A Memoir of Institute’s activities and programs for professional development and corporate networking June 2017 I Vol: 17.6

National Council Dear Members, I am delighted to present the June 2017 issue of e-Newsletter covering Office Bearers programs and events organized by the National Council, its various President Committees as well as Branch Councils. The e-Newsletter also updates Mohammad Iqbal Ghori, FCMA about various Institute’s significant activities and progress during this month. Vice President Anis ur Rehman, FCMA The month of June witnessed commencement of holy month of Honorary Secretary Ramadan with all its blessings and people all around the world were Khawaja Ehrar ul Hassan, FCMA fasting and devoting much of their time in prayers and Ibadat. May Allah accept all their prayers. Honorary Treasurer Mohammad Iqbal Ghori, FCMA Saghir ul Hassan Khan, FCMA President, ICMA Pakistan and The Council has planned a number of events throughout the country Chairman Research and in addition to the first international venture of holding a Global Publications Committee Members Management Accountants Conference (GMAC) at Dubai on September Raheel Asghar Ginai, FCMA 16, 2017. I hope that members would actively participate in GMAC in Dubai and other events being organized in Pakistan. Zia ul Mustafa Awan, FCMA Kashif Mateen Ansari, FCMA Have a nice reading and do share your suggestions on [email protected] Waqar Ali Khan, FCMA Government Nominees Mohammad Iqbal Ghori, FCMA Sumaira K. Aslam Dy. Chief Cost Accounts Officer, MoF Dr. Talat Imtiaz National Events Deputy Auditor General of Pakistan Jameel Ahmad, FCMA Shahid Afridi Foundation signs MoU with ICMA Pakistan Deputy Governor, State Bank of Pakistan Karachi | June l 21, 2017 Tahir Mehmood, FCMA Commissioner, SECP Research & Publications Committee

Mohammad Iqbal Ghori, FCMA, Chairman Mian Nisar Ahmad, FCMA Hamad Rasool Bhullar, FCMA Faisal Shafique, FCMA Syed Hassan Ahmed Al-Ahdal, FCMA Syed Babar Ali, FCMA Syed Zulfiqar Ali Shah, FCMA Shoaib A. Tirmazi, ACMA Zulfiqar Ali Mehto Jawad Hamid Malik Tanvir Shahzad Editorial Board Chief Editor Mohammad Iqbal Ghori, FCMA Chairman, Research & Publications Committee Shahid Afridi Foundation (SAF) has signed a MoU with ICMA Pakistan in an impressive ceremony held Editor at Head Office Karachi on June 21, 2017. Mr. Shahid Afridi, the renowned cricketer and Chairman SAF Shahid Anwar, Joint Director and Mr. Mohammad Iqbal Ghori, President ICMA Pakistan signed the MoU under which the Institute’s Research & Publications Directorate members, students, faculty and employees will be providing voluntary services to SAF as its strategic Email: [email protected] partner to promote its social and welfare activities. ICMA Pakistan is the first academic institution in Contact: + 92 21 99243900 Ext 107 / 117 Pakistan with whom SAF has signed an MoU. Mr. Anis ur Rehman, Vice President ICMA Pakistan and Inside Mr. Zeshan Afzal, CEO, Shahid Afridi Foundation were also present on the occasion. The ceremony was witnessed by members and students at ICMAP Centres in Lahore, Islamabad, National Events Faisalabad and Multan. The program was given wide coverage in electronic media which helped in Center / Campus Activities the image building of the institute. Directorates’ Activities Newsletter

Vol: 17.6 I June 2017

The President ICMA Pakistan in his speech, paid rich tributes to Mr. Shahid Afridi for utilizing his fame and popularity by providing complementary education, health and medical facilities to the poor and needy people of Pakistan . He said that the institute fully supports Mr. Shahid Afridi and would be extending a helping hand to SAF for this noble cause. He said that ICMA Pakistan is committed to playing an active role in supporting and working with its stakeholders for sustainable community and social development.

