Financial Accountant Journal

ISSN 2226-0765
Financial Accountant Journal
(September 2014 Edition)
The Society of Accounting Education

(Registered under Societies Registration Act 1860- Section XXI)
Main Campus: E-195, Janjua Market, Near Toyota Cant Motors, Main Walton Road,
Lahore Cantt. Tel: 36671161 Cell: 0300-9440263 & 0323-8861161
website: www.soae.edu.pk
e-mail: info@soae.edu.pk
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PARTICULARS
BEST SOURCE OF
GUIDANCE
PAGE
NO.
ACCOUNTABILITY AND TRANSPARENCY

IN ISLAM
MESSAGES
FROM THE PRESIDENT

FROM THE CHIEF EDITOR
ARTICLES
&
RESEARCH
WORK
MONETARY POLICY IMPACT OF HIGH SHARE

OF INDIRECT TAXES ON INFLATION
NEWS,
EVENTS
&
OTHERS
CHALLENGES FOR PAKISTANS ECONOMY
TIME MANAGEMENT
10
NEW RULES FOR FILING OF TAX RETURNS
12
IFRS-LATEST DEVELOPMENTS
14
SOAE-NEWS & EVENTS
17
SOAE-AFFILIATIONS / RECOGNITIONS
18
SOAE-NATIONAL COORDINATORS TEAM
22
SOAE-INTL COORDINATORS TEAM
26
ACCOUNTABILITY AND TRANSPARENCY IN ISLAM

Accountability, transparency and good governance are
mutually reinforcing concepts that assume wide currency
today. Development of any kind cannot occur in the absence of
a system that is accountable and transparent. It is worth noting
that throughout Islamic history, the majority of Islamic
scholars and jurists have opined in favour of transparency and
accountability.
Accountability - In the Holy Qur'an, the word hesab is
repeated more than eight times in different verses.
Hesab or 'Account' is the root of accounting, and the
references in the Holy Qur'an are to 'account' in its generic
sense, relating to one's obligation to 'account' to God on all
matters pertaining to human endeavour for which every
Muslim is 'accountable'.
The importance of accountability to
mans life also has been manifested by
the prophet of Islamic Value System,
Accountability and Transparency in the
Public Service Islam (peace be upon
him) as:
Each one of you is a guardian and
each guardian is accountable to
everything under his care.
All resources made available to individuals are made so in the

form of a trust. Individuals are trustees for what they have
been given by God in the form of goods, property and
intangible 'assets'. The extent to which individuals must use
what is being entrusted to them is specified in the shari'a.
In terms of accountability, Muslims believe that they will be

held accountable for whatever they do in this world in the
hereafter (life after death). In Islam, Muslims have to fulfill the
will of Allah in order to seek his rida (pleasure) and the
promised rewards in the hereafter. Thus, it requires that every
deed and word in this world must be in line with the Islamic
teachings.
Many contemporary thinkers regard public accountability as
the cornerstone of ethical governance. For example, following
the prophets example, the second Caliph, Umar al-khatthab,
ensured that every aspect of personal conduct that impinged
upon the well-being of the people was subject to public
scrutiny. Hence, that remarkable instance of Umar seeking the
permission of the people to use a bit of the medicine kept in
the bait-ul-mal for his ailment.
Accountability and Transparency in the

Public Service is basically about holding
public officials responsible for their
actions. It is concerned with the need to
ensure that public funds are spent for
the purposes specified and without
personal gain to any private individual
beyond fair compensation for his or her
services.
Accountability is imperative to make public officials
answerable for government behavior and responsive to the
entity from which they derive their authority while
consciously aware of accountability before Allah in the
hereafter.
ACCOUNTABILITY AND TRANSPARENCY IN ISLAM

Transparency The concept of transparency has been divulged
by Allah in the following verse:
O you who believe! When ye deal with each other, in
transactions involving future obligations in a fixed period of
time, reduce them to writing. Let a scribe write down
faithfully as between the parties (Al-Baqarah 282, Beginning of
the verse).
This verse states that every transaction must be written to avoid

injustice. Transparency is the requirement for openness in all
sectors of public affairs. Transparency allows stakeholders to
gather information that may be critical to uncovering abuses
and defending their interests.
Transparency entails that: citizens have a right to available
information pertaining to, for example, award of contracts,
privatization of state enterprises, rules against corruption or the
funding of political parties. a transparent government is that
which offers opportunity to citizens to find out the true facts at
first hand, without the information being filtered or presented
through a distorting mirror.
In essence, transparency is basically concerned with open and

institutionalized system of government, the eradication of
corruption and the institutionalization of a system that is fair,
just and based on the rule of law.
Transparency or openness in governance is significant in the
process of development. It is critical in the elimination of
corruption and the promotion of accountability in the conduct of
government business.
The presence of a God-fearing leadership is critical to having

transparent rule. This is critical in securing peoples confidence
and trust in government. This confidence and trust in turn help
maintain political and social order which is indispensable for
development to occur. In other words, a leaders respect for that
which is in the public interest as well as his personal integrity,
honesty, fairness and justice and above all fear of God, the
Almighty, would provide sufficient motivation for him to behave
in ways that are in the interest of national development.
Islam emphasizes accountability both in this world and in the
life after death. On the day of judgment, every human being will
give his account before God. The ruler will in addition account
for his stewardship: how he tackled poverty and spread
happiness, battled against injustice and initiated or facilitated
the flow of justice, by how far he had curbed the excesses of the
rich and powerful and protected the poor and the weak; how he
had taken care of the citizens, particularly the children, the old,
the sick, and the most important of all, women. He will have to
account for the three most important issues of government and
of human society: the blood of the citizens, their property and
their honour.
In essence, the ultimate source of restraint for a ruler in the face
of enormous power at his disposal is his inner self, his
conscience and his consciousness of God.
In conclusion, it should be emphasized that it is very clear
that where a system is not transparent and accountable,
development will remain an illusion.
Assalam o Alaikum!
FROM PRESIDENT
I am honored to serve as the President of The Society of Accounting Education (SAOE). We have been working very hard
to prepare you for rewarding career after CFAc certification. We strive to further develop our relationships with our
members. We reach out to other prospective organizations that wish to interface with many of the most highly
motivated members at SOAE and other neighboring colleges and universities.
We will be hosting various events during the year. There will be a various executive council meetings planned during the year to organize community
service seminars, and also creating awareness for our members, to seek attractive jobs. We are also very proud to work alongside our CMS Lahore to top up
with HEC recognized degrees for our members on reciprocal basis. With so many events, we hope to help you achieve a higher level of professional
excellence.
I would like to intimate you that we have successfully put in place an interactive learning environment for our members and students, by leveraging
technology to its full potential. It is with this spirit that we have launched important initiatives like Knowledge Gateway,
Regards,
(Dr. Ansar Ali Noor)
President
FROM CHIEF EDITOR

The basic aim behind the publication of this journal is to create research oriented environment among the
students and members of the SOAE. You may seek guidance from our Research Committee for suitable data and
source of information about the topic selected by you. We assure you that your articles and research work will
be added in next editions of Journal.
Enjoy reading the September 2014 edition of Financial Accountant Journal and keep us posted with your comments and feedback about the
articles of this edition.
Best Regards,
Iftikhar Ali
Chief Editor
MONETARY POLICY IMPACT OF HIGH SHARE OF INDIRECT TAXES ON INFLATION

Inflation refers to a rise in prices that causes the purchasing
power of a nation to fall. Inflation is abnormal economic
development as long as the annual percentage remains low;
once the percentage rises over a pre-determined level, it is
considered an inflation crisis. The term "inflation" once referred
to increases in the money supply (monetary inflation); however,
economic debates about the relationship between money supply
and price levels have led to its primary use today in describing
price inflation.
Inflation can also be described as

a decline in the real value
of money a loss of purchasing
power in the medium of exchange
which is also the monetary unit
of account. When the general
price level rises, each unit of
currency buys fewer goods and
services.
A chief measure of
general price-level inflation is the
general inflation rate, which is
the percentage change in a
general price index, normally the
Consumer Price Index, over time.
Inflation can cause adverse
effects on the economy. For
example,
uncertainty
about
future inflation may discourage
investment and saving. High
inflation may lead to shortages of
goods if consumers begin
hoarding out of concern that
prices will increase in the future.
Economists generally agree that high rates of inflation and

hyperinflation are caused by an excessive growth of the money
supply. Views on which factors determine low to moderate rates
of inflation are more varied. Low or moderate inflation may be
attributed to fluctuations in real demand for goods and services,
or changes in available supplies such as during scarcities, as well
as to growth in the money supply. However, the consensus view
is that a long sustained period of inflation is caused by money
supply growing faster than the rate of economic growth.
Today, most economists favor a
low steady rate of inflation. Low
(as opposed to zero or negative)
inflation may reduce the severity of
economic recessions by enabling
the labor market to adjust more
quickly in a downturn, and
reducing the risk that a liquidity
trap prevents monetary policy from
stabilizing the economy.
The task of keeping the rate of
inflation low and stable is usually
given to monetary authorities.
Generally,
these
monetary
authorities are the central banks
that control the size of the money
supply through the setting of
interest rates, through open
market operations, and through
the setting of banking reserve
requirements.

CAUSES OF INFLATION
There are many causes of inflation, depending on a number of
factors.
1-Excess Money Printing
Inflation can happen when governments print an excess of
money to deal with a crisis. As a result, prices end up rising at an
extremely high speed to keep up with the currency surplus. In
which prices are forced upwards because of a high demand.
2-High Production Cost
Another common cause of inflation is a rise in production costs,
which leads to an increase in the price of the final product. For
example, if raw materials increase in price, this leads to the cost
of production increasing which in turn leads to the company
increasing prices to maintain steady profits. Rising labor costs
can also lead to inflation. As workers demand wage increases,
companies usually chose to pass on those costs to their
customers.
3-International Lending and National Debts
Inflation can also be caused by international lending and
national debts. As nations borrow money, they have to deal with
interests, which in the end cause prices to rise as a way of
keeping up with their debts. A deep drop of the exchange rate
can also result in inflation, as governments will have to deal with
differences in the import/export level.
4-Federal Taxes
Finally, inflation can be caused by federal taxes put on consumer
products such as cigarettes or fuel. As the taxes rise, suppliers
often pass on the burden to the consumer; the catch, however, is

that once prices have increased, they rarely go back, even if the
taxes are later reduced. For example arise in the rate of excise
duty on alcohol and cigarettes, an increase in fuel duties or
perhaps a rise in the standard rate of Value Added Tax or an
extension to the range of products to which VAT is applied.
These taxes are levied on producers (suppliers) who, depending
on the price elasticity of demand and supply for their products,
can opt to pass on the burden of the tax onto consumers. For
example, if the government was to choose to levy a new tax on
aviation fuel, then this would contribute to a rise in cost-push
inflation.
EFFECTS OF INFLATION
Most effects of inflation are negative, and can hurt individuals
and companies alike, below are a list of negative and positive
effects of inflation
.
Negative Effects
Hoarding (people will try to get rid of cash before it is
devalued, by hoarding food and other commodities
creating shortages of the hoarded objects).
Distortion of relative prices (usually the prices of goods
go higher, especially the prices of commodities).
Increased risk - Higher uncertainties (uncertainties in
business always exist, but with inflation risks are very
high, because of the instability of prices).
Income diffusion effect (which is basically an operation
of income redistribution).

Fixed income recipients will be hurt (because while
inflation increases, their income doesnt increase, and
therefore their income will have less value over time).
Increased consumption ratio at the early stages of
inflation (people will be consuming more because
money is more abundant and its value is not lowered
yet).
Lowers national saving (when there is a high inflation,
saving money would mean watching your cash decrease
in value day after day, so people tend to spend the cash
on something else).
Illusions of making profits (companies will think they
were making profits while in reality theyre losing
money if they dont take into consideration the inflation
rate when calculation profits).
Causes an increase in tax bracket (people will be taxed a
higher percentage of their income increases following an
inflation increase).
Causes mal-investment (in inflation times, the data given
about an investment is often deceptive and unreliable,
therefore causing losses in investments).
Causes business cycles (many companies will have to go
out of business because of the losses they incurred from
inflation and its effects).
Currency debasement (which lowers the value of a

currency, and sometimes cause a new currency to be
born)
Positive Effects
It can benefit the inflators (those responsible for the
inflation)
It can benefit early and first recipients of the inflated
money (because the negative effects of inflation are not
there yet).
It can benefit the cartels (it benefits big cartels, destroys
small sellers, and can cause price control set by the
cartels for their own benefits).
It might relatively benefit borrowers who will have to
pay the same amount of money they borrowed (+ fixed
interests), but the inflation could be higher than the
interests; therefore they will be paying less money back.
Banks are aware of this problem, and when inflation
rises, their interest rates might rise as well. So don't take
out loans based on this information.
A moderate level of inflation can increase investment in
an economy leading to faster growth or at least higher
steady state level of income. This is due to the fact that
inflation lowers the return on monetary assets relative
to real assets, such as physical capital. To avoid inflation,
investors would switch from holding their assets as
money to investing in real capital projects. The first
three effects are only positive to a few elite, and
therefore might not be considered positive by the
general public.

