GCA Weekly News Updates:
Purpose of this newsletter is to keep the continuing information needs of those professionals who are unable to follow such updates at our platform or any other.
GCA Consultants Updates:
All those students/trainees who ever sent a email to ICAP regarding any query or issue faced (primarily firm related issues) and did not get a reply,please contact us. Share the email ID and the email sent to ICAP. They shall be presented before ICAP anonymously. Our main objective is to get a proper complaint redressal mechanism developed in ICAP.
For those who are facing similar issues,contact ICAP.Raise your issue and if no response is received in 3 days,follow the above guideline.
Please spread this msg in the best interest of aggrieved students.
Send to: firstname.lastname@example.org
GCA ebooks Project:
Following books are added to our eLibrary at http://www.gcaofficial.org/ebooks.html
1. IFRS 2016 Blue Book
2. Auditing Standards 2014
3. ICAEW Past Papers
4. A trader’s money management system
CA ICAP Updates:
Training Regulations highlights:
New CA Firms
1.GCA ebooks project has been revived.Collin drury 6th edition manual+solutions added. 100+ new ebooks coming your way.Keep visiting our ebooks page.
2.GCA facebook page crossed 68,000 likes.
3.Comics by GCA trending. Share your "Be like" and "Don't be like" idea with us and we shall "comify" it.
1.ICAP conducts open house sessions nationwide as part of its educational awareness campaign for the students of the HSSC, A- level and Graduates.
2.AFC winter 2015 official result stats issued.
1.Awareness Seminar on Draft Companies Act, 2015
2.Situation Vacant - Head Office Karachi Based Positions
3.Survey Questionnaire on Draft Companies Act, 2015
4.Job Vacancies Information (JVI) Report - January 17, 2016
5.Corporate Sector, Parents & Students Alert - Management Accounting Qualification & Award of Designation of
6.IBC ~ Two Days Comprehensive Workshop on Quickbooks Enterprise Edition 2014
7.Awareness Seminar on Draft Companies Act, 2015
8.KBC ~ Seminar on Examination Techniques
9.Thought Leaders Summit 2016
10.FBC ~ The Mini Work Shop on Stress and Coping
11.Circular ~ Guidelines for Examinees for Fall 2015 Examinations
12.Timetable for Fall 2015 Examinations Read More
13.Circular ~ Schedule for Gateway Assessment Examinations, January 2016
14.Circular ~ Revised Paper Pattern & Style for PCL Examinations
15.Circular ~ Gateway Assessment Examinations
1.Experienced Faculty required immediately. For details please click link below:
OPPORTUNITY FOR PIPFA MEMBERS.pdf
2.Exemptions in CA: This is announced that PIPFA Members/Qualified are now allowed to claim exemptions from multiple courses of CA Pakistan. These Exemptions would be offered regardless of the fact if the students have passed through exemption scheme of PIPFA. For details please contact 021-34380451-52 or PIPFA Regional Offices at Lahore, Islamabad & Faisalabad.
3.Pakistan Institute of Public Finance Accountants has announced the Results of Winter Exam-2015. Please Click below links to view details:
Press Release W-15 WEB4.pdf
1.If you didn’t get the results you were hoping for in the December exams, the team at ACCA is here to support you. We have developed guides that can help you prepare for success. You can find the guides here: http://po.st/SelfStudy
2.ACCA 2015 study material coming soon.
3.There are some changes in ACCA PER(Practical Experience Requirement) taking place.These changes will be effective from February 2016 onwards, having new challenge questions with an additional reflective statement for each Performance Objective(PO).It is recommended that if any one believe they have achieved any POs according to old format may submit them and have them signed off by their mentor. Any signed off POs will reflect achieved in new policy and the remainder will be required to be achieved under new policy.
1.New UK GAAP for small companies has been introduced to facilitate SMEs new and revised standards become effective for accounting periods beginning on or after 1 January 2016.
2.Amendments to IAS 38 Intangible Assets and IAS 16 Property, Plant and Equipment (effective for annual periods beginning on or after 1 January 2016) introduce severe restrictions on the use of revenue-based amortization for intangible assets and explicitly state that revenue-based methods of depreciation cannot be used for property, plant and equipment. The rebuttable presumption that the use of revenue-based amortization methods for intangible assets is inappropriate can be overcome only when revenue and the consumption of the economic benefits of the intangible asset are ‘highly correlated’, or when the intangible asset is expressed as a measure of revenue. The amendments are not likely to have an impact on Company’s financial statements.
3.Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10 – Consolidated Financial Statements and IAS 28 – Investments in Associates and Joint Ventures) [effective for annual periods beginning on or after 1 January 2016) clarifies (a) which subsidiaries of an investment entity are consolidated; (b) exemption to present consolidated financial statements is available to a parent entity that is a subsidiary of an investment entity; and (c) how an entity that is not an investment entity should apply the equity method of accounting for its investment in an associate or joint venture that is an investment entity. The amendments are not likely to have an impact on Company’s financial statements.
