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SNAPSHOT - 2020
•GCA has history of issuing annual report each year on our activities.
•Due to covid-19, GCA is not releasing any annual report this year.
•GCA will cover the two year progress next year.
CIRCULARS
• ICAP issued following circulars during the year:
Circular #
Description Web Link
1 Clarification on application of the Listed Companies (Code of Corporate Governance) Regulations, 2019
https://www.icap.net.pk/circulars-issued-in-2020
2 Publication on Financial Reporting – Adoption and Application of IFRS in Pakistan
https://www.icap.net.pk/circulars-issued-in-2020
3 Publication of ‘The Impact of COVID-19 on Audit – A Guidance for Auditors’
https://www.icap.net.pk/circulars-issued-in-2020
4 Publication of ‘Preparation of Financial Statements under the COVID-19 Circumstances’
https://www.icap.net.pk/circulars-issued-in-2020
5 Auditors Report on Financial Statements of the Retirement Benefit Funds
https://www.icap.net.pk/circulars-issued-in-2020
Circular # Description Web Link6 Request for comments on Exposure Draft Technical
Release ‘Accounting for Common Control Transactions’https://www.icap.net.pk/circulars-issued-in-2020
7 Key Considerations for Inventory Counts under COVID-19 Situation
https://www.icap.net.pk/circulars-issued-in-2020
8 Publication of ‘Financial Reporting Guidance- Key considerations for Impairment under the COVID-19 situation’
https://www.icap.net.pk/circulars-issued-in-2020
9 Publication of ‘Financial Reporting Guidance- Key financial reporting considerations for going concern assessment under the COVID-19 situation
https://www.icap.net.pk/circulars-issued-in-2020
10 Illustrative Financial Statements and Disclosure Checklists For Public Interest companies and Medium-sized companies
https://www.icap.net.pk/circulars-issued-in-2020
Circular # Description Web Link
11 Publication of Financial Reporting Guidance Accounting considerations for lenders and borrowers under the State Bank of Pakistan introduced Refinance Scheme for Payment of Wages and Salaries to the Workers and Employees of Business Concerns (the Refinance Scheme)
https://www.icap.net.pk/circulars-issued-in-2020
12 Format of Review Report on the Statement of Net Capital Balance
https://www.icap.net.pk/circulars-issued-in-2020
13 Publication of Guidance material on the Code of Ethics for Chartered Accountants (Revised 2019)
https://www.icap.net.pk/circulars-issued-in-2020
SELECTED OPINIONS - LATEST
• Selected opinion can be accessed at: https://www.Icap.Net.Pk/latest-selected-opinions
BEST CORPORATE REPORT AWARD
• The details can be accessed at: http://www.Icap.Net.Pk/wp-content/uploads/bcr/winners-list-of-bcsr-award-2019.Pdf
SAFA WINNERS LIST
• The details can be accessed at: http://www.icap.net.pk/wp-content/uploads/bcr/SAFAwinner2018.pdf
CODE OF ETHICS 2019
• The details can be accessed at: https://www.icap.net.pk/icap-code-of-ethics-2019
ICAP TECHNICAL HELPLINE
• The details can be accessed at: https://www.icap.net.pk/your-technical-helpline
ICAP CORONA VIRUS ADVISORY
• The details can be accessed at: https://www.icap.org.pk/institute-of-chartered-accountants-of-pakistan-advisory-on-corona-virus-covid-19-march-23-2020/
ICAP ACCOUNTING GUIDANCE & TOOLS
• This accounting guidance and tools included updated information about financial reporting.
• The details can be accessed at: https://www.icap.net.pk/accounting-guidancetools
ICAP APRS PROGRAM
• This program is introduced for non- QCR firms which are engaged in practice.