HOW TO SURVIVE INFLATION?
Tips to avoid the negative effects of inflation are only
suggestions and dont constitute any legal advice, therefore
youre free to use your own judgment depending on
circumstances, to be more prepared to face inflation effects.
Here are some tips:
Be wise when holding cash, whether in your home or in
your savings account, if youre earning 5% interest on
the money you have in your bank, and inflation rate is
10% then youre in reality losing 5% and not earning
anything.
Be careful when buying bonds, high inflation rates
completely destroy the value of long-term bonds.
If you have a variable-rate mortgage, fix it if you can find
a good deal, have a low fixed interest rate or 0% interest
if you can find one.
Invest in durable goods or commodities rather than in
money.
Invest in things that you're going to use anyway and will
serve you for a long time.
Invest for long-term capital gains, because short term
investments tend to give deceptive results or sense of
making profits while in reality youre not making profits.
Manage wisely your recurring monthly bills such as

(phone bills, cable TV...), it would help to reduce them or
eliminate some of them.
CONCLUSION
In Pakistan, the most important thing is the rise in prices of oil,
gas, excise duties and the increase in the utility tariffs. These all
has an inflationary impact on the economy. Problems like
inflation and poverty cant be resolved by applying the
secondary measures directly, these need strategic planning.
Unfortunately, in Pakistan, these core problems have never
undergone such a planning process. The major rise in the prices
is because of the increasing prices of oil (as increased prices of
oil increase the cost of production), but no such steps have been
taken to control the oil prices.
Domestic production should be encouraged instead of imports;
investment should be given preference in consumer goods
instead of luxuries, Agriculture sector should be given subsidies,
foreign investment should be attracted, and developed countries
should be requested for financial and managerial assistance.
And lastly a strong monitoring system should be established
on different levels in order to have a sound evaluation of the
process at every stage. If we want to control inflation we shall
have to inflict strict control over the supply of money and
evading any relaxation to the supply of money. This is the
most apt way whereby we can control inflation effectively
and keep the economy of the country in a strong and stable
position.

(Compiled By: Shan Ilahi-ACFAc)
Pakistan's economy has long suffered on account of poor

governance. The present political instability is a neck breaking
add-on. The lethal combination of the two is taking a heavy toll
on the already weak economy. All the performance indicators
are negative. KSE-100 suffered repeated setbacks in the month
of August due to political turmoil. The index hovering around
30,000 points in early August fell down to around 28,000 points
by month's end. Foreign buying during the said period dropped
from USD 22 million to USD 8.5 million.
The circular debt has once again swelled to Rs 400 billion

affecting the entire fuel supply chain. Significant increase in
power tariffs and excessive over-billing in the last one year to
manage liabilities and enhance revenue of power generation
companies does not appear to be working. Upon taking over the
reins, the PML-N government cleared Rs 480 billion of circular
debt, whereas, shortly before handing over power to the new
government PPP cleared a circular debt of Rs 444 billion.
It is strange that our economic managers appear to have no road
map to resolve the circular debt issue or at least make
transparent to the public the core reasons for the same apart
from citing receivables, power theft and high fuel cost, time and
again.
The loss to economy on account of prevailing political instability

is estimated to be over Rs 800 billion as to-date, although it is
difficult to put an accurate price tag on it the foreign exchange
reserves dropped by USD 344 million standing now at USD 13.6
billion. It is primarily the remittances from overseas Pakistanis
that are keeping our foreign reserves afloat. The rupee, which
well managed its position over the last few months became
volatile and touched a peak of Rs 103 per USD last week before
SBP intervened and restored it to around Rs 101 per USD.
A bit of good news is that many of the blue-chip companies

announced excellent earnings during this turbulent period but
the nervousness in the market on account of political
uncertainty was so overriding that it did not help motivate or
induce confidence into the local or foreign buyers to take the
plunge.
These could be some of the reasons for our crisis but do not
encompass all. There are other bigger issues. How about making
transparent the origin of the circular debt by conducting a fair
audit of IPP based on just three basic terms of reference - the
fuel pass through costs and payments, the power off-take off the
grid and the ideal capacity payments. Also, equally important is
the audit of fuel supply chain from the refineries right up to the
power plants. The public and private sector companies in the oil
and gas sector are facing a difficult time to fund their
development projects especially the much needed natural gas
exploration. The depleting gas supply will further escalate the
circular debt issue as it means more oil imports.

(Compiled By: Shan Ilahi-ACFAc)
Textile exports have dropped by around 10 percent. The GSP

Plus facility could not be fully exploited. The main reason cited
are non-availability of energy, high interest rates, constant
inefficiency that is pulling down growth and exports and now
the dire political situation. The prevailing political crisis is
threatening the business by forcing non-compliance on timely
deliveries and loss of new orders. The textile industry is critical
as it is country's largest employer and export revenue
generation source.
The country's perception in these difficult times is at its lowest.

No local investment or foreign direct investment can be foreseen
- which are the two prime movers of the economy. To balance
the revenue and the essential expenditure is quite a challenge
for the government. Perhaps the ongoing political pressure will
make the doers in the government more accountable and
transparent and cause a good part of public money currently
being diverted to corruption to instead be made available for
public expenditure. The economic collapse, where the
sovereignty of the country is threatened, is worse than political
collapse. I hope that our leaders on all sides will understand this
simple fact sooner rather than later.
Matured and even the emerging democracies of the world have
learnt to isolate political wrangling from the economy. In our
South Asian region, we have the example of Malaysia, which in
early 90s experienced great political turmoil but the country's
economy driven largely by the private sector was allowed to
move ahead as usual.
The ongoing Zarb-e-Azb operation and rehabilitation of the

internally displaced persons (IDPs) is a high priority and needs
to be adequately funded by the government. The energy crisis is
a major issue and needs to be fixed fast. This also requires
funding by the government. The ongoing negotiations with the
IMF are expected to run into non-compliance issues as numbers
of "do's" agreed by the government with IMF are not likely to be
fulfilled within the agreed timeframe of which most important is
the withdrawal of subsidies and privatization of public assets.
The political situation is just not right for reforms. This could
defer the much-needed next tranche of funds from the IMF to
Pakistan.
Our political leadership will do well if they conduct themselves

in a way that the country's economy remains isolated from their
troubles. Pakistani society and mainly its business community
have demonstrated great flexibility and can manage affairs on
their own. Regretfully the country's economy is not in the focus
of our leadership nor part of their agenda. Sooner or later they
will learn its importance the hard way and the nation is
approaching the threshold for this to happen.
TIME MANAGEMENT
(By Kashif Mahmood-ACFAc)
Time management is really about managing yourself. It's about

making a commitment to be more organized, maintain your
focus and use your time to your best advantage. When you learn
and maintain good time management skills, youll find freedom
from deadline pressure and from stress in general. Youll be
more productive, procrastinate less, and have more time to
relax, which helps further decrease stress and anxiety.
Here are some tips to help you become active and proactive with
your time.
MAINTAIN A THINGS TO-DO LIST
Create a to-do list and make
it a habit to continually
update it. Include urgent
and non-urgent items so
you'll never forget or
overlook anything again.
Plan your each day before it
unfolds and try to stick to
the plan as best as possible.
10
ALLOCATE YOUR TIME

Include an estimated time frame
for each action point and the date
by which the task must be
completed. If the order in which
you perform the tasks doesn't
matter, you might be able to
accomplish something during
unexpected pockets of free time.
SET AND RESPECT DEADLINES

Be realistic about setting
deadlines and strive to meet
them. It's true that any task
takes the exact amount of
time allotted to it. Although
we tend to get a lot done
when we're under pressure,
it is a lot less stressful and
considerably
more
professional to establish
and stick to an action plan.
GET ORGANIZED
Organize your desk, your
hard-copy and computer
files and your e-mail folders
so you can find things
easily. Far too much time is
wasted searching for lost
information.
STAY ON TASK
Have a clearly designated "in"
basket so people do not put things
on your desk randomly. Have you
ever returned from a meeting to
find extra files, letters and
documents all over your desk?
Instead of following your own
schedule, you probably became
sidetracked by someone else's
priorities.
TIME MANAGEMENT
(By Kashif Mahmood-ACFAc)
AVOID DISRUPTIONS
If you have a door, close it occasionally. Having an "open-door
policy" for your staff is self-defeating if you don't have the time
to really listen to their questions and concerns.
COLLABORATE AND COOPERATE
Colleagues will expect your
work to be done on time, so
be sure to avoid any delays.
You'll have the same
expectations of them. To be
safe, build extra time into
the project time line to
counteract
unexpected
snags, miscommunications
or missed deadlines. If your
presentation date is the
25th of the month, make
sure you have everything
scheduled for completion
by the 23rd.
AVOID UNNECESSARY FOLLOW-UPS
If you pass the buck or assign work to someone else, let it go
unless it is your specific responsibility to oversee it.
11
CANCEL ROUTINE MEETINGS

Determine if meetings are absolutely necessary. If they are,
establish an agenda and stay on track start and end on time. If
your presence is not essential for the entire weekly operations
review meeting, ask your boss privately if it might be
appropriate for you to excuse yourself early.
KEEP BUSY
Keep your skills sharp by
having at least one project
on the go at all times. Two
or more is even better, as it
gives you the opportunity to
switch
gears
and
concentrate on something
else for a change of pace.
Working
on
different
projects
simultaneously
ensures that you always
have something to work on.
It also keeps your mind
active and your perspective
fresh.
Time management is not entirely about work; it also involves
scheduling some downtime to relax and recharge your batteries.
Plan rewards once your tasks are completed. Watch how the
business professionals you admire allocate their time and
emulate some of their business practices. Avoid delay, maintain
your focus and practice good organizational skills, and you'll
earn respect and recognition in your career. Success comes to
those who work hard and know how to manage their time well.

(Legal Wing - SOAE)
The Federal Board of Revenue has notified new rules for filing
of tax returns for the tax year 2014. The amendments in the
rules were notified through SRO-819 of 2014 by amending the
SRO-618 of 2014.
According to details, the following errors and omissions would
render a return invalid and make the taxpayer a non-filer and
liable to penalty under section 182(1).
12
These include return on which NTN or CNIC is missing

or incorrect or invalid; return on which mandatory fields
marked by * are empty; return which is not signed by
the taxpayer or representative (as defined in section 172
of the Income Tax Ordinance, 2001) of the taxpayer;
return which is not filed in the prescribed form; and
return which is not filed in the prescribed mode.

(Legal Wing - SOAE)
Individuals deriving income under the head of salary
have to file one page IT-1A Form with Annex-F and
wealth statement if required to be filed.
Moreover, individuals deriving income under the head of
salary, property, capital gains and other sources
(excluding business) and income subject to fixed / final
tax have to file one page return in IT-1B Form with
Annex-A, Annex-F and wealth statement if required to be
filed.
Association of Persons (AOPs) deriving income under
any head other than business have to file one page IT-1C
Form with Annex-A.
Individuals deriving income under the head business or
falling under Final Tax Regime (FTR) such as
commercial importers, exporters, contractors, etc. have
to file two-page Return in IT-2 Form with Annex-A,
Annex-B, Annex-F and wealth statement if required to be
filed. Annex-C, Annex-D & Annex-E are required only
where depreciation / amortization, admissible /
inadmissible deductions and minimum tax chargeable /
option out of Presumptive Tax Regime are involved.
13
Individuals, including members of AOPs or directors of

companies, whose last declared or assessed income or
declared income for the current tax year is equal to or
more than PKR1,000,000 or the final tax paid is equal to
or more than PKR35,000, must file wealth statement.
AOPs deriving income under the head business or falling

under Final Tax Regime (FTR), such as commercial
importers, exporters, contractors, etc. have to submit IT2 Form with Annex-A and Annex-B.
Remaining Annexes (C, D, E) are required only where
depreciation / amortization, admissible / inadmissible
deductions and minimum tax chargeable / option out of
presumptive tax regime are involved.
Taxpayers may file return of total income / statement of
final taxation and wealth statement through the
following modes: electronically at FBR portal
(https://e.fbr.gov.pk ) which is mandatory for all AOPs,
sales tax registered persons, refund claimants and
salaried persons having annual income of Rs500, 000 or
more.
However, all others are also encouraged to file the
returns electronically; manually on paper at Taxpayer
Facilitation Counter of the respective RTO. Paper Return
Form can be downloaded from FBR website
http://www.fbr.gov.pk. Tax can be paid in any
authorized branch of NBP and SBP at any time before
filing of return.
IFRS LATEST DEVELOPMENTS

