High CO2-producing companies to face challenges with new climate-related disclosure requirements

Pakistan – Wednesday, 07 September, 2022: Current corporate reporting by a majority of companies producing the highest levels of greenhouse gas emissions would not comply with proposed new requirements from the International Sustainability Standards Board (ISSB).

 

This is the key finding of research carried out by ACCA (the Association of Chartered Certified Accountants) and the Adam Smith Business School at Glasgow University, aiming to find out how prepared companies are for new climate-related reporting rules being developed by the International Sustainability Standards Board, formed last November.

 

The research analysed the most recent reports published by companies in the construction material and chemical industries which had the highest greenhouse gas emissions over the last three years, comparing current disclosures against the disclosure requirements of the proposed climate-related disclosure standard (IFRS S2, Climate-related Disclosures).

 

This analysis found that most companies fall short of the type and level of disclosure that the ISSB is proposing. Further, the research found that disclosures were often scattered and duplicated across different company sources, often with no cross-reference, and with little connection to financial information published in the financial statements.

 

Those companies (77% of the sample) that have adopted the Task Force on Climate-related Financial Disclosures (TCFD) Recommendations are significantly better prepared to comply with the proposed new disclosure requirements. However, even these companies will need to significantly increase their climate-related reporting to meet the new requirements of the proposed standard, which the ISSB aims to finalise by the end of this year.

ACCA and the Adam Smith Business School are urging the ISSB to ensure the disclosure requirements are clear and easily understandable, and that thorough guidance is provided.

 

Commenting on the research, ACCA's head of Pakistan, Assad Hameed Khan says: 'The colossal impact of recent floods in Pakistan is a reminder on the national climate action urgency. Thus, it is imperative for companies to adopt ESG focused (sustainable) practices and initiate substantive action related to climate change and strengthen reporting through robust climate-related disclosures. These measures can be a competitive advantage for companies, as well as, enhancing transparency and trust for investors, customers, employees and regulators.'

 

Mike Suffield, director of policy and insights, ACCA, says: 'Standard-setters and regulators should focus support and guidance on those companies that have not adopted the TCFD Recommendations, including smaller businesses. It may be appropriate to allow a period of voluntary adoption before making the ISSB standards mandatory.'

 

He also called on regulators to help users of this climate-related information by resolving the problem of the scattered location of disclosures, the lack of cross-referencing and duplication.

 

He added: 'The ISSB also has an important role to play by providing greater clarity around location and cross-referencing in the standards, and by collaborating with the regulators to achieve a consistent approach.

 

'This research is not about pointing fingers at businesses. It is about understanding where they are at in their climate disclosures and working out how to help them improve, this is vital work for all of us.'

 

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GREAT REASONS TO PURSUE THE ACCA FOUNDATION DIPLOMA

1. Fast-track to the ACCA Qualification
The Foundation Diploma is the best preparation for the ACCA Qualification if you don’t have any other qualifications or experience. You could start the Foundation Diploma after completing O’ Levels, Matriculation or Intermediate if you are based in Pakistan. So if your ultimate goal is the ACCA Qualification, then starting with the Foundation Diploma will give you essential knowledge to help you pass. You will be automatically transferred onto the ACCA Qualification, free of charge, and given exemptions from the first three exams when you complete the Foundation Diploma.

2. Enter the exciting world of business
Finance is the essential cornerstone of the business world, a career in finance will take you places in your career. ACCA’s Foundation Diploma is your first step to becoming a finance professional. It is a stepping stone in globally recognised professional qualification, which once completed will get you a better job, higher than average pay, and a chance to pursue this career globally. Kabeer Naqvi, CFO of Tameer Microfinance Bank states “Its (ACCA) well-rounded curriculum and thorough examination methodology made it possible for me to earn positions at senior management levels very early in my career.”

