Page 6 - PakistanAccountantOct-Dec2017

CA Signa Signature Qualificationture Qualification CA that Empowers to Leadthat Empowers to Lead P PAKISTANAKISTAN Editor's Letter The Pakistan Accountant and New ICAP Council t is a pleasure to communicate with the honourable members through The Pakistan Accountant. This forum has been serving the cause of our community since long. It is not merely a journal, it is a platform for learning and sharing, which not only highlights the issues but also brings out the Isolutions. We intend to use it even more effectively within Pakistan and abroad. At the time of election we avowed that it was most important to build up the brand of chartered accountancy on the strength of the most modern techniques of marketing and image building including the productive use of all types of media. The Pakistan Accountant is a great means of carrying out this and many other objectives. We anticipate that it shall be immensely beneficial in keeping abreast the fraternity with the new developments and bringing our members close to each other. Furthermore, through this channel the Institute can strengthen its relations with the governments for enhancing the level of active participation in economic policy making processes, particularly, in the fields of corporate affairs, finance, business, trade, banking, taxation and other related matters. It is not out of place to mention here that the Institute has always been the harbinger in advising the governments on various laws and procedures. The recent example is its contribution in refinement of the recently enacted Companies Act 2017, which has simplified the procedure for incorporation of companies, induced electronic means in corporate compliances, provided more protection to shareholders, inculcated corporate governance principles and introduced certain concepts to counter and control anti-money laundering and ensure transparency in beneficial ownership disclosures. Since the issue of the draft Company Bill in 2016, the Institute has actively participated in the consultative process with the Securities and Exchange Commission of Pakistan (SECP) and arranged proactive seminars and meetings for various stakeholders to create awareness and deliberate on the new regulatory regime. The Institute’s comments on the draft Companies Act, submitted to the SECP and the Senate Standing Committee, have triggered certain useful changes in the final draft. The Institute always remains committed to creating awareness amongst members on important subjects. For this, the Members’ Information & Education Series (MIES) – 29 ‘Brief Memorandum on the Companies Act, 2017 – Financial Reporting and Audit Related Sections’ was launched. The Memorandum aims to provide a snapshot on the changes in the Companies Act 2017 relating to the financial reporting and audit related sections along with a comparison of these sections with the relevant sections of the Companies Ordinance 1984. Also, as part of Continuing Professional Development (CPD) program, the Institute has been issuing various publications in hard and soft forms for its members to improve the general understanding of the new law. We request for your kind advice and assistance in further lifting up the standard of The Pakistan Accountant. Muhammad Awais, FCA 4 T4 The Pakistan Accountant he Pakistan Accountant October - December 2017tober - December 2017 Oc