Chief Editor’s Message

Dear Colleagues, ...Feature News...

I am pleased to present the
July 2019 issue of e-Newsletter SAFA meetings in Sri Lanka
which provides a synopsis
Colombo| July 29 & 30, 2019
of the nation-wide activities
and programs undertaken by A delegation of ICMA Pakistan headed by Mr.
ICMA Pakistan. The main focus Zia ul Mustafa, President and comprising of
of major events during this month was on the Mr. Muhammad Yasin, Honorary Treasurer
Finance Act 2019 which has been passed by and Mr. Ather Saleem Ch., member National
the Parliament. Technical Sessions and post- Council participated in the SAFA meetings
budget seminars were organized to identify
held on July 29 and 30, 2019 at Colombo, Sri
the pros and cons of the Finance Act and the
Lanka. Mr. Zia ul Mustafa, President is also
budgetary provisions and explore how these
would be impacting the business, economy the Vice President of SAFA and Chairman of SAFA Committee on Government and Public
and the profession. These sessions were well- Sector Enterprises Accounting (GPSEA). The President ICMA Pakistan also chaired a
attended by members and other stakeholders meeting of GPSEA Committee. Mr. Muhammad Yasin participated as Technical Advisor
and provided useful insight to them about the to the President ICMA Pakistan in the SAFA GPSEA Committee and Board meetings.
implications of the budget and Finance Act. SAFA
Board and other SAFA events were also held at
Colombo during this month. Other programs
were focused on Departmental activities
including the Directors’ Training Program;
Participation in Education Exhibitions and Career
Counselling Seminars.
The Research and Publications Department
released the May-June 2019 issue of Management
Accountant Journal on the theme of ‘Informal
Economy: Challenges for Documentation’. This
SAFA Seminar on combating Bribery and Corruption
issue features useful information on the theme Colombo| July 30, 2019
as well as a special feature on ‘Budget and
Finance Act 2019’. I hope that readers would find On the occasion of SAFA meeting a seminar on
this issue interesting. “Role of Accountants in combating Bribery and
Corruption-South Asian Perspective” was
I would appreciate to receive suggestions on
organized by the Institute of Chartered
rp@icmap.com.pk to further improve the
Accountant of Srilanka. Mr. Athar Saleem Ch.,
newsletter. Please enjoy reading.
member National Council presented a paper at
Muhammad Yasin, FCMA the seminar and shared his experience on the
Chairman, Research and Publications Committee bribery and zero corruption and the challenges
from the perspective of Pakistan. The seminar was also attended by the delegates
representing the professional accounting bodies in the SAFA countries.

National Council
What’s Inside President
Zia ul Mustafa, FCMA
Ghulam Mustafa, FCMA
Chief Executive Officer, Tariq Qazi Management Consultant
CFO & Business Administrator Ather Saleem Ch, FCMA
South Region 02-03
Pakistan Expo Centres Private Limited Head of Compliance & Taxation
Lahore 03-07 Vice President Fauji Fertilizer Bin Qasim Ltd.
Islamabad 08-10 Abdul Wasey Khan, FCMA Muhammad Iqbal Ghori, FCMA
Group Director Internal Audit Director Startegic Planning, Sadaqat Ltd.
Multan 11-12 FAV Group of Companies
Faisalabad 13 Sumaira K. Aslam
Honorary Secretary Additional Secretary Cost Accounting Wing,
Peshawar 13 Shehzad Ahmed Malik, FCMA Finance Division, Government of Pakistan
Chief Executive Officer, Shehzad Malik Management
Overseas 14 Consultants (Pvt) Ltd. Iram Anjum Khan
Deputy Auditor General (Policy)
Directorate Activities 14-25 Honorary Treasurer Auditor General of Pakistan
Muhammad Yasin, FCMA
Chief Financial Officer, Jamshoro Joint Venture Limited, Jameel Ahmad, FCMA
Associated Group Deputy Governor,
State Bank of Pakistan
Abid Lateef Lodhi, FCMA
CEO, Central Power Purchasing Agency Guarantee Ltd, Tahir Mahmood, FCMA
Ministry of Energy, Government of Pakistan Commissioner
Securities and Exchange Commission of Pakistan (SECP)

CHIEF EDITOR EDITOR

Editorial Board Muhammad Yasin, FCMA Shahid Anwar, Director
Chairman, Research & Publications Committee Research & Publications | Email: rp@icmap.com.pk
 Karachi/ Hyderabad

KBC Post-Budget Seminar

Karachi | July 06, 2019

The Students Affairs Committee of Karachi Branch Council

(KBC) organized a Post-Budget Seminar on July 6, 2019 at
Karachi. The objective of the seminar was to deliberate upon
the impact of Federal Budget 2019-20 on the financial sector
and national economy. The main speakers were Mr. Haider
Imam, associated with KPMG, Taseer Hadi & Co. Chartered
Accountants and Mr. Muhammad Tariq, Manager, Indirect
Tax Services, Moore Stephens Shekha and Mufti Chartered
Accountants. The Panelists included Mr. Abdul Wasey Khan,
Vice President ICMA Pakistan; Syed Babar Ali, Chairman KBC;
Mr. Azeem Hussain, Vice Chairman KBC and Mr. Shaham
Ahmed, Chairman, CPD Committee KBC. Mr. Hakim Ali,
Chairman, Students Affairs Committee KBC was the moderator
of the event. The Seminar was attended by around 130 participants including members, students and officials of different
companies who were awarded three CPD hours. Syed Babar Ali, Chairman KBC presented vote of thanks at the conclusion of
the seminar.

Seminar on IFRS
Karachi | July 06, 2019

Karachi Branch Council (KBC) organized a seminar on ‘IFRS’ on July 6, 2019 at Karachi. This was the fourth seminar in series on IFRS
being organized by KBC. Mr. Hasan Marfani, ACA was the lead speaker at the seminar, who briefed the participants about IFRS-9,
IFRS-15 and IFRS-16. Mr. Farough Ali Naweed, Secretary and Treasurer KBC was also present on the occasion. The seminar was
attended by around 75 participants, including members, students and officials of different companies who were awarded 07 CPD
hours. At the end, Mr. Shaham Ahmed, Chairman, CPD Committee KBC presented vote of thanks.

Seminar on ‘Personality Counselling Before heading for Interview’

Karachi | July 13, 2019
The Karachi Branch Council (KBC) organized a Seminar on ‘Personality Counselling Before heading for Interview’ on July 13, 2019
at Karachi. The objective of the seminar was ‘how to prepare for an interview’.

JULY 2019 2
 Mr. Javed Mansha, former Council Member, ICMA Pakistan and Mr. Shaham Ahmed, Chairman, CPD Committee KBC were the
lead speakers whereas, Mr. Khalid Mehboob, Director Examinations and Mr. Muhammad Akmal, Former KBC member also
spoke on the occasion. The seminar was attended by around 50 participants.