3. Fast and flexible
With computer-based exams available throughout the year and paper exams twice a year, you could complete the entire Foundation Diploma and be registered as an ACCA student in less than 12 months. And there’s no time limit on completing the exams so you really can fit studying around your work and personal life. Nauman Asif Mian, CFO of Bayt.com, states “ACCA has given me the flexibility to step into varied roles in finance with great confidence as I believe that ACCA qualification nurtures a complete finance professional.”

4. Affordable
You pay for your exams fees and tuition at each level as you go along, so there are no big upfront costs. The Foundation Diploma is a lower cost alternative to studying at University, and you can study and work at the same time. You will be transferred free of charge onto the ACCA Qualification once you’ve completed it, with free exemptions for F1, F2 and F3.

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ACCA Deputy President visits Air University

ACCA Pakistan organised a research and insights session at Air University where Brian McEnery, deputy president ACCA was the keynote speaker. Brian is a partner in BDO Ireland and a specialist in corporate restructuring and healthcare consulting.

Brian spoke to around 150 students studying at various disciplines at Air University around the advantages of studying a professional accountancy qualification and the worth it possess with employers. “We at ACCA seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and their delivery to meet the diverse needs of trainee professionals and their employers,” said Brian.

Air University vice chancellor Air Vice Marshall (Retd) Faaiz Amir, HI(M), SI(M), S Bt appreciated the partnership between Air University and ACCA. Also present at the occasion were Rushna Ghaznavi, education manager North, ACCA Pakistan and Faisal Azeem, head of education North, ACCA Pakistan.

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ACCA hosts corporate dinner

The Association of Chartered Certified Accountants (ACCA) and Roots IVY International Schools Islamabad co-hosted a corporate dinner based on the theme ‘Accountants for Business: Tomorrow’s Finance Enterprise’.

The dinner was attended by ACCA Pakistan’s key stakeholders, including Approved learning partners, employers and academic heads of universities as well as our friends from the media.

The corporate dinner was aimed to enlighten the prestigious employers and educational institutes about the development plan of ACCA for the students and members through capacity building and its efforts in developing the finance profession in Pakistan by nurturing the best talent.

Roots IVY International Schools were the exclusive partners for the event. CEO Khadija Mushtaq (TI), CEO, Roots Ivy International Schools spoke at the event stating, “It is a great honour for us championing ACCA’s vision in Pakistan and we look forward to building a stronger relationship with the leading accountancy body in Pakistan.”

At the event, Sajjeed Aslam highlighted, “ACCA is a diverse organization and our members are adding value across the whole spectrum of business activity. We remain committed to working in collaborative partnerships with all relevant stakeholders to develop the profession.”

ACCA’s Deputy President, Brian McEnery being the guest speaker at the event commented, “As the global body for professional accountants, we always stay at the cutting edge of the profession by investing in a robust research and insights(R& 1)programme with powerful visions of the future. We are constantly identifying changes that are shaping the landscape for businesses and professional accountants so that we are better equipped to adopt a more strategic and trusted role.

Sardar Abu Bakr, Director Strategy, Telenor Pakistan and Kabeer Naqvi, COO, U-Microfinance Bank speaking at the event highlighted the emerging new trends in the world in finance

Junaid Ahmed, thanked all the attendees for providing their support and making this a hugely successful event.

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Research and Insights Event on Smart Finance and Ethics conducted in Islamabad

ACCA held two sessions on the importance of ‘Smart Finance Function’ and ‘Ethics’ in the accountancy profession in Islamabad.

The events provided an opportunity for the finance professionals to benefit from case studies of successful and distinct businesses from different cross-sections of industries in Pakistan underlining the importance of investing in the corporate finance function. The session on Ethics consisted of a presentation, which was delivered to give an overview of professional ethics directed at accountants – in business and in practice.  

Arif Mirza (ACCA), Head of Policy MENASA, ACCA Pakistan spoke to the audience and stressed on how the quality of finance leadership, the adoption of breakthrough technologies, better people practices, and innovative thinking can transform the corporate finance function; making it increasingly smarter and relevant for the business.

