This blog is written Mr. Zahid Mehmood Malik, FCCA, ACA Director. Please read this blog and provide your valued comments. IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS REASON TO DEVELOP NEW STANDARD Remove inconsistencies and weaknesses in the current revenue recognition literature Provide a more robust framework for addressing revenue recognition issues Improve comparability of revenue recognition [...]
Introduction Securities and Exchange Commission of Pakistan issued Circular No 01 of 2019 dated January 15, 2019. Commentary Circular No. 01 of 2019 - Dated January 15, 2019 issued by SECP, whereby format is prescribed for undertaking required under Clause 1 of the Anti-Money Laundering Notification Directive S.R.O 1525 (I)/2018 dated December 14, 2018 from [...]
Federal Board of Revenue has issued The Audit Policy 2018. According to this Audit Policy 2018, the would conduct computer ballot on parametric basis for selection of 2.3% of cases for audit out of the total filers after exclusions in Income Tax for Tax Year 2017. For Sales Tax and FED, the FBR would [...]
ICAP has issued Exposure Draft of the Code of Ethics for Chartered Accountants (Revised) for your comments. ICAP as a member of the International Federation of Accountants is committed to the adoption of the IESBA issued ethical requirements. The draft Code of Ethics for Chartered Accountants (Revised) (Draft Revised Code) is based on the IESBA [...]
KCO Newsletter March 2019
This Blog is written by Mr. Abbas Shahid, Associate Taxation Advisory Services. Please read this blog and provide your valued comments. GAAP (Generally Accepted Accounting Principles) Generally accepted accounting principles, or GAAP, are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses GAAP [...]
Federal Board of Revenue has issued Circular No 3 of 2019 (ref: C.No.2(1)Contd/I.Tax/2018/44297-R on March 31, 2019. This Circular states that the The date of filing of Returns of Total Income/Statement of final taxation has been extended upto April 30, 2019. The date of filing of Returns of Total Income and Statement of [...]
This blog is written by Mr. Omar Rafeh, Senior Associate Taxation Advisory Services. Please read this blog and provide your valued comments. Scope of IAS 27 During the course of studying ACCA, Consolidated financial statements was one of my favourite topics. It is one of the important topics in ACCA paper F3 (financial accounting) and paper F7 [...]
INTRODUCTION Baluchistan Revenue Authority issued Notification Ref: No.BRA/BSTW/06/2018 . Throught this notification, The Balochistan Sales Tax Special Procedure (Withholding) Rules, 2018 have been issued. COMMENTARY The ST withholding Rules are very similar to the Rules issued by SRB. The Rules incorporate reference and proper definition of rental income against property. However, [...]
This blog is written by Mr. Hasnain Mir Ijaz, Associate Taxation Advisory Services. Please read this blog and provide your valued comments. (i) Group taxation: [U/S 59AA] Holding companies and subsidiary companies of 100% owned group may opt to be taxed as one fiscal unit. In such cases, besides consolidated group accounts as required under the [...]
