instead of trying to do another MBA why not just diversify and do accounting.

So that is what i decided to do, i enrolled myself at a University in Toronto, took all the CPA prerequisite courses while i did odd jobs on the side to support myself and also worked as a volunteer in a book keeping firm to add some relevant experience to my CV. Everything in University sounded extremely rosy where all the Accounting professors would talk about the subjects, the profession from the big 4 perspective, what life was like in the Big 4 firms or major mid sized firms. I did decently in the CPA courses that i took and thought i was in the right direction.

However upon graduating, it was indeed very hard to get that first opportunity but after a few months of struggle i finally got into an accounting firm. But i have now worked for approximately 3 small accounting firms now in 2 years and slowly and gradually my passion, intensity for this field has declined in a massive way, i am just basically going to the motions.

The pay scale in these small firms is terrible and even with experience in this province, you will at best be paid close to minimum wage which is $15/hr now. Just because you were being paid $18/hr at your previous firm is no guarantee of that is what you are going to be offered and of-course there is absolutely no job security in these small firms either. The other frustrating bit in these small firms for me is that i have been forced to work over time without any over time pay, without any appreciation and have been forced to work on some statutory holidays and on some weekends which i did without any complaints but with very little appreciation. My health has gone for a complete toss where i have just not been able to focus on my eating habits, exercising, gymming, swimming and other elements of my personal life.

I have tried very hard in the last 2 months to study for the accounting exams but somewhere along the line i eventually could not motivate myself to do it anymore and i started to ask myself

"Do i seriously want to keep doing this for the rest of my life given that i am 32 years old now?"

"Do i really like this field, does it excite me?"

"Am i not better off doing something else i.e. using my energies wisely?"

"Am i really happy with the quality of life i am living?"

So in the last few days, i have now more or less decided that i no longer want to pursue accounting or the CPA designation anymore in Canada. The designation is not all what it is portrayed to be, it is not necessarily the high paying field that the Institute and Accounting Professors in University like to sell it to be, i have seen the lifestyle and the amount of money that partners in small firms make and the amount of stress they have to deal with and trust me, the risk to reward ratio is not always appealing.

Plus i also have to now come to terms with my own aptitude and limitations, i don't really want to live a life for the next 3-4 years where i am working late hours, coming home late and then having to worry about studying for exams and not doing things i enjoy like exercising, gymming, swimming or spending quality time with family, friends e.t.c.

So all these factors combined have now more or less led me to acknowledge that i made an error in deciding to opt for the accounting field as far as i am concerned and i am no longer going to be held hostage to the sunk cost problem where i am like "I have devoted so much time and effort to this field, designation, how can i give up now?", if i am not enjoying the field, if i don't like my lifestyle then i need to make a decision now and move on.

I became a Citizen of Canada last year so i am not bound to Canada as such anymore. I am now keeping all my options open but am more keenly looking at options outside Canada. But based on discussions with a few friends and other people i know i have the following options

1) To see if you can get any job in the US based on your Pakistani MBA and use the TN Visa to your advantage

2) To look into the possibility of doing an MBA from a decent ranked school in the US if you really want to improve your career prospects and earning potential in the US

3) To look into the Middle East where you can either utilize your Pakistani MBA or if you decide to pursue a US MBA, then utilize that and see if your Canadian Passport can help you as well

4) Whether my Canadian Passport which allows visa free travel to 150 countries in the world along with my MBA from IBA can help me secure a good high paying job in Pakistan?

5) I cleared my CFA Level 1 exam a few years ago, i can look into getting back to studying for this designation as it only deals with 1 exam a year which should be easier to manage with a job provided it is related to my job and field

6) Worse come to worse, look into business and entrepreneurship possibilities.

I am going to be meeting a few highly recognized Career Counselling Services where they do many in-depth tests, personality and temperament tests, interviews and then they discuss potential fields, career choices better suited to your personality.

Anyways, the purpose of this thread was to reach out with people and see if anyone has ever decided to change careers or get out of a field that they discovered that they weren't really enjoying? It will be great to hear from you guys and get some feedback on my situation and my options.

Regards]]> https://www.accountancy.com.pk/forum/thread-punjab-revenue-authority-pra-strn-pntn-fbr-strn-ntn Wed, 10 May 2017 14:03:13 +0000 Rana R A Aziz]]> https://www.accountancy.com.pk/forum/thread-punjab-revenue-authority-pra-strn-pntn-fbr-strn-ntn
Please guide what is difference between Punjab Revenue Authority (PRA ) STRN & PNTN & FBR STRN & NTN ... Login ...Passward....same ? & what about if a Firm is register with PRA & FBR having PNTN & STRN # ...where that kind of firm will submit S.Tax Return & Income Tax Returns Monthly as well as Yearly ? hope you understand ?