Amir Shafique, Director Finance Telenor Shared Services, appreciated ACCA efforts and was keen to have more sessions with ACCA related to Smart Finance. He stated that, “Successful alignment of the finance organisation to the strategy of the business is essential. To transform the finance structure, the future CFO team must ensure the right processes; systems and metrics are in place which will also aid strategy execution. Finance leaders will need to prioritise investment in technology to drive growth and digital technologies will become a core finance leadership enabler in all businesses.

Qasim Malik, HR Manager – SNL Pakistan highlighted, “The session on ‘Ethics’ was extremely relevant for young employees and that as trusted professionals you have a responsibility to promote ethical rganiza. When faced with an ethical dilemma, you would like your rganization to support you in making the right decision.  Therefore, you might lead on implementing a code within your rganization.  But a code alone is not enough.”

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ACCA hosts a session on “Ending Late Payment”

Association of Chartered Certified Accountants Pakistan hosted a research and insights event in Faisalabad on “Ending Late Payment”. The session was attended by representatives from local businesses for a panel discussion moderated by ACCA Regional Head of Policy (MENASA), Arif Mirza.  The panelists included Dr Abid Ali-CFO Rafhan Maize , Imran Ghafoor- CEO Sitara Peroxide, Muhammad Zeeshan Abid -Partner Parker Randall, Suleman Zahid Jamil Chairman- Zahid Jamil & Co and Taha Hussain Director FGS.

Arif Mirza, speaking on the occasion highlighted that “circular debt is a cold example of the devastating consequences prolonged late payments can have on an economy.  Circular debt and the concurrent energy crisis plays a pivotal role in depressing the Pakistani economy, our economic growth( based upon real GDP)  is nowhere near that of our regional emerging markets.”

The CFO of Rafhan Maize gave a laudable presentation about the payment policy of Rafhan Maize as compared to the Sugar industry.  He highlighted Rafhan’s strong commitment to pay suppliers as soon as possible without any exploitation, even though a large portion of their suppliers are small farmers without any bargaining power.  The result has been spectacular, with corn production in Pakistan rising from 3000MT (metric tonnes) in 2009 to 5000MT in 2014. In contrast, the Sugar industry is notorious for late paying farmers.  Just recently, nine sugar mills were seized by the Punjab government because of large outstanding dues to farmers.

Educating the Pakistani business community about the repercussions caused by habitual late payments is perhaps the most important tool to counteract this detrimental cultural influence on corporate decision making. The government will also need to play a more active role, with stricter regulatory action against offenders who persist on willfully exploiting their suppliers.  Although some progress has been made in this field, there is still a long way to go in finding a pro-active solution.

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ACCA organizes session on Smart Finance Function

The Association of Certified Chartered Accountants held an informative session on Smart Finance Function in Karachi. The event brought together the business community where they presented their case studies on the importance of investing in the finance function of an organization.

Arif Mirza (ACCA), Head of Policy MENASA - ACCA Pakisan, stressed on the importance of a well-developed finance function and how it will benefit the businesses. He also shed light on exploring great leadership, the best use of technology, and hiring and retaining the best talent that will transform enterprises’ operations making it increasingly smarter and fit for business.

Zeshan Afzal (FCCA), Group Head – Strategic Investments of Arif Habib Corporation, stressed on leadership as a crucial factor that makes everything work together seamlessly and helps create an effective work environment. He stated that 

“Top CFOs lead by example, proactively providing business insight and promoting a robust flow of information-sharing across a company”, as well as, “In a fast-changing world, high-value finance talent will seek out CFOs who have bold agendas for change, aligned to the organisations vision.”

Kamran Akhtar Hashmi (FCA, CFA), Head of Business Finance & Risk Management for BU Distribution, K-Electric Limited spoke about finance talent management and how it can be used effectively to champion change and turnaround in any organization. He shared that K-Electric’s turnaround case study was recognised at various international forums including the Harvard Business School and FT/ IFC; made possible, among other things, by embedding ACCA’s Competency Framework into the finance development programme. He stated that “The ACCA Competency Framework demonstrates how ACCAs can become an asset to any organisation and work diligently in accordance with the performance objectives that are mapped to their roles and aligned to the K – Electric’s overall vision.

