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ICAEW awards credit for Professional Stage to ICAP members

The Institute of Chartered Accountants in England and Wales (ICAEW) has awarded credit from all papers of their Professional Stage examination to members of ICAP i.e the one remaining paper of Business Management has also been exempted. This concession will apply to the ICAP members who have passed Module E Business Management paper in June 2003 examination session and onwards. ...

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ICAP – Revised IASs not to be examined in upcoming examinations

The Institute of Chartered Accountants of Pakistan (ICAP) has announced that the IASs revised in December 2003 would not be examined in Summer 2004 and Autumn 2004 examination sessions. As the revised IASs are applicable to the financial statements for the periods beginning on or after 1 Jan 2005, they would be examinable from Winter 2004 examination session and onwards. ...

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Provisional sales tax registration allowed

ISLAMABAD (April 07 2004): Noticing the delay in sales tax registration of importers and manufacturers, the Central Board of Revenue (CBR) has directed all collectors of sales tax to immediately issue provisional registration certificates to the manufacturers and importers. This is subject to the condition that all the requisite documents should be submitted by the applicants. The CBR on Tuesday ...

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SBP to educate banks on SME lending

KARACHI: The State Bank of Pakistan (SBP) will pursue and educate commercial banks to extend loans to Small and Medium Enterprises (SMEs) on cash flow basis under the newly implemented Prudential Regulations for SMEs. This was stated by the Deputy Governor State Bank of Pakistan (SBP) Tawfiq A Hussain while responding to the complaints from SME sector at the first ...

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SBP asks banks to comply with prudential rules

KARACHI (April 02 2004): The State Bank of Pakistan (SBP) has explained that prudential regulations represented minimum standards that the banks needed to comply with, adding that the banks primary basis for lending should be the cash flows and not necessarily the collateral. This was stated by SBP Joint Directors Shaukat Zaman and Inayat Hussain, while making a presentation on ...

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SECP penalises three listed companies

KARACHI (April 02 2004): The Securities and Exchange Commission of Pakistan (SECP) has imposed penalties of Rs 95,000 on the chief executives of three listed companies which failed to prepare and circulate quarterly accounts within the prescribed time. The SECP is exercising strict vigilance to ensure that listed companies are submitting their quarterly accounts to their shareholders within one month ...

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IASB moves towards US GAAP on Asset Disposals and Discontinued Operations

The International Accounting Standards Board (IASB) has issued requirements relating to asset disposals and discontinued operations. The requirements, which are set out in International Financial Reporting Standard (IFRS) 5 Non-current Assets Held for Sale and Discontinued Operations, mark another step towards the convergence of international and national standards. Convergence of accounting standards around the world is one of the IASB’s ...

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New IFAC Guidance Addresses Anti-Money Laundering and the Role of the Professional Accountant

Governments, regulators and the global business community are increasingly calling on accounting practitioners to contribute to the battle against money laundering. A new paper issued by the International Federation of Accountants (IFAC), Anti-Money Laundering 2nd Edition, addresses the increased expectations of legislators and regulators with respect to the profession's role in detecting money laundering and implementing controls and safeguards against ...

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FASB announces options expensing rule

Renewing one of the most politically controversial battles in financial history, accounting rule-makers in the US have announced a formal proposal that would force Silicon Valley companies to deduct billions of dollars from corporate profits to account for the cost of stock options. Now the clock is ticking: The technology industry and other opponents have only three months to recommend ...

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