FBR starts obtaining CNIC information on purchases above Rs. 50,000
Sources in FBR said that sales tax registered persons would provide details of Computerized National Identity Card (CNIC) of buyers making purchases above Rs50,000. The registered persons will provide the details of CNIC through their monthly sales tax return that is due on March 18, 2020 for the month of February 2020. The FBR made…
Read MoreFederal Board of Revenue (FBR) to launch online monitoring of production in three major sectors for preventing tax evasion.
The FBR has decided to launch real-time monitoring of production by cement, sugar and fertilizer sectors in order to prevent tax evasion. In this regard the FBR issued Invitation for Licence (IFL) for IT based solution for Electronic Monitoring (Trade and Trace System) of specified products i.e. cement, sugar and fertilizer. The FBR said that…
Read MoreIPASB publishes final pronouncement‘Improvements to IPSAS, 2019
The International Public Sector Accounting Standards Board (IPSASB) on January 30, 2020 published the final pronouncement titled Improvements to IPSAS, 2019. The pronouncement comprises of minor improvements to International Public Sector Accounting Standards in order to address issues raised by stakeholders. The pronouncement can be accessed on following link: http://www.ipsasb.org/news-events/2020-01/ipsasb- publint-improvements-ipsas-2019
Read MoreIFAC releases the second installment of educational series ‘Exploring the IESBA Code’
International Federation of Accountants (IFAC) on January 30, 2020 released the second installment of its educational series titled ‘Exploring the IESBA Code’. Each installment of the educational series focuses on a specific aspect of the IESBA Code using real-world situations in a manner that is relatable and practical. It aims to assist the readers in…
Read MoreIESBA proposes guidance to address the objectivity of Engagement Quality Reviewers
IESBA on January 30, 2020 issued the Exposure Draft (ED) titled Proposed Revision to the Code Addressing the Objectivity of Engagement Quality Reviewers for public comments. The ED includes proposed guidance on the application of the conceptual framework in the International Code of Ethics for Professional Accountants to address the topic of the objectivity of…
Read MoreIESBA proposes revisions to International Independence Standards
International Ethics Standards Board for Accountants (IESBA) on January 21, 2020 issued two Exposure Drafts (EDs) for public comments on: Proposed Revisions to the Non-Assurance Services Provisions of the Code Proposed Revisions to the Fee-Related Provisions of the Code The EDs are aimed at strengthening the non-assurance services and the fee-related independence provisions of the…
Read MoreIAASB releases auditor reporting project update
The Auditor Reporting Implementation Working Group (ARIWG) of the International Auditing and Assurance Standards Board (IAASB) on February 3, 2020 published a communique, which provides an update on the IAASB’s Post Implementation Review (PIR) of the revised auditor reporting standards. The communique also includes other relevant news and information relevant to the IAASB’s PIR. The…
Read MoreIASB publishes IFRS 17 Podcast
IASB on February 3, 2020 published a podcast on its meeting for amendments to IFRS 17 Insurance Contracts. The Podcast provides an update on the board’s discussions on the matters raised by the stakeholders when providing the feedback on the amendments to IFRS 17 which were proposed in the Exposure Draft. The Podcast can be…
Read MoreIASB publishes January 2020 meeting update
IASB on January 31, 2020 published the updates on its January 2020 meeting. The topics discussed at the January meeting were: Amendments to IFRS 17 Insurance Contracts; Business combinations under common control; Disclosure Initiative —Targeted standards-level review of disclosures; IBOR Reform and its effects on financial reporting; IFRS Taxonomy Update—IBOR Reform (Amendments to IFRS 9,…
Read MoreIASB consults on approach to updating its IFRS for SMEs standard
IASB on January 28, 2020 has invited public comments on its approach to updating the IFRS for SMEs standard. The consultation aims to seek views on whether and how to align IFRS for SMEs with full IFRS. In particular, the consultation seeks views on how IFRS for SMEs could be aligned with newer IFRS standards…
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