FAIR VALUE NEW DISCLOSURE REQUIREMENTS
Application of IFRS 13 will mean more fair value disclosure than
before.
IFRS 13 is effective from 1 January 2013 and requires fair value
disclosure for both financial and non-financial items regardless
of whether those items are measured at fair value on a recurring
or non-recurring basis.
In summary, the new additional disclosure requirements
included in IFRS 13:
14
The levels of the fair value hierarchy (1, 2 and 3) are

now required to
be disclosed not only for financial instruments, but also
for non- financial assets such as non-current assets held
for sale, property, plant and equipment, intangible
assets, investment properties and assets in scope of IAS
41 Agriculture.
An entity should determine appropriate classes of assets
and liabilities (for both financial and non- financial
items) based on the nature, characteristics and risks of
the asset or liability and the level of the fair value
hierarchy.
For both financial and non-financial items (both
recurring and non- recurring fair value measurements)
that are categorised within Level 2 and Level 3 of the fair
value hierarchy a description of the valuation
technique(s) and the inputs used.
If the highest and best use of non- financial assets differs
from its current use, that fact and the reasons for that.
For financial instruments the requirement for

recurring fair value measurements categorised within
Level 3 of the fair value hierarchy to provide a narrative
description of the sensitivity of the fair value
measurement to changes in unobservable inputs.
The policy for determining when transfers between
levels of the fair value hierarchy are deemed to have
occurred are required to be disclosed and consistently
followed for both financial and non-financial assets.
REGULATORY INTEREST IN IMPAIRMENT REVIEWS
The economic environment has been challenging over the past
few years and we expect impairment to continue to be an area of
concern. Regulators across the world remain focused on this
area and have indicated that they were expecting to see more
impairments than have been recognised in financial statements.
Regulatory reports also are consistent in referring to the
inadequacy of impairment disclosures.
Hence groups holding significant amounts of goodwill and
intangibles are at greater risk of a regulatory challenge to their
accounting treatment and in particular their impairment
disclosures.
If the market capitalisation of a listed entity is significantly
lower than the carrying value of its net assets, IAS 36 identifies
this as an indicator that an asset (or CGU) might be impaired.
This issue is being experienced by a number of companies
around the world. The challenge is to understand whether there
are good underlying reasons for a significant spread between
the two measures which will stand up to regulatory scrutiny.

The key points in impairment testing are:
Look out for impairment triggers (both internal and
external factors).
The value-in-use model is complex and mechanical. Key
assumptions should stand up against external market
data. Cash flow growth assumptions should be
comparable with up-to-date economic forecasts.
The fair value model must use market participant
assumptions, rather than those of management.
The required disclosures are extensive, but they are
important to users of financial statements. Ensure that
disclosures in the annual report comply with the
relevant standards, including the amendments to IAS 36
by IFRS 13 and the subsequent limited amendment.
IFRS 10 COMPARATIVE INFORMATION ON TRANSITION TO
IFRS 10
In June 2012 IFRS 10 was amended to clarify its transitional
guidance. The amendments also limit the requirement to
present adjusted comparative information to only the annual
period immediately preceding the first annual period for which
IFRS 10 is applied. The transitional provisions are complex and
need to be considered carefully.
15
Unlike on the introduction of other standards, IFRS 10 applies

from the first day of the annual period in which the standard is
adopted and not from the beginning of the comparative period.
For those entities applying IFRS 10 for 31 December 2103 year
ends the standard applies from 1 January 2013.
Where the consolidation conclusion under IFRS 10 differs from

that under IAS 27/SIC 12, the comparative period should be
restated. This applies unless during the comparative period the
investor has disposed of its interest in the entity that would
have required a change in classification under IFRS 10. Where
reclassification is required in the comparative period, a third
statement of financial position will need to be presented in line
with IAS 1 as of the beginning of the comparative period.
IFRS 12 DISCLOSURES ASSOCIATES AND JOINT VENTURES
THAT ALSO QUALIFY AS UNCONSOLIDATED STRUCTURED
ENTITIES
Entities that have interests in subsidiaries, joint operations,
associates, joint ventures or unconsolidated structured entities
that apply IFRS 10, IFRS 11 or IAS 28, have to give the
disclosures required for such entities by IFRS 12. These
requirements might result in a significant increase in the
amount of information disclosed and need to be considered
carefully. IFRS 12 contains separate disclosure requirements for
each of these categories of investment.
IFRS 12 defines a structured entity as one that has been
designed so that voting or similar rights are not the dominant
factor in deciding who controls the entity. Hence it is possible
that an entity that has been assessed as an associate or a joint
venture might also fall within the definition of a structured
entity. If this is the case an entity should provide information
that meets both sets of disclosure requirements if it has
interests in joint ventures or associates that are structured
entities.

ACCOUNTING FOR OTHER ADMINISTRATION COSTS UNDER
IAS 19 REVISED
The amended standard requires costs associated with the
management of plan assets to be deducted from the return on
plan assets, which is unchanged from the existing standard.
Other administration expenses should be recognised in profit or
loss when the services are received. This is a change from the
existing standard, under which there is a choice to include
expenses in the calculation of the defined benefit obligation or in
the actual and expected return on plan assets. Entities are only
affected if their current policy differs from the new
requirements. One example of this is where costs other than
investment management costs have been reflected in the
expected and actual return on assets. Where an entity has to
change its existing policy to comply with the amended standard,
the entity should recalculate the benefit obligation, return on
assets and employee benefit expense, if the difference is
material, as the amendment is applied retrospectively. A third
statement of financial position may need to be presented if the
impact at the beginning of the comparative period is material.
Examples of costs relating directly to managing plan assets
would include:
fees paid to the bank for asset management services;
salaries of the management board who manage the trust;
and
investment consultant fees.
16
Conversely, examples of costs that we do not believe qualify as

costs of managing plan assets and that would need to be
expensed as incurred include:
salaries of members of the trusts management board
who administer the pension payments;
administration costs incurred to administer the pension
plan participants database; and
actuarial valuation costs.
Other administration costs should be recognised as part of
operating results, not within finance results in the income
statement.
ACCOUNTING FOR INDUSTRY-SPECIFIC TARIFFS
A number of industry-specific tariffs have emerged over the last
year as governments seek to increase tax revenues following the
recession. These tariffs are often referred to as taxes or levies.
The accounting for these tariffs will depend on the nature of the
payment. The first consideration is which standard to apply. In
most cases, these tariffs are not based on taxable profit and as
such are accounted for under IAS 37 rather than IAS 12. The
IFRS IC has issued its interpretation of levies that are not within
the scope of IAS 12 in IFRIC 21 Levies see Straight away 119
for more detail. The principle issues addressed in the
interpretation are that the timing of recognising the provision,
and the related expense, will depend in part on the point in time
at which the entity becomes obligated to pay the levy. The
obligation to pay the levy does not depend on the economic
compulsion to continue operating in a future period where the
levy will arise from future operations.
SOAE-NEWS & EVENTS

SOAE has organized seminar on Benefit of Zakat
and
Inheritance in Islam to create awareness among the members,
students and commerce graduates. Both seminars were facilitated
by the Maulana Sarfraz Qadri Attari, who is the renowned scholar
of Dawat-e-Islami. He gave the in depth knowledge about the
topics which was greatly admired by the participants.
MOU WITH CMS LAHORE

An MOU has been signed
with CMS Lahore for dual
degree program. According
to the agreement CFAc
qualified members can avail
the opportunity to get the
HEC
recognized
MBA
degree from CMS on the
basis of credit transfer
approach.
Other Latest Developments:

Membership card has been introduced for professional
identification for CFAc Members.
New informative / lucrative website with comments
section for the member's interaction has been launched.
Social media (facebook group titled The Society of
Accounting Education) has been strengthened for a
positive / professional interaction with the members,
students and a large audience.
SAOE introduction is now available at wikipedia in the
professional institute section, for national and
international reception.
Mega marketing is planned on different modes, like SMS
alerts, Bill Board, Flexes etc, to enhance the market scope
of the CFAc Program.
Industrial Sector has been approached for job placement
of our CFAc members.
Different valuable schemes will be launched for SOAE
members.
Evaluation for appointment of more Regional
Coordinators is in process.
Work on Job Placement is on.
Saudi Embassy now attesting CFAc qualification.
17
SOAE-President- Meeting with Regional Coordinator and

delivering lecture at CMS.
Qatar Embassy is being approached for attestation of

CFAc qualification.
SOAE-AFFILIATIONS/RECOGNITIONS
The Society of Accounting Education (SOAE) has affiliations / recognitions with the
following foreign professional accounting and financial management bodies.
Pine Academy Group, International
Malaysia
Email: fred@pine-academy.edu.my
Website: http://www.pine.edu.my
The Institute of Certified Forensic Accountants
(ICFA-USA & Canada)
Email: info@forensicglobal.org
Website: http://www.forensicglobal.org
The Chartered Institute of Corporate Treasurers (CICT-USA)
Email: info@cictglobal.org
Website: http://www.cictglobal.org
Institute of Financial & Management Studies (IFMS-USA)

Email: info@ifms-us.org
Website: www.ifmsglobal.org
Institute of Management Specialists
(IMS-UK)
Email: info@instituteofmanagementspecialists.org.uk
Website: http://www.instituteofmanagementspecialists.org.uk
18
Chartered Institute of Professional Financial Managers

(CIPFM-USA)
Email: info@cipfmglobal.org
Website: http://www.cipfmglobalonline.org
Institute of Accounting Technicians, Canada
(Chartered in USA and Canada)
Email:- info@iatglobal.org
Web:- www.instituteofat.org
Purchasing & Procurement Center
C/o Kavaq Business Intelligence (M) Sdn Bhd
Selangor ,Malaysia
Email: info@purchasing-procurement-center.com
Website: www.purchasing-procurement-center.com
Pakistan Public Health Association
Health Services Academy Chak Shahzad Islamabad
Email: shahzad@hsa.edu.pk
Website: ppha.km4h.com
The Academy of Executives & Administrators

Warwick Corner, 42 Warwick Road, Kenil Worth Warwickshire
CV8, 1HE United Kingdom
Email: info@academyofexecutivesandadministrators.org.uk
Website: www.academyofexecutivesandadministrators.org.uk
Aldersgate College /Aldersgate University
Burgos St., Brgy. Quirino, Solano, Nueva Vizcaya 3709 Philippines
Email: vice-president@aldersgate.edu
Website:www.aldersgate-college.com
19
Newton Hills University of Science and Technology
8, Copthall, Roseau Valley, 00152, Commonwealth of Dominica
Email: info@newtonhillsuniversityedu.org
Website: www.newtonhillsuniversityedu.org
Forensic CPA Society, Inc. - USA

P.O. Box 31060, Spokane, WA 99223
Email: donna@fcpas.org
Website: www.fcpas.org
Poma International Business Academy
Lagos, Nigeria
Email: admission@piba.biz
Website: www.piba.biz
Chartered Institute of Management Specialist.

Guinness Square, Pages Walk, SE1 4HH,
United Kingdom.
Email:admin@cimsglobal.org.uk
Website: www.cimsglobal.org.uk
Pebble Hills University

USA
Email: Shirley@pebblehills.edu
Website: www.pebblehills.edu
20
The Professional Training Academy Limited
Ireland
Email: Sales@theprofessionaltrainingacademy.com
Website: www.theprofessionaltrainingacademy.com
College of Management Sciences
88-Aibak Block, New Garden Town, Lahore.
Tel: 042-35855816,35941488
Announcement for SOAE Members & Students:

For proper and efficient handling the matter following SOAE-Team is designated for attending the queries:
Matters
21
Name of Person
E-mail ID
Admission Queries/Assessment/Exemption Award
Admission Dept.
info@soae.edu.pk
For Members Directory/ Membership Card:
Mr. Shan Ilahi
shan@soae.edu.pk
For Membership Documents, Transcript & Certificate
Mr. Ghulam Nabi
gnabi@soae.edu.pk
For Articles and feedback about F.A. Journal
Mr. Iftikhar Ali
iftikhar@soae.edu.pk
Central Region - City - Lahore

DR. YASIR SAEED
Regional Coordinator
Tel. 0313-5213553
Email: yasir@soae.edu.pk
DR. JAWAD SALEEM FCFAc
Tel. 92-302-8499331
Email: jawad@soae.edu.pk
MR. AMIR JAVED WARRAICH
Tel. 0321-9480705
Email: amir@soae.edu.pk
SYED ARSHAD ILYAS -ACFAc
Mobile: 03008081253
E-mail: zaidi@soae.edu.pk
22
MUHAMMAD HAFEEZ
Mobile: 0304-9692512
E-mail: badshahjogi512@gmail.com

Central Region - City - Sialkot
MR. ZEESHAN HAMID - ACFAc
Mob:00971 (0)50 4680322
Email: zeeshan@soae.edu.pk
Central Region - City - Gujranwala

MR. ANWAR MAHMOOD KHOKHAR FCFAc
Landline #: 055-111-000-055
Cell #: 0300-8506500
E-mail: zeeshan@soae.edu.pk
West Region - City - Faisalabad

