ACCA Pakistan organising ICFE week

ACCA Pakistan is launching International Certificate in Financial English (ICFE) Qualification in Pakistan this week (20 – 27 July 2009). During the week, ACCA will undertake a series of activities including presentations to well-known organisations in the IT, telecom, banking and FMGG sector and educational institutions. Other activities include radio show, free pre-testing for ICFE exams and seminars at ICFE tuition providers including SBS, CAMS, CFTR and Berlitz in Karachi. (pls change as per region)
The ICFE Qualification is jointly conceived by ACCA (the Association of Chartered Certified Accountants) and University of Cambridge ESOL (English for Speakers of Other Languages) Examinations. It comprehensively develops ability across the four skill areas of reading, writing, listening and speaking. ICFE is particularly relevant for finance and accountancy professionals needing to perfect their financial English skills or for finance and accountancy students preparing for professional exams or individuals required to present and interpret financial information.
We take pride in sharing with you that Cambridge ESOL examinations are recognised by over 50 well reputed organizations in UK including Pricewaterhouse Cooper, World Bank, KPMG and Procter & Gamble. According to Ms Zainab Khan, Recruitment Manager ICI Pakistan, "Business success is inseparable from successful communication. Our businesses constantly demand excellence in communication, internally and externally. The English language is the the most widely used business language and is a tool we cannot do without. Therefore the Cambridge ICFE may well be an ideal solution to prepare our employees to deliver to our requirements. We certainly see it as a valuable addition to an ambitious accountant’s CV which may well improve his or her career ".

Arif Masud Mirza, Head of ACCA Pakistan says: "Being the international language of finance and accountancy, it is vital for professionals to have first-rate financial English language skills and the ability to communicate confidently with colleagues from the international business community".
Shamez Mukhi, Head of Marketing, Communications and Media Relations, ACCA Pakistan, said that, "Activities of the ICFE week are aimed at creating awareness about need of financial English skills. In the global economic scenario, finance professionals can not afford to have mediocre financial English skills."

For further information please contact:
Mr Shamez Mukhi- tel: +92 21 111 22 22 75
shamez.mukhi@pk.accaglobal.com

ACCA student from Lahore wins international prize

Muhammad Azhar Azim, a student of ACCA from Lahore, Pakistan, is one of the three successful students who have received the Sir David Tweedie Award for 2008. In the prize ceremony held in London - UK this week, Sir David Tweedie in presence of Brendan Murtagh, President ACCA and other dignitaries presented the award to Azhar Azeem and the other two winners, each from Tanzania and the UK. This award is presented to students who score highest mark globally in Paper P2 (Corporate Reporting) of ACCA Qualification.

Mr Arif Masud Mirza, Head of ACCA Pakistan, lauded the achievement of Azhar Azeem as “a reason of pride and inspiration for ACCA Pakistan, and a proof of the commitment and hard work of Azhar Azeem supported by his family and teachers”.

[Analysis]ACCA Pakistan appreciates relief to automobile and telecommunications industry

By Dr Afra Sajad, Head of Education and Policy Development, ACCA Pakistan

The Federal Budget announced in the National Assembly on 13 June 2009 aspires to facilitate economic stabilization by mitigating poverty, revitalizing the industrial sector, advancing the agricultural sector, reducing price inflation, raising tax revenue by relying on indirect taxes and further taxing the existing tax payers. As none of the four sectors for enhancing the tax revenue as identified by the government before the budget announcement has been taxed, the Federal Budget 2009-10 may not be able to address the prodigal challenge of increasing the tax base. There is not much evidence that the budget encourage savings and investment thus raising concerns about sustainable economic growth.

The current budget places heavy reliance on financial aid from the Friends of Pakistan and other donors. In case the foreign financial aid is not received, the government may obtain IMF funding or borrow from banks. This would ultimately result in inflation with the burden being borne by common man.