Mr. Shahid Afridi expressed pleasure over signing the MoU and said that he has great expectation from the young students of the institute in supporting the cause of SAF which has been established to improve the living conditions of the poor and destitute in the society. He informed that the first project of SAF was construction of “Sahibzada Fazal Rehman Memorial and Charity Hospital” at Kohat followed by resolving water shortage issues in the villages of KPK by fixing simple hand pumps. He apprised that SAF also awarded scholarships to 12 deserving students of Farabi Government School and supporting Dar-ul-Sukun, Karachi by adopting the special children ward.

Center / Campus Activities

ISLAMABAD Center / Campus Activities

National Budget Conference 2017-18 Islamabad | June 06, 2017 Islamabad Brach Council (IBC) organized a National Budget Conference 2017-18 on June 06, 2017. Dr. Musadik Malik official Spokesperson to the Prime Minister with the status of Minister of State and Mr. Siraj Muhammad Khan, Chairman Standing Committee on Commerce, National Assembly of Pakistan, graced the event as Chief Guests. The seminar was also graced by Syed Ghulam Abbas Kazmi, Chief Commissioner RTO Islamabad and Raja Amer Iqbal, President Rawalpindi Chamber of Commerce and Industry (RCCI) as the guests of honor.

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LAHORE Center / Campus Activities Post Budget Seminar 2017-18 Lahore | June 05, 2017 Lahore Branch Council (LBC) organized a Post Budget Seminar on June 05, 2017 at Lahore in collaboration with Lahore Chamber of Commerce and Industry (LCCI). Mr. Abdul Basit, President (LCCI) was the Chief Guest on the occasion. Mr. Zia ul Mustafa Awan, Member National Council and Mr. Qamaruz Zaman, President Lahore Tax Bar Association (LTBA) were the Guests of Honor. Mr. Abdul Razzaq; Mr. Asim Zulfiqar and Dr. Nadia Tahir, Director R&D (LCCI) were the speakers who apprised the audience about the significant features of Budget. Mr. Muhammad Yasin, Chairman LBC; Mr. Awais Yasin, Secretary LBC; Mr. Salman Haider, Member and Convener CPD Committee of LBC; Mr. Muhammad Hussain, Director Central Region were also present. The seminar was also attended by CFOs, CEOs, Financial Analysts, representatives of trade and industry, in addition to members of institute.

Group Life Insurance Payment Lahore | June 30, 2017 Hafiz Tauqeer Ashraf, a Lahore based Associate member of the institute (A-5667) expired on October 30, 2016. As per Group Life Insurance Policy of the institute, a cheque of group life insurance was presented to the father of the deceased member on June 30, 2017 at a simple ceremony organized by the Lahore centre. Syed Irfan Mahboob, Deputy Director and Ms. Nadia Hanif, Finance Officer were also present on the occasion. FAISALABAD Center / Campus Activities Post Budget Seminar 2017-18 Faisalabad | June 13, 2017 Faisalabad Branch Council (FBC) organized a Post Budget Seminar 2017-18 on June 13, 2017 in collaboration with ICAP, PIPFA and Faisalabad Chamber of Commerce & Industry (FCCI).Mr. Mohammad Iqbal Ghori, President ICMA Pakistan was the guest of honor on the occasion. Mr. Shoukat Amin Shah, past president ICAP and Mian Muhammad Ramzan, Partner & CEO TMRC were the main speakers at the event.

MULTAN Center / Campus Activities

Mehfl-e-Naat and Iftar Party Multan | June 15, 2017 Multan Center organized a Mehfl-e-Naat-cum-Iftar Party on June 15, 2017. Mr. Nabeel Ansari and Mr. Mansha Yousaf, Deputy Director, Multan center were the speakers. Mr. Abbas Sattar, Chairman Multan Branch Council (MBC) and Mr. Muhammad Naeem, Vice Chairman MBC were also present on the occasion. Directorates’ Activities EXAMINATION EXAMINATION Examination Extra Attempt Nation-wide | June 10 - 15, 2017 The Institute’s Professional Competence Level (PCL)-07 Examinations for following four (4) modules of Semester-7 & 8, under Syllabus 2016 – Transitional Arrangement, were conducted between June 10, 2017 to June 15, 2017:

Semesters Modules

Business Accounting (BAF-701, Module-1) 7 Business Finance (BAF-702, Module-2) Business Laws & Ethics (BLE-801, Module-3) 8 Business Management & Leadership (BML-802, Module-4)

The examinations were conducted at Karachi, Lahore, Islamabad, Multan and Faisalabad Examination Centres. The result is scheduled to be announced in eight (8) working days after the conclusion of PCL-07 Examinations. A meeting of the Examination Committee was held on June 24, 2017 in connection with announcement of result for PCL-07 Examinations.