MR. MUHAMMAD NADEEM BAIG ACFAc
Cell No. +92-300-6637352
Email: RCFaisalabad@soae.edu.pk
MR. AHMAD NAEEM BUTT ACFAc
23
Cell No. 0300-6640057
Email: ahmed@soae.edu.pk

South Region - City - Karachi
MR. SYED ALI ABBAS ABIDI ACFAc
Cell No. 0334-2099951
Email: abidi@soae.edu.pk
MR. IFTIKHAR BAIG CHUGHTAI ACFAc
Cell No. 0333-2252863
Email: iftikhar.baig@soae.edu.pk
MR. UMAIR NOOR ACFAc
Cell No. 0345-2930301
Email: umair@soae.edu.pk
MR. ADIL HASSAN KHAN ACFAc
Cell No. 0322-2713802
Email: adil@soae.edu.pk
North Region - City - Abbottabad

MR. SHAKEEL ZAHEER
24
Cell: 0313-5343921, 0306-5841598
Email: zaheer@soae.edu.pk

North Region - City - Islamabad & Rawalpindi
MR. ADNAN KHAN YOUSAFZAI ACFAc
Cell No.
Email: adnan@soae.edu.pk
MR. MUHAMMAD UMAIR RABANI
Cell No. 0333-5595519 & 0311-5595519
Email: rabbani@soae.edu.pk
MR. MAHAR ALI ACFAc
Cell No. 0300-9898783
Email: mahar@soae.edu.pk
MR. AAMIR MUSTAFA - FCFAc
Cell No. 0346-7080631
Email Id: amirmustafa@soae.edu.pk
North Region - City - Wah Cantt

MR. MURRAD HUSSAIN ACFAc
Cell No. 0334-5020702
Email Id: murrad22@gmail.com
25
SOAE-INTERNATIONAL COORDINATORS TEAM
MR. MUGHIS UD DIN-ACFAc

International Coordinator-USA
Cell Number: +1-832-374-4804.
E-Mail:mughis07@yahoo.com
PROF. KENNETH YEE MAN TSE
International Coordinator-HK
Hong Kong
Cell Phone No: 852- 72883642
Email:ken_ymt@yahoo.com.hk
MR. SHAHID NADEEM - FCFAc
International Coordinator-KSA
Kingdom of Saudi Arabia
Off Tel: 0096614773404 Mobile: 00966502958651
Email: ksa@soae.edu.pk
MR. DANISHWAR KHAN-ACFAc
International Coordinator
Afghanistan
Tel: 0093-786697434 & 0092-345-9084785
Email: danish_khan115@yahoo.com
MUHAMMAD RIZWAN YAQOOB-ACFAc
Cell No.
Email: rizwan@soae.edu.pk
26
SOAE-MEMBERS DIRECTORY
Sr.
No.
Membership
No.
Dr. Ansar Ali

Noor
FCFAc/M 01
Iftikhar Ali
FCFAc/M 02
Other Qualification
PhD, FCMA, M.Com, MBA,
DCMA, ACPA, FPFA, FCFAc,
CFC, MNIA, FSAN, Doc. CMS,
FCMP, FCCA, FFA, FCFIP,
DFIPFM, FCFM, DFIPDN
M.Com., ACPA, APA,
DCMA,CCA, FFA, FCT & FCFM
(USA)
Bilal Ahmad
FCFAc/M 03
MBA
Muhammad
Umar Ch.
FCFAc/M 04
MBA, M.Com., FCFA, CBA,
Dr. Imran
Bhatti
FCFAc/M 05
PhD, ACPA,CFC, MBA
Waheed
Anwar
FCFAc/M 06
C.A. (Fin.), FPA, LLB
Faraz Ali
FCFAc/M 07
MBA
FCFAc/M 08
8
9
10
11
12
13
27
Name
Dr. Jeremiah
Sale Dung
Roberto
Monsignori
Dr. Fred Chin
Yuk Fong
Mr. Chong Lip
Vui Alan
Ahmad Jabbar
Junaid
Subhani
Current
Designation
Organization
Country
Chief Financial
Officer
Punjab Land Records and

Management Information
System, Board of Revenue,
Govt. of Punjab, Lahore.
Pakistan
Sr. Manager
Accounts
Expert Cargo Services (Pvt.)

Ltd.-Lahore
Pakistan
Project Director
(IT)
Executive
Council Member
Sr.
Program/Course
Advisor
Managing
Director
Job Rooster
(California-USA), Lahore
Research Centre
Skills Development
Corporation-Islamabad
Pakistan
Pakistan
Khubaib Foundation,
Islamabad
Pakistan
SBM Colleges-Rawalpindi
Pakistan
Manager Finance
Arshad Group of CompaniesFaisalabad
Pakistan
PhD, ACMA, MBA, AMNIM,

FCPA, FCAI, APFM
Chief Executive
IPDN-West Africa-Nigeria
Nigeria
FCFAc/M 09
MBA
Finance Manager
SAIPEM S.P.A-UAE
Italy
FCFAc/M 10
PhD, MBA
President
FCFAc/M 11
MBA
Registrar
FCFAc/M 12
FCA, M.Com.
Director
Pine Academy Group

International-Malaysia
Pine Academy Group
International-Hong Kong
TIPS Foundations-Faisalabad
FCFAc/M 13
FCA, M.Com.
Director
TIPS Foundations-Faisalabad
14
Shakib Pasha
FCFAc/M 14
CFA
Director
15
Mrs. Sumaira
Aslam
FCFAc/M 15
MBA, MS
Lecturer
Modern Group of CollegeLahore

Informatics College of
Information TechnologyFaisalabad
Malaysia
Hong Kong
Pakistan
Pakistan
Pakistan
Pakistan
Sr.
No.
16
17
18
19
20
Mrs. Uren
Irene Jeremiah
Dung Haruna
Sale
Muhammad
Abdul Majid
Dr. Shahzad
Khan
Sultan A.Q.
Khan
Membership
No.
Other Qualification
Current
Designation
Organization
Country
FCFAc/M 16
PhD, MBA,ADBA, PCDBM,

ICPAN
Director
Nigeria
FCFAc/M 17
ICPAN
Director
Nigeria
FCFAc/M 18
FFA
Financial
Consultant
Free Lancer slamabad
Pakistan
FCFAc/M 19
PhD, MBA, FFA, FSAN
Assistant Prof.
FCFAc/M 20
MBA
Chairman
Health Services Academy,

Islamabad
College of Business
Administration-Lahore
ICFAI Business School,
Rajasthan
Pakistan
Pakistan
21
Dr. JN
Dhankhar
FCFAc/M 21
PhD, M.Com., LLB, FCS, DPMIR,

CAIIB, CFC, CBA, FAFP
Advisor /
Consultant
22
Dr.
Muhammad
Joumma
FCFAc/M 22
PhD, MA,DFME
General Manager
IBA Centre
Syria
23
Dr. Adnan H.
Sultan
FCFAc/M 23
PhD (USA), DBA, CABA,SMC
Security & Risk

Management
Consultant
Investment in People, Kuwait
Kuwait
24
Imran ul Haq
FCFAc/M 24
FCA, M.Com.
Partner
NJMIA Chartered Accountants,

Islamabad
Pakistan
FCFAc/M 25
B.sc, Ph.D, FFCS, FAACIL
Chief Executive
The Faculty of Secretaries and

Administrators
Nigeria
FCFAc/M 26
N.C.E Higher Diploma
Co-ordinator
FCFAc/M 27
FFCS, 10CN,
Co-ordinator
FCFAc/M 28
B.sc; M.sc AFCS,
Co-ordinator
FCFAc/M 29
HND, AFCS, FFA, ACMA
Membership
Director

Administrators
Nigeria
FCFAc/M 30
B.Ed, AFCS
Head of Training

Administrators
Nigeria
25
26
27
28
29
28
Name
30
Dr. Joshua
Olusegun
Alade
Okewole
Olutayo Iyiade
Hogan Okpo
Ita
John Kossitse
Atsou
Azeez
Moshood
Kolawole
Oke Adewuyi

Administrators
Administrators
Administrators
India
Nigeria
Nigeria
Nigeria
Sr.
No.
31
32
33
34
35
36
37
38
29
Name
Muhammad
Hussain
Muhammad
Babur
Tanveer
Khalid
Solomon
Eyichurya
Akhidoenor
Dr. David
Mckinon
Dr. Nosa GiwaOsagie
Patricia Baker
Dr. Alfred
Botchway
Dr. Rahul
Misra
Membership
No.
Other Qualification
Current
Designation
Organization
Country
FCFAc/M 31
FCMA, FPA, DCMA
Deputy Director
(CRD)-ICMAP
Institute of Cost and

Management Accountants of
Pakistan, Lahore
Pakistan
FCFAc/M 32
MBA,FIFA,AFA,
ACPA,MSMP,
MCS,CFD,ACFA,
CPA,AIMM
Vice President
Dawood Takaful Insurance
Pakistan
FCFAc/M 33
FCFAc/M 34
FCFAc/M 35
FCFAc/M 36
FCFAc/M 37
FCFAc/M 38
39
Syed Rashid
Ali
FCFAc/M 39
40
Jawad Saleem
FCFAc/M 40
41
Azeem Javed
FCFAc/M 41
42
Rai Mazhar
Farid Jami
FCFAc/M 42
Hon. President
Chartered Institute of Professional Financial Managers USA
Hon. President
Chief Executive Officer
Executive Director
Regional Director Africa
Regional Director Asia
Director
ASP-RSPN Program
FCA
Program &
USAID
Compliance
Director/Rese
MIPA, FCMA, FCFM, FCPA, FCCEA,
arch Head on
First Capital Investment
FCT, FIMS , DipIMS, ACFA, CFC,
Board of
Limited
CPM, CICA, ChMC, DBA, MBA
Directors
Chief
FCA
Financial
Watan Group of Companies
Officer
Chief
CA (Finalist), ACPA (UK)
Financial
IM Jensen World Wide
ACPA (PAK), APA,CFC
Officer
Pakistan
Pakistan
Pakistan
UAE
Sr.
No.
Name
Membership
No.
43
M. Iqbal Qasim
Bhutta
FCFAc/M 43
ACMA, APA
44
Ch. Zahid
Mahmood
Vains
FCFAc/M 44
ACMA, MBA, MA-Econ.
FCFAc/M 45
MBA, LLB, LLM
FCFAc/M 46
CA, FPA, ITP
Current
Designation
Manager
Finance &
Accounts
Assistant
Director
(Admin, &
Accounts)
Vice
Chancellor
AGM Finance
FCFAc/M 47
ACMA, APA
Director
45
46
47
48
Syed Ahmad
Ashraf
FCFAc/M 48
ACMa, LLB, MBA
49
Dr. Jeff
Wooller
FCFAc/M 49
PhD
50
Prof. Usman
Ali Awheela
FCFAc/M 50
FCMA, FAIA, CFC, CBA, MNIM
51
Timothy
Usman
Awheela
FCFAc/M 51
52
53
54
30
Syed Ali Abbas

Abidi
Amjad Ali
Farhan Ali
Mirza
Other Qualification
55
Dr. Christian
Lorenz
Mueen Iqbal
Khan
Muhammad
Akram Shaikh
Shahid
Nadeem
Chief
Financial
Officer
Chief
Executive
Officer
Chief
Executive
Officer
Organization
Country
The Thal Industries

Corporation Limited
Pakistan
Punjab Judicial Academy, Govt.

of Punjab
Pakistan
KASBIT University-Karachi
Pakistan
Almoiz Industries Limited
Pakistan
Wafaqi Mohtasib Secretariat
Pakistan
Century Paper & Board Mills

Ltd.
Pakistan
IUBS, IPFM, AMS
United
Kingdom
ACMA-Nigeria; CICMANigeria; IFA- Nigeria
Institute of Forensic Accountants (IFA), Nigeria
FCFAc/M 52
MBA, PhD
FCFAc/M 53
CPA, M.Com., DCMA, APA, ACMA
FCFAc/M 54
ACMA, APA, DAIBP,FIT
FCFAc/M 55
CA (Inter), ACPA
Nigeria
Nigeria
Advisor Tax
Reform
Governance
Programme
Deutsche Gesellschaft fr
Internationale
Zusammenarbeit (GIZ) GmbH
Germany
Manager ASD
CFE Group of Colleges-Lahore
Pakistan
MCB Bank Ltd.
Pakistan
Marhaba Group of Restaurants
Saudi Arabia
Manager
Export
Financial
Manager
Sr.
No.
Membership
No.
Other Qualification
56
Shahzad
Sarwar
57
Sosthenes
Nyabuto
Bichanga
FCFAc/M 57
Director
58
Linus Enobi
Akepe
FCFAc/M 58
Director
59
Abdallah AliNakyea
FCFAc/M 59
Director
60
Onweazu
Ngozi Keshi
FCFAc/M 60
Director
61
Ian Ross
FCFAc/M 61
Director
62
63
64
65
31
Name
Dr. N.S.
Ravishankar
Prof. Kenneth
Yee Man Tse
Dr. Talpha
Olaleye
Babalola
Dr. Phillip
Olugbenga
Olubiyi
FCFAc/M 56
MIPA, ACMA, CMA, AICS,