Guest Speaker, Adamjee Yakoob (FCCA), CFO, Citibank, N.A. Pakistan promoted thought leadership on embedding technology in today’s corporate finance function. He stated that “a conscious effort is required by financial leaders to redefine the finance pyramid through a combination of finance and technology, thus forging a finance function that delivers financial performance rather than the old school reporting, control and financial operations.

Atir Ahsan, GM & Group CFO, Arthur Lawrence Pakistan highlighted the global finance transformation whereby “enterprise-wide business transformation, business process outsourcing and business 

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The expedient solution for an efficient taxation system

Tax revenues are a backbone of a Country’s economy. The recent economic survey reported a growth of 14.0 percent with Pakistani tax revenues of Rs 2,580 billion during July-June 2014-15. Pakistan, however, has one of the lowest tax-to-GDP ratios at 10% with less than 1% of the populationpaying Income Tax. While the population that has registered to pay taxes has risen, the percentage that actually files their taxes has declined over the past five years.

The inability to efficiently collect taxes can be blamed on the improper mechanism and unvigilant regulations. Out of the taxable population of Pakistan, only 17% people actually pay taxes. Since Pakistan is unable to collect substantial tax revenues, it bridges the deficit between revenues and expenses by acquiring more debt. The additional debt in the existing debt puts a strain on the economy triggering inflation and drop in real income.

Ultimately, the major focus of the Pakistani government should be the collection of tax revenues. Given that Pakistani government lacks the capacity to directly tax earned incomes, it resorts to an increasing reliance on indirect taxation which fails to differentiate between the rich and poor. These indirect taxes hurt poor the most as these taxes take away a large portion of incomes such as tax on spending on food items, power, petrol etc.

Due to the significance of tax revenue for any government, Pakistan needs to take in all means necessary to collect these taxes including both major and minor changes in taxation laws throughout the year. Developing economies like Pakistan are keen to broaden tax nets but many interest groups have been able to evade taxation by remaining informal and not filing taxes at all.

The problem in the tax system of Pakistan not only lies with poor enforcement and a weak audit regime but also with poorly trained and under-funded workforce. The most convenient solution is to realize that there is a need for highly trained tax experts, who will work along with finance and legal counselors for businessmen as well as companies.

Tax professionals appreciate a self fulfilling vocation loaded with complex testing work. It also provides opportunities to get inside the customers business, influencing and executing business choices. A career in taxation offers an insight for the professional to build critical thinking capacities.

Taxation as a professional specialism can also help develop several individual qualities such as transferable skills for instance broad commercial awareness and valuable technical skills which can help a person create a very successful career in business. However, it is a challenging profession since the role of tax preparers also carries a lot of responsibility; a single error can cost a customer dearly, and the customer’s anxiety is infectious.

Taking a look at the long term scope, there is immense development potential in taxation as a specialized career choice. Careers in tax also provide a stable career path: the ups and downs of the economy do not influence the taxation expert job market; jobs in tax are relatively secure.

There are worldwide tax levy issues for business regardless of their nature, which obliges thorough assessment of information most appropriate for a Finance Professional. Taxation is being modernized now, which serves as an open door for aspiring youthful experts, more skilled in technology abilities, Xbrl is an example of how tax filing in developed markets is transforming, early adoption of Xbrl will also internationalize the work of tax accountants in Pakistan. The more established experts, to stay in the field have made a point to stay updated on tax laws and regulations. This can permit quicker handling of information and in addition a more exact and detailed count of information.

In conclusion, it is best to say that to revive the taxation system there is a need for all stakeholders to work for a common cause. Tax experts who can use their knowledge and skills to support tax policy reforms and their ethical tax planning to ensure businesses remain within the fence of the laws of land in their operations and computations. The golden rule of honesty is the best policy is a good place to start and end.