• The details can be accessed at: https://www.icap.org.pk/aprsp/
ICAP ANNOUNCEMENTS S.No Description Web Link
1 ICAP signed MOU for installation of SAP ERP & SLCM. https://www.icap.org.pk/the-institute-of-chartered-accountants-of-pakistan-icap-signs-agreement-with-systems-applications-and-products-sap/
2 ICAP Rawalpindi city library https://www.icap.org.pk/president-icap-mr-khalilullah-shaikh-inaugurated-icap-city-library/
3 MOU for health & life insurance of members https://www.icap.org.pk/mou-signed-by-icap-for-health-and-life-insurance-of-members/
4 MOU for fostering research https://www.icap.org.pk/framework-signing-ceremony-between-icap-and-iba-karachi-on-launch-of-icap-iba-research-unit/
S.No Description Web Link5 MOU with Bank Islami for refinance scheme https://www.icap.org.pk/icap-collaboration-with-
bankislami-pakistan-sbp-refinance-scheme-for-salaries-wages/
6 PVEA https://www.icap.org.pk/online-course-on-professional-value-ethics-and-attitude-pvea/
7 COVID 19 financial statements https://www.icap.net.pk/wp-content/uploads/2020/04/Preparation-of-Financial-Statements-under-the-COVID-19-Circumstances.pdf
8 COVID 19 impact on Auditor https://www.icap.net.pk/archives/5694
S.No Description Web Link
9 FAQs for remote proctoring https://www.icap.org.pk/files/per/students/exam/notices/FAQs-Exremotproafct-CFAP-MSA.pdf
10 Exams under remote proctoring https://www.icap.org.pk/files/per/students/exam/notices/Exam-From-Home-Specific-Requirements.pdf
11 Unfair mean policy for remote proctoring https://www.icap.org.pk/files/per/students/exam/notices/PolicyUseofUnfairMeansp1.pdf
12 Exam software – remote exam https://student.icap.org.pk/files/pdf/exam/cbe/AFCGuidance2020.pdf
13 Examinees SOPs https://www.icap.org.pk/files/per/covid19/student/SOPs-Examinees.pdf
MAJOR NEWSS.No Description Weblink
1 Companies Amendment Act 2020 https://www.secp.gov.pk/document/companies-amendment-act-2020-gazette-copy/?wpdmdl=40368&refresh=5fe4cb40bd5891608829760
2 Limited Liability Amendments Act, 2020
https://www.secp.gov.pk/document/limited-liability-amendments-act-2020-gazette-copy/?wpdmdl=40369&refresh=5fe4cb40bf4021608829760
3 Alteration in the Third schedule https://www.secp.gov.pk/document/alteration-in-the-third-schedule-to-the-companies-act-2017/?wpdmdl=39713&refresh=5fe4cb40b8d451608829760
4 Amended Fourth and Fifth Schedule
https://www.secp.gov.pk/document/amended-fourth-and-fifth-schedule-to-the-companies-act-2017/?wpdmdl=38264&refresh=5fe4cb40b42bd1608829760
MAJOR NEWSS.No Description Weblink
5 Amendments to the Foreign Companies Regulations
https://www.secp.gov.pk/document/amendments-to-the-foreign-companies-regulations-2018-2/?wpdmdl=40355&refresh=5fe4cc774b95c1608830071
6 Amendments to the Companies (General Provisions and Forms) Regulations,
https://www.secp.gov.pk/document/amendments-to-the-companies-general-provisions-and-forms-regulations-2018/?wpdmdl=40345&refresh=5fe4cc7750b581608830071
7 Public Offering Regulations https://www.secp.gov.pk/document/clean-copy-of-public-offering-regulations-2017-and-public-offering-regulated-securities-activities-licensing-regulations-2017/?wpdmdl=40172&refresh=5fe4cc7744bce1608830071
8 NBFC Regulations 2008 ( updated up to July 7, 2020)
https://www.secp.gov.pk/document/nbfc-regulations-2008-updated-up-to-july-7-2020/?wpdmdl=40123&refresh=5fe4cc77420c81608830071
MAJOR NEWSS.No Description Weblink
9 The Companies (Further Issue of Shares) Regulations, 2020
https://www.secp.gov.pk/document/the-companies-further-issue-of-shares-regulations-2020/?wpdmdl=38789&refresh=5fe4cc772bc601608830071
10 Listed Companies (Buy-Back of Shares) Regulations, 2019
https://www.secp.gov.pk/document/listed-companies-buy-back-of-shares-regulations-2019/?wpdmdl=38283&refresh=5fe4cc7728cdb1608830071
11 Takaful Accounting Regulations https://www.secp.gov.pk/document/takaful-accounting-regulations-2019/?wpdmdl=37189&refresh=5fe4cc771f06c1608830071
12 Prohibited Dealing in Virtual Currencies/Tokens
