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 [...]
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 [...]
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 [...]
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 [...]
This Blog is written by Mr. Zeeshan Ali, Senior Associate Taxation and Accounting Services. Please read this blog and provide your valued comments. INPUT TAX AND OUTPUT TAX An important feature of the sales tax is the adjustment of input tax paid on purchases and imports, as a registered person has to pay sales tax only on [...]
This blog is written by Mr. Sachal Aftab, Associate Taxation Advisory Services. Please read this blog and provide your valued comments. Taxing Benami Benami is an Urdu or Hindi term denoting or meaning “without name” or “In no one’s name” or simply nameless. An old way of controlling the right to own, control or manage [...]
This Blog is written by Mr. Hussain Mehmood, Senior Manager Taxation Advisory Services. Please read this blog and provide your valued comments. Sales Tax Refund Bonds A new mechanism has been introduced vide Finance Supplementary (Second Amendment) Bill, 2019 for payment of sales tax refund through sales tax refund bonds. For the purpose of [...]
This blog is written by Mr. Hussain Mehmood Asif, Senior Manager, Taxation Advisory Services. Please read this blog and provide your valued comments. BENAMI TRANSACTION (PROHIBITION) RULES 2019 In the context of FATF restrictions and ongoing efforts of Government of Pakistan to curb Money Laundering and Terror Financing, Federal Board of Revenue issued Benami Transaction [...]
This blog is written by Mr. Habib Ullah Khan, Associate Taxation Advisory Services. Please read this blog and provide your valued comments. Exemptions from Income Tax under SRO 586(I)/91 Central Board of Revenue has given notification related to the exemption from Income Tax on certain services as well as on certain supplies. According to Statutory Regulatory Order [...]
This blog is written by Mr. Awais Mumtaz, Senior Associate Audit and Assurance. Please read this blog and provide your valued comments. International Financial Reporting Standard – 2 Scope IFRS 2 applies to all share-based payment transactions, which are defined as follows: Equity-settled: in which the entity receives goods or services as consideration for equity instruments of [...]