By Malik Haroon

The author is an ACCA Member, Accountancy and Finance expert and CEO of a taxation firm.

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ACCA Pakistan offers exciting new route into the profession

Product and pricing development created for the benefit of those looking to become qualified accountants

After consultation with key stakeholders, including students, ACCA (the Associationof Charted Certified Accountants)announces today that it will be launching a new pricing structure to help people start their journey on a rewarding career in finance.

Sajjeed Aslam, Head of ACCA Pakistan, comments: “This is an exciting development for ACCA, where we have placed providing greater value at the heart of our offering to students. We have worked to ensure that the product and price is right, and we have done this by listening to feedback, especially from students.”

Our ‘even greater value’ proposition includes academic recognition at all stages of education from Intermediate all the way to Master’s level. It includes gaining a BSc in Applied Accounting from OxfordBrookes University at the same time you are studying towards the ACCA Qualification. In addition students can also earn a Master’s in Professional Accountancy from the University of London.

Employers and learning providers were also consulted on the development, which means that fees for students will be competitively priced, taking into account global foreign exchange rates.

ACCA has also introduced a new pricing structure for its exams. By modifying its prices, the global professional body for accountants also believes that employers who take on ACCA students stand to benefit.

Richard Staunton Head of Global Delivery, explained: “This is also great news for employers that already support and work with ACCA, offering our qualifications, and those that are considering working with us. The increased opportunities for students that the pricing structure offers will have a huge positive impact on organisations.

Mr.Staunton concluded: “We are wholeheartedly committed to building and sustaining the accountancy profession in Pakistan, a profession to which I am proud to belong.  ACCA has a treasured and long-held value – that of opportunity. Our new pricing structure is modelled on this value, as it offers more opportunities to study to become a qualified certified chartered accountant.” 

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ACCA organises corporate networking session

The Association of Chartered Certified Accountants (ACCA) hosted a corporate dinner based on the theme ‘Accountants for Business’ in Faisalabad. This engagement will be beneficial in building relationships with all the prominent employers of Fasialabad.

The corporate networking session was attended by the President FCCI, Engineer Rizwan Ashraf and it was to highlight the FCCI members in attracting, developing and retaining the best finance talent. It is pertinent to mention that ACCA is committed to supporting its student and member base in Faisalabad and therefore an Approved Employer Ceremony was conducted with the employers coming on onboard committing towards training ACCA Affiliates in achieving membership.

President FCCI, Engineer Rizwan Ashraf commented at the dinner, “ It is a matter of great honor for me and my team to be here today with you at this outstanding event and on behalf of the Faisalabad Chamber I would like to thank ACCA for arranging this great event and bringing together leaders from the education and employment sector.”

President FCCI also addressed the audience and took the opportunity to address all the corporate decision makers recognizing ACCAPakistan’s contributions toward developing the finance talent Pakistan needs. He mentioned how ACCA was adding value across the whole spectrum of business activity. He also assured FCCI’s support and assistance to ACCA Pakistan in their all initiatives in future. The highlight of the ceremony was the addition of the newly approved employers who were presented certificates on this occasion which were received by their CFOs present at the event. Rafhan MaizeProducts, Bismillah Textile, Anjum Textile and JK Group of companies were the new additions to ACCA’s Executive Approved Employer club.

The highlight of the corporate dinner was the speech by Head of North, Junaid Ahmed speaking about ACCA Pakistan’s recent achievements and initiatives to strengthen the profession and the work ACCA is conducting various organizations and regulatory bodies to add public value. He explained how the demand for accountants will be increasing by year 2020. Further he added how ACCA Pakistan plans to indulge with all the stakeholders in Faisalabad and the importance of recruiting ACCA professionals.