ICMA Pakistan’s Participation in DAWN Education Expo

Hyderabad & Sukkur | 06, 07 & 09 July, 2019

The DAWN Group of Newspapers organized ‘The DAWN Education Expo’ at Hyderabad on 06 and 07 July, 2019 and at Sukkur on 09
July, 2019. The South Region actively participated in the DAWN education expo by placing ICMA Pakistan stalls at Hyderabad and
Sukkur which were visited by around 180 participants.
South Region’s Assistant Director, Syed Shaiq Ali Musavi and Deputy Director Hyderabad Campus Incharge, Mr. Hussain Ajmeri
along with volunteers, senior students conducted stall activities such as flyer distribution, individual and group counselling of
targeted Intermediate students and graduates, networking with more than 15 neighboring institutions at expo.
ICMA Pakistan stalls at Hyderabad and Sukkur were also visited by prominent educational and government personalities including
Commissioner Hyderabad, Mr. Muhammad Abbas Baloch; Vice Chancellor Sukkur IBA University Prof. Nisar Ahmed Siddiqui, Vice
Chancellor University of Sindh, Prof. Fateh Mohammad Burfat, Vice Chancellor MUET, Prof. Dr. Aslam Uqaili; Vice Chancellor LUMHS,
Dr. Bikha Ram; Vice Chancellor SAU, Prof. Dr. Mujeebuddin Sahrai; and AIGP-HR, Mr. Ghulam SarwarJamali. These dignitaries were
briefed about the Institute and presented official souvenirs.

Lahore

LBC’s Technical Session on ‘Finance Act, 2019’

Lahore | July 09, 2019

Lahore Branch Council (LBC) organized a Technical Session on ‘Finance Act, 2019 (Focusing on Changes in Tax Laws)’ on July
09, 2019 at Lahore. Mr. Zia ul Mustafa, President ICMA Pakistan was the Chief Guest whereas Mr. Muhammad Yasin, Honorary
Treasurer ICMA Pakistan was the Guest of Honor. Mr. Abdul Razzaq, FCMA, CEO, A.R. & Co. Cost & Management Accountants and
Mr. Nadeem Butt, FCA Nadeem Butt & Co. Chartered Accountants were the Technical Speakers at the session. Mr. Salman Haider,
Vice Chairman LBC was Master of the ceremony.
The welcome address was presented by Mr. Awais Yasin, Chairman LBC. Those prominent in the technical session included Mr.
Salman Haider, Vice Chairman LBC; Mr. Ghulam Abbas; Mr. Muhammad Shahid, and Mr. Hamid Zahoor, members LBC.

JULY 2019 3
 The speakers briefed the participants about the salient features
of the Finance Act, 2019 with special reference to the measures
introduced for broadening of tax net. The speakers also pointed
out the weaknesses and complications in the tax system leading
to tax non-compliance by the tax payers. They emphasized upon
simplifying the tax procedures and authorizing the accounting
and tax professionals to assist the small businessman and others
to complete the tax procedural requirements to their satisfaction
as well as to the satisfaction of the tax authorities.
A panel discussion was also held where the panelists were Mr. Ata-ur-Rehman, Manager Finance & Taxes, Shafi Spinning Mills Ltd; Mr.
Zeeshan Chishti, Director Taxes, Anjum Asim & Co; Mr. Atif Nazar, Senior Auditor FBR; Mr. Nadeem Butt, FCA and Mr. Abdul Razzaq, FCMA.
Around 125 members, students and accounting professionals attended the session who were awarded three CPD hours. At the end
shields and bouquets were presented to the speakers and organizers.

Certificates distribution ceremony of Advance Excel

Lahore | July 04, 2019

Lahore Branch Council (LBC) organized a closing ceremony of 8-days Workshop on ‘Advance Excel from Novice to Professional (Using
Microsoft Excel 2013/2016)’ on July 04, 2019 at Lahore. Mr. Zia ul Mustafa, President ICMA Pakistan was the Chief Guest on the occasion.
Mr. Awais Yasin, Chairman LBC; Mr. Salman Haider, Vice Chairman LBC; Mr. Najaf Abbas, member LBC were also present. The welcome
address was presented by Mr. Awais Yasin, Chairman LBC.
The President ICMA Pakistan in his address, appreciated the team of LBC for organizing the workshop, including the trainer, Syed Ali Asjad
Rizvi, for his devotion to education activities at LBC. He advised the attendees to continue learning even after completion of education as
the horizon of knowledge is expanding and if they do not do so, they would lag behind in professional development and lose against their
competitors. In the end the President distributed certificates among the participants who were also awarded 20 CPD hours.

Exclusive session on ‘Opportunities and Challenges in Market’

Lahore | July 11, 2019

The Students Affairs Committee of Lahore Branch Council (LBC) organized an exclusive session with newly qualified students and
members of the Institute on ‘Opportunities and Challenges in the Market’ on July 11, 2019 at Lahore campus. Mr. Muhammad
Yasin, Honorary Treasurer ICMA Pakistan was the Chief Guest on the occasion. The objective of this session was to become aware
of the challenges faced and opportunities available in the market. Mr. Salman Haider, Vice Chairman LBC; Mr. Ghulam Abbas,
Chairman MARCOM Committee, LBC; Mr. Muhammad Shahid, Chairman Education Committee, LBC and Mr. Hamid Zahoor,
Chairman Students Affairs Committee, LBC were also present. Mr. Muhammad Yasin, former Chairman ICMA Lahore Toastmaster
Club was the Master of ceremony.
A questionnaire was also distributed among the attendees to seek their opinion. After deliberations, it was agreed to conduct
SWOT analysis of the issues faced by the Institute’s stake-holders in connection with professional competitiveness and growth in
respective organizations, soft skills, job placement, local and foreign recognition of ICMA Pakistan and the role of ICMA members
at different forums of FBR, SECP, SBP etc.

JULY 2019 4
 It was further decided to hold such interactions with newly qualified members on a weekly basis. Mr. Muhammad Shahid, Chairman
Education Committee, LBC presented vote of thanks. Around 70 members/CMAs attended the session and 02 CPD hours were
awarded to each participant.

27th Directors’ Training Program

Lahore | July 15 to 19, 2019

ICMA Pakistan “27th Director Training Programme” was held at Avari Hotel, Lahore from 15-19 July, 2019 under the aegis of
the ICMA Pakistan in collaboration with Pakistan Micro-Finance network and BCG (Buildstone Consulting Group). Mr. Ale Imran
Siddiqui FCMA, Mr. Saeed A. Sheikh FCMA, Mr. Awais Yasin FCMA and Mr. Raza Saeed FCMA were the lead trainers.
Mr. Muhammad Yasin FCMA, Hon. Treasurer (ICMA Pakistan) was the Chief Guest in the closing ceremony. Mr. Sarfraz Ahmad
ACMA, Joint Director ICMA Lahore and the Trainers Mr. Saeed A. Sheikh FCMA, Mr. Ale Imran Siddiqui FCMA, Mr. Raza Saeed FCMA
and Mr. Awais Yasin FCMA were also present on the occasion. The 5-day training program was organized exclusively for Micro-
Finance sector. Earlier Mr. Sarfraz Ahmad ACMA, Joint Director ICMA Campus Lahore, on 15th July, 2019, initiated the opening
ceremony of the event.
Mr. Muhammad Yasin FCMA, Hon. Treasurer (ICMA Pakistan) made the concluding speach. Mr. Asim Ali Faiz Chishti, CEO (Buildstone
Consulting Group), Mr. Sarfraz Ahmad ACMA, Joint Director ICMA Lahore and the Hon. Treasurer (ICMA Pakistan) distributed
the Shields and certificates to the participants. Around 12-Directors, Board Members, CEOs, CFOs,Company secretaries, business
professionals participated in the training. 40-CPD hours were awarded to each participant.

