Tag: ACCA

Islamabad, November 21, 2022 (PPI-OT):A new joint guide by ACCA (the Association of Chartered Certified Accountants) and the International Federation of Accountants (IFAC) released at the World Congress of Accountants (WCOA) aims to boost PFM reforms across the globe by defining for the first time the idea of professionalization specifically in the context of public sector finance.

The guide also features case studies of good practice from Tanzania, the UK, Cyprus, the Philippines, Pakistan, Malaysia and Wales. A global guide for professionalization in public sector finance provides a definition of what professionalization means in public sector finance, sets out the benefits of professionalization, and offers a high-level roadmap to support global good practice in professionalization.

Discussing the global guide ahead of a panel discussion at WCOA, Joseph Owolabi, ACCA president, said: “Professionalization brings credibility, trust and confidence in public finances by supplementing the systems and public finance processes with the right skills for accountability, transparency, good governance and external scrutiny. A professionalised workforce within a finance function supplies more than accounting information. It brings wide value to public sector finances – providing improved revenue collection, effective budgetary controls, and the data required to support policy decision making.”

Kevin Dancey, IFAC CEO, said: “We are looking to rebalance the focus so that it is not only on the process, but also on the people. The value of the accountancy profession, whether in the public or private sectors, comes from the experience, skills, judgement and ethical behaviour of its people. By increasing the number of professional accountants working in the public sector, we will no doubt add to the credibility and effectiveness of PFM, and reinforce trust in public services and spending.”

Achieving professionalization brings multiple benefits to the economy, governments and individuals. It means greater financial credibility for economies, improved financial management discipline for governments, and greater access to diverse career options for individuals.

Alex Metcalfe, ACCA’s head of public sector, said: “Political leadership and commitment for professionalization is the most important factor for sustaining PFM reforms over time. In some countries, there is a lack of recognition that change is needed at all. In other countries, PFM reforms have concentrated on moving from cash-based to accrual-based accounting. But now more effort is urgently required to professionalise public finance staff and provide opportunities for training for professional qualifications.”

For more information, contact:
Association of Chartered Certified Accountants Pakistan (ACCA)
Office No. 5, 2nd Floor, SNC Centre,
Fazal-ul-Haq Road, Blue Area, Islamabad, Pakistan
Tel: +92-51-111-222275
Fax: +92-51-2876605
Email: info@pk.accaglobal.com
Website: www.pakistan.accaglobal.com

Islamabad, November 15, 2022 (PPI-OT):Joseph was confirmed in his new role at the annual council meeting after ACCA’s Annual General Meeting (AGM) on 10 November 2022. Ronnie Patton, formerly senior lecturer at Ulster University, Northern Ireland, was appointed deputy president and Ayla Majid from Pakistan, founder and CEO of Planetive – a clean energy and sustainability advisory practice – became vice president.

Ayla joined ACCA in 2006 and has been serving on ACCA’s since 2014. She is the first person from Pakistan and South Asia to be elected the global vice president in a 118-year history of ACCA.

Ayla is an international speaker and is a strong advocate of sustainability and energy transition; takes part in contributing to important themes: Digital Transformation, Climate Finance, Future of Work, Future of Energy and Sustainable Infrastructure. She sits on the Boards of various public and private entities in Pakistan in the areas of energy, pharmaceutical and not for profit sectors. In her various roles she focuses and advises on the adoption of the SDGs across different industries. Ayla is Eisenhower Fellow, and is a Young Global Leader of the World Economic Forum. She sits on the Global Future Council of Energy Transition of the World Economic Forum.

‘Being a finance professional has equipped me with the tools and connected me with people who are working towards creating action-oriented solutions for a sustainable world,’ she said.

For Ayla promoting the role of women in governance is something she is very passionate about. She said: ‘It is the need of today’s forward-looking organisation.’ Ayla is a champion of board diversity and actively engages in promoting women on boards. She was the first female to sit on the board of any stock exchange in Pakistan. Thanks to pioneers like her, the influence and impact of women is changing the face of Pakistan.

Ayla is also proud that ACCA plays a major role in offering young Pakistanis a promising career path full of growth and opportunities while creating a positive global impact. ‘ACCA is a wonderful qualification, with high quality standards, up to speed with addressing global needs and provides flexibility, and therefore fits really well with the requirements of a diverse audience. It’s particularly a very attractive career choice for women in all parts of the world including developing countries,’ she said.

The newly elected ACCA president, Joseph Owolabi, grew up and studied in Nigeria, has lived and worked in Africa, North America and the UK, and now is an adoptive Australian. He will bring his knowledge of being a global citizen to his time as ACCA president and will draw on his experience of finding a home and a family with ACCA wherever he has lived and worked.