ACCA supports export efficiency and thus believes that the export encouragement benefits announced in the budget are steps in the right direction. There is also an increasing need to reduce reliance on imports. Innovative measures like exploring the option of growing tea leaves in the country and reducing the import expenditure on tea may be considered.

ACCA believes that local industrial growth would result in employment creation, national productivity and economic growth. Thus the relief to automobile, mobile sector and cement sector is appreciated. Duties and taxes on import of luxury items may also have further stimulated local industrial growth.

The Budget proposes levy of carbon surcharge (carbon tax) on POL products. In its present form, carbon surcharge which would replace the Petroleum Development Levy (PDL) might inflate the POL prices consequently affecting small businesses and consumers. ACCA believes that a fair mechanism for the imposition of carbon taxes aligned with the principles of carbon taxes need to be devised. Carbon Tax is a means to achieve stabilization of greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system. Carbon Tax only intends to tax the carbon content of the fuel consumption rather than the entire fuel consumption as proposed by the Finance Bill. The carbon tax collected may be used to fund environmental related projects. The proposed withdrawal of duties on wind power plants and initiatives for the water conservation are in line with ACCA Budget Proposals. ACCA Budget Proposals advocate social equality thus we support the social welfare initiatives announced in the budget. The success of poverty alleviation measures announced in the budget for example Benazir Income Support Fund and the increase in micro-finance lending depends greatly upon transparency and effectiveness in implementation of these schemes. Against the background of reduced donor funding for micro-finance institutions and increasing inflation where the borrowers struggle to payback the principal amount and the interest, the announced increase in micro-finance lending may be an ambitious target. The sustainable development of SMEs is essential for employment creation. ACCA Pakistan advocates convenient access to finance for SMEs through better resource allocation thus we hope that the Rs.10 billion fund created for SMEs would achieve the desired outcome of SME survival and subsequent growth. We appreciate FBR for introducing the accelerated depreciation for alternate energy projects, the measure being at par with the ACCA Pakistan budget proposals that suggested the tax relief in form of accelerated depreciation on capital equipment purchased to ensure the continuity of power supply.

ACCA Pakistan joins hands with Lahore Stock Exchange

March 24th, 2009 shamsa

ACCA (Association of Chartered Certified Accountants) awarded Lahore Stock Pakistan Ltd with Platinum Approved Employer Status and Continuous Professional Development (CPD) Approved Employer Status in recognition of their commitment towards training and development of ACCA trainees and members. ACCA’s Approved Employer Scheme plays a pivotal role in the recruitment, development and retention of the ACCA trainees and members. As a benefit of being an approved employer, all ACCA trainees and members working for Lahore Stock Exchange will have an access to ACCA’s specialist resources customized for learning and development of finance and accountancy professionals. This close relationship will indeed attract talented human capital and demonstrate the organizations’ commitment towards development of employees –in turn leading to talent retention. During the award presentation ceremony Mr Mian Shakeel Aslam, Managing Director, Lahore Stock Exchange, said that “The growing economy of our country is in dire need of appropriately skilled and qualified professionals who have high moral and ethical values. It is through organizations such as ACCA, that we expect to meet the rising need of accounting and finance professionals”. Speaking at the occasion Mr Arif Masud Mirza, Head of ACCA Pakistan said that, “The ACCA Approved Employer Programme supports organizations in reaching global best practice in the provision of learning and development opportunities for ACCA trainees and members. Employers like Lahore Stock Exchange have great impact on society and ACCA is proud to be associated with them.Ch. Afzal Rahat – Member Director, Lahore Stock Exchange, Mr Jawwad Ahmad – Head of Internal Audit, Lahore Stock Exchange, Mr Shah Hussain – Head of Marketing and PR, Lahore Stock Exchange and Mr Muhammad Shahid Khan – Business Development Executive, ACCA Pakistan were also present at the ceremony. {PR}