MIMS, SFM, APFA,CAT
Current
Designation
DGM Finance
& Company
Secretary
Organization
Country
Crown Group of Companies
Pakistan
International Institute
of Certified Forensic
Investigation Professional
(IICFIP)
(IICFIP)
(IICFIP)
(IICFIP)
(IICFIP)
FCFAc/M 62
PHD
Asstt. Vice
President
FCFAc/M 63
PHD
Principal
FCFAc/M 64
PHD
President
/Chairman of
Council
FCFAc/M 65
PHD
President
/Chairman of
Council
Axis Bank
Compass Management
Consultants & Company
Institute of Company and
Commercial Accountants of
Nigeria
Poma International
Business Academy, Nigeria
Kenya
Kenya
Kenya
Kenya
Kenya
India
Hong Kong
Nigeria
Nigeria
Sr.
No.
66
67
68
Aboyeda
Ekundayo
Deborah
Njoku Benson
Odubanjo
Olumuyiwa
Temitayo
Membership
No.
Other Qualification
Country
Poma International
Nigeria
PHD
FCFAc/M 67
PHD
President
/Chairman of
Council
Poma International
Nigeria
FCFAc/M 68
PHD
President
/Chairman of
Council
Poma International
Nigeria
President
/Chairman of
Council
Poma International
Nigeria
FCFAc/M 69
PHD
70
Hamid Ahmed
Ghouri
FCFAc/M 70
PHD
71
Mirza Imran
Baig
FCFAc/M 71
72
Aamir Mustafa
FCFAc/M 72
73
Zeeshan
Ahmad
75
Organization
FCFAc/M 66
Newton Aka
Okolo
Shabbir
Ahmed
Shahzad
Ahmed
Current
Designation
President
/Chairman of
Council
69
74
32
Name
President
/Chairman of Council
Pakistan
ACCA. CCFC, ICAEW(Cont.)
Chartered
Certified
Accountant
Ala Lumen Modica

(Pvt) Limited
Pakistan
MSC, MS (Arts and Science of

Warfare)
Army Officer
Pakistan Army
Pakistan
Sitara Chemical Industries

Ltd.-Faisalabad
Pakistan
ACFAc/M 01
APA, C.A. (Fin.)
ACFAc/M 02
APA, ACMA (Con.), MA (Econ.),

ICSP
ACFAc/M 03
AFA, FPA, CFC, ITP
76
Ali Sarfraz
ACFAc/M 05
M.Com., FPFA
77
Anwar
Mehmood
Khokhar
ACFAc/M 06
CFC, CPFM, CIA (Fin.)
Deputy
Manager
Internal
Auditor
Financial
Advisor
Tax
Practitioners
Incharge
Accounts
Financial
Controller
Karachi Urban Transport

Corporation Limited-Karachi
Shahzad & AssociatesIslamabad
Pakistan
Pakistan
Bank Alfalah Ltd.
Pakistan
Pioneer Group of IndustriesGujranwala
Pakistan
Sr.
No.
78
79
80
81
33
Name
Faraz Ahmad
Salman Javed
Muhammad
Nawaz
Mubashir
Hassan
Membership
No.
Other Qualification
Current
Designation
Assistant
Manager
Finance &
Accounts/Sto
re
ACFAc/M 07
MBA
ACFAc/M 08
CA (Inter.)
ACFAc, PIPFA
ACFAc/M 09
M.A., ACMA (Con.)
Audit Officer
ACFAc/M 10
MBA
AVP
Record
Keeper
82
Ishtiaq Ahmad
ACFAc/M 11
LLB, CFA
83
Bashiru
Iliyasu
ACFAc/M 12
ATBU, MBA
84
Zeeshan
Mushtaq
ACFAc/M 13
M.com, PGD (CMA)
85
Yasir Saeed
ACFAc/M 14
B.com, ACMA
86
Muhammad
Tariq Islam
ACFAc/M 15
MBA,CFA
87
Muhammad
Nadeem
ACFAc/M 16
MBA, APA
88
Ijaz Ahmad
ACFAc/M 17
APA, ACMA (Con.)
89
Fatima Tariq
ACFAc/M 19
MBA
Accounts
Manager
Assistant
Accounts
Officer
Manager
Finance &
Accounts
Manager
Material &
Logistics
Manager
Accounts &
Order
Management
Manager
Audit &
Costing
Assistant
Finance
Manager
Organization
Country
Aziz Fatima HospitalFaisalabad
Pakistan
M. Shadi Sabri & Company
Pakistan
Sui Northern Gas Pipelines

Ltd.-Lahore
Meezan Bank- Badian Road
Branch-Lahore
Sui Northern Gas Pipelines
Ltd.-Lahore
Self Employment
Pakistan
Pakistan
Pakistan
Pakistan
PMU, LRMIS Project, Board of

Revenue, Lahore
Pakistan
Dawood Fabrics (Pvt) Ltd.
Pakistan
PTCL-Islamabad
Pakistan
Power Chemical Industries

(Pvt) Ltd.-Faisalabad
Pakistan
M.K. Sons (Pvt) Ltd.Faisalabad
Pakistan
Islamic Help UK-(Pakistan

Chapter)-Islamabad
Pakistan
Sr.
No.
Name
Membership
No.
Other Qualification
90
Shoaib Hassan
ACFAc/M 20
APA, CA (Inter)
91
Abdul Razak
Panhwar
ACFAc/M 21
ACCA (Fin.)
92
Ali Ayaz Khan
ACFAc/M 22
M.Com
ACFAc/M 23
APA, CA(Inter)
ACFAc/M 24
MBA
Finance
Manager
Program
Coordinator
93
94
95
Muhammad
Azeem Tahir
ACFAc/M 25
APA, M.A. (Econ)
96
Asad Imran
Malik
ACFAc/M 26
MBA
97
Syed Bilal
Hussain
ACFAc/M 27
B.com (Hons),M.Com,CA
(Articalship), AFA, LLB
98
Kashif Ali
ACFAc/M 29
CA (Finalist), CPA-UK,CCA-USA,
APFA, B.com
99
Syed Athar
Hussain
ACFAc/M 30
APA, CA(Inter)
100
Kamran Jamil
ACFAc/M 31
ACMA (Inter)
ACFAc/M 32
CFA
ACFAc/M 33
CICA, MBA
ACFAc/M 34
MBA
ACFAc/M 35
CFA
101
102
103
34
Ghulam
Mustafa
Muhammad
Kamran Latif
Awan
104
Fazal Ullah
Baig
Muhammad
Shahab Ali
Khan
Muhammad
Ijaz Khan
Muhammad
Waheed
Current
Designation
Manager
Accounts
Senior
Associate
Accountant
AFC-Dept.
Finance
Manager
Micro Credit
Executive
Manager
Finance &
Legal Affair
Accounts
Manager
Manager
Accounts
Sensomatry
Assistant
Audit Officer
(IAD)
Organization
Afino Textile Mills (Pvt) Ltd.Faisalabad
George Mathew & Co.
(Chartered Accountant)Muscat-Sultanate of Oman
SAIPEM S.P.A-UAE
Safi Land Mark Hotel & SuitsAfghanistan
Gulf Dunes Landscaping & Agri
Services Royal Group-Abu
Dhabi
Informatics College of
Information TechnologyFaisalabad
Country
Pakistan
Oman
U.A.E
Afghanistan
U.A.E.
Pakistan
CWCD-Lahore
Pakistan
Al-Ghurair GIGA Pakistan

(PVT) Limited.
Pakistan
Al-Rasheed Fasteners and Eng.

Fabrication Co.
Power Chemical Industries
(Pvt)Ltd. Faisalabad
Assistant Lab. Superinten-dent
Saudi Arabia
Pakistan
Pakistan
TESCO, WAPDA-PESHAWAR
Pakistan
Manager
Internal Audit
Common Seas Trade

International-Karachi
Pakistan
Finance
Manager
Spinning
Manager
Accounts &
Pearl Continental HotelRawalpindi
Pakistan
Best Exports (Pvt) Ltd.Faisalabad
Pakistan
Sr.
No.
105
106
107
Zubair Arshad
Shafique
Ahmed
Muhammad
Yasir Gondal
Membership
No.
ACFAc/M 36
Other Qualification
MBA
Current
Designation
Lecturer
Admin.
Manager
Organization
Country

Best Exports (Pvt) Ltd.Faisalabad
Pakistan
ACFAc/M 37
CFA
Pakistan
ACFAc/M 38
M.Com., MS
Lecturer
Pakistan
Advocate
High CourtBaluchistan
Corporate Law ChamberQuetta
Pakistan
Chief
Financial
Officer
Trust for Vaccines &

Immunization-Karachi
Pakistan
108
Shair Zaman
ACFAc/M 39
M.Com., LLB, LLM
109
Syed M.
Hussain Shah
ACFAc/M 40
MBA
110
Munawar
Muhammad
Ismail
ACFAc/M 41
APA, CA(Inter)
Audit
Supervisor
Sheikh & Chaudhri (Chartered

Accountants)-Lahore
Pakistan
111
Syed Muhsan
Abbas
ACFAc/M 42
MBA
Manager
Accounts
Shahid Mustafa & Co.

(Chartered Accountants)Lahore
Pakistan
112
Ahmad Monir
Navied
ACFAc/M 43
CFA
Chief
Financial
Officer
Da Afghanistan Bank Kabul
Afghanistan
113
Bashir Ahmed
ACFAc/M 44
M.A. (Econ), MS
114
Wasim Ahmad
ACFAc/M 45
CFC
115
Atta Ullah
Qamar
ACFAc/M 46
MBA
ACFAc/M 47
CFA
Lecturer
ACFAc/M 48
MBA, MILT (UK), ACFAc (PAK),

CPP (USA)
ACFAc/M 49
CA (Inter)
Procurement
Assistant-TL
Chief
Accountant
116
117
35
Name
118
Hafiz
Muhammad
Akhtar
Zeeshan
Hamid
Muhammad
Khalid
Self Employed
General
Banking
Manager
Manager
Accounts &
Taxation
Pakistan
MCB Bank LTD.
Pakistan
Safia Rice Mills-Sahiwal
Pakistan
Govt. Elementary College-Jello

Lahore
Pakistan
Al-Jaber Group-UAE
U.A.E
Al-Tayyar Travel GroupRiyadh
Saudi Arabia
Sr.
No.
Membership
No.
Other Qualification
Current
Designation
Organization
Country
Internal
Auditor
Dawn Group of Industries

(FMCG)
Pakistan
Master Textile Mills Ltd.-Kasur
Pakistan
ALSTOM (Switzerland) Ltd.Dubai
U.A.E
119
Muhammad
Waqar
Ibrahim
ACFAc/M 50
ACPA, MS, ACFA, CA (Cont.)
120
Mazhar Ismail
ACFAc/M 51
MBA
ACFAc/M 52
MBA
ACFAc/M 54
MBA
ACFAc/M 55
ACMA
121
122
123
Muhammad
Nauman
Idrees
Mrs. Zahra
Abbas
Muhammad
Madni
124
Muhammad
Ikhlas
ACFAc/M 56
MBA, LLB
125
Qazi Zohaib
Shakoor
ACFAc/M 57
MBA, ACMA (Stage-5)
126
Muhammad
Usamah
ACFAc/M 58
127
Muhammad
Abdullah
128
Chief
Accountant
Assistant
Project
Controller
Senior
Accountant
Head Of
Accounts
Data
Processing
Officer
NFC Institute of Engg.

Fertilizer Research-Faisalabad
Anaam International Group
Ltd
Pakistan
Saudi Arabia
Pakistan Army-Muller &

Phipps Ltd. Abbottabad
Pakistan
Accountant
Lotus Factor
Pakistan
APA, CA (Inter)
Manager
Internal
Audit
Parker Randall A.J.S.

Chartered Accountants
Pakistan
ACFAc/M 59
MBA , APA (Fin.), CBA
IT Specialist
Awais Iqbal
ACFAc/M 60
ACCA (Fin.)
129
Zafar Iqbal
Butt
ACFAc/M 61
M.Com.
130
Abid Faiz
ACFAc/M 62
MBA, CA(Fin.)
131
Aqeel Ahmad
ACFAc/M 63
CA (Inter)
ACFAc/M 64
HDA, ICAEW
ACFAc/M 65
APA-CA (Inter)
132
36
Name
133
Shahid Iqbal
Nagra
Muhammad
Farooq
Shabbir
Accounts
Executive
Audit
Manager
Assistant
Manager
Finance
Head of
Finance
Pakistan Beverages Co (Pvt)

Ltd. Peppsi-Faisalabad
Levi Strauss Pakistan (Pvt)
Ltd.
Bank Alfalah Ltd.-Garhi Shahu
Branch-Lahore
Pakistan
Pakistan
Pakistan
Levi Strauss Pakistan (Pvt)

Ltd.
Pakistan
International Committee of
RED CROSS-Islamabad
Pakistan
Accountant
Ghazi Brotha Parko Oil
Pakistan
Auditor
Parker Randall A.J.S.