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CORPORATE RELATION AND COMMUNICATIONSCORPORATE RELATIONS

The CRC Department continued its efforts to build relationship with the corporate sector to arrange internships and job opportunities for students and members. Following are the activities of CRC Department during the month of June 2017: Members’ Placement The Institute scaled up its relationship with corporate sector for arranging more and more placements for members. Nationwide 4 placements were secured for members in following organizations:

Sr. Name Membership No. Designation Organization City 1 Fayaz-Ur Rehman A- 2577 Manager Finance Majestic Plastic Industry (Pvt.) Limited Lahore 2 Saqib Mahmood A- 6230 Deputy Manager Costing Hira Terry (Pvt.) Limited Lahore 3 Atif Hussain A-5068 Manager Accounts Qasimi Industries Karachi 4 M. Junaid Ullah A-5869 Assistant Manager Costing Yamaha Motor (Pvt.) Limited Karachi

Students’ Internships and Placements CRC Department secured nationwide 20 placements for students, out of which 16 placements were made at Karachi; and 2 each at Lahore and Faisalabad. Similarly, 8 Internships for students were also arranged i.e. 7 at Karachi and 1 at Islamabad.

Sr. Students Reg. No. Designation Organization City 1 Farhan Ahmed 20060567 Deputy Manager Costing Ghandhara Industries Limited Karachi 2 Rao Rehan Ali 20131961 Senior Finance Officer Indus Hospital Karachi 3 M. Uzair Yaseen 20122201 Consultant ICMA Pakistan Karachi 4 Rizwan Hameed 20090120 Accounts Officer Ahsan Sons (Pvt.) Limited Karachi 5 Waqar Ahmed 20124184 Tax Officer Tax Haven Advocates & Tax Consultants Karachi 6 Mirza Ahsan Baig 20121951 Accounts Officer Noble Group of Companies Karachi 7 Imran Alam 20133575 Accounts Officer Crescent Steel & Allied Products Limited Karachi 8 Naveed Hussain 20111787 Accounts Officer Baig Engineering Karachi 9 Rehan Nawaz 20110288 Cost Accountant B. P. Industries (Pvt.) Limited Karachi 10 Muhammad Umair 20090157 Finance Executive Jaffer Group of Companies Karachi 11 Rida Iqbal 20142276 Accounts Executive Goods Care (Pvt.) Limited Karachi 12 Arsal Khan 20132496 Finance Executive Artistic Garment Industries (Pvt.) Limited Karachi 13 Qunain Rasool 20132228 Accounts Executive Ghazi Brothers Karachi 14 Usmanur - Rehman 20124048 Accounts Executive SME Leasing Limited Karachi 15 Faisal Mehmood 20100280 Accounts Executive SME Leasing Limited Karachi 16 Sultan Ahmed 20122060 Accounts Executive Agility Logistics (Pvt.) Limited Karachi 17 Faraz Ahmed 20143040 Internship SME Business Solutions Limited Karachi 18 Hasnain Ahmed Shah 20132325 Internship SME Business Solutions Limited Karachi 19 Faryal Nageen 20122885 Internship Muskho Electronics (Pvt.) Limited Karachi 20 Shahab Khalid Subzwari 20132046 Internship Pearl Securities Limited Karachi 21 Babar Nazeer 20131751 Internship S. M. Leasing (Pvt.) Limited Karachi 22 Shadab Samdani 20122886 Internship Mustafa & Co. Karachi 23 Arbab Hussain Khan 20142341 Internship Ghazi Brothers Karachi 24 Sohail Madni 20142158 Assistant Manager Accounts City Car Rental Services (Pvt.) Limited Lahore 25 M. Mudassar 20141008 Audit Officer Rupali Polyester (Pvt.) Limited Lahore 26 Huma Ameer 20122624 Internship BSNS Consulting Islamabad 27 M. Waheed Akhter 20111126 Accounts Officer Crescent Hadeed (Pvt.) Limited Faisalabad 28 Fahad Hussain 20120931 Management Trainee Officer Usman Suleman & Co. Faisalabad

