This blog is written by Mr. Omar Rafeh Chughtai, Associate Taxation and Corporate Services. Pleas read this blog and provide your valued comments. IFRS 16 Overview: IFRS 16 succeeds IAS 17. IFRS 16 specifies how a lease will be recognized, measured, presented and most importantly disclosed. This standard requires lessees to recognize assets and liabilities [...]
Federal Board of Revenue has issued S.R.O. 1012 (I)/2018. on August 17, 2018. Through this Notification, FBR has issued Electronic Return for Individuals and AOPs and Paper Return for Individuals for Tax Year 2018. Please click below to view the original SRO and detailed forms. 20188171783855927SRO1012-2018
20188111683633923996-I-2018
This blog is written by Mr. Muneeb Sultan Arif, Associate Internal Audit. Please read this blog and provide your valued comments. Going Concern; A Rationale For any set of accounts, and regardless of who completes them, particular accounting principles must be followed. One of the accounting principles that need to be followed when producing a [...]
Introduction Securities and Exchange Commission of Pakistan issued S. R. O. 994 (I)/2018 dated August 10, 2018. Commentary The SRO issued bearing number 994(1)/2018 dated August 10, 2018 whereby following changes have been made in Central Depository (Licensing & Operations) Regulations 2016 in following manner: Regulation 5: The first proviso has been amended to mean [...]
This blog is written by Mr. Habib Ullah Khan, Associate Taxation Services. Please read this blog and provide your valued comments. SALES TAX RETURN BASICS [u/s 26 to 28] A Sales Tax return is the taxpayer’s document of declaration through which taxpayer not only furnishes the details of transactions during a tax period but also [...]
This blog is written by Mr. Hasnain Mir, Associate Taxation Services. Please provide your comments. IFRS 1 First-time Adoption of IFRSs SCOPE IFRS 1 does not apply to entities already reporting under IFRSs IFRS 1 applies to the first set of financial statements that contain an explicit and unreserved statement of compliance with IFRSs IFRS 1 [...]
This blog is written by Mr. Adnan Khan, Associate Audit and Assurance Services. Please read this blog and provide us your valued comments. External Audit – Simplified An external audit is a periodic audit conducted by an independent qualified auditor with the aim to determine whether the accounting records for a business are complete and accurate. It [...]
Institute of Chartered Accountants Pakistan has issue the document Circular 10 of 2018 subject ‘New Auditor’s Report Your Questions Answered’, This document provides an overview and references to all significant changes in the auditor’s report. In addition to above, it also discusses a series of topics related to the new auditor’s report and provides [...]
This blog is written by Mr. Haseeb Zaman, Associate Taxation and Corporate Services. Please read this blog and provide your valued comments. Tax Reforms Taxation is an extremely important source of backing for any state to finance the running of the governmental functions. Even the oil rich Arab states are now beginning to recognize the [...]