Pakistan
Sr.
No.
Membership
No.
Other Qualification
Current
Designation
Organization
Country
134
Farrukh
Tanveer
ACFAc/M 66
ACCA (Fin.)
135
Nadeem
Aurangzeb
ACFAc/M 67
B.Com. (Hon.)
Group
Financial
Controller
Al Ghurair Construction
LLC
U.A.E
136
Qamar uz
Zaman
ACFAc/M 68
PhD Scholar,MSc Accounting

M. Phil.,
ACCA (Cont.)
Assistant
Professor
COMSATS Institute of
Information Technology,
Pakistan
137
Mughis ud Din
Khan
ZT Wealth
USA
International Electroplating (Pvt) Ltd. (IEL)
Pakistan
138
139
140
141
142
143
144
145
37
Name
Muhammad
Shahzad
Mehmood
Khurram
Shahzad
Israr Ahmad
Muhammad
Saqib Aslam
Mohamed
Samir
Muhammad
Awais Baloch
Baber Hussain
Sanaullah
Tariq
Self Employed
Assistant
Internal
Auditor
Assistant
Manager
Accounts
ACFAc/M 69
M.Com.
ACFAc/M 70
M.B.A.
ACFAc/M 71
M.B.A.
Group Leader
ACFAc/M 72
M.B.A
CFC, CA (Inter)
Accountant
Senior
Accountant
Head of
Internal
Audit
ACFAc/M 73
ACFAc/M 74
CFC, CMBD, CMRBD,

CISRCP,CICA, CRCMP, CIA, CIPA
ACFAc/M 76
MBA,M Phil, PhD Scholar
ACFAc/M 77
ACFAc/M 78
Nadra Benazir Income Support

Program
Al Jaber Group
MOL Pakistan Oil &
Gas Co. Bv.,
Pakistan
Pakistan
UAE
Pakistan
Mashreeq Bank, Doha
Qatar
Lecturer
CFE Group of Colleges
Pakistan
M.B.A.
MBA
CA (Cont)
Accountant
Audit
Trainee
Al Jaber Group
UAE
Ahmed Junaid & Co.
Pakistan
146
Muhammad
Zubair Yasin
ACFAc/M 79
M.Com.
HOD of
Commerce
Al-Haram College
Pakistan
147
Faisal Saeed
Rana
ACFAc/M 80
MBA,
ACMA (Cont...)
Assistant
Supervisor
NADRA
Pakistan
Sr.
No.
148
149
Sh. M.
Khurram
Shahzad
Qasim Azeem
Membership
No.
Other Qualification
ACFAc/M 81
MA-LLB
ACFAc/M 82
MBA
Current
Designation
Financial
Consultant
/Advoca0te
Accountant
Assistant
Accounts
Officer
Regional
Credit
Manager
In charge
Accounts
Department
150
Muhammad
Israr Aslam
ACFAc/M 83
APE
151
Sumira Murad
Baluch
ACFAc/M 84
MBA, CMA(Cont.)
152
Talha Hydier
Bajwa
ACFAc/M 85
CFA,APA
153
Iram Hussain
ACFAc/M 86
MBA Finance, CA (Inter.),

CFA-USA (Conti.)
154
Abdul Kareem
ACFAc/M 87
ACMA, MBA, M.Com., APA
Lecturer
ACFAc/M 89
M.A. Econ, CPA (UK), CPA(Pak),

CFC, CFA (UK)
M.Com
Sr. Manager
Finance
Cash Officer
Relationship
Manager
Assistant
Manager
Finance
Accounts
Manager
Accounts
Officer
Manager
Internal Audit
Permanent
Faculty
Member
156
Mohammad
Azeem
Adeel Hafeez
157
Abdul Hadi
ACFAc/M 90
MS IT
158
Adnan Hassan
ACFAc/M 91
MBA, APA, ACMA
159
Sajjad Ahmed
ACFAc/M 92
MBA (UK)
155
160
161
38
Name
162
Ahsan
Nadeem
Faisal Aziz
Khan
Nadeem
Ahmad
ACFAc/M 88
ACFAc/M 93
ACFAc/M 94
ACFAc/M 95
MBA, CPA (Pak), APA, CA

(Found.)
MBA, CFC,
CRA, AAFM
M.Com.
Organization
International
Professional
Associates
Royal International FZE
Country
Pakistan
UAE
Pakistan Military
Accounts, MAG Office
Pakistan
HSBC
UAE
The University of Faisalabad
Pakistan
Self Employed
Centre of Financial
Excellence
MOL Pakistan Oil & Gas Co.
B.V.
MCB Bank Ltd.
Pakistan
Pakistan
Pakistan
Pakistan
UBL
Pakistan
Sally Textile Mills Ltd.
Pakistan
Noble Shipping Services

(Pvt) Ltd.
Pakistan International
Foundation
Pakistan
Pakistan
ICEAT Group
Saudi Arabia
Al-Haram College
Pakistan
Sr.
No.
163
164
Arslan Bari
Maqsoom
Raza
Membership
No.
ACFAc/M 96
Other Qualification
CFA
ACFAc/M 97
MBA
Current
Designation
Self Employed
Retail Sales
Officer
Organization
Country
Pakistan
Habib Bank Ltd.
Pakistan
165
Kashif
Nadeem
ACFAc/M 98
B.com,
M.com
MBA, ACPA
Accountant
Al Jooda Al Faeeqa General

Trading L.L.C
Pakistan
166
Shan Elahi
ACFAc/M 99
BBA (Hon.)
ACFAc, FCMP
Project
Coordinator
HR
Warid Telecom (Pvt.) Limited
Pakistan
167
Kashif
Mahmood
ACFAc/M 100
B.COM.(Hon.)
ACFAc, FCCA, FCMP
Self Employed
Pakistan
168
Rai Mahboob
Elahi
ACFAc/M 101
MBA, ACCA (Cont.)
169
Muhammad
Naeem
ACFAc/M 103
M.Com.
ACFAc/M 104
MBA
ACFAc/M 105
MBA, CFC
ACFAc/M 106
CA (Inter), CICA, CFC
ACFAc/M 107
CA (Article Ship)
ACFAc/M 108
CA
(Inter)
Chief
Technical
Officer
Admin. &
Finance
Officer
Chief
Accountant
170
171
172
173
174
39
Name
Muhammad
Siddique
Asim Bashir
Malik
Fida Hussain
Tahir
Mahmood
Fazal
Ch. Humayun
Ali Nisar
Asstt.
Manager
Finance
Admin. &
Finance
Officer
Accounts
Manager
CFO
IM Jensen
Pakistan
Fame Education Consultants
Pakistan
Brick School
Pakistan
Mohawarean Intl Group
Saudi Arabia
IT Generations Inc.
Pakistan
Sustainable Land Management

Project-UND
Pakistan
United National Dairy

Company
Saudi Arabia
175
Muhammad
Usman
ACFAc/M 109
B.Com. (Hon)
Night Auditor
Maisonette Luxury
Apartments
Pakistan
176
Syed Faisal
Zulfiqar
ACFAc/M 110
CA
(Finalist)
Fin Reporting
Manager
Phonenix Power Company

(SAOC)
Muscat
Sr.
No.
Name
Membership
No.
Other Qualification
177
Murrad
Hussain
ACFAc/M 111
PIPFA, CMA
ACFAc/M 112
AFA, ACMA (Finalist)
178
179
180
ACFAc/M 113
ACFAc/M 114
CA
(Inter), APA
AIPA, CFIA, CAI, ITP, CFC, MIMS,
SFM,CA
(Inter)
Organization
Country
Pakistan ordinance factories

(Wah Cantt)
Pakistan
Director
Accounts
Carolina Fabric Limited

(CFL)
UAE
Audit Senior
Deloitte & Touch, KSA
Saudi Arabia
Partner
Chaudhary Muhammad Khan

& Co
Pakistan
181
Tahir Farooq
ACFAc/M 115
MBA, APA,
ACMA (Cont.)
Branch
Operations
Manager
National Bank of
Pakistan
Pakistan
182
Zahid Farooq
ACFAc/M 116
MBA,
ACCA (Cont.)
Supervisor
Iceland Food Plc.
United
Kingdom
183
Moin Qadir
Janjua
ACFAc/M 117
PGDPA, MBA (FM), CPA, ACFAc,

CMA (Finalist.)
184
Adnan Sheikh
ACFAc/M 118
MBA, CA (Inter)
185
Adnan
ACFAc/M 119
MBA, M.Com. HND, HDA, CPA,

LIFA, CICA,CFC, MIPA
Director
Audit &
Assurance
Operational
Coordinator
Finance
Manager
CA (Inter)
Trainee
Student
GMN International, Zia

Masood & Co. Chartered
Accountants
The Micronutrient
Initiative
DHL International
BSC
Nasir Javaid Maqsood
Imran Chartered
Accountants
186
187
188
40
Noman
Qaseem
Sulheri
Muhammad
Adnan Tayyab
Sultan
Muhammad
Khan
Current
Designation
Senior
Assistant
Accounts
Muhammad
Rizwan
Yaqoob
Muhammad
Sakhi
Iftikhar Baig
Chughtai
ACFAc/M 120
ACFAc/M 121
CA (Finalist)
ACFAc/M 122
ACFAc, ACPA, MBA, CFIA,

ICMAP(Finalist)
189
Syed Arshad
Ilyas
ACFAc/M 123
B.A, ACFA
190
Ahsan Gulraze
ACFAc/M 124
ICMA (Cont.)
Internal Audit
Officer
Financial
Analyst
Deputy
District
Officer
Deputy
Manager
Finance
Actionaid Pakistan
Pakistan
Telecommunication Limited
Directorate of
Industries
Punjab
Crown Motor Company
(Pvt) Ltd.
Afghanistan
Canada
Afghanistan
Pakistan
Pakistan
Pakistan
Pakistan
Pakistan
Sr.
No.
Name
Membership
No.
Other Qualification
191
Faisal Rashid
ACFAc/M 125
MBA
192
Shabir Ahmed
Khan
ACFAc/M 126
MBA
ACFAc/M 127
CA (Finalist)
ACFAc/M 128
CA (Finalist),CFC
193
194
195
Muhammad
Hasan
ACFAc/M 129
ACMA, CA (Finalist)
196
Noorullah
Noorzada
ACFAc/ M 130
BBA
197
Nouman Bin
Riaz
ACFAc/M 131
B.com, CA (Finalist)
Trainee
Assistant
Manager
(Audit)
Sr. Finance
Consultant
Deloitte M.
Yousuf Adil
Saleem & Co.
Chartered
Accountants
Organization
Country
GMN International
Zia Masood & Co.
Afghanistan
GMN International
Zia Masood & Co.
KKPMG Afghanistan
Limited
M. Yousaf Adil Saleem
Co. Chartered Accountants
Muniff Ziauddin &
Company
USAID MSHPPG/
PCH GCMU
Afghanistan
Afghanistan
Pakistan
Pakistan
Afghanistan
Senior Audit & Assurance

Manager
Pakistan
Punjab Institute of
Management & Technology
Pakistan
Khurram
Bahar Khan
Danish Ali
Butt
Dr. Muti ur
Rehman Khan
ACFA/M 132
Phd (Cont.) MS (Engg), PDBA
ACFAc/M 133
CA (Inter)
ACFAc/M 134
ACFA
Chairman
SBA Consultants
Pakistan
201
Mashal
ACFAc/M 135
BBA
Finance
Manager
NVDA Project
Afghanistan
202
Jehanzeb
Haider
ACFAc/M 136
M.Com. & APA (Cont.)
Trainee
Student

Imran Chartered
Accountants
Pakistan
203
Mahr Irfan
Ahmad
ACCA (Cont.)
Manager
Accounts &
Reporting
World Call Telecom Limited
Pakistan
198
199
200
41
Muhammad
Walid Qureshi
Syed Ahmed
Hussain
Current
Designation
Assistant
Manager
(Audit &
Taxation)
Manager
(Audit &
Taxation)
Audit
Supervisor
ACFAc/M 137
Chairman
Self Employed
Pakistan
Sr.
No.
Name
Membership
No.
Other Qualification
204
Sridhar Peddi
ACFAc/M 138
MBA, ACCA
205
Ahmad Naeem
Butt
ACFAc/M 139
ACM (Fin.) APA
206
Zahid ullah
ACFAc/M 140
M.Com
ACFAc/M 141
BBA
ACFAc/M142
CAT, ACCA (Fin.), CPA (Fin.)
ACFAc/M 143
207
208
209
210
211
42
Sayed Baheir
Sadat
Zain Munir
Ahmed
Muhammad
Shahzad
Sultan
Abdul Majeed
Baloch
Usama Munir
Ahmed
Current
Designation
Financial
Manager
Chief
Accountant
Operation/
Finance
Specialist
Finance
Officer
Organization
Country
Metal Products Limited
Tanzania
Sandalbar Enterprises (Pvt.)