Technical Session on ‘Examination Techniques’

Lahore | July 22, 2019

Lahore Branch Council (LBC) organized a Technical Session for the Students on ‘Examination Techniques’ on July 22, 2019
at ICMA Campus Lahore. Mr. Muhammad Yasin, Honorary Treasurer was the Chief Guest whereas Mr. Muhammad Shahid,
Chairman,Education Committee LBC was the Guest of Honor. Mr. Sarfraz Ahmad, Joint Director (campus management) Lahore
was the Lead Speaker at the session. Mr. Salman Haider, Vice Chairman LBC, Mr. Hamid Zahoor, Chairman, Students Affairs
Committee LBC, Mr. Rashid Mahmood were also present.

JULY 2019 5
 Mr. Sarfraz Ahmad, discussed in detail results and weaknesses of students in the last five attempts especially in the subjects of
SMA, MA, CLSP, AFA & CR. He stated that most of the students attempted the questions in disjointed manner and advised them
to read and attempt the questions in orderly mode. He emphasized that the examinees must spend their time on questions
according to the marks allocation; use bullets for theoretical answers. He further advised them to attempt the easiest question
first and then move on to other ones; and use assumptions if question are confusing. To enhance the presentation, he stated
that they should write in legible flow / order and use facts and figures; give headings / sub-headings and check formulae,
tables and calculations. He further advised them to use charts and graphs to enrich presentations. At the end the examinees
must review the Answer Script page to page, point to point; locate missing data or formulae and if time allows check and redo
the calculations. The closing remarks were delivered by Mr. Muhammad Shahid, Chairman, Education Committee LBC. He also
invited questions from the students and exhaustively answered the queries raised by them. At the end he wished the students
best of luck and success in the coming examinations. Around 125 students attended the session.

Orientation Session
Lahore | July 19, 2019

ICMA Pakistan organized an ‘Orientation Session’ at ICMA Campus Lahore, on July 19, 2019 to apprise the newly admitted students to
the education environment in the Institute. Mr. Sarfraz Ahmad, Joint Director (campus management) Lahore, was the Lead Speaker. He
dealt at length with the facilities available in the Institute including Library, Canteen, and Computer Lab etc. He advised the students to
observe discipline in all respects. He stated that the code of conduct is very important and must be adhered to carefully. In this respect
he advised the students to refer to the Career Pack of the Institute. While discussing the coaching system he stated that we have highly
experienced faculty to teach the students. They usually use English and Urdu in their lectures keeping in view the understanding level
of the students and that visual aids are also used to explain the concepts of various subjects. He also expounded the examinations
objectives, policies and procedures. In connection with any problem faced by the students not clearly understandable to them, he
advised them to refer to the Career Pack and website of the Institute. Around 60 students were present on the occasion.

LBC’s Session on Career Pathway for ICMA-Pakistan Members

Lahore | July 23, 2019

Lahore Branch Council (LBC) organized a session on ‘Career Pathway’ for Institute’s members. Mr. Muhammad Maqbool, FCA, FCA
(England & Wales), FCCA (UK), CPA was the guest speaker on the occasion. Mr. Hashim Sultan, CEO (AeU) & Mr. Sajjad Ahmad Cheema,
Director Admin (AeU) were also present. Mr. Awais Yasin, FCMA Chairman Lahore Branch Council delivered the address of welcome.
The program was based on a Memorandum of Association signed by the ICMA- Pakistan with Asia E University of Malaysia. The
objective was to provide Career Pathway to the members of the Institute. Under the MOU members of ICMA may pursue MS in
Management Sciences or Ph.D in Business Administration. It is hoped that professionals in financial sector and industry can exploit
this opportunity to do independent research and complete the degrees on one’s own pace. Expectedly graduates of these programs
will acquire the ability to appraise problems in business and administration critically using scientific skills thus provides expert advice
to business and society. The successful aspirants would be poised for upper level positions in organizations. Vote of thanks was
presented by Mr. Salman Haider, Vice Chairman LBC. Around seventy (70) members and students attended the session.

JULY 2019 6
 Session on ‘Way to Success’
Lahore | July 15, 2019

Hawks Youth Vision: a Youth betterment and uplift organization organized a session on the subject of ‘Way to Success’on July
15, 2019 at Lahore. Prof. Rashid Saleem, Prof. Sajjad Haider of Punjab University, Mr. Zeeshan Afzal, CEO of Afridi Foundation
and Mr. Sarfraz Ahmad, Joint Director (campus management)Lahore were the Lead Speakers. A large number of graduates
and students participated in the event. There was consensus of opinion among the speakers that unemployment is the main
problem faced by the young generation in Pakistan. Mr. Sarfraz Ahmad in his speech stressed that ICMA Pakistan can play a
successful role in coming to the rescue of young people for coming over un-employment imbroglio. He persuasively shared his
views with audience and motivated them to join and pursue CMA qualification for career development. He enlightened the
young people that after completion of ICMA qualification they can rise to the highest positions in the realm of accounting and
finance like, CEO, CFO General Manager Finance, Manager Finance etc. etc. At the end he wished them best of luck and success
in their career.

LBC’s Students Session on ‘Speak-up’

Lahore | July 26, 2019

The Student Affairs Committee of Lahore Branch Council and ICMA-Lahore Toastmasters Club jointly organized an Awareness
Session for the students under the title of “Speak-up” on July 26, 2019 at Lahore. The objective was to prepare them for business
presentations and job interviews. Mr. Muhammad Yasin, Honorary Treasurer was the Chief Guest whereas Mr. Hamid Zahoor,
Chairman, Students Affairs Committee LBC was the Guest of Honor. Mr. Salman Haider, Vice Chairman LBC, Mr. Ghulam Abbas,
Member LBC, Mr. Rashid Mahmood, member (LBC) / President ICMA-Lahore Toastmaster Club, Mr. Sarfraz Ahmad, Joint Director
(campus management) Lahore, Mr. Shahzad Khan Sherwani FCMA and Mr. Ghulam Farid were also present.
Mr. Muhammad Yasin, delivered the address of welcome. He motivated the participating students to join the ICMA Toastmasters
Club for their betterment. It was emphasized that under the adage of ‘practice makes a man perfect’ the Toastmaster Club Members
are poised to acquire the ability and self-confidence to speak better in interviews and presentations. They can thus become well
prepared to fare better in all kinds of situations. It was stressed that with repeated practice their hidden ability would be awakened
for achieving their ultimate goals. The concluding address was presented by Mr. Rashid Mahmood FCMA, President ICMA-Lahore
Toastmasters Club. He thanked all the participants and wished them the best of luck and success in their career. Around 70-CMA
students and members attended the session.