https://www.secp.gov.pk/document/directive-prohibited-dealing-in-virtual-currencies-tokens/?wpdmdl=40097&refresh=5fe4ce1b915a01608830491
MAJOR HEADLINES S.No News Web link
1 Withdrawal of PKR 25,000 prize bonds https://www.sbp.org.pk/CMD/2020/C_8.pdf2 Withdrawal of PKR 40,000 prize bonds https://www.sbp.org.pk/CMD/2020/C_7.pdf3 Special Technology Zones https://www.sbp.org.pk/epd/2020/FEC8.htm4 PR – Subsidiary of foreign bank https://www.sbp.org.pk/bprd/2020/CL48.htm5 B2B e-commerce exports https://www.sbp.org.pk/epd/2020/FEC7.htm6 Ijara Sukuk https://www.sbp.org.pk/dmmd/2020/C27.htm7 Revised Panel of Auditors https://www.sbp.org.pk/bprd/2020/CL49-Annex-A.pdf8 PR for housing https://www.sbp.org.pk/bprd/2020/CL47.htm
MAJOR HEADLINES S.No News Web link
9 Reporting waiver loans https://www.sbp.org.pk/cpd/2020/CL2.htm10 Managing risks (AML/TF) https://www.sbp.org.pk/epd/2020/FECL21.htm11 Naya Pakistan Certificate https://www.sbp.org.pk/acc/2020/C6.pdf12 AML/CFT/CPF regulations https://www.sbp.org.pk/epd/2020/FECL20.htm13 Prime Minister's Kamyab Jawan Youth
Entrepreneurship Schemehttps://www.sbp.org.pk/smefd/circulars/2020/CL27.htm
14 AAOIFI https://www.sbp.org.pk/ibd/2020/C3.htm15 Stress testing https://www.sbp.org.pk/fsd/2020/C1.htm16 Transfer of NPA https://www.sbp.org.pk/bprd/2020/CL40.htm
MAJOR HEADLINES S.No News Web link
17 Corona Updates https://www.sbp.org.pk/corona-update.html
MAJOR NEWS S.No Description Weblink
1 Updated Acts/ordinance https://www.fbr.gov.pk/act-rules-ordinances/1312262345
S.No Description Weblink 1 DNFBP Regulation https://download1.fbr.gov.pk/SROs/202012151512244106FinalS
RO1319of2020.pdf2 Asset Declaration Rules https://download1.fbr.gov.pk/SROs/202012221512402SRO1368
of2020.pdf3 Simplified I.T. Returns – Manufacture https://download1.fbr.gov.pk/SROs/202012910124338318SRO1
316(I)of2020.pdf4 Refund rules https://download1.fbr.gov.pk/SROs/202012910124729758SRO13
14(I)of2020.pdf5 Rule 76 – Amendment https://download1.fbr.gov.pk/SROs/202012910124525960SRO.1
315of2020.pdf6 Tie limit for I.T. returns https://download1.fbr.gov.pk/SROs/202011613113235496SRO11
85(I)of2020.pdf7 Amendment in 12th Schedule https://download1.fbr.gov.pk/SROs/20201120141117564881240(
I)of2020.pdf8 Exemption Certificate https://download1.fbr.gov.pk/SROs/2020929129553567SRO92
3(I)of2020.pdf
S.No Description Weblink 9 Assessment Oversight committee https://download1.fbr.gov.pk/SROs/202010214103429334SRO9
54(I)of2020.pdf10 AML https://download1.fbr.gov.pk/SROs/202092917976805SRO9242
020.pdf11 Salaried person return https://download1.fbr.gov.pk/SROs/2020981894741959SRO822
(I)2020.pdf12 Greenfield industrial undertaking https://download1.fbr.gov.pk/SROs/202098189241319S.R.O823
(I)2020.pdf13 Banking companies reporting
requirement https://download1.fbr.gov.pk/SROs/20208241785121502SRO773(I)of2020dated24.8.2020.pdf
14 Imported goods https://download1.fbr.gov.pk/SROs/20208121685134667SRO715.pdf
S.No Description Weblink 1 Cash back to customers https://download1.fbr.gov.pk/SROs/202012161412302681SRO133
9-2020.pdf2 Exemption – Medical equipment https://download1.fbr.gov.pk/SROs/202011251411245136SRO1257
OF2020DATED25.11.2020--COVID-19.pdf3 Special rules for Tractors https://download1.fbr.gov.pk/SROs/2020112313115933622SRO124
8OF2020DATED23.11.2020--TRACTORSUBSIDY.pdf4 Exemption – local supply of sugar https://download1.fbr.gov.pk/SROs/2020101215104136934SRO10
38OF2020DATED12.10.2020.pdf5 Wastage of input rules https://download1.fbr.gov.pk/SROs/202010215103247872SRO938
OF2020DATED01.10.2020--AMENDMENTINSALESTAXRULES,2006.pdf6 Video analytical rules https://download1.fbr.gov.pk/SROs/2020921159350303SRO889of
2020.pdf7 Greenfield industrial undertaking https://download1.fbr.gov.pk/SROs/20208261681054999777signe
dcopy.pdf8 Recovery rules https://download1.fbr.gov.pk/SROs/2020561353338781SRO353.p
df
S.No Description Weblink 9 I/O adjustment - PE https://download1.fbr.gov.pk/SROs/2020561353859501SRO35
2.pdf10 Exclusion https://download1.fbr.gov.pk/SROs/20191181911581877SRO1321
We observed no major changes in this area of law.