ACCA Pakistan joins hands with Lahore Stock Exchange

March 24th, 2009 shamsa

ACCA (Association of Chartered Certified Accountants) awarded Lahore Stock Pakistan Ltd with Platinum Approved Employer Status and Continuous Professional Development (CPD) Approved Employer Status in recognition of their commitment towards training and development of ACCA trainees and members. ACCA’s Approved Employer Scheme plays a pivotal role in the recruitment, development and retention of the ACCA trainees and members. As a benefit of being an approved employer, all ACCA trainees and members working for Lahore Stock Exchange will have an access to ACCA’s specialist resources customized for learning and development of finance and accountancy professionals. This close relationship will indeed attract talented human capital and demonstrate the organizations’ commitment towards development of employees –in turn leading to talent retention. During the award presentation ceremony Mr Mian Shakeel Aslam, Managing Director, Lahore Stock Exchange, said that “The growing economy of our country is in dire need of appropriately skilled and qualified professionals who have high moral and ethical values. It is through organizations such as ACCA, that we expect to meet the rising need of accounting and finance professionals”. Speaking at the occasion Mr Arif Masud Mirza, Head of ACCA Pakistan said that, “The ACCA Approved Employer Programme supports organizations in reaching global best practice in the provision of learning and development opportunities for ACCA trainees and members. Employers like Lahore Stock Exchange have great impact on society and ACCA is proud to be associated with them.Ch. Afzal Rahat – Member Director, Lahore Stock Exchange, Mr Jawwad Ahmad – Head of Internal Audit, Lahore Stock Exchange, Mr Shah Hussain – Head of Marketing and PR, Lahore Stock Exchange and Mr Muhammad Shahid Khan – Business Development Executive, ACCA Pakistan were also present at the ceremony. {PR}

ACCA welcomes completion of IASB’s ‘most important project’

(Press Release)

The International Accounting Standards Board’s (IASB) new standard for small and medium sized enterprises (SMEs) will have a significant impact on millions of companies around the world, says ACCA (the Association of Chartered Certified Accountants) in welcoming the announcement.

Despite concerns by many that the new simplified standard, which still runs to more than 200 pages would be too complex for small businesses to use, ACCA’s own research shows little concern in this area.

Richard Martin, Head of Financial Reporting at ACCA said: “We are delighted that the IASB has completed its most important project after five years’ work. It comes at a critical time, because it will mean that countries will be able to apply IFRS to companies of all sizes and not need to operate two systems of financial reporting, with one for large listed companies and another for smaller or unlisted privately owned companies. ACCA has always supported IFRS as a global accounting language for listed companies – now this has been opened up for smaller businesses too.

“The use of international standards across the board should add credibility to the financial statements of unlisted companies, at a time when potential users of accounts want to be able to rely on the figures they see,” he said.

“There has been concern from some quarters that despite attempting to simplify standards for SMEs the IASB had produced something which was still far too complex. However, when we field tested the exposure draft in the UK we found that small companies and their accountants were able to apply this without significant difficulty. We look forward to a widespread take up over the next few years as countries assess its usefulness in their context. ACCA is pleased that IASB as a global standard setter has recognised its obligation to make available the standard and related educational material to download for free to users,” added Richard Martin.

ACCA President Brendan Murtagh, who is a partner in an accounting practice, said: “In my practice we imagine this will be warmly accepted as best practice by our clients very quickly. A set of standards which is more easily understood by smaller businesses, their potential investors, customers and suppliers can only help organisations to survive in these tough trading conditions and to potentially thrive when the current situation eases.”

Economic conditions place CFOs in the spotlight

he economic downturn has raised the senior finance executive’s profile in organisations worldwide, with more Chief Financial Officers (CFOs) involved in strategy development and prioritising risk management than this time last year, finds new research from CFO Research Services and ACCA (the Association of Chartered Certified Accountants) published today.