Workshop on Entrepreneurship Karachi | June 20, 2017 Corporate Relations and Communication department organized a 4-hours session on Interpersonal Skills Development Series in collaboration with INJAZ Pakistan on June 20, 2017 at Head Office, Karachi. This capacity building session, tagged as "Innovation Camp" was focused on entrepreneurship and creativity within individual and organizations. Mr. Bilal Masood, Program Facilitator / Trainer of INJAZ successfully involved students in brainstorming to find out-of-box solutions to business issues and challenges using leadership, critical thinking and teamwork skills.

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Industrial Visit Karachi | June 24, 2017 Corporate Relation and Communications Department organized an industrial visit to General Tyre & Rubber Company of Pakistan on June 24, 2017 especially for semester one CMA students. The main objective behind the visit was to make students aware about how various activities related to financing and manufacturing are carried out in company. Mr. Shamsuddin Bhimani, Officer, CRC accompanied the students.

RESEARCH AND PUBLICATIONS R&P

May-June 2017 issue of Management Accountant Journal The May-June 2017 issue of Management Accountant Journal has been hosted on Institute’s website. This issue focuses on the theme of ‘Business Entrepreneurship’. The main features of this issue are special message received from Ms. Xiaohong Yang, Country Director Pakistan, Asian Development Bank; Exclusive Interview of Mr. Mohammad Younus Dagha, Secretary Commerce, Government of Pakistan and Mr. Fuad Hashim Rabbani, CEO Small and Medium Enterprises Development Authority (SMEDA). The Journal is available on https://www.icmap.com.pk/management_accountant.aspx

Invitation of Articles for July-Aug 2017 issue of MA Journal The July-Aug 2017 issue of MA Journal will be on the theme of ‘The Performance of Audit in Pakistan’. The purpose is to assess and examine the performance of audit in Pakistan vis-a-vis the international best practices which merits attention of regulators for improving the audit quality. It is hoped that this issue would bring sufficient awareness about the significance of audit and compliance with professional standards in Pakistan.

NC decision to resume distribution of MA Journal to members and students The National Council of the Institute, on the strong demand of members, has decided to revert to the previous practice of distributing hard copies of Management Accountant Journal to the members and students. Accordingly, the May-June 2017 issue of MA Journal will be dispatched by Research and Publications Department to the members all over the country. It may be noted that since Jan-Feb 2017 issue the MA Journal was available on e-version for both members and students.

LIBRARY

Arrival of New Books in Library

Sr. Title 01 Complete Income Tax Law Vol. I & II by Sheikh Asif Salam 02 Cost Accounting (A Managerial Emphasis) by Charles T. Horngren

Library Reader of the Month

South Region Central Region North Region

Karachi Lahore Islamabad Fida Hussain Ayesha Javaid Rashid Mehmood Reg. no : 20143163 Reg. no : 20122508 Reg. no : 20151936

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MEMBERSHIP

New Fellow Members S No. Associate Membership No. Name Fellow Membership No. 1 A-3071 Zafar Iqbal F-1913 2 A-3569 Khadim Hussain F-1914 3 A-3778 Shahzad Akhtar F-1915 4 A-4736 Muhammad Mazhar Khan F-1916 5 A-4883 Imran Ali F-1917 6 A-4915 Syed Muhammad Hammad Ghazali F-1918 7 A-4927 Sammer Iqbal F-1919 8 A-4941 Muhammad Suhail Sarwar F-1920 9 A-2740 Basit Sultan F-1921 10 A-3477 Nasar Ali F-1922 11 A-4531 Shahid Ilyas F-1923 12 A-4764 Muhammad Shahid F-1924 13 A-4908 Khayam Ahmed F-1925