He became an ACCA member in 2011 and has served on ACCA’s International Assembly 2014-2015 and has been an ACCA Council member since 2015. Joseph said: ‘If you had told me as a child growing up that I would one day be the first African leading the largest, truly global accounting body, I would not have believed you. ACCA is an inclusive open and global community for members, future members and partners. Wherever in the world I have found myself, ACCA has given me a home and a family.

‘I am passionate about connecting our community and inspiring the accountants of tomorrow. Great things happen when we collaborate across jurisdictions and national divides.

‘The challenges of today and the complexities of tomorrow will demand continuous learning, courage, sound judgment and a resolve to stay ahead of the curve. The accountancy profession has a key role to play in creating a better world.’

Joseph brings a wealth of experience to the role. He is founder of Rubicola which works in Australia, Africa and North America advising clients on risk, non-financial reporting and sustainable business strategies. His previous experience includes roles at Deloitte, EY and PwC.

For more information, contact:
Association of Chartered Certified Accountants Pakistan (ACCA)
Office No. 5, 2nd Floor, SNC Centre,
Fazal-ul-Haq Road, Blue Area, Islamabad, Pakistan
Tel: +92-51-111-222275
Fax: +92-51-2876605
Email: info@pk.accaglobal.com
Website: www.pakistan.accaglobal.com

Islamabad, October 26, 2022 (PPI-OT):Pass rates have been announced by ACCA (the Association of Chartered Certified Accountants) for students who sat their exams in September 2022. Two Pakistani students have made the country proud by scoring highest marks to qualify for the cash prizes.

‘83,630 ACCA students from around the world entered for the September sitting and It’s particularly pleasing to see Pakistani students shining in the exams and building a strong reputation for the country on a global level for top finance talent. It’s not about one or two meritorious students, we’re seeing a growing trend of ACCA students and professionals from Pakistan creating a global impact with their ability and ambition. This also proves how our people can compete and win globally if they’re offered right support and a global platform,’ said Rashid Khan, ACCA’s spokesperson for the Asia Pacific region.

The ACCA Qualification rigorously tests the skills, abilities and competencies that a modern accountant needs, with a firm grounding in ethics and professionalism. It prepares students for a rewarding global career as a qualified and ethical finance professional.

Malik Shahmir Pervez

Malik Shahmir Pervez earned the global position for demonstrating stellar performance in the Advanced Audit and Assurance (AAA) exam which is considered one of the most challenging of all ACCA papers.

Shahmir comes from a modest family and his father was a truck driver in Rawalpindi. He completed his early schooling at an Urdu-medium local school before joining the Army Public School (APS).

Despite the fact that he had to adjust to English-medium in his new school, he qualified for a scholarship after proving his mettle in exams at APS. He then completed pre-medical at Fauji Foundation College with an A-1 grade but was unable to continue his education after the sudden death of his father who was also his best friend.

For two years, Shahmir went through a severe mental trauma and would spend whole day in his room. With family’s love and support, he was finally able to come out of the emotional ordeal and ended the hiatus in his studies by opting to study the globally renowned ACCA Qualification. ‘I feel it’s important for everyone to talk about mental health more openly and the reason I’m sharing my struggle of coping with all sorts of anxieties is simply because I would like to tell those who’re currently going through a similar phase that it’s okay to be not okay and it’s never too late to press the restart button.’

After joining ACCA, this is Shahmir’s first global distinction and third national distinction. He loves studying with ACCA since he was never a fan of rote learning and would rather focus on understanding the concepts. ‘ACCA is the world’s most innovative professional body and the same is reflected in how it has designed its qualifications and assessments. With ACCA, you’re always ahead of the curve when it comes to the latest knowledge and most in-demand skills,’ said the AAA prize winner.

The 23-year-old who is only one paper away from becoming an ACCA affiliate sees his career at a big4 firm and would like to join the audit profession soon after qualifying with ACCA. When not studying, Shahmir keeps himself active by playing sports such as Table Tennis and Cricket.

Noman Abbasi

Noman Abbasi who’s celebrating his 22nd birthday this month is one of the two Pakistanis who also made the ACCA’s list of global prize winners by scoring the highest marks in the Financial Reporting (FR) exam.

Listening to the news, Noman’s father, who is a doctor by profession, had tears in his eyes. He proudly admits that his son’s achievement is undoubtedly the highlight of his life and nothing else can ever come close to the feeling of seeing one’s son or daughter succeed in such a coveted exam.

Originally from Kashmir, The Abbasi family came to Karachi in search for better economic prospects some five decades ago. Noman’s father completed his MBBS here and went on to serve in the army. He has been running his private practice since 1982, the year he finished his military service. With father being a doctor and brother an engineer, Noman felt pressured to study pre-medical in college but he always knew his interest lied elsewhere. ‘I wanted something more exciting to do in my career and travel the world. So, accountancy was a natural choice for me.’