JULY 2019 7
 Islamabad

MOU with JAZZ

Islamabad | June 13, 2019

ICMA Pakistan through its Islamabad Branch Council (IBC) signed a memorandum of understanding with Jazz Mobilink on June 13,
2019 at Islamabad. The MOU was signed by Mr. Shahzad Ahmed Malik, Honorary Secretary ICMA Pakistan and Regional Manager
North Mr. SarmadMaqsood Malik, Director B2B Enterprise solutions. This agreement aimed to facilitate members and employees
of ICMA Pakistan.The offer gave a choice to opt for 40 % discount on monthly pre-tax bill and special packages for members,
employees of ICMA Pakistan and their families on buying new connections. The offer is valid up till June 14, 2021.
Mr. Adil Amin, Secretary IBC; Mr. Aamir Ijaz Khan, Executive Director ICMA Pakistan; Mr. Zakir Hussain Satti, Director Islamabad
Campus and Mr. Shahid Saleem, Deputy Director Administration were present on the occasion. Mr. Qambar Bashir Kiyani, Team
leader Jazz was also present in the signing ceremony from Mobilink Jazz.

The students Mentoring Session -2019

Islamabad | July 06, 2019

Education department’s admission wing of ICMA Pakistan held a very stirring mentoring session on July 06, 2019 at ICMA Pakistan
Islamabad Centre. It was attended by a large number of students in the hall of ICMA Pakistan Islamabad Centre. Mr. Irfan Siddique,
ACMA was the lead speaker, he is Manager Treasury in PTCL, shared valuable insight to the students on the benefits reaped after
getting an CMA degree and becoming an associate member. At the end of the session students asked questions about career
prospects after having acquired this degree which were answered by him very comprehensively.

APCOMS Job Fair-2019

Islamabad | July 09, 2019

ICMA Pakistan Education department’s admissions wing participated in the job Fair held at APCOMS on July 08, 2019 at Rawalpindi.
The objective of this participation was to carry out career counselling for the students of Management Sciences department. Twenty
companies participated in this exciting job fair. Ms. Aiza and Ms. Mahwish from admin team participated from Islamabad Centre of
ICMA Pakistan. Dr. Zeb Jan (Dean, Management Sciences, APCOMS) was the main speaker and Mr. Shahjahan Sarfaraz Raja (Head of
Department Management Sciences, APCOMS) shared valuable insight of their enriched curriculum, achievements of the students and
the entire team of APCOMS.The Dean appreciated ICMA Pakistan for their participation in this Job Fair.

JULY 2019 8
 Students’ Quiz Competition 2019
Islamabad | July 13, 2019

Islamabad Branch Council (IBC) in collaboration with Education department, Islamabad Campus organized a Quiz competition for
students on July 13, 2019. The objective was to engage the students into an activity to refresh knowledge about their curriculum.
Mr. Adil Amin, Chairman, IBC was the chief guest who appreciated the efforts and passion of students in taking an active part in this
thrilling competition. The speakers were Ch. Hamoon Ur Rasheed, Mr. Irfan Siddiqui, ACMA and Mr. Ashar Yousfani (CMA Qualified).
Professor Zafar Ullah Siddiqui, Mr. Asif Rasool were the two judges on the panel and Professor Zafar Ullah Siddiqui and Mr. Zakir
Hussain Satti, Director Islamabad campus distributed shields to the participants. At the end of the event, the speakers were presented
flower bouquets whereas the members of winning and runner up teams were presented certificates.

Role of honor to Islamabad Faculty 2018

Islamabad | July 27, 2019

Islamabad Branch Council (IBC) organized a ceremony on July 27, 2019 to award certificates of role of honor to faculty members in
recognition of their outstanding performance in yielding the best results. Mr. Ghulam Mustafa Qazi, member National Council was
the chief guest on this occasion.
Mr. Zakir Hussain Satti, Director Islamabad Campus opened the ceremony. Mr. Muhammad Arif, Vice Chairman IBC and Mr.
Mohammad Abdur Rab Khan, Secretary IBC shared their valuable views about the faculty and appreciated their hardwork and efforts.
They appreciated the efforts of faculty members and discussed the prospects of further improvement and advancement in mentoring
and grooming of students. Mr. Mohammed Abdur Rab Khan, Secretary IBC presented the concluding remarks and vote of thanks.

Orientation Session for newly enrolled Students

Islamabad | July 24, 2019

The Education Department’s Career counselling team of ICMA Pakistan conducted a splendid orientation session for Operation Level –
1 students in its Islamabad campus on July 24,2019. Mr. Ahsan Iftikhar and Ms. Aiza Ahsan, Education Officers were the main speakers
of this session which was attended by around 60 candidates. Mr. Zakir Hussain Satti, Director Islamabad campus opened the session
and gave the students an insight on benefits of choosing CMA as a career path and reasoned out why selecting this profession makes
them ahead of other related fields of this dynamic profession of Management Accountancy.

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 Meeting of Faculty Selection and Financial Assistance Committee
Islamabad | July 27, 2019

Islamabad Branch Council (IBC) in collaboration with Education department organized a meeting of Faculty selection and Financial
Assistance committee in ICMA Pakistan in its Islamabad centre on July 27, 2019. It was opened by Mr. Zakir Hussain Satti, Director
Islamabad campus. This meeting was attended by Mr. Ghulam Mustafa Qazi, member National Council; Mr. Adil Amin, Chairman
IBC and Mr. Mohammed Arif, Vice Chairman IBC and Mr. Muhammed Rab Khan, Secretary IBC and Ms. Shahida Ibrahim, Director
Education. The teachers having less than five years’ experience and new aspirant candidates for teaching positions participated in this
meeting.

Grand In-house Counselling Session

Islamabad | July 13, 2019

Education department conducted a career counselling session titled ‘Why to choose CMA’ on July 13, 2019 Islamabad campus.
Mr. Ahsan Iftikhar along with Ms. Aiza Ahsan and Ms. Mehwish were the main speakers at the session which was participated by
around 100 candidates. The education team responded comprehensively to various queries raised by the participants during the
career counselling session. Mr. Zakir Hussain Satti, Director Islamabad Campus opened the session whereas Mr. Adil Amin, Secretary
Islamabad Branch council closed the event by giving the students an insight on benefits of choosing CMA as a career path.

JULY 2019 10
 Multan

Career Counselling Sessions at Colleges

Multan | July, 2019

Govt. College of Commerce Dera Ghazi Khan Govt. College of Commerce KotAddu

Govt. College of Commerce Layyah Govt. College of Commerce Muzaffar Garh

The Multan Campus held ‘Career Counselling Sessions’ at Govt. College of Commerce KotAddu; Govt. College of Commerce Dera
Ghazi Khan; Govt. College of Commerce Layyah and Govt. College of Commerce Muzaffar Garh on July 2019. These sessions
were attended by freshly qualified students of intermediate and higher studies. They were briefed about the admission criteria;
entry routes and career opportunities available to CMA graduates. The presentations were made by Ms. Fauzia Haroon, Officer
Education and Ms. Munazza Batool. The Deans and principals of colleges also made speeches in which they emphasized to
boost the youth moral for higher studies. Ms. Fauzia Haroon motivated the participants to acquire professional qualification for
skill development and join international level studies.The sessions were concluded with Q&A session.