New Associate Members

S No. Registration No. Name Associate Membership No. 1 S-20042903 Mohsin Ali Shabbir A-6377 2 S-20051720 Muhammad Yasin Imran A-6378 3 S-20070847 Hafiz Muhammad Zohaib Khan Khan A-6379 4 S-20101062 Hammad Ahmad A-6380 5 S-20111428 Hammad Farooq A-6381 6 S-00951210 Muhammad Naeem Naz A-6382 7 S-00972927 Shahid Jabbar A-6383 8 S-20030168 Muhammad Salman Farooqi A-6384 9 S-20070998 Bilal Hassan A-6385 10 S-20081315 Amjad Hanif A-6386 11 S-20090848 Sarfraz Ahmad A-6387 12 S-20101499 Taimoor Obaid Ullah Khan A-6388 13 S-20120869 Tanveer Ahmad A-6389

New COPs S No. Membership No. Name 1 A-6249 Sataish Ayub Khan 2 A-5425 Abid Majeed

TECHNICAL SUPPORT AND PRACTICE DEVELOPMENT (TSPD) Pakistan Telecommunication Authority (PTA) Accounting Separation Guidelines, 2007 The Accounting Separation Guidelines, 2007 issued by PTA, requires the sizeable licensees (telecom operators) to establish and maintain separated/regulatory Accounts. Initially, the CMAs were not included as auditors for auditing the separated accounts maintained by the operators. The National Council, practicing members and TSPD Directorate very effectively and persuasively initiated the case with the authority (PTA) and after threadbare discussions and follow- ups, the authority (PTA) finally recognized CMAs as auditors for auditing the separated/regulatory accounts maintained by the operators under the Accounting Separation Guidelines, 2007. Recognition of the Cost and Management Accountants as a qualified auditors for auditing of separated/regulatory Accounts of telecom operators is indeed a recognition of the services of the Management Accountants and efforts of the National Council of ICMA Pakistan and officials of the Institute.

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Budget Commentary 2017-18 Technical Support and Practice Development (TSPD) Directorate, with the support of the National Council and untiring efforts of the Practicing Members, prepared the Budget Commentary for the year 2017-18. The purpose of preparing this commentary is to provide a deep insight on the Federal Budget 2017-18 and enable the readers to better understand and comprehend the current Federal Budget. The sources of information to prepare this memorandum were; Economic Survey of Pakistan, Budget in Brief 2017-18 and The Finance Bill 2017 as were available on the websites of Ministry of Finance and Federal Board of Revenue, Government of Pakistan. Over the period, ICMA Pakistan has actively participated in arranging several pre-budget and post budget seminars, workshops and technical sessions and played a vital role by highlighting improvements in the existing taxation laws and suggesting concrete measures for generating tax revenues. The Budget Commentary 2017-18 can be accesses at the following link:- https://www.icmap.com.pk/News_Pdf/icmap_budget_commentary_2017-18.pdf The Budget Commentary may be beneficial for the readers in understanding the budgetary changes and important regular compliance requirements.

NATIONAL COUNCIL/DISCIPLINARY COMMITTEE MEETINGS

During the months of May-June, 2017 following meetings were held:

1. Adjourned National Council Meeting # 353 (Urgent) May 05, 2017 2. National Council Meeting # 354 June 04, 2017 3. National Council Meeting # 355 June 18, 2017

1. Disciplinary Committee Meeting # 26 June 18, 2017

Event Place Date

Eid Millan & Annual Get Together Faisalabad July 15, 2017 Discussion on Finance Act 2017-18 Karachi July 15, 2017 Workshop on Advance Excel 2013 Islamabad July 15, 2017 13th Directors' Training Program (DTP) Lahore July 21, 22, 27, 28 & 29, 2017 Seminar on Companies Act 2017 Lahore August 05, 2017 14th Directors' Training Program (DTP) Islamabad August 18, 19, 24, 25 & 26, 2017 Seminar on Investment Opportunities Karachi August 26, 2017 Global Management Accountant Conference (GMAC) Dubai September 16, 2017

Note: For Registration in above events, kindly contact the respective centres at Karachi, Lahore, Islamabad and Faisalabad. For GMAC registration, please contact Mr. Karim Mirza Javeri, Deputy Director Continuing Professional Development (CPD) on email [email protected] and Mobile on 0336-2259183.

Research & Publications Directorate

Contact: + 92 21 99243900 Ext 107 / 117 Email: [email protected] I URL: www.icmap.com.pk