Soon after passing Intermediate, Noman chose to start his ACCA journey and has shown exemplary performance in all his exams so far. ‘When in college, I never felt great studying due to the lack of interest. But now I get such an adrenaline rush analysing the financial data and preparing reports that I don’t need any other motivation to stay focused.’

Noman spends almost 6 hours studying every day, in addition to the time he spends attending his online classes. ‘Thanks to the flexibility that ACCA offers, I’m able to attend all my lectures online and don’t have to waste time commuting to and from my home in Baldia Town that would have taken hours otherwise,’ shared Noman.

When not studying, Noman loves listening to music and considers Drake, the Canadian rapper, his biggest inspiration in life. ‘Just like Drake who came from a modest background and made it big with his talent and ambition, I too would like to scale similar heights and make my family and country proud by proving how a person can achieve anything by working hard and making right choices,’ said the prizewinning student. ACCA is world’s leading body for professional accountants with 241,000 members and 542,000 future members based in 178 countries and regions.

For more information, contact:
Association of Chartered Certified Accountants Pakistan (ACCA)
Office No. 5, 2nd Floor, SNC Centre,
Fazal-ul-Haq Road, Blue Area, Islamabad, Pakistan
Tel: +92-51-111-222275
Fax: +92-51-2876605
Email: info@pk.accaglobal.com
Website: www.pakistan.accaglobal.com

Islamabad, October 11, 2022 (PPI-OT):Taxpayers’ attitudes about paying taxes correlate closely with perceived levels of corruption, according to a major new study, Public Trust in Tax, by accountancy bodies ACCA and the International Federation of Accountants (IFAC). A global survey focusing on 14 developing economies, including Pakistan, found that trust in tax systems is lower when taxpayers perceive higher levels of corruption and diversion of public funds. The survey was backed up by a series of roundtables to explore attitudes further.

Helen Brand, chief executive, ACCA, says: ‘Fighting corruption is such a central priority for the global accountancy profession because corruption has such negative implications for trust, tax morale and sustainable development more broadly. We know from research by the IMF that economic growth goes hand in hand with a consistent stream of tax revenues.’

Kevin Dancey, chief executive, IFAC, says: ‘The relationship between taxpayers and governments, and between businesses, society and tax systems is fundamental to the sustainability – and survival – of the economies that support us all, in both the short and long term. Our Trust in Tax surveys provide crucial insight into these relationships and can help global policymakers as they consider the best way forward.’

IFAC recently released its Action Plan for Fighting Corruption and Economic Crime, with broad support from the global accountancy profession. The plan outlines specific actions that members of the profession can take, individually and in concert, to engage in a meaningful way in the fight against corruption. ‘Given the correlation between perceived levels of corruption and citizens’ willingness to pay taxes, this plan is an important effort to help ensure that citizens see the benefits of their tax dollars,’ says Mr. Dancey.

Assad Hameed Khan, head of ACCA Pakistan, says: “Broadening the tax base is key to achieving Pakistan’s inclusive and sustainable economic development. A significant shift and step change is required towards documentation of the economy, increased regulatory capacity and use of technology (data analytics). Contribution of the accountancy profession is critical to these focus areas, requiring concerted efforts by all stakeholders to bridge the gap between demand and supply of professionals.”

Key results

The survey’s key findings are set out below:

Trust and corruption

Politicians are widely distrusted with a net trust deficit of -25%. In contrast professional tax accountants and lawyers are trusted (67.1% and 64.6% respectively). Attitudes to tax authorities are split with a significant minority – 27.9% – distrusting or highly distrusting them.

Roundtable participants saw lack of trust in politicians as a major barrier to tax engagement with the systems. Citizens don’t object to paying tax – they object to misappropriation.

Tax minimisation

In the survey 46.4% agreed that multinationals were paying a reasonable amount of tax. This contrasts with Public Trust in Tax surveys in G20 countries showing only 22.4% agreed.

Attitudes towards tax minimisation are more relaxed in developing countries with respondents more likely to agree that specific taxpayer groups were paying a reasonable amount of tax.

Incentives

People strongly support the use of tax incentives to target megatrends such as climate change (73.8%) and ageing population (72.8%).

Tax incentives were seen as a way of attracting multinational businesses to invest (73.9%) and build a more coherent international tax system through co-operation between countries (69.3%).

Author of the report Jason Piper says: ‘An efficient, effective and trusted tax administration is one building block in the sound structure of society. This survey shows that the problem lies not with the collecting of tax but what happens afterward. A lack of accountability in government spending fosters the perception – and all too often the reality – of corruption in government.’

