PreMCQ

During March 2020, the World Health Organization (WHO) declared the Coronavirus (COVID-19) outbreak as a pandemic in recognition of its rapid spread across the globe. Governments all over the world took steps to contain the spread of the virus and implemented closure of borders, released social distancing guidelines and enforced country wide lockdowns and curfews. According to a dashboard released by the Center for Systems Science and Engineering (CSSE) at Johns Hopkins University (JHU, USA), over 4.8 million cases have been confirmed and more than 300,000 people have perished. Due to the safety measures adopted by governments, as mentioned above, lives and livelihoods of most of the global population is at risk, thereby triggering an economic crisis with dire societal consequences. On the macroeconomic front, performance has already started to deteriorate and is expected not to stabilize till the end of the financial year. A recession is imminent and International Monetary Fund (IMF)...

  Govt has no intention to sell Roosevelt Hotel: minister No proposal is under consideration to selling the PIA-owned Roosevelt Hotel in New York, Aviation Minister Ghulam Sarwar Khan said on Monday. “All reports circulating in the media are nothing more than speculation and political point-scoring,” he added. The minister said the hotel’s management had taken out a loan of USD160mn from JP Morgan bank and was making regular payments from its own revenue stream. The balance outstanding at the moment is USD105mn. However, the hotel ran into financial trouble after the onset of the Covid-19 pandemic, giving the lender a pretext to sell off its liabilities to another company. Source:  https://www.dawn.com/news/ 1584733/govt-has-no-intention- to-sell-roosevelt-hotel- minister  

  Power tariff up by PKR2.89 per unit for KE consumers The federal government Monday notified up to PKR2.89 per unit hike in power tariff for K-Electric consumers effective from September 1. The Power Division notified the increase from PKR1.09 to PKR2.89 per unit. The K-Electric will increase the power price from September 1. The notification states, “In pursuance of sub-section (7) of Section 31 of the Regulation of Generation, Transmission and Distribution of Electric Power Act, 1997, the federal government is pleased to notify as under the adjustment approved on account of quarterly adjustments wef September 1, 2020, as determined as recommended by National Electric Power Regulatory Authority (NEPRA) vided decision of dated December 31, 2019, in respect of K-Electric Limited,” the Power Division said in a notification.” Source:  https://www.thenews.com.pk/ print/728810-power-tariff-up- by-rs2-89-per-unit-for-ke- consumers

  Housing finance: SBP announces PKR33bn govt markup subsidy The State Bank of Pakistan (SBP) Monday announced the government of Pakistan’s markup subsidy of PKR33bn for affordable housing finance. Under this scheme, the government is providing a markup subsidy for housing finance to provide financing at a minimum of 5 and a maximum 9% interest rate. All men/women holding CNIC and the first-time homeowners can avail of financing under this scheme. One individual can have a subsidized house loan facility under this scheme only once and financing will be provided only for construction and first purchase of newly constructed affordable housing units. In line with its vision of providing affordable housing to the masses, the Government of Pakistan will be providing a markup subsidy facility for the construction and purchase of new houses. Source:  https://epaper.brecorder.com/ 2020/10/13/1-page/854586-news. html

  IDB to give Pakistan PKR63.23bn for oil, LNG import Pakistan and the International Trade Finance Corporation of the Islamic Development Bank (IDB) signed a financing agreement amounting to USUSD386mn (PKR63.23bn) for the import of oil and Liquified Natural Gas (LNG), foreign media reported on Monday. The facility will be utilized by Pakistan State Oil Company Limited, Pakistan Arab Refinery Limited, and Pakistan LNG Limited. The Pakistani side emphasized the importance of this agreement and its role in promoting economic and social development. Source:  https://www.thenews.com.pk/ print/728809-idb-to-give- pakistan-rs63-23-bn-for-oil- lng-import

  Pakistan unlikely to avail USD4.5bn ITFC facility Pakistan is unlikely to fully benefit from the USD4.5bn financing package it secured about two and years ago from the International Islamic Trade Finance Corporation (ITFC) owing to market limitations of the Jeddah-based agency. Pakistan and the ITFC on Monday signed about USD400mn worth of two facilities to finance oil and liquefied natural gas (LNG) imports by December this year. Another USD100mn facility is expected to be arranged by December. In addition, Islamabad has given a mandate of an additional USD500mn for six months after December. Source:  https://www.dawn.com/news/ 1584755/pakistan-unlikely-to- avail-45bn-itfc-facility

Pakistan .. ACCA students and affiliates salary and career survey 2012   ACCA students in Pakistan are attractive to employers and able to move between roles, organisations and sectors. They are ambitious –keen to gain more senior positions and broaden their experiences. SALARIES AND BONUSES Just under half (45%) of students in Pakistan received a pay rise in the preceding 12 months, compared to 63% globally. Only 1% suffered a pay cut. Pay increases were more common in the public and corporate sectors and in financial services (54%, 57% and 57% respectively) than in public practice (25%). Only 24% of students in Pakistan received a bonus (against 50% globally). Among bonus recipients, 56% gained a bigger sum than in the previous year, and 61% saw their bonus increase by 6% or more, perhaps reflecting the relatively high inflation rate in Pakistan. Based on reported salaries, ACCA students and affiliates in Pakistan have good prospects, and can increase their earning power while ...