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ACCA recently joined hands with Concordia Colleges

http://www.gogi7.com/acca-recently-joined-hands-with-concordia-colleges/

ACCA recently joined hands with Concordia Colleges a project of Beaconhouse Group, which has the largest privately owned school networks in the world with operations in nine countries. A Memorandum of Understanding (MoU) was signed at the Group’s head office on June 13, 2015, signifying the start of a collaborative venture which is expected to transform the learning landscape for ACCA in Pakistan.

This partnership with Concordia Colleges is an initiative, underpinning ACCA’s efforts to partner with leading academic institutions in Pakistan which will contribute to the improvement of the accountancy profession. Through campuses of Concordia Colleges (an initiative of The Beaconhouse Group), ACCA will implement a new scheme of study designed specifically for Concordia Colleges to deliver quality tuition and provide a healthy campus environment to students. This would ensure that the venture delivers what is promised with regards to quality tuition provisioning. The purpose is to provide seamless quality tuition to students while meeting the demands of the ever changing technology-based learning environment.  The most exciting element of this partnership is the provisioning of premium campus facilities with a focus on co-curricular and skill enhancement activities.

Concordia Colleges is ACCA’s “National Learning Partner” and will start its operations from 7 campuses in 4 cities. It is expected to expand its network to 25 campuses in 15-18 cities of Pakistan within 3-5 years; with the potential to becoming ACCA’s regional learning partner.

http://www.gogi7.com/acca-recently-joined-hands-with-concordia-colleges/

Concordia Colleges (For more details, please visit: http://www.concordia.edu.pk/)
Beaconhouse School System (www.beaconhouse.edu.pk)

Concordia Colleges under the umbrella of The Beaconhouse Group aspires to offer world class education in an innovative and technology-enabled environment at an economical cost. Beaconhouse group is the largest and most successful school and college system in Pakistan.  Its vision is to establish a house of wisdom at the national level with a distinctive approach to cater to the current and future educational needs of the country. It will free its students from rote- learning and tuition needs. They are focused on developing intellectually creative and confident students who will be capable of meeting any challenge in their lives. Their teaching methodology will make them unique. They will accomplish their mission by fulfilling the social responsibility of bringing a positive change to the society in terms of quality education and intellectual development.

http://www.gogi7.com/acca-recently-joined-hands-with-concordia-colleges/

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Al Baraka Bank (Pakistan) Limited becomes ACCA Approved Employer

Al Baraka Bank (Pakistan) Limited has recently become ACCA Approved Employer at Gold level for Trainee Development stream. The Certificate presentation ceremony was held during ACCA's High Achievers and New Members Ceremony 2015 at Marriott Hotel with Mr. Tamim Shabbir, Chief Financial Officer of Al Baraka Bank (Pakistan) Limited present to receive the certificate. ACCA Pakistan was represented by Mr. Sajjeed Aslam, Head of ACCA Pakistan and Mr. Rehan Uddin, Head of Education MENASA- ACCA. Mr. Ibrahim Kasumbi, Senior Vice President- Karachi Chamber of Commerce & Industry (KCCI) was also present at the ceremony.
 
Mr. Tamim Shabbir commented, "ACCA candidates have strong financial acumen, and this enables them to understand the business at a faster pace as compared to their peers making it a win-win situation for both the employee and Al Baraka Bank (Pakistan) Limited. The ACCA curriculum enriches the ACCA candidates academically fully in a way that they can settle within the various domains of banking business such as Finance, Internal Audit, Risk or Compliance etc. The on-the-job training at Al Baraka Bank (Pakistan) Limited further grooms them and provides them with an opportunity to establish and succeed in their banking careers. ACCA Candidates therefore are the true assets of Al Baraka Bank (Pakistan) Limited."

Mr. Sajjeed Aslam stated,

"Increasingly, the provision of comprehensive training and development is seen as an important factor by employees when considering which employer to choose.  ACCA's approved employer programme provides a benchmark of good practice to employers around the world and gives public recognition to these organizations for the quality of support and training they invest in their employees."