Since 2017 ACCA and IFAC have been gathering data across the G20 on attitudes and opinions of the general public. The latest survey is the first to look beyond the G20 and comes at a crucial time for economies across the globe, given uncertainty following Russia’s invasion of Ukraine and the Covid-19 pandemic.

This year’s survey builds on previous research, and for the first time includes data from developing countries outside of the G20. With the UN predicting that the highest population growth up to 2050 is set to happen in non-G20 countries, this edition of Public Trust in Tax looks at issues impacting an increasing share of the global population.

This study is based on an online survey of 5,958 individuals from the following countries: Angola, Colombia, Cote D’Ivoire, Dominican Republic, Egypt, Guatemala, Kazakhstan, Kenya, Malaysia, Nigeria, Pakistan, Peru, Philippines, and Vietnam. The countries surveyed were selected based on a range of economic, political, geographic and cultural factors.

Read Public Trust in Tax: Global Perspectives 2022: https://www.accaglobal.com/gb/en/professional-insights/global-economics/public-trust-tax-2022.html

For more information, contact:
Association of Chartered Certified Accountants Pakistan (ACCA)
Office No. 5, 2nd Floor, SNC Centre,
Fazal-ul-Haq Road, Blue Area, Islamabad, Pakistan
Tel: +92-51-111-222275
Fax: +92-51-2876605
Email: info@pk.accaglobal.com
Website: www.pakistan.accaglobal.com

Islamabad, September 23, 2022 (PPI-OT):ACCA (the Association of Chartered Certified Accountants) hosted a large-scale corporate conference in Peshawar, themed ‘Rethinking a better world – Sustainable Growth for Pakistan,’ featuring representation from the country’s top businesses, thought leadership and policymakers.

The conference provided a platform for the region’s key stakeholders and brightest minds to engage in interdisciplinary, forward-thinking conversations to propose an agenda to revitalise the private sector and kick start an era of sustainable, inclusive economic growth.

The conference was attended by many prominent names in the corporate sector, as well as leading policymakers and provincial cabinet members.

At the conference, ACCA shared insights, practical guidance, strategies, and solutions to enable businesses and policymakers to embrace new technologies and create a conducive environment for innovation and entrepreneurship. Featuring contributions from forward-thinking thought leaders, the conference program included a future-focused panel conversation on the KP Roadmap to Pakistan’s Economic Recovery- Challenges and Way Forward.

The conversation leaders for the segment included Henna Karamat – Director Planning, KP Education Foundation, Government of Khyber Pakhtunkhwa, and Mohsin Khan – Director IM Sciences – Peshawar, Ali Gulfaraz – MD/CEO Bank of Khyber, Jehan Bahadar – Collector – KPRA, Asim Khan – Project Director NIC Peshawar.

Taimur Saleem Khan Jhagra, Minister for Finance, Government of Khyber Pakhtunkhwa, Shahid Khattak – CFO, Khyber Pakhtunkhwa Economic Zones Development and Management Company (KPEZDMC), Ali Ibrahim – Head Communications and Marketing, Fayyaz Jarral – Executive Director – FF Steel were among the keynote speakers who shared their insights and proposed tips for organizations to become future-ready.

National University for Security Sciences, SKANS, SOS Pakistan Pvt. Ltd., and TMUC Pakistan joined ACCA as Strategic Partners. The Bank of Khyber and Mobilink Microfinance Bank were the Platinum Partners, DHA Peshawar, Evyol Group, LMKR, Mukhtar A Sheikh Hospital, Professionals’ Academy of Commerce (PAC), and Simplifiers joined as Gold Partners.

City University, DigiKhata, ICMAP, IM Sciences, KP IT Board, KPRA, Pakistan Stock Exchange, P@SHA, Rehman Medical Institute, SMEDA, and KP Women Chamber of Commerce and Industry joined as Supporting Partners. Bera, CXO Global Forum, Connected Pakistan, NIC Peshawar, and Toyota Khyber Motors joined as Community Partners. Nutshell Group powered the conference as a Knowledge Partner.

ACCA is the world’s leading body for professional accountants, with more than 241,000 fully qualified members and 542,000 future members worldwide. It uses its unrivaled connections across the globe to connect people with fulfilling careers, organizations with the best finance talent, and economies with the ingredients for growth. With strong partnerships with top employers and the social sector across the globe and an award-winning Professional Insights program offering ground-breaking future insight, ACCA is at the forefront of finance talent development and creating future-proof careers.

For more information, contact:
Association of Chartered Certified Accountants Pakistan (ACCA)
Office No. 5, 2nd Floor, SNC Centre,
Fazal-ul-Haq Road, Blue Area, Islamabad, Pakistan
Tel: +92-51-111-222275
Fax: +92-51-2876605
Email: info@pk.accaglobal.com
Website: www.pakistan.accaglobal.com