In-house Career Counselling and Awareness Sessions

Multan | July 18 & 27, 2019

The Multan Campus organized In-house Career Counselling & Awareness Sessions on July 18 and 27, 2019 at Multan Campus. The
sessions were attended by freshly qualified students of intermediate and higher studies and their parents. The objective of these
sessions was to create awareness in the tentative new batch to join professional qualification. The presentations were delivered by
Ms. Samina Kiani,Deputy Director and Ms. Munazza Batool, Multan Campus.

JULY 2019 11
 Free Distribution of CMA Books at Multan Campus
Multan | July 22, 2019

The Multan Campus arranged a stall to distribute free books among the students for better understanding of level wise subjects. The
students and faculty members took keen interest in the free book distribution stall arranged by the Multan Campus. ICMA Pakistan
Bags were also sold at discounted price, for students only. Ms. Samina Kiani, Deputy Director Multan Campus was also present.

Meeting with Director of Colleges

Multan | July 18, 2019
Ms. Samina Kiani, Deputy Director Multan Campus visited the office of
Mr. Qazi Khalid, Deputy Director of Directorate of Colleges, Multan to
discuss issues regarding visits of colleges in Multan to invite their Deans
and students to visit ICMA Pakistan Multan Campus.

Meeting with Faculty of Multan Campus

Multan | July 30, 2019

Ms. Samina Kiani, Deputy Director Multan Campus held a meeting with faculty on July 30, 2019 at Multan campus. The purpose of
the meeting was to discuss issues regarding new syllabus outlines; ICMA published books; teaching methodology; class test system;
student’s minor issues and departmental issues related to faculty members (Finance, Education etc.). In the end, she thanked all the
faculty members for joining the meeting.

JULY 2019 12
 Faisalabad

The News Education Expo

Faisalabad | July 06, 2019

Faisalabad Campus participated in “The News Education Expo 2019” on July 06, 2019 at Royalton Hotel Faisalabad. A large
number of visitors, including students, academicians, dignitaries and literary persons visited the ICMA Pakistan stall and
gathered information.

Peshawar

Career Counselling Sessions

Peshawar | July 02, 03 & 10, 2019

Rubicon Coaching Academy DAWN Coaching Academy Islamia Coaching Academy

Khyber Coaching Academy MM Coaching Academy

Peshawar Campus conducted career counselling sessions on July 02, 2019 at Rubicon Coaching Academy; on July 03, 2019 at
DAWN Coaching Academy; Islamia Coaching Academy and Khyber Coaching Academy; District Swat and on July 10, 2019 at
MM Coaching Academy, Peshawar. Mr. Zulfiqar Ali, Officer Education conducted the seminars. A detailed presentation and
discussions were made regarding general career planning and CMA education scheme were elaborated in depth followed by
questions and answers session. The faculty members and Intermediate Level Students were the target audience.

JULY 2019 13
 Overseas Branch Councils

Get-together event at ‘KSA’

Riyadh | July 12, 2019

ICMA Pakistan Branch Council organized a Get-together event on July 12, 2019 at Pak House Restaurant Murabba Riyadh,
Kingdom of Saudi Arabia (KSA). This event was for members and students only. The event enabled all participants to introduce
themselves and participate in discussion on connectivity with ICMA Pakistan KSA branch council and ICMA Pakistan head office.

ED Secretariat

Executive Director Attended Inaugural Ceremony of Asia e University

Karachi | July 27, 2019
Mr. Aamir Ijaz Khan, Executive Director ICMA Pakistan attended the inaugural ceremony of Asia e University, Malaysia held on
July 27, 2019 at Karachi.

Marketing & Communication

Director MARCOM meeting with DG HR, AGP

July, 2019

Ms. Javaria Malik, Director Marketing and Communication (MARCOM) held a meeting with DG HR, Office of Auditor General of Pakistan.

JULY 2019 14
 Examination

T he examinees were got enrolled for Institute’s forthcoming Spring 2019 [Written] Examinations, for all nine (9) applicable
courses of Managerial Level-2, Strategic Level-1 and Strategic Level-2, scheduled from August 19, 2019, and Local Laws Gateway
Examination [LLG]-01, scheduled on August 21, 2019, under Modified Scheme of Study (MSS) 2018. The examinations are scheduled
to be conducted at Karachi, Lahore, Islamabad, Multan, Faisalabad, Peshawar, Quetta, Hyderabad, Abbottabad, Gujranwala, Gilgit and
Dubai (UAE) examination centres.
During the month, the Institute also arranged ‘Preview Sessions’ on July 02, 2019, at Karachi [Head Office], Lahore, Islamabad and
Multan centres, for the students who applied to preview their assessed examination answer scripts of Summer 2019 [Written]
Examinations.
The Institute, for the first time, issued the Examination Grade Sheets and Level and Final Completion Certificates through Oracle based
ERP for Examination. The facility has enabled the Examination Directorate to produce the examination credentials with a single-click
transaction rather inputting detailed criteria for extracting the eligible candidates for the same.
The Institute also conducted an Interactive Session with the Resource Persons of the Examination Directorate under the Chair of
Chairman, Examination Committee with the intention to bring quality improvements in paper development and assessment
engagements.
The Institute, keeping in view the current economic requirements under review, issued a Circular regarding ‘Inclusion of Recent
Updates/ Amendments of Rates, Rules, Laws and Regulations for taking ICMA Pakistan Examinations’, w.e.f. November 2019.
Nevertheless, this initiative will help students keep themselves updated not only with the current changes but will also help them
secure honorable positions in the industry including adopting practical approach for acquiring professional development and aptitude.
In order to endorse the Administrative Rights for enrolling examinees at ICMA Pakistan centres, the Institute also provided the
enrollment reports, which were also available at Examination Directorate’s Admin Panel. These reports will facilitate the Regional
Heads/ Officers In-Charge with regard to (a) ensuring maximum available strength for a particular exam attempt; (b) planning sitting
capacities well on-time; (c) recording examinees’ particulars for analyses purposes; (d) using contact details of intended candidates
for sending promos of the Institute; etc.
During the month, for quality improvement of Education and Examination systems, the Regional Heads of Karachi [South Region] and
Lahore [Central Region], were facilitated with the detailed analytical report/ presentation, comprising students’ weak areas of study
and highlighting subject-wise performance during last five examinations attempts for conducting onward orientation sessions at both
respective campuses under the chair of the Examination Committee.
The Institute also updated the Transitional Arrangement, under MSS 2018, for all registered students [approx. more than 55,000
records] for facilitating students for appearing in upcoming examination attempts.
Whereas, there was no Examination Committee meeting held during the month.

