02-09-2009, 05:58 PM
Dear Awais,
I can just request you to please get matured and correct your ideas by conceiving knwoledge which is off course no one's property.
You still argue about Accounting and Financial Reporting Standards for Medium and Small Sized Entities and don't realise how much crucial these standards would be for your accounts. You are in doubt about them even after reading 5th schedule to the CO84.
The shareholders, are expected to know at large, the basics, specially if they are active investors. Other stakeholders are definitely at a lead.
Mind it, there is no issue of american/british terminology, which you are pointing out without quoting a single practical example. Read the revised IAS-1 and compare it with US standards. There is only one remaining dissenting issue as far as presentation under IAS or US standards is concerned which was raised by Professor Barth and Messrs Cope, Garnett and Leisenring that two statement approach is not correct because it provides choices, reduces comparability and provides prominance to one component of financial statements over the others. As far as presentation is concerned there remains no other conflict. This is the process of convergence I explained to you. I hope you would understand it.
There is no war between any one. Facts cannot be changed and demands for professionals is market driven. I wonder you say that CAs were unchallenged in 80s. So you mean now they are challenged. If you feel they are challenged then why you are unhappy. Keep on with the challenge because in challenges we cannot complain why others are not accepting us or getting kind to us for the reason that we need a job for our family reasons etc. I must place on record that there is no such situation practically and this paragraph is only a reply to make you understand.
Further, I don't hate any one. Remember it. Had I been having some hate, I would have never been replying you. You are a brother like all others.
I called certain things childish because these are childish. We expect professional discussion. If one does not know, he/she should ask. I ask questions some times as well. There is no harm since the purpose of the forum is to share and seek knowledge. However, we should not challenge the things if we don't know them just like you don't know what is financial reporting framework for your company (although you are manager accounts) but you deny the applicability of accounting and financial reporting standards for medium and small sized entities in its entirety. If you can spare time, go to following link, which is revised 5th Schedule to CO84 and read what its paragraph 1A suggests
http//www.secp.gov.pk/notification/pdf/2007/Notifi_Aug21_SRO(5thsch).pdf
You can find further details from SECP and ICAP websites that how these were developed and then notified.
Now you decide what should we call it?
I replied you just because I felt you have a genuine problem and you should get releived of this state. Please try to study the things or consult others where you lack understanding. I personally do it. There is no harm in it. This should be taken as a real purpose of the forum. And yes, please get out of this idea of hates. There is no issue of hate or war at all.
Cheers.
Regards,
KAMRAN.
I can just request you to please get matured and correct your ideas by conceiving knwoledge which is off course no one's property.
You still argue about Accounting and Financial Reporting Standards for Medium and Small Sized Entities and don't realise how much crucial these standards would be for your accounts. You are in doubt about them even after reading 5th schedule to the CO84.
The shareholders, are expected to know at large, the basics, specially if they are active investors. Other stakeholders are definitely at a lead.
Mind it, there is no issue of american/british terminology, which you are pointing out without quoting a single practical example. Read the revised IAS-1 and compare it with US standards. There is only one remaining dissenting issue as far as presentation under IAS or US standards is concerned which was raised by Professor Barth and Messrs Cope, Garnett and Leisenring that two statement approach is not correct because it provides choices, reduces comparability and provides prominance to one component of financial statements over the others. As far as presentation is concerned there remains no other conflict. This is the process of convergence I explained to you. I hope you would understand it.
There is no war between any one. Facts cannot be changed and demands for professionals is market driven. I wonder you say that CAs were unchallenged in 80s. So you mean now they are challenged. If you feel they are challenged then why you are unhappy. Keep on with the challenge because in challenges we cannot complain why others are not accepting us or getting kind to us for the reason that we need a job for our family reasons etc. I must place on record that there is no such situation practically and this paragraph is only a reply to make you understand.
Further, I don't hate any one. Remember it. Had I been having some hate, I would have never been replying you. You are a brother like all others.
I called certain things childish because these are childish. We expect professional discussion. If one does not know, he/she should ask. I ask questions some times as well. There is no harm since the purpose of the forum is to share and seek knowledge. However, we should not challenge the things if we don't know them just like you don't know what is financial reporting framework for your company (although you are manager accounts) but you deny the applicability of accounting and financial reporting standards for medium and small sized entities in its entirety. If you can spare time, go to following link, which is revised 5th Schedule to CO84 and read what its paragraph 1A suggests
http//www.secp.gov.pk/notification/pdf/2007/Notifi_Aug21_SRO(5thsch).pdf
You can find further details from SECP and ICAP websites that how these were developed and then notified.
Now you decide what should we call it?
I replied you just because I felt you have a genuine problem and you should get releived of this state. Please try to study the things or consult others where you lack understanding. I personally do it. There is no harm in it. This should be taken as a real purpose of the forum. And yes, please get out of this idea of hates. There is no issue of hate or war at all.
Cheers.
Regards,
KAMRAN.