Top ten audit firms in pakistan according to ACCA students KPMG Taseer Hadi & Co. Chartered Accountants (80% of ACCA students wants kpmg 2011 ) Ernst & Young Ford Rhodes Sidat Hyder & Co. Chartered Accountants

ooks like that KPMG Taseer Hadi and Company is still hiring ACCA qualified affiliates, but on condition that they entered through ICAP’s exemption route. According to their website link KPMG Taseer Hadi also invited ACCA affiliates to apply for training contract. Following is the text from their ‘career page’:..................full at ACCA Pakistan Online Trainee Application forms will be accepted from 7th September 2012. Eligibility Criteria APPLY

Results from the ACCA (Association of Chartered Certified Accountants) examinations in June 2012 show that a record number of students have successfully completed their final exams. Candidates around the world took almost 370,000 papers, with 7,160 students successfully completing their final ACCA exams, representing a 13.4% increase on last session.  Pass rates have improved at the Fundamental level -  rising on average 2% over the previous December session. The pass rate of the F8 Audit and Assurance exam at 56% was significantly higher than in recent times. The results for F4 Corporate and Business law and that of F7 Financial Reporting were also strong this session. All other pass rates at the Fundamental level remained close to their historic averages.  At the Professional level, the results for the Essential papers remain strong. It was particularly pleasing that pass rates for each of the Options papers rose above those of December 2011, given th...

 Answer by ACCA body ACCA stands apart from the rest for five significant reasons: Globally recognised qualifications Our reputation and influence are respected worldwide. Our qualifications are based on international accounting standards but we offer adapted papers in financial accounting and auditing, and papers that test local law and tax. So you can feel confident that you have a globally recognised qualification that is relevant locally too. Strong focus on professional ethics We are the only accountancy association with a mandatory professional ethics module as part of our ACCA Qualification exam syllabus.

Top ten audit firms in pakistan according to ACCA students KPMG Taseer Hadi & Co. Chartered Accountants (80% of ACCA students wants kpmg 2011 ) Ernst & Young Ford Rhodes Sidat Hyder & Co. Chartered Accountants

ASSOCIATION OF CERTIFIED CHARTERED ACCOUNTANTS (ACCA) Founded in 1904, the Association of Chartered Certified Accountants (ACCA) is the global body for professional accountants offering the Chartered Certified Accountant qualification The ACCA professional examinations are offered worldwide twice yearly, in June and December. Only ACCA, ICAEW, ICAI, ICAS and AIA are able to authorise members to conduct audit , insolvency and investment business work in the United Kingdom and Republic of Ireland.   ACCA as worlwide United Kingdom and Republic of Ireland The ACCA or Chartered Certified Accountant qualification is fully recognised in the United Kingdom and Republic of Ireland.

A.F. Ferguson & Co LAHORE  ISLAMABAD  KARACHI Amin Mudassar & Co LAHORE Anjum Asim Shahid Rahman  LAHORE  KARACHI  ISLAMABAD Avais Hyder Liaquat Nauman LAHOREQUETTA KARACHI FAISALABAD Azure Pakistan Outsourcing (Private) Limited LAHORE

Top eight from ten audit firms inPakistan according to ACCA students KPMG Taseer Hadi & Co. Chartered Accountants (80% of ACCA students wants kpmg 2011 ) Ernst & Young Ford Rhodes Sidat Hyder & Co. Chartered Accountants

Telenor Pakistan has the following training opportunities: Post Interns Eligibility The ideal candidate for job would have the following credentials: ACCA Professional Stage Student Duration

IAS 69: Accounting for Girl Friends Objective:  The objective of IFRS 69 is to prescribe the accounting treatment for Girl friends. The principal issues are the timing of recognition of a female friend as a girl friend, the no. of days the relationship can be carried on and any write down in this romantic relationship. It also provides guidance on the methods to be employed to make GF. Scope:  This IAS applies to all GF’s except those whose father, brother, ex-boyfriends or prospective boyfriends are working in police, army, intelligence agencies or political organizations or 6+ feet tall, have muscular body and know kung fu, judo or any other marshal art. Definitions:  The following terms are used in this Standard with the meanings specified: - LOVE is a serious mental disease, mostly found in old Indian movies, dramas and Urdu literature. - FLIRTING is the modern form of love; this disease came from Hollywood movies, new Indian movies, internet, mobile p...

ASSOCIATION OF BUSINESS EXECUTIVES - ABE ABE is a Business Management qualification that is offered by ABE(UK), which is a professional Examination body based in United Kingdom . The Association of Business Executives (ABE) is a professional membership body and an examination board. We develop business and management

CHARTERED INSTITUTE OF MANAGEMENT ACCOUNTANTS - CIMA CIMA is the world's largest professional body of management accountants. The Chartered Institute of Management Accountants (CIMA) is a United Kingdom-based professional body offering training and qualification in management accountancy and related subjects, focused on accounting for business; together with

CERTIFIED INTERNAL  AUDITOR - CIA. The Certified Internal Auditor (CIA) is a Globally Accepted Certifications for Internal Auditors. It is the standard by which individuals demonstrate their competence and professionalism in the Internal Audit Field. CIA is administered by the Institute of Internal Auditors based in the USA. They set, monitor and administer CIA Examinations, and also set guidelines for