Education

JULY 2019 15
 Research & Publications

Release of May-June 2019 issue of Management Accountant

The May-June 2019 issue of Management Accountant Journal on the theme of ‘Informal
Economy: Challenges for Documentation’ was released and hosted on Institute’s website. This
issue features a Special message from hon’ble Mohammedmian Soomro, Federal Minister
for Privatization and an exclusive interview of Engr. Daroo Khan Achakzai, President, The
Federation of Pakistan Chambers of Commerce and Industry (FPCCI). This issue also contains
a ‘Special Feature’ segment which contains a Post-Budget 2019-20 Survey Report; write-up on
Finance Act 2019 Vs Finance Bill 2019; Infographics on Budget 2019-20 and Economic Survey
2018-20; all developed by the R&P Department. The issue can be viewed/ downloaded from
link: https://www.icmap.com.pk/management_accountant.aspx

Seeking comments of Trade and Industry on Budget 2019-20

The Research and Publications Department approached the Presidents of leading Chambers of Commerce and Chairmen of Industry
Associations to seek their views directly on the budget 2019-20 with regard to its impact on business and economy. Due to consistent
efforts, comments were received from the following representatives of trade and industry which were published in a ‘Special Feature’
segment of May-June 2019 issue of Management Accountant Journal:
a. Ms. Shazia Syed – President, Overseas Investors Chamber of Commerce and Industry (OICCI)
b. Mr. Almas Hyder – President, Lahore Chamber of Commerce and Industry (LCCI)
c. Mr. Junaid Esmail Makda – President, Karachi Chamber of Commerce and Industry (KCCI)
d. Mr. Ahmed Hassan Moughal - President, Islamabad Chamber of Commerce and Industry (ICCI)
e. Mr. Mohammad Hasan Bakshi - Chairman, Association of Builders and Developers (ABAD)
f. Syed Ahmed – Chairman, Pakistan Software Houses Association for IT & ITES (PASHA)

Survey on Entrepreneurship Inclination

The R&P Department developed and released a ‘Members’ Survey on Entrepreneurship Inclination’ on Institute’s website on July
20, 2019 to elicit the views and reaction on the inclination of members of ICMA Pakistan towards entrepreneurship, especially
their readiness to initiate a ‘startup business’. The deadline for submitting responses is August 15, 2019. The survey report will be
published in the July-Aug 2019 of Management Accountant Journal. Members can fill-up this survey on link: https://www.icmap.
com.pk/survey.aspx or by visiting Institute’s website

Post Budget 2019-20 Survey Report

A ‘Survey Report’ was prepared by R&P Department on ‘Post Budget 2019-20’ in which 79% termed the Budget 19-20 as
‘Reasonable; 77% thinks Budget is a step forward to progress and development and 65% agrees that present hardships would turn
into positive benefit for people and economy. There was a good response to the survey and in total 186 members filled-up the
survey form. The Survey report is published in May-June 2019 issue of Management Accountant Journal.

Infographics on Budget 2019-20 and Economic Survey 2018-19

The Research and Publications Department made a detailed study of Budget 2019-20 documents and the Economic Survey 2018-19
released prior to the announcement of budget and based on the information provided in these documents, prepared infographics
for publication in the ‘Special Budget Feature’ segment of May-June 2019 issue of MA Journal.

JULY 2019 16
 The primary objective of the infographics is to provide easy/ ready reference our members, students and other readers from the
business, industry and government, on the budgetary estimates and targets as well as economic performance achieved last year
with special reference to the targets set and actual performance achieved by each sector of economy.

Paper on Finance Act 2019 Vs Finance Bill 2019

The Research and Publications Department prepared a paper on ‘Finance Act 2019 vs. Finance Bill 2019 – A Comparison of Income
Tax Provisions’. This paper identifies the modifications made specifically in the income tax provisions through amendments in the
Income Tax Ordinance (ITO), 2001. This paper has been published in the May-June 2019 issue of Management Accountant Journal.

Invitation of Articles for upcoming issues of MA Journal

Jul-Aug 2019 : Business Startups and Professionals [Deadline: 15th August 2019]
Sep-Oct 2019 : Trade, Tariffs and Taxation [Deadline: 10th October 2019]
Nov-Dec 2019 : Foreign Aid: Blessing or Curse [Deadline: 10th December 2019]
Members who are interested to contribute articles on the above themes are advised to contact the Director, Research and
Publications on email: rp@icmap.com.pk or phone 021-99243029 to register their consent and communicate the topic of article.
The articles are required to be sent on above email address positively by the given deadlines.

Don’t miss the upcoming issue of MA Journal on ‘Business Startups’…. coming soon
The July-Aug 2019 issue of Management Accountant will be on theme of ‘Business Startups and Professionals’. The key
highlights of this issue would be interviews of leading startup entrepreneurs of Pakistan; survey report on Entrepreneurship
Inclination of members of ICMA Pakistan; insightful articles and write-ups on startups; associated challenges and the pivotal
role of professional accountants in startup success and growth…..…and a lot more.. The digital copy shall be hosted on the
website of Institute https://www.icmap.com.pk/management_accountant.aspx by the first week of September 2019. So,
don’t miss this issue and stay alert.

JULY 2019 17
 Members’ Professional Development & Corporate Training (MPD&CT)
The following meetings of Members’ Professional Development & Corporate Training (MPD&CT) were held in the month of July, 2019.

Meeting with General Tyre on July 15, 2019 Meeting with HR Junction on July 13, 2019

Meeting with PBC on July 16, 2019 Meeting with Master Motors on July 27, 2019

Meeting with Reon Energy Solution on July 24, 2019 Meeting with PIPFA on July 16, 2019

Mou with HR Junction on July 27, 2019 Meeting with Sajid Textile on July 15, 2019

JULY 2019 18
 Technical Support & Practice Development (TSPD)

Tax Rate Card for year 2019-20

Technical Support & Practice Development Committee (TSPD) prepared the Tax Rate Card for the year 2019-20. The objective
of preparing the tax rate card was to provide facilitation to the members at large and other stakeholders. The tax rate card was
circulated among the members and also uploaded on the website of the Institute at the following link:-
https://www.icmap.com.pk/News_Pdf/Tax_RateCard_for_Tax_Year_2020.pdf

JULY 2019 19
 Booklet on Comparison of Finance Bill & Act 2019
Technical Support & Practice Development Committee (TSPD) prepared a Booklet on Comparison
of Finance Bill & Act 2019. The objective of preparing the booklet was to provide an insight on the
major differences between the Finance Bill and Finance Act, 2019 which will be beneficial for the
members at large and other stakeholders. The booklet was circulated among the members and
also placed on the website of the Institute at the following link:-
https://www.icmap.com.pk/News_Pdf/Booklet_on_Comparison_of_Finance_Bill_Act_2019.pdf

Commentary on Federal Budget after Finance Act, 2019

Technical Support & Practice Development Committee (TSPD) prepared Commentary on Federal
Budget after Finance Act, 2019. The purpose of preparing this commentary is to provide a deep
insight on the Federal Budget 2019-20, as approved by the parliament, and to enable the readers
understand various amendments introduced in taxation laws through Finance Act, 2019. The
commentary will enable the readers in understanding the budgetary changes and important
regular compliance requirements. The commentary was circulated among the members and also
placed on the website of the Institute at the following link:-
https://www.icmap.com.pk/News_Pdf/Commentary_on_FederalBudget_after_FinanceAct2019.pdf