Ltd.
Pakistan
FSCAA, Mohmand Arab Ltd.
Pakistan
GIZ
Afghanistan
Auditor
Deloitte & Touche

Bakr Abulkhair & Co.
Saudi Arabia
CAT, ACCA (Fin.)
Internal
Auditor
Actionaid, Pakistan
Pakistan
ACFAc/M 144
ACCA & ICAEW (Fin.), ISACA, IIC
Consultant
Saudi Arabian Mining

Company, (Ma'aden)
Saudi Arabia
ACFAc/M 145
CAT, ACCA (Cont.)
Accountant
Bihad Al Azaya Co.
Saudi Arabia
Management
Consultant
Deputy
Manager
Financial
Accounting
Chief
Accountant
Assistant
Manager Internal Audit
Excelsior Consulting
Services
Pakistan
Ghafoor Bashir (Pvt.) Limited.
Pakistan
Mohammed
Establishment
Saudi Arabia
Al-Baraka Bank Pakistan

Limited
Pakistan
212
Mustafa Ali
ACFAc/M 146
BSC, CA (Cont.)
213
Muhammad
Yousif
ACFAc/M 147
APFA, ACMA
214
Malik Munir
Ahmed
ACFAc/M 148
B.Com, ACFA
215
Muhammad
Muneeb Saeed
ACFAc/M 149
CAT, ACCA, ACA (Fin.) ICAEW
216
Ayesha
Siddiqa
ACFAc/M 150
CAT, ACCA (Fin.)
External
Auditor
217
Muhammad
Irfan Saleem
ACFAc/M 151
BBA
Finance
Manager
M.A Chaudhari & Company,

Charter Accountant
Gujranwala
Al-Karim Industries
(Pvt) Limited
Pakistan
Pakistan
Sr.
No.
218
219
Nauman
Sohail
Muhammad
Fiaz
Membership
No.
Other Qualification
ACFAc/M 152
CA (Inter), CICA,CACM,CCA
(Cont.)
ACFAc/M 153
ACMA
ACFAc/M 154
MS (Acc. & Fin.)
220
Abdul Basit
221
Haji
Amanullah
ACFAc/M 155
B.Com, CFIA
222
Muhammad
Zaheer Abbas
ACFAc/M 156
ACCA (Fin.)
ACFAc/M 157
MBA
ACFAc/M 158
MBA
ACFAc/M 159
MBA, ACMA (Cont.)
223
224
225
Ishtiaq Ahmed
Malik
Syed Noor Ali
Zaidi
Asrar Haider
Baig
Current
Designation
Assistant
Manager
Management
Accountant
Auditor &
Advisor
Group
Financial
Controller
Senior
Associate
Assurance
Assistant
Manager
Jr. Executive
(Accounts)
Sr. Accounts
Officer
Managing
Partner
Finance
Director
226
Gulfam
ACFAc/M 160
MS & BBA (Hons)
227
Javed
ACFAc/M 161
ACCA
228
Nasir Khan
ACFAc/M 162
MBA, CA(Found), CPA
Finance
Specialist
229
Danishwar
Khan
ACFAc/M 163
PGDPA, CA (Inter)
Asstt.
Manager
Finance
ACFAc/M 164
MBA, ACMA (Cont.)
Accountant
ACFAc/M 165
BBA (Honrs.)
ACFAc/M 166
M.Com., ACMA (Cont.), APA (Fin.)
230
231
43
Name
232
Muhammad
Intekhab Alam
Muhammad
Aun
Adnan Asghar
Finance
Manager
Senior
Accounts
Officer
Organization
Country
Protiviti Member Firm

(Bahrain) S.P.C.
Asia Bolts Industries,
LLC
B&G Management
Solutions
Kingdom of
Bahrain
Glacers (Pvt) Limited

(Company of Sanaulla
Group)
Imran Chartered
Accountants
Habib Bank Limited
Pakistan Revenue
Automation (Pvt) Ltd.
Pakistan Mineral Water
Bottling Plant (Pvt) Ltd.
UAE
Pakistan
Pakistan
Pakistan
Pakistan
Pakistan
Pakistan
B & G Management Solutions
Pakistan
AT Technologists Inc.
Afghanistan
Danish Committee for

Aid to Afghanistan
Refugees (DACAAR)
Danish Committee for
Aid to Afghanistan
Refugees (DACAAR)
Premier Group of
Builder & Developer
Pak Paper & Board Mills (Pvt.)
Ltd.
Star Technologies
Afghanistan
Afghanistan
Pakistan
Pakistan
Pakistan
Sr.
No.
233
234
44
Name
Kaleem Aslam
Janjua
Hafiz
Muhammad
Basit
Membership
No.
Other Qualification
ACFAc/M 167
MBA
ACFAc/M 168
M.Com.
Current
Designation
Financial
Controller
Accountant
Group
Finance
Manager
Admin. &
Finance
Officer
Finance
Professional
Accountant
235
Saleem uddin
Faisal
ACFAc/M 169
CA (finalist), CTP, CAMS, CPA (in

progress), B.Com
236
Akram Ali
ACFAc/M 170
MBA, M.A. (Soc.)
237
Mustafa
ACFAc/M 171
MBA, BSF, ACPA (Fin)
238
Waqas
Mustafa
ACFA/M 172
MSC (ACC. & Fin.)
239
Umair Noor
ACFAc/M 173
MBA (Finance) CPIA (Canada)

PIPFA (Conti.)
Manager,
Finance
& Accounts
240
Khizar Hayat
ACFAc/M 174
ACCA
Director
241
Amjid
Jamshed
ACFAc/M 175
CA (Finalist)
242
Asif Saeed
ACFAc/M 176
CA (Finalist)
243
Muhammad
Naveed Alam
ACFAc/ M 177
ACCA, PIPFA
244
Alina Iqbal
Surti
ACFAc/M 178
C.A Inter.
245
Syed Moazzam
Raheel
ACFAc/M 179
LLB, CA (Articles) ITP, MBA

(Finance)
Assistant
Manager
Asstt.
Manager
Audit
Deputy
General
Manager
Deputy
Manager
Finance
Audit,
Accounts &
Tax Advisor
Organization
Country
Eshar Construction
Company (Pvt) Ltd.
Saudi Arabia
Shalimar Institute of Health

Sciences
Pakistan
International Business
Group (IBG) Bahrain
WLL
Bahrain
Shah Sachal Sami
Pakistan
DP-Finconsult (International
Development Projects
Etisalat, U.A.E.
Communication &
Machinery Corporation
(Private) Limited
KAIMS College
Afghanistan
U.A.E
Pakistan
Pakistan
Deloitte & Touche

Pakistan
Bank Al-Habib Limited
Pakistan
Siemens Pakistan
Engineering Co. Ltd.
Pakistan
Ali & Associates
S. M. Raheel & Company
Pakistan
Pakistan
45
Sr.
No.
Name
Membership
No.
Other Qualification
246
Amjad Ahmad
ACFAc/M 180
CMA (Inter)
247
Muhammad
Imran
ACFAc/M 181
C.A (Inter)
248
Naeem Sajid
ACFAc/M 182
MBA (Finance)
249
Muhammad
Ayub
ACFAc/M 183
B.com(Hons)
250
Yasin Ismail
ACFAc/M 184
B.com
251
Waqas
Rafique
ACFAc/M 185
ACCA (Finalist)
252
Azizuddin
Kamal Yar
ACFAc/M 186
DVM (Kabul)
253
Mubashir
Wasim Zubair
ACFAc/M 187
M.A, MBA, MCS
254
Muhammad
Naseer Ahmad
ACFAc/M 188
MBA, Doctorate in Finance
255
Abrar Mohsin
ACFAc/M 189
B.com
256
Shahzad
Akhtar
ACFAc/M 190
CA (Finalist)
257
Junaid Afzal
ACFAc/M 191
CA (Finalist)
Current
Designation
Assistant
Manager
Manager
Finance
Manager
Trade
Services
Assistant
Manager
Accounts/
Audit
Accountant
Finance &
Audit
Manager
Admin/
Finance
Manager
Manager
Training &
Development
/Faculty
Member
CFO - Airlines
Accounts &
Finance
Officer
Finance
Manager
Finance
Manager
Organization
Country
Albatraka Bank
(Pakistan) Limited
Pakistan
Klash (Pvt) Limited
Pakistan
Albaraka Islamic Bank

B.S.C. (E.C.) Faisalabad.
Pakistan
Sitara Chemtek (Pvt) Ltd.
Pakistan
Premier Group of
Builder & Developer
Pakistan
Subhantex (Pvt) ltd.
Pakistan
ADDA, Faryab
Afghanistan
Centre of Financial Excellence
Pakistan
Fly East Horizon
Afghanistan
Asim Textile Mills Ltd
Pakistan
Afghan Wireless
Communication Company
Afghan Wireless
Communication Company
Afghanistan
Afghanistan
Sr.
No.
258
259
Mahar Ali
Adil Hassan
Khan
Membership
No.
ACFAc/ M 192
Other Qualification
ACFAc/M 193
CFC-USA, ACCA(p), ICSP(p)
Aurangzeb
Rao
ACFAc/M 194
CA (Fin.), ACCA (Fin.)
261
Adnan Riaz
Honorary
ACFAc/M 195
MBA, ACCA
262
Miss Aisha
Mansoor
ACFAc/M 196
CA (Inter), MBA
263
Ramesh
Kumar
Mandhwani
ACFAc/M 197
M.com, MBA (Fin.)
265
266
267
Zeeshan
Younas
Muhammad
Furqan
Imran Nawaz
Khan Niazi
Muhammad
Zahid
ACFAc/M 198
ACFAc/M 199
ACFAc/M 200
Current
Designation
HDA
260
264
B.com
ACCA (Fin.) CA (Inter.)
CICA
MBA (Banking & Finance.) CA
Article ship
ACFAc/M 201
MBA (HRM, Business Admin.)
Organization
Self Employed
Senior
Accountant
Group
Financial
Analyst
Director
Finance &
Administratio
n
Assistant
Compliance
Officer
Finance
Manager
Dolphin
International
Steel
Company
Finance
Manager
Manager
Accounts
Finance
Manager
Muller & Phipps (Pvt.) Ltd.

Infotech Private Ltd.
Country
Pakistan
Pakistan
Pakistan
JSI Research & Training

Institute, Inc.
Pakistan
Pak Oman Investment

Company Limited
Pakistan
Viva International Group FZT
Dubai, UAE
Accountant
Saudi Arabia
Burque Corporation (Pvt)

Limited
International Marketing
Services LLC
Supply Chain Project,
Agriculture Department
Pakistan
Pakistan
Pakistan
268
Ali Azhar
ACFAc/M 202
B.com, ACCA(UK)
Self Employed
Pakistan
269
Abdus Salam
Muhammad
Faisal
ACFAc/M 203
C.A (Foundation)
Self Employed
Pakistan
ACFAc/M 204
CFC, CMA
Self Employed
Pakistan
270
46
Name
271
Muhammad
Omar Nasir
ACFAc/M 205
CIMC, CFC,CABA
Finance
Controller/
Chief
Operating
Officer
Vitalee Holistic Health

Care Inc.
Pakistan
Sr.
No.
272
Mirza Rizwan
Baig
Membership
No.
Other Qualification
Honorary
ACFAc/M 206
B.com, MBA
Current
Designation
Chief
Financial
Officer
Organization
Country
Ala Lumen Modica (Pvt) Ltd.
Pakistan
273
Muhammad
Jahanzaib
ACFAc/M 207
HDA, ACCA
274
Zubair Ahmed
Qureshi
ACFAc/M 208
MA. Economics, ACCA
Accounting
Engagements
(Manager)
Ernst & Young Pvt. Ltd
Pakistan
275
Muhammad
Umair
Rabbani
ACFAc/M 209
CMA
CEO
Imran Mustaq Services/The R

Solutions
Pakistan
ACFAc/M 210
CMA, MBA
Accounts
Manager
Safa International
General Trading LLC
ACFAc/M 211
BS, MSC
Pakistan Army
ACFAc/M 212
BA, ACFA
Commissione
d Officer
Managing
Partner
ACFAc/M 213
CAT, HND, FIP, ACCA, BBA

