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ACCA and PTCL join hands to cultivate professional talent

Islamabad – ACCA (Association of Chartered Certified Accountants) Pakistan hosted a ceremony at the Serena Hotel on Wednesday to certify Pakistan Telecommunications Ltd (PTCL) as its approved employer. ACCA’s Approved Employer Scheme plays a pivotal role in the recruitment, development and retention of the ACCA qualified employees in the approved organisations. It allows organisations to reach global best practice in ...

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SBP, ICAP to help implement IFAS-2

KARACHI: The State Bank of Pakistan (SBP) on Monday organised a seminar on ‘Murabaha and Ijara Accounting Standards’ to develop an understanding of accounting treatment of such modes of Islamic transactions. The participants discussed practical problems faced by them in the implementation of these standards. It was agreed that a committee of the Institute of Chartered Accountants of Pakistan (ICAP) ...

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SECP brushes aside apprehension about ‘panel of auditors’

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday brushed aside the apprehension expressed by certain auditors regarding the SECP’s decision to create a “Panel of Auditors,” which according to them has probably been designed to favour some big audit firms. According to the SECP, “the apprehension is incorrect and, on the contrary, the intentions are otherwise and ...

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ICAEW, ICAP Sign Memorandum of Understanding

KARACHI: The Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Chartered Accountants of Pakistan (ICAP) have signed an MoU for enhanced cooperation and assistance. The objectives of the understanding are to strengthen international accounting ties, enhance cooperation, exchange information and experience and provide assistance to each other in the accountancy profession, which would contribute immensely ...

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Accounting Firm BDO Seidman to Pay $170 million

Aug. 15, 2007 (Associated Press) — MIAMI – Accounting firm BDO Seidman must pay $170 million in compensation and provide punitive damages for its negligence in failing to reveal massive fraud in a financial services company backed by a Portuguese bank, a jury decided Monday. Six jurors deliberated only an hour to lay financial blame on BDO Seidman and find ...

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Japan Agrees to IFRS Convergence by 2011

Ikuo Nishikawa, Chairman of the Accounting Standards Board of Japan (ASBJ), and Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB), jointly announced today an agreement (known as the Tokyo Agreement) to accelerate convergence between Japanese GAAP and International Financial Reporting Standards (IFRSs), a process that was started in March 2005. As part of the agreement the two ...

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India announces convergence with IFRSs for public interest entities from 2011

The Council of the Institute of Chartered Accountants of India, at its 269th meeting being held these days at New Delhi, has decided to fully converge with International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board from the accounting periods commencing on or after 1st April, 2011. Like in other countries such as Australia, New Zealand and ...

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Islamic Finance Scholar Joins AAB as Director Shariah Services

KARACHI (May 02, 2007) – Mufti Mohammad Hassaan Kaleem, an eminent scholar specializing in Islamic Finance and Insurance has joined A A Baig & Co, Chartered Accountants as Director Shariah Audit, Advisory and Trainings and spearheads the Shariah Services Division of the firm. 'We continuously strive to add new expertise and resources in our services portfolio which would enable us ...

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ICAP Rejects CBR's Proposal to Certify Clients Regarding Income Tax Payment

KARACHI: External auditors of companies have refused to certify that their clients have paid their income tax and other federal taxes. Sources at the Institute of Chartered Accountants of Pakistan (ICAP) said on Tuesday that ICAP had rejected the proposal of the Central Board of Revenue (CBR) that the external auditors must certify as part of their certification process that ...

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Ernst & Young Focuses on Restoring Investor Trust

Ernst & Young notes that with increasing globalization and larger numbers of companies going public, professional services firms and financial reporting must be committed to restore investors' trust, especially in emerging markets. E& Y notes record high in Global IPO activity in 2006 with US$227 billion through 1,559 IPOs increasing from US$167 billion raised in the whole of 2005. The ...

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