Surveying more than 450 CFOs worldwide on how current global economic conditions are shaping the role and perceptions of today's CFO, the research report, called “The CFO’s new environment”, reveals that:

· Finance is in the spotlight – 83 per cent of respondents say the finance chief’s role is more important than a year ago, with 70 per cent agreeing that the finance function receives more boardroom backing now than a year ago.

· The CFO is more involved in strategy – 72 per cent of survey respondents agree that finance now works more closely with business units in strategic planning, while two thirds agree that the CFO is now more involved in the creation of a medium and long term corporate strategy.

· Communication levels have increased - 77 per cent say that they have either increased or plan to increase the amount of internal communication carried out by their company, while two thirds say they have increased or plan to increase the amount of external communications.

· Risk management is now a priority for many CFOs – 4 out of 5 CFOs say they are taking a more active role in this field and two thirds of respondents say they plan more education for their teams in this area.

Mr Arif Masud Mirza, Head of ACCA Pakistan says: “When we commissioned this report, we wanted to find out how the new economic environment is shaping the CFO’s role and affecting the perception of their organisational value. The results show that CFOs are rising to the challenges brought about by global economic conditions, even though some will not have experienced such a severe downturn in their careers so far.

“Organisations are looking for CFOs to bring their knowledge to bear on the wider business, using their analytical ability to understand and deal with risk, and help shape long-term strategy. It is a tall order, but it seems from these findings, that CFOs are more than equal to the task. Despite the increasing demands on their time, we may well be witnessing a renaissance for the CFO, with their expertise extremely highly-valued and sought-after in these tough times.”

Notes to Editors

1. ACCA is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. We have 362,000 students and 131,500 members in 170 countries worldwide.

2. ACCA has worked with governments, national organisations and development agencies in emerging economies- for over 20 years- promoting the accounting profession, to create value for the communities, businesses and individuals it serves.
3. ACCA believes that globalisation of business means that one set of reporting standards is essential. We favour the principles-based IFRS.
4. ACCA understands the real issues facing small businesses as 63,000 of our members work in SMEs or small partnerships worldwide.

ACCA Students Quiz Pakistan outshines UAE and Sri Lanka

ACCA Pakistan recently organized its fifth annual quiz for the CAT and ACCA students across the country. The regional contests were held in Lahore, Karachi and Islamabad on 23 August 2008 in which 21 teams from different ACCA tuition providers participated.The regional winners contested in Karachi and Rise School of Accountancy from Punjab region won the national title.
The ACCA Quiz 2008 was supported by the University of Cambridge UK.ACCA also hosted the first international quiz in Karachi today in which participants from Pakistan, United Arab Emirates and Sri Lanka contested for the international challenge. The excitement of this challenge was shared by a huge audience including students and teachers from various local institutions.
The Pakistan team received the winning international shields from the honorable minister for youth affairs, Syed Faisal Sabzwari and Mr. Arif Masud Mirza, head of ACCA Pakistan. In his address, the youth minister congratulated the contestants for an extra-ordinary zeal and enthusiasm in the quiz. He lauded ACCA Pakistan for providing a platform for the youth to demonstrate their talent and for organizing the first ACCA international quiz in Pakistan.
The minister was thrilled to see the level of knowledge of the youth not only the accounting and finance but also general knowledge, IT and English. He said ACCA Pakistan has set a benchmark for other accounting and finance institutions for enhancing knowledge, motivation, cultural diversity and competition spirit in the youth. He welcomed participation from Sri Lankan and UAE teams to Karachi.While appreciating the support of the youth minister, Mr. Arif Masud Mirza applauded the participation of the ACCA teams from various institutions in Pakistan, UAE and Sri Lanka. He mentioned that ACCA Pakistan will invite more international teams in the contest next year. He explained the purpose of such events is to inculcate tolerance, unity and team spirit in ACCA students. Through this competition ACCA Pakistan has showcased the ACCA and CAT qualifications.

About ACCA:ACCA (Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
Courtesy of ACCA Pakistan