Regards]]>
Please guide what is difference between Punjab Revenue Authority (PRA ) STRN & PNTN & FBR STRN & NTN ... Login ...Passward....same ? & what about if a Firm is register with PRA & FBR having PNTN & STRN # ...where that kind of firm will submit S.Tax Return & Income Tax Returns Monthly as well as Yearly ? hope you understand ?

Regards]]> https://www.accountancy.com.pk/forum/thread-sales-tax-on-capital-expenditure-sro-regarding-tax-deuction-by-proprietor Tue, 09 May 2017 05:08:58 +0000 Izhar Ul Haq]]> https://www.accountancy.com.pk/forum/thread-sales-tax-on-capital-expenditure-sro-regarding-tax-deuction-by-proprietor
1) Can we take sales tax as input on capital expenditure, if not what is the reason.
2) Previously only pvt limited and limited firm can deduct WHT tax, now I have heard, the sold proprietor can also deduct the tax, is there anyone who can please tell me what SRO, Circular or Finance act has changed this scenario.

Thanks in advance]]>
1) Can we take sales tax as input on capital expenditure, if not what is the reason.
2) Previously only pvt limited and limited firm can deduct WHT tax, now I have heard, the sold proprietor can also deduct the tax, is there anyone who can please tell me what SRO, Circular or Finance act has changed this scenario.

Thanks in advance]]> https://www.accountancy.com.pk/forum/thread-sales-tax-income-tax Wed, 01 Mar 2017 10:35:00 +0000 Agha88]]> https://www.accountancy.com.pk/forum/thread-sales-tax-income-tax
1) He withholds the total amount of sales tax charged (eg: 17%) and pays the remainder to the vendor.

2) Or either he withholds 1/5 of the sales tax charged (eg: 17% *1/5) and pays the remainder to the vendor.

I asked for any supporting evidence regarding his two different treatments but he failed to mention any rules or sections supporting his treatment.

Kindly advise which treatment is correct 1 or 2 and under what sections are these sales tax rules mentioned in the sales tax act.

Regards,]]>
1) He withholds the total amount of sales tax charged (eg: 17%) and pays the remainder to the vendor.

2) Or either he withholds 1/5 of the sales tax charged (eg: 17% *1/5) and pays the remainder to the vendor.

I asked for any supporting evidence regarding his two different treatments but he failed to mention any rules or sections supporting his treatment.

Kindly advise which treatment is correct 1 or 2 and under what sections are these sales tax rules mentioned in the sales tax act.

Regards,]]> https://www.accountancy.com.pk/forum/thread-looking-for-ca-tuition Mon, 27 Feb 2017 21:14:21 +0000 ahmerb]]> https://www.accountancy.com.pk/forum/thread-looking-for-ca-tuition
Regards,]]>
Regards,]]> https://www.accountancy.com.pk/forum/thread-am-i-too-old Mon, 23 Jan 2017 15:08:22 +0000 ikrashtariq]]> https://www.accountancy.com.pk/forum/thread-am-i-too-old Both acca and ca are heavily pursued certifications so I think I will be at a disadvantage if I pursue them at my age.I was thinking of doing cima qualification .What degree combinations should I use should I opt for an mba before applying for cima or should the ca or acca path will suit me .I need proper guidance.also what are the job prospect challenges which possible challenges I need to cope with ?
What is the retirement age of accountant and what to do after that ? I am asking some clear guidance kindly help me.]]> Both acca and ca are heavily pursued certifications so I think I will be at a disadvantage if I pursue them at my age.I was thinking of doing cima qualification .What degree combinations should I use should I opt for an mba before applying for cima or should the ca or acca path will suit me .I need proper guidance.also what are the job prospect challenges which possible challenges I need to cope with ?
What is the retirement age of accountant and what to do after that ? I am asking some clear guidance kindly help me.]]> https://www.accountancy.com.pk/forum/thread-income-tax-on-foreigners Sat, 21 Jan 2017 06:49:35 +0000 Izhar Ul Haq]]> https://www.accountancy.com.pk/forum/thread-income-tax-on-foreigners
Is the Chinese are exempt from income tax or not, if the tax is applied on them then how do we treat the tax i.e what type of tax parameters applied on them