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ACCA organises workshop on Project Management

ACCA Pakistan’s initiative on providing opportunities to accounting professionals for professional development is continuing with full verve. Two consecutive days of a very interactive workshop on Project Management including concept building and hands-on experience of setting up Microsoft Project was held on 8-9 May 2015. Members from various cities working for different organisations participated in the workshop.

All participants greatly enjoyed the two days and termed it as a great learning experience.

The intention of hosting a workshop on Project Management was that with the ever increasing workloads and deadlines, the ability to manage our time has become critically important. In this scenario, project management has become a very important and powerful tool. Such workshops will equip our members with competitive skills, which can be leveraged by businesses in helping them grow.

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ACCA works on the public value agenda

The students enrolled under the Afghan Federal Board in the Laisa Education Community attended an Open House Seminar recently at ACCA Pakistan's Approved Learning Partner: Professional Academy of Commerce (PAC), Peshawar. The session was held to inform the students about the ACCA qualification; a further emphasis was laid on accountancy as a qualification and a detailed discussion on the possibilities of an ACCA student's career options was conducted. Mr. EhsanUllahAmiri, Director Afghan Embassy Peshawar honored the event as guest of honor. "I am extremely pleased to see the efforts of ACCA towards students' careers and the progressive approach of ACCA in developing the skills of the student community at large. The opportunities provided by ACCA to Afghan students are indeed noteworthy."

The session concluded with an interactive question and answer session where the heightened interest of the Afghan community in ACCA was observed. -PR 

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ACCA’s Executive Team Applauds High Achievers and New Members

By GULSHAN NAZ: ACCA Pakistan held a celebratory evening in Royal Palm Golf and Country Club to celebrate the success of new members from 2014 and to recognize the achievement of the position holders from the December 2013 and June 2014 sessions. These were the students who had performed on top of the class in the ACCA and ACCA’s Executive Team papers.

It was the first time that the executive team of ACCA including its Chief Executive Helen Brand; Executive Director Markets, Steve Heathcote; Executive Director Governance, Peter Large; along with Arif Mirza, Regional Head of Policy MENASA, and Head of ACCA Pakistan, Sajeed Aslam participated in ceremony.

The customary ceremony is part of ACCA’s global tradition to welcome their new members and reward the high achievers. Expressing her views at the ceremony,ACCA’s Executive Team Chief Executive of ACCA said: “We are very excited to be here and commemorate among th Helen Brand; e CFOs, Accountants, and Finance Experts of the future. Pakistan is very talent rich when it comes to the finance industry that is on the global rise.

The high achievers were also awarded and appreciated for their accomplishments by Helen Brand and the highlight of the event was new members donning their ACCA lapel pins proudly at the event.

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ACCA Pakistan and ICMA PAKISTAN HOLDS SEMINAR ON PROFESSIONALISM

The Association of Chartered Certified Accountants (ACCA) held a seminar with Institute of Cost and Management Accountants for Pakistan (ICMAP) for their members on “Professionalism”. The seminar focused on the importance of ethics as well as incorporating professionalism in any matter of the business and specifically for accountancy.

Haroon A. Jan, Head of Member Affairs, ACCA Pakistan and Mr. Muhammad Abbas started off the seminar by sharing facts and figures about ACCA and ICMAP.

Mr. Peter Large, Executive Director, Governance at ACCA and Mr. Saeed A. Sheikh, Chief Executive, Shaikhain Management & Law Consultants shared their views over the importance of incorporating ethics and professionalism while practicing accountancy.

Mr. Saeed A. Shaikh talking about the importance of ethics and what it really means to be an accountancy professional said:“There is a standard of ethical requirements for professional accountants. The first thing that is important is integrity followed by confidentiality and professional behavior. Professionals are accountable for their actions at all times therefore, even if the company or industry does not have a written code of conduct, they should display ethical behavior at all times.”

At the seminar, Mr. Peter Large highlighted what is professionalism, what accountancy profession offers and what does integrity mean in the accountancy profession. He shared that ACCA follows consistency in terms of standards globally being an international body of accountancy. ACCA has an international code of conduct for ethics and technical standards such as financial reporting standards and higher level conduct requirements.