(Hons.)
ACFAc/M 214
MBA, CA (Foundation)
ACFAc/M 215
CA (Inter.)
ACFAc/M 216
CAT, ACCA
ACFAc/M 217
MBA
CA (Inter.)
276
277
278
279
280
281
282
283
47
Name
Yasar Mustafa
Muhammad
Ilyas
Umad Malik
Saqib Ashal
Khurram
Shahzad
Muhammad
Samiuddin
Ali Sohail
Sabir Hussain
284
Abid Hussain
Pasha
ACFAc/ M 218
CA (Foundation & Inter.)
285
Muhammad
Hamza
ACFAc/ M 219
CA
(Foundation & Inter.)
Self Employed
Beacon Financials
Self Employed
Managing
Partner
Director
Finance
Assistant
Manager
Finance
Senior
Auditor
Manager
Account
Head of
Finance
Operation
Pakistan
Sharjah,
U.A.E.
Pakistan
Pakistan
Pakistan
Beacon Financials
Pakistan
AGCN Pakistan (Pvt)

Limited
Pakistan
Al-Khidmat Foundation
Pakistan
Pakistan
Vikar A. Khan & Co.
Pakistan
FDLS (Pvt.) Limited
UAE
NCL Logistics (Pvt.) Limited
Afghanistan
Sr.
No.
Name
Membership
No.
Other Qualification
286
Inam ur
Rehman
ACFAc/ M 220
CA (Foundation and Inter.) ACPA

(Pakistan and UK)
287
Iram Ayub
Awan
ACFAc/ M 221
B.com, CFC
288
Arsalan Ali
ACFAc/ M 222
B.Sc, ACCA, CFC
ACFAc/ M 223
B.Com, M.Com
ACFAc/ M 224
289
290
291
Self Employed
Pakistan
B.Sc, MBA (Finance)
Accountant
Al Jaber Group
Pakistan
Ravi Autos (Pvt)

Limited
Pakistan
Mehar Petroleu
Pakistan
293
Rana Taimour
Shahid Khan
ACFAc/ M 227
O-Level , A- Level
294
Toheed Ali
ACFAc/ M 228
MSC (Eco.)
ACFAc/ M 229
B.com, CPA, CA (Finalist)
ACFAc/ M 230
B.com, C.A (Conti.)
ACFAc/ M 231
MSC, PIPFA, ACMA
ACFAc/ M 232
CA (Inter.)
298
Pakistan
ACFAc/ M 225
B.com, CFC
297
CFE Group of Colleges
CAT, CFC, ACCA(Cont.)
ACFAc/ M 226
296
Country
Colony Industries
(Pvt) Ltd.
Tameer Construction
(Pvt) Limited
SNL (Pakistan) Pvt. Ltd.
Masood Habib
Bhatti
Qamar
Qayyum
Atif Ghani
Memon
Muhammad
Asif
Muhammad
Usman Ashraf
Organization
Finance
Internee
Manager
Accounts
Analyst
292
295
48
Usman
Mahmood
Umair Aziz
Muhammad
Nasir
Current
Designation
Country
Finance
Manager
Manager
Accounts
& Finance
Assistant
Manager m
Accounts
Manager
Audit
Manager
Sr. Manager
Finance
Islamic Relief
Worldwide
RISE College of Science

and Commerce
Deloitte & Touche
Pakistan
Pakistan
Pakistan
Pakistan
Saudi Arabia
Safco Support Foundation
Pakistan
Islamic Relief Worldwide Yemen
Yemen
Self Employed
Pakistan
299
Muhammad
Umer
ACFAc/ M 233
B.com,CA (Articalship) L.L.B
Assistant
Manager
Finance
Indus Pharma Private Limited
Pakistan
300
Faheem
Arshad
ACFAc/ M 234
MIPA, ACFAc, CFIA,

CMA(Finalist),B.Com
Lecturer
Lahore Leads University
Pakistan
Sr.
No.
301
Membership
No.
Zawar Hussain ACFAc/ M 235
Other Qualification
Fawad Ali
Jatoi
303
Masroor
Bashir
ACFAc/ M 237
CA (Foundation)
304
Muhammad
Abdul Jawad
ACFAc/ M 238
CFC
ACFAc/ M 239
CA (Inter.)
ACFAc/ M 240
MBA
306
Rizwan
Rahmat
Rizwan
Sarwar
ACFAc/ M 236
Current
Designation
CA (Inter.)
302
305
49
Name
CPA, CFC, CA (Inter.)
Organization
Self Employed
Head Of
Finance &
Accounts
Assistant
Manager
Accounts
Audit
Supervisor
Accounts
Supervisor
Consumer
Finance
Officer
Country
Pakistan
Matrix Energy Group (Lagos,

Nigeria)
Nigeria
Capital Marketing Services ,a

subsidiary of Capital Group of
Companies
Pakistan
Self Employed
Pakistan
Qadeer & Co.
Pakistan
Worker Village Real Estate
U.A.E
National Bank of Pakistan
Pakistan
307
Abdul Majeed
ACFAc/M 241
B.com, MIT, MBA
308
Fahad Khan
ACFAc/M 242
CFC
309
Fahad Aslam
ACFAc/M 243
CAT, CPA, ICAEW (Cont.)
Supervisor
Delolitte & Touch
Saudi Arabia
310
Usman Ahmad
ACFAc/M 244
PIPFA, CMA (Cont.)
Accountant
Lahore Gymkhana Club
Pakistan
311
Muhammad
Akhtar
PIPFA, CPA (UK), CA (Inter.)
Assistant
Senior
Internal
Auditor
Kaloti Precious Metals
U.A.E
312
Usman
Jahangir
ACFAc/M 246
CICA
Assistant
Manager
Accounts
Gulf Union Cooperative

Insurance Company
Saudi Arabia
313
Rana
Muhammad
Awais
ACFAc/M 247
CMA (USA)
314
Saqib Siddique
ACFAc/M 248
ACCA (Finalist)
ACFAc/M 245
Self Employed
Pakistan
Self Employed
Senior
Accountant
Kaloti Precious Metals
U.A.E
Sr.
No.
Name
Membership
No.
Other Qualification
315
Maaz Mansoor
ACFAc/M 249
BSC (Hons)
CFC, CMA (Cont.)
Current
Designation
Floor
Manager
ACFAc/M 250
ACCA
ACFAc/M 251
316
317
318
319
320
321
50
Muhammad
Imran
Hannan
Sarwar Khan
Abdul Rauf
Muhammad
Faiq Adnan
Adnan Yousaf
Noman Alam
Khan
Organization
Country
Bank Of Punjab
Pakistan
Accountant
Alfalah Steel
Pakistan
PIPFA
Accountant
Kaloti Jewellery (DMCC)
U.A.E
ACFAc/M 252
MBA, APFA, ACMA
Assistant
Manager
Finance
Media Times Ltd.
Pakistan
ACFAc/M 253
B.com, ACCA
Teacher
The Lyceum LGCS
Pakistan
ACFAc/M 254
CAT, FIA, ACCA
ACFAc/M 255
B.com, MSC
Accountant
Islamabad Stock Exchange
Pakistan
Self Employed
322
Rauf Latif
Babar
ACFAc/M 256
B.com, CIMA (Continued)
Supervisor
Accountant
payable
United Electronics Co. LLC
U.A.E
323
Muhammad
Hafeez
ACFAc/M 257
CAT, ACCA, CMA (Continuous)
Teacher
Arqam House Public School
Pakistan
324
Imran Habib
ACFAc/M 258
B.com, MBA
Accountant
Apollo Telecom (PVT.) Limited
Pakistan
325
Khusro Aziz
ACFAc/M 259
CIMA, MA (Eco.), CA
(Foundation)
Sanghar Sugar Mills Ltd.
Pakistan
326
Mazhar ul
Islam
ACFAc/M 260
CA (Inter.)
Alan Dick Middle East
U.A.E
327
Asad Yaseen
ACFAc/M 261
M.com, CMA
Alsama Building Matgerials

Est.
U.A.E
328
Najeeb Ullah
Khan
ACFAc/M 262
BSC
Manager
Finance
Finance
Manager
General
Accountant
Chief
Executive
Officer
Usman Associates
Pakistan
329
Ahmad Ali
Raza
ACFAc/M 263
CAT, CMA
Quality Switchgears (Pvt)

Limited
Pakistan
Accountant
Sr.
No.
330
331
332
333
334
Muhammad
Ehtisham
uddin
Khurram
Shakil
Chughtai
Faisal Arfat
Hamza Ayub
Butt
Muhammad
Junaid
Humayun
Membership
No.
Other Qualification
Current
Designation
Organization
Country
ACFAc/M 264
CA (Inter. & Finalist)
Audit Senior
Delotte & Touch Bakr Abul

Khair & Company
Saudia
Arabia
ACFAc/M 265
ACCA, HND, CAT
Branch
Accountant
Wared Transport LLC
Saudia
Arabia
ACFAc/M 266
MBA (Finance)
General
Accountant
Pappa Roti Cafe
U.A.E
ACFAc/M 267
B.com
Accountant
Etisalat
U.A.E
ACFAc/M 268
CAT, BB, CMA (Level 2)
Self Employed
Pakistan
335
Anam Khan
ACFAc/M 269
Bachelors in Social Science
Accountant
Etisalat
U.A.E
336
Asfand Yaar
Malhi
ACFAc/M 270
MBA (Banking & Finance)
Accountant
Grande Signature Technical

Services LLC
U.A.E
337
Hammad Zafar
ACFAc/M 271
CAT, ACCA (Inter.) CMA (Part 2)
338
Jawad Zafar
ACFAc/M 272
MBA (Finance)
ACFAc/M 273
M.com, ACMA
339
51
Name
Muhammad
Arshad
Account
Officer
Account
Officer
Divisional
Accounts
Officer
ABC Pharmacy
ABC Pharmacy
MEPCO Limited
Pakistan
Pakistan
Pakistan

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ISSN 2226-0765

Financial Accountant Journal

(September 2014 Edition)

The Society of Accounting Education

ACCOUNTABILITY AND TRANSPARENCY

FROM THE PRESIDENT

MONETARY POLICY IMPACT OF HIGH SHARE

CHALLENGES FOR PAKISTANS ECONOMY

NEW RULES FOR FILING OF TAX RETURNS

SOAE-NEWS & EVENTS

SOAE-NATIONAL COORDINATORS TEAM

SOAE-INTL COORDINATORS TEAM

ACCOUNTABILITY AND TRANSPARENCY IN ISLAM

All resources made available to individuals are made so in the

In terms of accountability, Muslims believe that they will be

Accountability and Transparency in the

ACCOUNTABILITY AND TRANSPARENCY IN ISLAM

This verse states that every transaction must be written to avoid

In essence, transparency is basically concerned with open and

The presence of a God-fearing leadership is critical to having

FROM CHIEF EDITOR

MONETARY POLICY IMPACT OF HIGH SHARE OF INDIRECT TAXES ON INFLATION

Inflation can also be described as

Economists generally agree that high rates of inflation and

MONETARY POLICY IMPACT OF HIGH SHARE OF INDIRECT TAXES ON INFLATION

often pass on the burden to the consumer; the catch, however, is

MONETARY POLICY IMPACT OF HIGH SHARE OF INDIRECT TAXES ON INFLATION

Currency debasement (which lowers the value of a

MONETARY POLICY IMPACT OF HIGH SHARE OF INDIRECT TAXES ON INFLATION

Manage wisely your recurring monthly bills such as

CHALLENGES FOR PAKISTANS ECONOMY

Pakistan's economy has long suffered on account of poor

The circular debt has once again swelled to Rs 400 billion

The loss to economy on account of prevailing political instability

A bit of good news is that many of the blue-chip companies

CHALLENGES FOR PAKISTANS ECONOMY

Textile exports have dropped by around 10 percent. The GSP

The country's perception in these difficult times is at its lowest.

The ongoing Zarb-e-Azb operation and rehabilitation of the

Our political leadership will do well if they conduct themselves

Time management is really about managing yourself. It's about

ALLOCATE YOUR TIME

SET AND RESPECT DEADLINES

CANCEL ROUTINE MEETINGS

NEW RULES FOR FILING OF TAX RETURNS

These include return on which NTN or CNIC is missing

NEW RULES FOR FILING OF TAX RETURNS

Individuals, including members of AOPs or directors of

AOPs deriving income under the head business or falling

IFRS LATEST DEVELOPMENTS

The levels of the fair value hierarchy (1, 2 and 3) are

For financial instruments the requirement for

IFRS LATEST DEVELOPMENTS

Unlike on the introduction of other standards, IFRS 10 applies

Where the consolidation conclusion under IFRS 10 differs from

IFRS LATEST DEVELOPMENTS

Conversely, examples of costs that we do not believe qualify as

SOAE-NEWS & EVENTS

MOU WITH CMS LAHORE

Other Latest Developments:

SOAE-President- Meeting with Regional Coordinator and

Qatar Embassy is being approached for attestation of

Institute of Financial & Management Studies (IFMS-USA)

Chartered Institute of Professional Financial Managers