what type of treatment income tax ordinance 2001 and rules 2002 applied on them]]>
Is the Chinese are exempt from income tax or not, if the tax is applied on them then how do we treat the tax i.e what type of tax parameters applied on them

what type of treatment income tax ordinance 2001 and rules 2002 applied on them]]> https://www.accountancy.com.pk/forum/thread-advantages-of-registration Tue, 10 Jan 2017 05:50:35 +0000 Agha88]]> https://www.accountancy.com.pk/forum/thread-advantages-of-registration
I work in a Private company and I am not registered with FBR. What will be the benefits if I get registered with FBR? I am already a taxpayer as the tax is deducted from my salary on monthly basis. Will I have to pay extra tax if I get registered and become a filer? I am new to tax laws, therefore basic explanations will be appreciated.

Regards,]]>
I work in a Private company and I am not registered with FBR. What will be the benefits if I get registered with FBR? I am already a taxpayer as the tax is deducted from my salary on monthly basis. Will I have to pay extra tax if I get registered and become a filer? I am new to tax laws, therefore basic explanations will be appreciated.

Regards,]]> https://www.accountancy.com.pk/forum/thread-accounting-software-for-forwarding-companies Mon, 26 Dec 2016 17:09:06 +0000 abdulqayyum]]> https://www.accountancy.com.pk/forum/thread-accounting-software-for-forwarding-companies Please guide, which is best accounting software for freight forwarding companies in Pakistan?

Abdul Qayyum
0092 333 463 2963]]> Please guide, which is best accounting software for freight forwarding companies in Pakistan?

Abdul Qayyum
0092 333 463 2963]]> https://www.accountancy.com.pk/forum/thread-treatment-of-opening-balances-in-trial-balance Thu, 22 Dec 2016 06:01:45 +0000 imran1981]]> https://www.accountancy.com.pk/forum/thread-treatment-of-opening-balances-in-trial-balance
I am new to this forum. I have a question about treatment of opening balances.

I am creating a spreadsheet acctually. I have opening balances of some assets and liabilities accounts.
and with these balances I maintained a General Journal and wanted to prepare trial balance.Now because some of accounts have either debit or credit opening balances the transactions of which are not recorded into the new journal, the trial balance shows difference that is equal to the opening balances .How can I reconcile it.The opening balances are necessary to be included into the new balances. I am stuck with this problem. Please guide me.

Best Regards
Imran Bhatti]]>
I am new to this forum. I have a question about treatment of opening balances.

I am creating a spreadsheet acctually. I have opening balances of some assets and liabilities accounts.
and with these balances I maintained a General Journal and wanted to prepare trial balance.Now because some of accounts have either debit or credit opening balances the transactions of which are not recorded into the new journal, the trial balance shows difference that is equal to the opening balances .How can I reconcile it.The opening balances are necessary to be included into the new balances. I am stuck with this problem. Please guide me.

Best Regards
Imran Bhatti]]> https://www.accountancy.com.pk/forum/thread-bench-costs-idle-time Wed, 23 Nov 2016 21:57:43 +0000 noor4794]]> https://www.accountancy.com.pk/forum/thread-bench-costs-idle-time Company has 100 consultants/developers whose payroll cost should be part of cost of sales.

However the company is allocating Bench costs/idle time (time when developer has no chargeable work and they are sitting idle in the office) to administrative costs.

Company is of the view that as the developer is not contributing to any sale during this team therefore it should not be classified as cost of sale.

Can you please confirm if that is correct treatment.?]]> Company has 100 consultants/developers whose payroll cost should be part of cost of sales.

However the company is allocating Bench costs/idle time (time when developer has no chargeable work and they are sitting idle in the office) to administrative costs.

Company is of the view that as the developer is not contributing to any sale during this team therefore it should not be classified as cost of sale.

Can you please confirm if that is correct treatment.?]]> https://www.accountancy.com.pk/forum/thread-mileage-expenses Tue, 15 Nov 2016 17:16:16 +0000 craig.morgan.528]]> https://www.accountancy.com.pk/forum/thread-mileage-expenses
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Sent from my SM-G900F using Tapatalk]]> https://www.accountancy.com.pk/forum/thread-expenses-in-wealth-statement Wed, 19 Oct 2016 13:53:39 +0000 Izhar Ul Haq]]> https://www.accountancy.com.pk/forum/thread-expenses-in-wealth-statement