Commenting on the role of an accountancy profession, Mr. Peter said: “The accountant in the workplace acts as a trusted adviser and a critical consultant. It is the duty of a professional accountant to foster appropriate corporate culture and governance. It is very important to not lose sight of the main role of accountancy profession and that is to add value to the business which will help a business grow.”

ACCA, the global body for professional accountants is a strong believer that finance experts always add value to economies and their qualifications are associated with the needs of employers in all sectors - Press Release.

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ACCA signs an accord with FAST University

The MoU is aimed at furthering collaboration and partnership between the two esteemed organisations to support students pursuing an education in finance and accountancy, and to build capacity in the profession to support Pakistan’s economic growth.

The MoU was inked by Stephen Heathcote, Executive Director-Markets, ACCA and Dr. Anjum Ali, Campus Director, National University of Computer & Emerging Sciences (FAST). Speaking on the occasion, Stephen said; ‘ACCA is very pleased to partner with an esteemed higher education institution such as National University of Computer and Emerging Sciences. The MoU aims to provide future young leaders with professional accounting qualifications that are recognised globally. Students of FAST will also get an opportunity to study ACCA alongside their university degree through ‘ACCA embedded programme.’

“The University has equality, opportunity and social justice at the heart of its vision. We want to provide best-in-class services to our students and partnering with ACCA puts us in the right direction.” Said National University of Computer &Emerging Sciences.

ACCA has awarded the university with seven exemptions for their BS Accounting & Finance students. The ceremony was attended by Stuart Dunlop, Regional Director-MENASA, ACCA, Sajjeed Aslam, Head of ACCA Pakistan, Raymond Jack, Executive Director Finance & Operations, Dr Hamid Hassan, Head of Department, FAST School of Management, Aamer Allaudin FCCA, Assistant Professor, FAST School of Management and other senior representation from the two parties.

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ACCA Pakistan and Coca-Cola Beverages Pakistan (CCBPL) Co-Host the Corporate Dinner

The Association of Chartered Certified Accountants (ACCA) and Coca-Cola Beverages Pakistan Limited (CCBPL) co-hosted a corporate dinner with the ACCA executive team based on the theme ‘Education to Employment’.

The corporate dinner was aimed to enlighten the prestigious employers and educational institutes about the development plan of ACCA for the students and members through capacity building and greater prosperity by enhancing the finance profession.

At the event, Helen Brand shared that “ACCA is a diverse organisation, and we want to keep it that way. Our members work across the public and non-profit sectors, in public practice and in the corporate sector. They add value across the whole spectrum of business activity”.

Further she added that “Constant consultation with employers is important. We work to ensure the qualifications our members work so hard to attain are respected and valued wherever they may wish to work. We keep up-to-date with your needs through dedicated staff across our markets that develop better links with and support for employers. ACCA being a global professional body is closely aligned with employers’ requirements and aspirations for your businesses”.

Coca-Cola Beverages Pakistan Limited (CCBPL)Public Affairs and CommunicationsDirector Zafar Abbas Jafridelivered a key note address highlighting CCBPL's contributions to the economy and its extensive community welfare projects. He said, “I take great pride in sharing with you that sustainability is deeply embedded in our business. We have a simple belief that if we cannot help create sustainable communities where we operate, we won’t have a sustainable business. Our focus areas are water, women empowerment and promoting active and healthy lifestyle amongst the youth, education and broader societal development,” he added.

The dinner was attended by Helen Brand, Chief Executive, ACCA; Barrie Jackson, Non-Executive Advisor to the Chief Executive, ACCA; Steve Heathcote, Executive Director-Markets ACCA; Peter Large, Executive Director, ACCA; Raymond Jack, Executive Director Finance & Operations, ACCA;  Stuart Dunlop, Regional Director-MENASA, ACCA, Sajjeed Aslam, Head of ACCA Pakistan and other senior representation from the education and sector and the two organisations.

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