News
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Foreign exchange reserves reach $9.01 billion
KARACHI (December 10 2002) : Country's foreign exchange reserves have reached $9.01 billion, said a release of the State Bank…
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PwC's audit disclaimer causes alarm
Accounting group PricewaterhouseCoopers is coming under fire from its peers for changing the wording of its standard audit report in…
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SEC Proposal in US Seeks to Redefine Accounting Firms
New York (Dec. 8, 2002) – A new Securities and Exchange Commission proposal to forbid accounting firms from selling tax…
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Accountancy shake-up puts goodwill in short supply
Accounting regulators are preparing to ban merger accounting, closing a loophole which has allowed companies to inflate earnings and protect…
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Accounting practices of UK software companies problematic
Ernst & Young recently published a report which criticises the poor accounting practices amongst UK software firms. The report asserts…
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SBP updates bank branch licensing policy
KARACHI (December 05 2002) : The State Bank of Pakistan on Wednesday issued updated Branch License Policy and further liberalised…
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Report: Multinational companies encourage under-invoicing
KARACHI (December 05 2002) : The role of multinationals and foreign based companies with regard to the under-invoicing practised and…
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Drawback allowed on electric bells, raised on lycra fabrics
ISLAMABAD (December 05 2002) : While permitting duty drawback on the export of electric/mechanical doorbells, telephone ringers and voice enhancing…
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Duty on polyester filament yarn slashed
ISLAMABAD (December 05 2002) : Fulfilling the demand of local industry, the Central Board of Revenue (CBR) has slashed custom…
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IASC Foundation and XBRL Primary Financial Statements (PFS) Taxonomy Release
The International Accounting Standards Committee Foundation and XBRL International (xbrl.org) have developed a comprehensive eXtensible Business Reporting Language (XBRL) taxonomy…