Technical Update
DRAFT COLLATERAL MANAGEMENT COMPANIES REGULATIONS, 2019
Securities and Exchange Commission of Pakistan (SECP) vide their S.R.O. 717(I)/2019 dated July 2, 2019 issued draft Collateral
Management Companies Regulations, 2019 under the Companies Act, 2017 for public comments. The draft regulations are aimed
to promote electronic trading and warehouse receipt financing of agricultural commodities.
According to draft regulations, any public limited company with an equity of Rs200 million or higher will be eligible for seeking
permission of SECP to register as a collateral management company (CMC). CMCs will provide storage and preservation services
for a range of agricultural commodities and will issue credible warehouse receipts for agricultural commodity financing.
Additionally, these companies will carry out stock audits, as well as accreditations and inspections of warehouses. Such accreditations
will be based on an evaluation of relevant documents including, but not limited to, an evidence of ownership/lease documents
of warehouse, certificate of compliance of warehouse with the applicable local laws, security and insurance arrangements, and
presence of all necessary equipment for loading/unloading, weighing, drying and handling commodities.
Benefits of a well-designed collateral management system include access to credit for farmers, reduced post-harvest losses thereby
leading to improved profitability for farmers, and reduced risks for creditors through secured collateral.
1. REVISION IN RATE OF FEES BY SECP
SECP vide their S.R.O. 716(I)/2019 dated July 2, 2019 revised rate of fees with immediate effect, in exercise of the powers conferred under
clause (g) of sub-section (1) of section 21 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997), as under:-

Regulated Activity Revised Fee (in PKR)

Fee to be paid at the time of obtaining permission to form a credit rating company NIL
Fee to be paid at the time of applying for license as a credit rating company 100,000
Credit Rating Companies
Fee to be paid at the time of applying for renewal of license as a credit rating company NIL
Banker to an issue License renewal fee NIL
Consultant to the issue License renewal fee NIL
Fresh License Fee 250,000
Underwriter
License renewal fee NIL
Debt Securities Trustees License renewal fee NIL
Share Registrars and Ballotters License renewal fee NIL
In case of public offering of equity securities of a company 200,000
Public Offering of Securities
In case of issuance of debt security 100,000

JULY 2019 20
 2. SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SEARCH AND SEIZURE) RULES, 2019
SECP vide their S.R.O. 713(I)/2019 dated July 1, 2019 approved the (Search and Seizure) Rules, 2019. The Rules were previously
published vide S.R.O. 306(I)/2018, dated March 7, 2018 for public comments.
The Rules provide procedures relating to search and seizure and elaborates rights and obligations of investigating officer and
persons being searched.
According to the Rules, “investigating officer” means any employee or any other person for the purpose of investigation authorized
by the Commission under the Act or any administered legislation and also includes investigation team of the said employees or
any other persons.
3. DRAFT CORPORATE REHABILITATION REGULATIONS, 2019
Securities and Exchange Commission of Pakistan (SECP) vide their S.R.O. 721(I)/2019 dated July 4, 2019 issued draft Corporate
Rehabilitation Regulations, 2019.
The draft provides a mechanism for rehabilitation of the distressed companies and provides an equal opportunity to the companies
and its creditors to come up for the rehabilitation proceedings of the companies before the high court(s), and it requires submission
of rehabilitation plans before the high court.
According to the draft, the SECP will appoint panel of insolvency experts for revival and rehabilitation of distressed companies,
in consultation with the State Bank of Pakistan (SBP). A person, meeting following criteria, may apply to the Commission to be
included in the Panel of Insolvency Experts:
(i) have a bachelor’s degree in law, or Master’s degree in accounting, banking, finance, management, or equivalent, duly recognized
by the Higher Education Commission (HEC) of Pakistan; or
(ii) be a chartered accountant or cost and management accountant or ACCA from Association of Chartered Certified Accountants
(UK) or such other equivalent professional qualification as may be notified by the Commission;
Provided that in case of a professional accountant or cost and management accountant, the person must have membership of the
relevant professional institute.
The court may, on a petition made by the qualifying creditors and after notice and a hearing, appoint an insolvency expert as
administrator of the debtor as any time before confirmation of a plan of rehabilitation. The draft states that a list of professionals
included in the Panel of Insolvency Experts, including particulars, shall be displayed on the website of the Commission.
Remuneration of an insolvency expert shall be determined by the debtor where a petition for an order of mediation is filed by the
debtor and the creditor with mutual consent where petition for an order of mediation is filed by the qualifying creditor. Provided
that in case of disagreement between debtor and the qualifying creditor, remuneration of insolvency expert shall be determined
by the court. The court may award such fees and expenses to an administrator as may be recommended by the qualifying creditor
(s) filing petition under section 20 of the Act.
An insolvency expert shall follow the code of conduct as provided in Schedule I to these regulations.
4. DRAFT AMENDMENT TO THE EMPLOYEES CONTRIBUTORYFUNDS (INVESTMENT IN LISTED SECURITIES) REGULATIONS, 2018
SECP vide their S.R.O. 722(I)/2019 dated July 4, 2019 issued draft amendment to the Employees Contributory Funds (Investment
in Listed Securities) Regulations, 2018.
At present, all investments from the provident fund or any other contributory retirement fund, either managed by company
or under a trust, which are beyond the investment limits provided in these regulations shall be reduced gradually and brought
in conformity with the provisions of these regulations within one year from the date of commencement of these regulations,
however, according to the draft the said time period is increased to three years.
5. DRAFT AMENDMENTS IN THE EXPORT ORIENTEDUNITS AND SMALL AND MEDIUM ENTERPRISES RULES, 2008
Federal Board of Revenue (FBR) vide their S.R.O. 747(I)/2019 dated July 9, 2019 issued draft amendments in the Export Oriented
Units and Small and Medium Enterprises Rules, 2008 for public comments.
FBR proposes to withdraw the exemption of sales tax and federal excise duty on buying of locally procured input goods by
exporters operating under Export Oriented Units and Small and Medium Enterprises Rules, 2008. According to the draft, powers
to issue ‘’analysis certificates’’ to export orientated units are proposed to be granted to Regulatory Authority (Additional Collector
of Customs) instead of previously to Collector of Customs. Further the term “Regulatory Authority” is defined as it means the
Additional Collector of Customs designated by the Collector of Customs as the Regulatory Authority in relation to an export oriented
unit, in whose jurisdiction the place of business or manufacturing unit of the export oriented unit applicant, duly registered under
the Sales Tax Act, 1990, is situated.

