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Tag Archives: Accounting Profession News

ACCA Pakistan Submits Budget Proposals

KARACHI: International financial and accounting body ACCA has suggested to policy makers in the Central Board of Revenue (CBR) what it called ‘Green Taxes’ in Pakistan to save deteriorating environmental cleanliness in Pakistan. ACCA for the first time has presented pre-budget proposals on Saturday. Second round of pre-budget proposals will be held next week in Islamabad in which chairman CBR ...

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ICAP submits pre-budget recommendations for various industries

KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP) has submitted its pre-budget recommendations with regard to textiles, oil and gas, hotel, pharmaceutical, automobile, leather and sugar industries. ICAP had already submitted its recommendations with regard direct taxation and Sales Tax separately. Taxation and Economic Policies Committee, headed by Saqib Masood, has submitted the new set of pre-budget recommendations. With ...

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Accounting standards for SMEs to be issued by June

KARACHI: President Institute of Chartered Accountants of Pakistan (ICAP) Syed Shabbar Zaidi has said the Securities and Exchange Commission of Pakistan will likely issue accounting standards for small and medium enterprises by June this year. Addressing a press conference at ICAP head office on Thursday about the first accounting summit of South Asia scheduled for April 18 in Pakistan, he ...

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PwC questions outsourcing benefits

More than half of outsourcing projects in the finance industry show no initial cost benefits in the first year, according to research by PricewaterhouseCoopers (PwC). However, the consultancy firm reported that the number of financial services companies sending jobs offshore will double in the next three years, despite staff in popular countries such as India proving harder to retain. Businesses ...

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Accenture Names CEO to Additional Position of Chairman

The board of directors of Accenture (NYSE: ACN) has named CEO William D. Green to the additional position of chairman, effective Sept. 1. He will succeed Joe W. Forehand, who will retire as Accenture’s chairman on Aug. 31. Mr. Green, 52, succeeded Mr. Forehand as CEO on Sept. 1, 2004, and has been a member of the Accenture board of ...

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IAS for Islamic banking to be enforced from next month

KARACHI: President of Institute of Chartered Accountants of Pakistan (ICAP) Syed Mohammad Shabbar Zaidi disclosed on Wednesday that ICAP has succeeded in developing International Accounting Standard (IAS) with regard of Islamic Banking and financial reporting system. Addressing members of Karachi Income Tax Bar Association (KITBA) he said this IAS would be a land mark in the history of Islamic banking ...

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PriceWaterhouseCoopers (PwC) Study: Fraud Mostly Detected by Chance

Despite tough regulations aimed at improving corporate governance, financial fraud is still on the rise around the world, and most is still detected by chance, a study from auditing firm PriceWaterhouseCoopers (PwC) showed Tuesday, according to Reuters. Globally, the number of companies that reported financial fraud increased 22 percent in the last two years, according to the PwC study, which ...

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U.S. Multinationals Looking to Technology for Improvements in Future SOX 404 Efforts: PW Survey

Nearly half of senior executives of U.S Multinationals say their company made only satisfactory use of technology in support of its initial Sarbanes-Oxley Section 404 compliance efforts, but major reinforcements are on their way for Year Two, according to a recent survey by PricewaterhouseCoopers. In fact, three in four U.S. multinationals will be making significant technology changes, directed almost equally ...

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CA and PricewaterhouseCoopers Team up on Asset Management

CA is melding its management software solutions with PricewaterhouseCoopers’ (PWC) strategic approach to business to address IT enterprise assets. In an announcement Wednesday, the firms said they will utilize PWC’s methodology for IT Asset Management (ITAM) to examine asset management issues including security, business continuity, compliance, process automation, and contract management. CA will bring its ability to automate core asset ...

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Management buyout of US MYOB operations

MYOB today announced the sale of its US operations to Acclivity LLC, an entity owned by previous members of the MYOB US management team. Under the agreement, Acclivity will act as the exclusive US republisher for MYOB products and services as of December 5, 2005. Acclivity will “provide the same level of superior service and support that MYOB customers have ...

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