4.Accounting for Acquisitions of Interests in Joint Operations – Amendments to IFRS 11 ‘Joint Arrangements’ (effective for annual periods beginning on or after 1 January 2016) clarify the accounting for the acquisition of an interest in a joint operation where the activities of the operation constitute a business. They require an investor to apply the principles of business combination accounting when it acquires an interest in a joint operation that constitutes a business. The amendments are not likely to have an impact on Company’s financial statements.
5.Amendment to IAS 27 ‘Separate Financial Statement’ (effective for annual periods beginning on or after 1 January 2016) allows entities to use the equity method to account for investments in subsidiaries, joint ventures and associates in their separate financial statements. The amendment is not likely to have an impact on Company’s financial statements.
6.Agriculture: Bearer Plants [Amendment to IAS 16 and IAS 41] (effective for annual periods beginning on or after 1 January 2016). Bearer plants are now in the scope of IAS 16 Property, Plant and Equipment for measurement and disclosure purposes. Therefore, a company can elect to measure bearer plants at cost. However, the produce growing on bearer plants will continue to be measured at fair value less costs to sell under IAS 41 Agriculture. A bearer plant is a plant that: is used in the supply of agricultural produce; is expected to bear produce for more than one period; and has a remote likelihood of being sold as agricultural produce. Before maturity, bearer plants are accounted for in the same way as self-constructed items of property, plant and equipment during construction. The amendments are not likely to have an impact on Company’s financial statements.
7.Annual Improvements 2012-2014 cycles (amendments are effective for annual periods beginning on or after 1 January 2016). The new cycle of improvements contain amendments to the following standards:
8.IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. IFRS 5 is amended to clarify that if an entity changes the method of disposal of an asset (or disposal group) i.e. reclassifies an asset from held for distribution to owners to held for sale or vice versa without any time lag, then such change in classification is considered as continuation of the original plan of disposal and if an entity determines that an asset (or disposal group) no longer meets the criteria to be classified as held for distribution, then it ceases held for distribution accounting in the same way as it would cease held for sale accounting.
9.IFRS 7 ‘Financial Instruments- Disclosures’. IFRS 7 is amended to clarify when servicing arrangements on continuing involvement in transferred financial assets in cases when they are derecognized in their entirety are in the scope of its disclosure requirements. IFRS 7 is also amended to clarify that additional disclosures required by ‘Disclosures: Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS7)’ are not specifically required for inclusion in condensed interim financial statements for all interim periods.
10.IAS 19 ‘Employee Benefits’. IAS 19 is amended to clarify that high quality corporate bonds or government bonds used in determining the discount rate should be issued in the same currency in which the benefits are to be paid.
11.IAS 34 ‘Interim Financial Reporting’. IAS 34 is amended to clarify that certain disclosures, if they are not included in the notes to interim financial statements and disclosed elsewhere should be cross referred.
(The above amendments are not likely to have an impact on Company’s financial statements)
Income Tax return(Company) updates:
As of today no circular issued by FBR for further extension of filing of final taxation of companies for tax year 2015.
Last date was 21st Jan 2016 according to FBR circular NO 1 of 2016.
We will update for if any circular issued.
Officer Examination - ICAP
Deputy Manager – Corporate Affairs - TATA Pakistan
Head of Taxation - TATA Pakistan
Internal Auditor - The University of Balochistan, Quetta.
Internal Audit and Compliance Officer - Brooke Hospital for Animals (Pakistan) Lahore
Finance Head - Confidential
Chief Operating Officer – Services - PIA
Chief Financial Officer - National Insurance Company Ltd.
General Manager Finance - Rastgar Engineering Company (Pvt) Ltd.
Audit Officer - Engro Polymer & Chemicals Ltd.
Head-Internal Audit Division - A Leading Financial Institution
Financial Controller - Fazia Housing Scheme Karachi (FHSK)
Chief Financial Officer - State Life Insurance Company
Chief Financial Officer - Services Industries Limited
1.Our mailing list shall be updated weekly and updates shall also be sent weekly
2.Whatsapp groups are all full and new members shall be added only upon a vacancy,which can take long time
1.New section for comics added: http://www.gcaofficial.org/comics-by-gca
2.Website layout updated
3. "Post your ad" now anyone can post their sponsored ad on our website: http://www.gcaofficial.org/advertise.html
The new Leases Standard, IFRS 16, was issued by the #IASB on Wednesday, and we have lots of information for interested parties which will follow in the next few status updates, so please take a look.
-Via IFRS Foundation-
Thought Leaders Summit 2016: https://www.icmap.com.pk/Admins/EventsPDF/Thought_Leaders_Summit_2016.pdf
ICAP AFC Result Stats:
AFC Passed: 1017
Update on our #AskGCA project:
After our communication with ICAP regrading student reported cases via #AskGCA and the issue being raised by us in open house session, ICAP has made an old link to communicate with institute available again for students. You can check in there,select the appropriate department and share your issue with them.
Please don't hesitate just because you identity is open to ICAP when you report your issue, they are not your enemies and they shall try best to resolve you issue and shall protect you interest as well.