JULY 2019 21
 The draft also proposes to reduce the life of plant and machinery to five years as compared to previous life of 10 years, however it
inserted a new proviso about the replacement parts of machinery and spares shall be allowed removal after three years from the
date of importation from EOU subject to mutilation or scrapping under the supervision of an officer not below the rank of assistant
collector.
6. ANNUAL FINANCIAL STATEMENTS AND NOTICES OF GENERAL MEETINGS
Securities and Exchange Commission of Pakistan (SECP) vide their Circular No. 10/2019 dated July 3, 2019 issued directions to the
listed companies with respect to the annual financial statements and notices of general meetings.
The directions are issued in order to consolidate applicable requirements for filing of annual financial statements and notices of
general meetings with the SECP and dissemination of notices to general public pursuant to the provisions of the Companies Act,
2017.
The directions are as under:-
(a) All notices of general meetings shall be sent to the members and every person who is entitled to receive notice of general
meetings at least twenty-one days before the date fixed for the meeting and shall be published in English and Urdu morning
newspapers, having nationwide circulation, which are generally known and read, in English and Urdu languages respectively;
(b) A copy of newspaper in each language, in which notice of general meeting was published, along with statement under
section 134 of the Act, where applicable, shall be filed with the SECP within three days of publication;
(c) Notice of general meeting, along with statement under section 134 of the Act, where applicable, shall also be transmitted
to the SECP through fax or email at the email address general.meetings@secp.gov.pk ; and
(d) One of the copies of financial statements and reports attached therewith, filed with the SECP in pursuance of section 223(7)
of the Act, shall be duly signed by the auditor, the Chief Executive, a director and the Chief Financial Officer as the case may be.
SECP has also repealed following circulars:-
i) Circular No. 2 dated January 13, 1999
ii) Circular No. 4 dated March 12, 1999
iii) Circular No. Nil dated February 22, 2001
iv) Circular No. 5 dated March 14, 2002
v) Circular No. 1 dated January 7, 2008;
vi) Circular No. 10 dated February 15, 2012
7. PROPOSED AMENDMENTS TO ACCOUNTING FOR DEFERRED TAX
International Accounting Standards Board (IASB) proposed changes to the IFRS Standard for Income Tax, IAS 12 for public comments.
The proposed amendments clarify how companies account for deferred tax on leases and decommissioning obligations. It specifies
how a company accounts for income tax, including deferred tax, which represents amounts of tax payable or recoverable in
the future. According to the draft, the exemption in the IAS-12 would not apply to leases and decommissioning obligations—
transactions for which companies recognise both an asset and a liability. The proposed amendments would result in companies
recognising deferred tax on such transactions.
In specific circumstances, companies are exempt from recognising deferred tax when they recognise assets or liabilities
for the first time. There has been some uncertainty in the market about whether the exemption applies to leases and
decommissioning obligations. Therefore, to promote consistent application of the Standard, the Board has proposed
narrow-scope amendments.

Meetings of the Institute’s Standing and Non-Standing Committees

Sr. Council / Committee / Board No. of meetings Date

1 Technical Support & Practice Development (TSPD) Committee 01 July 30, 2019
2 Research and Publications Committee 01 July 22, 2019

JULY 2019 22
 Membership Affairs

New Fellow Members

S.NO M.SHIP NO. NAME CITY / COUNTRY FELLOW MEMBERSHIP NO.
1 A-2962 Shabir Ahmad Islamabad F-2129
2 A-3917 Zeeshan Ali Saudi Arabia F-2130
3 A-5630 Muhammad Junaid Multan F-2131
4 A-4294 Muhammad Faisal Iqbal Karachi F-2132
5 A-4640 Muhammad Umar Lahore F-2133
6 A-5478 Muhammad Awais ur Rehman UAE F-2134
7 A-5757 Sehrish ishtiaq Lahore F-2135
8 A-3766 Muhammad Rizwan Karachi F-2136
9 A-5733 Kashif Raza UAE F-2137
10 A-1254 Muhammad Awas Karachi F-2138
11 A-4507 Talha Khan Saudi Arabia F-2139
12 A-5750 Usman Ali Khan Karachi F-2140

New Associate Members

S.NO REG. NO. NAME CITY / COUNTRY ASSOCIATE MEMBERSHIP NO
1 S-00901187 Muhammad Anjum Ibrahim Islamabad A-6788
2 S-00911635 Ghulam Waris Islamabad A-6789
3 S-00931180 Nazir Ahmad Faisalabad A-6790
4 S-20010639 Zulfiqar Ali Islamabad A-6791
5 S-20011069 Syed Jabbar Ali Bukhari Lahore A-6792
6 S-20012261 Naeem Akhter Islamabad A-6793
7 S-20070968 Shaheryar Siddiqui Lahore A-6794
8 S-20090079 Noman Shakir Karachi A-6795
9 S-20120297 Hina Saleem Islamabad A-6796
10 S-00980438 Abdul Jabbar Aziz Lahore A-6797
11 S-20052554 Muhammad Kamran Karachi A-6798
12 S-20071732 Haseeb Ullah UAE A-6799
13 S-20090784 Muhammad Monis Karachi A-6800
14 S-00901613 Abdul Majeed Karachi A-6801
15 S-00950471 Zia ud Din Minhas Islamabad A-6802
16 S-20011921 Fazal ur Rehman Karachi A-6803
17 S-20042206 Muhammad Rizwan Islamabad A-6804
18 S-20090872 Khawaja Muhammad Ramzan Afzal Islamabad A-6805
19 S-20121522 Asif Karachi A-6806
20 S-20124057 Ilma Mushtaq UAE A-6807
21 S-00911799 Atiq Karachi A-6808
22 S-20041129 Anila Khurshid Ahmed Rawalpindi A-6809
23 S-20051832 Arshad Javed Peshawar A-6810

JULY 2019 23
 24 S-20091274 Iqbal Hussain Rawalpindi A-6811
25 S-20091294 Muhammad Shahzad Rashid Rawalpindi A-6812
26 S-20120106 Hammad Hussain Karachi A-6813
27 S-20122939 Ubaid Ullah Karachi A-6814
28 S-20123716 Muhammad Arshad Karachi A-6815
29 S-20141350 Muhammad Salman Sialkot A-6816
30 S-20152004 Sana Khurshid Karachi A-6817

New Certificate of Practice

S.NO M.SHIP NO. NAME CITY
1 A-5679 Sadaf Nausheen Islamabad
2 A-6417 Muhammad Ali Hafeez Islamabad
3 A-6547 Ali Asghar Karachi
4 F-2001 Syed Ali Raza Karachi
5 F-2012 Muhammad Tahir Iqbal Lahore
6 F-2008 Lajpatrai Alias Naresh Kumar Karachi
7 A-3766 Muhammad Rizwan Karachi
8 A-6753 Nasir Rashid Rawalpindi

Renewal of Certificate of Practice

S.NO M.SHIP NO. NAME CITY
1 F-770 Tariq Hussain Karachi
2 F-1467 Zeeshan Jahangir Chaudhary Afghanistan

OBITUARY

Mr. Habib uddin and Mr. Javed Iqbal have passed away.
May Allah s.w.t. grant them Jannatul-Firdaus and forgive
their sins. May their grave be a part of Jannatul Firdaus
and an abode of light. (Ameen)

HABIB UDDIN JAVED IQBAL

A-3932, KARACHI F-449, KARACHI

JULY 2019 24
 Library
New Arrivals (Magazines)

Bloomberg Businessweek

The Economist

Fortune Harvard Business Review Reader’s Digest

Research & Publications Directorate

Contact: + 92 21 99243900 Ext 107 / 117, Email: rp@icmap.com.pk I URL: www.icmap.com.pk