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IFAC Ethics Committee Revises Ethics Code on Audit Partner Rotation

The Ethics Committee of the International Federation of Accountants has approved a revision to its Code of Ethics for Professional Accountants to clarify guidance pertaining to lead partner rotation for audit clients that are listed entities. When the Ethics Committee initially updated Section 8 of the Code, “Independence Requirements for Assurance Engagements,” in November 2001, the Code specified that lead ...

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IFRIC: Interpretation on Changes in Existing Decommissioning, Restoration and Similar Liabilities

The International Financial Reporting Interpretations Committee (IFRIC) has released IFRIC Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities. The Interpretation contains guidance on accounting for changes in existing decommissioning, restoration and similar liabilities that are recognised both as part of the cost of an item of property, plant and equipment in accordance with IAS 16 Property, Plant and ...

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Deloitte among four to face tribunal over scandal

Accounting giant Deloitte, together with two of its partners and one other external auditor to the former Semple Cochrane – the Paisley engineering firm that was bailed out in 2000 after it admitted overstating its profits – have been sent to a disciplinary tribunal of the Institute of Chartered Accountants of Scotland. When the accounting scandal emerged, the ICA in ...

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Sales Tax registration and de-registration to be carried out through TFCs

ISLAMABAD (May 31 2004): The sales tax registration and de-registration will be carried out through Taxpayer Education and Facilitation Centres (TFCs) instead of collectorates of sales tax from next fiscal. The tax officials working in these centres will be empowered to issue instructions, guidelines, and explanatory literature pertaining to tax matters. Official sources told Business Recorder here on Sunday that ...

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Contravention cases period to be reckoned from installation

ISLAMABAD (May 30 2004): The Central Board of Revenue (CBR) has announced that contravention cases would not be framed against exporters on the plea of meeting 50 percent annual export target from the date of importation of machinery under concessional SRO 439(I)/2002. The CBR on Saturday issued a directive to collectors of customs and adjudication authorities saying that SRO 439(I)/2002 ...

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Dispute Resolution Complex to handle only tax adjudication cases

ISLAMABAD (May 31 2004): The Dispute Resolution Complex, Karachi, will exclusively deal with all the adjudication cases of customs, sales tax and central excise for speedy processing of applications. Sources said here on Sunday, at present, offices of adjudicating officers for indirect taxes are located at various sites in Karachi ie at Custom House, Nipa Chowrangi, Baloch Colony, etc. A ...

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Transparent accounting, auditing systems vital for corporate governance: ICAB President

A positive approach towards ensuring transparency in accounting, auditing and reporting systems, and amending the Companies Act are crucial factors to improve corporate governance, chief of Bangladesh's accounting and auditing professionals’ institution observed. “The existing Companies Act is outdated and is neither progressive nor user-friendly. It is necessary to make things more relevant to match with today's needs,” Akhtar Sohel ...

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Tax Ombudsman rules CBR circular as void

ISLAMABAD (June 01 2004): The Federal Tax Ombudsman, Justice Saleem Akhtar, has decreed that a circular of CBR regarding new conditions for registration under sales tax is void and should be withdrawn. In its place, the conditions should be made part of the rules through correct procedure of law. The ruling was given in a case by Ziaullah of Gojra ...

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India introduces online tax accounting system

India's finance ministry has introduced an online system for tax payments that are being collected by the Reserve Bank of India and 31 other banks in the country, an official statement said Monday. The objective is to simplify procedures and ensure that credits for tax payments are fast and the Income Tax Department is able to monitor collections on a ...

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£150m bonanza for Shell auditors

Accountants who failed to spot Shell's massive overbooking of reserves were paid more than £150m in the past five years by the embattled oil giant. Most of the fees paid to KPMG and PwC were for lucrative consultancy work rather than the basic audit, which spectacularly missed major shortcomings in Shell's own internal financial controls. However, Shell says it has ...

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