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SBP extends deadline for CNIC submission requirement for account holders

KARACHI (January 01 2009): The State Bank of Pakistan has extended the date for the submission of Computerised National Identity Card (CNIC) to June 30, 2009. This decision was taken after the representation received from the banks, indicating difficulties in meeting the extended deadline of December 31, 2008. Despite the banks and DFIs' instructions several account holders have not submitted ...

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SBP relaxes rules for repatriation of export proceeds

KARACHI (December 31 2008): The State Bank of Pakistan has announced one-time waiver for those exporters, who have failed to repatriate their export proceeds in 90 days, and instructed banks to give them Export Refinance Facility. The central bank has received complaints from various exporters' associations that banks are not allowing export refinance facilities under the scheme to exporters due ...

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SBP issues guidelines on CAR for banks and DFIs

KARACHI (November 26 2008): The State Bank of Pakistan on Tuesday announced reduction in the minimum Capital Adequacy Ratio (CAR) for banks and DFIs from 10 percent to 9 percent by the end of December 2008. This move allows banks to take on more risk-weighted assets. — At present, manufacturing, agricultural and commodity sectors require sufficient financing from banks and ...

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ICMAP releases draft of Cost Accounting Standard for Chemical Fertilizer Companies

KARACHI, November 26, 2008: Institute of Cost and Management Accountants of Pakistan (ICMAP) has released a draft of Cost Accounting Standard for Chemical Fertilizer Industry. The objective of this Standard (CAS-1) is to facilitate the companies that manufacture chemical fertilizers to maintain their cost accounts in accordance with the requirements of the “SECP Companies Cost Accounting Records (General Order), 2008 ...

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ACCA Pakistan wins Brands of Year Award 2008

ACCA Pakistan has been declared as the winner of ‘Brands of the Year Award’ in the category of Professional Accountancy Program. ACCA’s success with a decisive majority indicates the ACCA brand popularity, strong stakeholder confidence and a high level of customer satisfaction. Mr Arif Masud Mirza, Head of ACCA Pakistan received the award today, from honorable Priminister, Mr Yousuf Raza ...

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ACCA Conducts Research on Usefulness of Annual Reports Issued by Banks

Banking analysts believe banks’ annual reports to be unhelpful in their forecasting work or for preparing reports for their colleagues working for potential investors, finds new research from ACCA (the Association of Chartered Certified Accountants), prepared by the University of Northumbria and the University of Newcastle. The aim of the research was to consider the real usefulness of banks’ annual ...

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ACCA Pakistan Holds 7th Graduation Ceremony

Karachi, 23 October 2008 – ACCA Pakistan held its 7th graduation ceremony at Bahria Auditorium in Karachi. This event was attended by graduates, place winners, their parents, employers and tuition providers. The ceremony commenced with welcome address by Mr. Arif Masud Mirza, Head of ACCA Pakistan. He congratulated the graduates and place winners on their remarkable success and thanked all ...

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Netsol gains ACCA’s Silver Trainee Development Award

Netsol Technologies Limited has acquired “Silver” approval from ACCA (Association of Chartered Certified Accountants) in recognition for their commitment towards training and development of students working towards the ACCA Professional and Certified Accounting Technician (CAT) Schemes. The Head of ACCA Pakistan along with its Business Development Department visited NetSol Technologies Ltd. (Pakistan) to present ACCA approved employer certificate and to ...

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ACCA Pakistan holds workshop for journalists

Karachi, 8 October 2008 – ACCA Pakistan recently held a workshop for journalists at a local hotel in Karachi. The initiative was highly appreciated by media organizations and was attended by around 45 journalists from print and electronic media. The ACCA Media workshop was a one day event based on three segments identified by the media experts as their area ...

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Governance failure in banks is key to credit crunch, argues ACCA

The principal source of the credit crunch is a failure in corporate governance at banks, which encouraged excessive short-term thinking and a blindness to risk, says ACCA (the Association of Chartered Certified Accountants) today in a report about the year-long financial crisis. ACCA’s policy paper Climbing Out of the Credit Crunch, examines five key areas: corporate governance, remuneration and incentives, ...

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