ICAP COVID SUPPORT
• ICAP issued COVID 19 support for firms and industry to follow to ensure proper disclosure as per all regulatory frameworks applicable in Pakistan. Links of all COVID 19 rules are shown in next slide:
ICAP COVID RULESS.No Description Weblink
1 FR considerations http://www.icap.net.pk/archives/59122 Impairment http://www.icap.net.pk/archives/58993 Auditor guidance http://www.icap.net.pk/archives/58434 Refinance scheme http://www.icap.net.pk/archives/59285 Inventory count http://www.icap.net.pk/archives/5843
MAJOR NEWS S.No Description Web link
1 100 corporate leaders of ICMA Pakistan https://www.icmap.com.pk/News_Pdf/100_Corp_Leaders_11122k20.pdf
2 ICMA Pakistan registered in Canada https://www.icmap.com.pk/News_Pdf/ICMA_Registered_in_Canada_04122k20.pdf
3 ICMA Pakistan is now a Member of International Corporate Governance Network (ICGN)
https://www.icmap.com.pk/News_Pdf/ICGN_Membership_26102k20.pdf
4 Recognition of ICMA Pakistan Qualification with Saudi Organization for Certified Public Accountants (SOCPA)
https://www.icmap.com.pk/News_Pdf/Recognition_ICMAPakistan_Qualification_SOCPA.pdf
5 ICMA Pakistan registers its Foreign Branch Office in UAEICMA Pakistan registers its Foreign Branch Office in UAE
https://www.icmap.com.pk/News_Pdf/UAE_OfficeRegistration.pdf
MAJOR NEWS S.No Description Web link
6 Affiliate Financial Accountant Scheme https://docs.google.com/viewer?url=https://www.icmap.com.pk/News_Pdf/AFA_Information.pdf
7 Apply Online for Fellow and Associate Membership
https://www.icmap.com.pk/News_Pdf/Apply_Online_for_Fellow_and_Associate_Membership.pdf
8 ICMA Pakistan and ACCA Membership Pathway
https://www.icmap.com.pk/News_Pdf/Intro_about_ICMAPakistan_and_ACCAMembership_Pathway.pdf
9 Re-instatement of Cost Audit https://www.icmap.com.pk/News_Pdf/Re-instatement_of_CostAudit.pdf
IFAC MEMBERSHIP
• PIPFA become a full member body of International Federation of Accountants (IFAC) as of November 11, 2020.
ICAP
• ICAP exams cancelled for the first time in history for summer 2020 attempt amid COVID 19. ICAP had taken approval for exam SOPs from all provinces except Punjab.
• Indeed, the whole loss for no exams fall on burden of students who politicize the matter on social media.
• Summer 2020 attempt might be an ideal attempt for many candidates due to WFH scnerio.
ICMAP
• ICMAP conducted their all examinations under remote proctoring considering COVID 19 situation. They had switched themselves to remote mode on time.
• A very good timely move on part of ICMAP management.
• Kudos to them.
CODE 2019
• Date of implementation was July 01, 2020.
• ICAP implemented new code of ethics issued by IAASB. Web link is: HTTP://WWW.ICAP.NET.PK/ARCHIVES/5967
GCA CONSULTANTSGCA IS A NON-GOVERNMENT/NON-PROFIT ORGANIZATION
WORKING FOR THE DEVELOPMENT OF PROFESSIONAL ACCOUNTANCY AND MEMBERS/STUDENTS OF SUCH
PROFESSIONAL BODIES. WE WORK TO PROVIDE CAREER COUNSELING, GUIDELINES AND OTHER STUFF TO ASSIST IN
MAKING A WELL-ESTABLISHED CAREER IN PROFESSIONAL ACCOUNTANCY PROFESSIONS. OUR MEMBERS ARE SOCIAL WORKERS FROM ALL THE CORNERS OF WORLD, READY TO
ASSIST ALL TO THEIR BEST.
© 2020 GCA CONSULTANTS
ALL RIGHTS RESERVED
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