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Tag Archives: Accounting Profession News

SECP Asks Listed Companies to Adopt IFRS

ISLAMABAD (December 20 2006): The Securities and Exchange Commission of Pakistan (SECP) has asked the listed companies to follow International Financial Reporting Standards (IFRSs) for maintaining of balance sheets and profit and loss accounts. According to the recently issued SRO.(I)/2006, the SECP has directed that IFRSs 2, 3, 5, and 6, issued by the International Accounting Standards Board, shall be ...

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AF Ferguson / PWC may face ban on practice

KARACHI (November 08 2006): The Institute of Chartered Accountant of Pakistan has referred A F Ferguson, member of PricewaterhouseCoopers (PWC), to its Investigation Committee to see if the firm has engaged in professional misconduct. The Investigation Committee will begin its deliberation on November 8. It may be recalled that A F Ferguson (Ferguson), representative of global firm PWC in Pakistan, ...

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Ex-CEO of Software Giant gets 12 years prison for Accounting Fraud

The former chief executive of Computer Associates International Inc. was sentenced to 12 years in prison and was fined $8 million on Thursday for his role in a massive accounting fraud scandal at one of the world's largest software companies. Sanjay Kumar, 44, had faced up to 20 years behind bars after pleading guilty in April to obstruction of justice ...

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ACCA Pakistan to Conduct Corporate Governance Survey

The recently set up Pakistan Institute of Corporate Governance (PICG) was established to promote and help improve upon corporate governance practices in Pakistan. PICG is now launching a corporate governance survey to determine the current state of corporate governance practices in the country. ACCA Pakistan would be providing assistance in this regards. The Securities and Exchange Commission of Pakistan (SECP) ...

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E&Y, PwC Top Employers for Working Mothers in the US

Big Four accounting firms Ernst & Young and PricewaterhouseCoopers are recognized as two of the best companies in the U.S. for working mothers, according to an annual survey by Working Mother magazine. Both firms make an appearance in the magazine’s top 10 of “100 Best Companies” list, which celebrates employers who are “head and shoulder above the  mainstream” with flextime plans, ...

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SEC Invests $54 Million for XBRL System for Corporate Filings

The Securities and Exchange Commission in US has awarded four separate contracts totaling $54 million to develop an interactive data system for corporate filings so that the public has easier access to the information. Interactive data, known as XBRL or eXtensible Business Reporting Language, has high priority on SEC Chairman Chris Cox's to-do list. The SEC instituted the XBRL Voluntary ...

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AICPA, AAA, IAASB Launch Joint Research Project

Three international accounting bodies have joined forces to launch a research initiative that will provide a better understanding of users’ perceptions of the financial statement audit and the auditor’s report. The research is intended to independently examine the perceptions of users of financial statements in countries around the world. The American Institute of Certified Public Accountants (AICPA), the American Accounting ...

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ACCA Pakistan to Hold Seminar on SOX

ACCA Pakistan has arranged a series of one day seminars ‘Sarbanes Oxley: Value for Compliance’ in Islamabad, Lahore and Karachi on 31 July, 2 and 4 August respectively. The landmark Sarbanes-Oxley Act of 2002 was intended to reform public accounting practices and other corporate governance processes and shore up the capital markets. The aim of ACCA Pakistan’s seminar is  to ...

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PIPFA budget recommendations: Raise in income tax exemption limit

KARACHI: The Pakistan Institute of Public Finance Accountants (PIPFA) has suggested to the policy-makers that basic tax exemption limit for salaried class be fixed at Rs200,000. PIPFA in its pre-budget suggestions sent to the policy-makers said that currently income tax is charged when an individual’s income for a tax year exceeds the threshold of Rs100,000, but argued it should not ...

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ICMAP Budget Suggestions: ITMS suggested to arrest tax evasion

KARACHI: The Institute of Cost and Management Accountants of Pakistan (ICMAP) has estimated that a record sum of Rs180 billion per annum of tax evasion or under-filing of tax returns are recorded in the national economy. In its pre-budget suggestions, sent to the Central Board of Revenue (CBR), the ICMAP has suggested that for recovery of this huge amount an ...

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