Business Recorder, Karachi SPECIAL REPORT Friday, August 27, 2021 I

MCB BANK Overall Top 3 Positions LIMITED LIMITED Best Corporate Reports Complete Result on Page II AND CHEMICALS LIMITED 2020 Awards 1 2 3

Shaukat Fayyaz Zia-Ul-Mustafa Iftikhar Taj Ather Saleem Abdul Rahim Suriya Ahmed Tarin FCMA FCA FCMA FCA, FCMA President, Institute of Cost & President, Institute of Chairman, Joint Committee of Chairman, Federal Minister for Finance Management Accountants of Chartered Accountants of ICAP & ICMA Evaluation Committee and Revenue, Islamic Republic Pakistan (ICMA Pakistan) Pakistan (ICAP) of Pakistan

I am pleased to know that the Institute of It is with great pleasure that the country's Effective reporting is vital in supporting ICMA Pakistan and CA Pakistan recognize their Organization can demonstrate accountabil- Chartered Accountants of Pakistan and the two leading professional accounting bodies, accountability and transparency. Excellent social responsibilities to the public in general ity and stewardship of reporting entity to Institute of Cost and Management Accountants ICMA Pakistan and ICA Pakistan, will hold a reporting does not necessarily mean provid- and to investors in particular, and they serve stakeholders through publishing transpar- of Pakistan have kept the tradition of giving Best ceremony on August 27, 2021 to honour the ing more information, but ensuring that the as a bridge between the two. As a result, both ent annual report. Corporate & Sustainability Report Awards. These listed companies with the Best Corporate key insights and issues are communicated organizations will organize a ceremony this • The Institute of Chartered Accountants of awards are greatly valued and encourage and Sustainability Report Awards-2020, clearly, in a way that is accessible, balanced year, as they have for the past 20 years, to Pakistan (ICAP) and Institute of Cost and companies to disclose maximum information continuing a tradition both professional and transparent. present awards to companies whose Management Accountants of Pakistan in a timely and organized manner. accounting bodies are aware of their respon- In a dynamic and complex global financials are determined to be the most (ICMAP) are organizing Best Corporate Report A significant part of Government’s sibilities. economy, organizations are facing a critical detailed and compatible with various local and Awards for last 20 years and Sustainability With each passing day, the shift in investor expectations with more Report Awards for last 10 years. This competi- reform agenda is targeted at improving the changing global landscape with specific demand for an integrated, holistic approach global standards. tion has developed a healthy competition quality of information disclosed in companies’ reference to good governance, transparency, to performance and value creation and this In order to achieve commercial and brought tremendous improvement in the annual reports as well as enhancing the quality and adherence to numerous norms and in turn is shaping the corporate reporting success, listed firms must offer information annual reports of the listed companies, of the auditing process. These efforts will legislation centred on these two criteria gains landscape. Strong corporate reporting in annual reports that is of high quality and Public Sector Companies and NPOs. contribute in fostering investor’s confidence traction. As a result, the conferral of these inspires trust, enhances accountability and transparent. Investors and other stakeholders • Annual reports are adjudged in accordance and will provide stimulus for further develop- prizes is not only a source of pride for the helps protect the public interest. are influenced by the quality of information with the published evaluation Criteria through ment of the capital markets and the corporate participating companies, but also proof of The Institute of Chartered offered in annual reports. Furthermore, for an a transparent evaluation process. The Criteria sector. In order to ensure concerted efforts by their compliance with local rules and interna- Accountants of Pakistan (ICAP) is committed efficient capital market to function, accurate, aims to promote a cohesive approach to all concerned, the Government is extending tional accounting standards. to promoting transparency and accountabil- comprehensive, and timely information must corporate reporting that will improve the cooperation to ICAP and ICMA to ensure The large number of participans ity in Pakistan’s corporate sector. With due be disclosed. quality of financial and governance informa- transparency in reporting as well as oversight in the awards race year after year has adherence to professional ethics, profession- I wish both of these accounting tion available to the capital providers and of the accountancy and auditing professions. prompted the promotion of a responsible alism and discipline, the profession has bodies success in their efforts to promote a other stakeholders. It helps in elevating the I congratulate both the accountancy bodies on reporting culture and the adoption of interna- brought about a marked improvement in the culture of good governance and conformity level of accountability and stewardship of their achievements. tional best practices in standard reporting. quality of reporting and corporate govern- to local and international regulators' standards reporting organizations and enable effective It is worth emphasizing that the most ance in Pakistan. decision making and increases level of trust

Continued on Page II Continued on Page II Continued on Page II Continued on Page II Business Recorder, Karachi II Friday, August 27, 2021

Sector-wise positions of Best Corporate Report 2020 Awards

BANKS CEMENT CHEMICAL & FERTILIZER 1st MCB Bank Limited Cherat Cement Company Limited 1st Fauji Fertilizer Company Limited Joint 1st nd 2nd Limited Limited 2 Engro Polymer and Chemicals Limited 3rd Limited 2nd Maple Leaf Cement Factory Limited 3rd Limited 4th 3rd Power Cement Limited 4th ICI Pakistan Limited Certificate of Merit Certificate of Merit Certificate of Merit ENGINEERING & AUTOS · Limited · D.G. Khan Cement Company Limited · Archroma Pakistan Limited 1st Pak Elektron Limited (PEL) · JS Bank Limited · Lotte Chemical Pakistan Limited Al Ghazi Tractors Limited Joint 2 nd · National Bank of Pakistan Aisha Steel Mills Limited · Limited 3rd Limited · The Atlas Battery Limited Joint 4th International Industries Limited Certificate of Merit OTHERS · Crescent Steel & Allied Products Limited INSURANCE TEXTILE 1st Cherat Packaging Limited · International Steels Limited 1st Adamjee Insurance Company Limited 1st Sadaqat Limited 2nd Tri-pack Films Limited · Limited 2nd Salaam Takaful Limited 2nd Gadoon Textile Mills Limited 3rd Security Papers Limited · Mughal Iron & Steel Industries Limited 3rdJubilee General Insurance Co. Limited 3rd Kohinoor Textile Mills Limited 4th Limited · Pakistan Cables Limited 4thTPL Insurance Limited 4thFeroze1888 Mills Limited Certificate of Merit · Synthetic Products Enterprises Limited Certificate of Merit 5th Interloop Limited · Cyan Limited · Thal Limited · Atlas Insurance Limited Certificate of Merit · Motor Company Ltd. · EFU General Insurance Ltd · Textile Mills Limited · EFU Life Assurance PHARMACEUTICALS · Island Textile Mills Limited · Limited 1st GSK Consumer Healthcare Pakistan Ltd · Reliance Weaving Mills Limited FUEL & ENERGY 2nd AGP Limited · Salfi Textile Mills Ltd rd 1st Company Limited 3 GlaxoSmithKline Pakistan Limited · Tata Textile Mills Limited th 2nd Company Limited NBFIs & MODARABA 4 Abbott Laboratories (Pakistan) Limited 3rd Hi -Tech Lubricants Limited 1st First Habib Modaraba 4th Certificate of Merit SUGAR · JS Investments Limited Certificate of Merit 1st Mirpurkhas Sugar Mills Limited · · JS Global Capital Ltd · Engro Powergen Qadirpur Limited · ORIX Modaraba · K-Electric Limited Best Sustainability Report 2020 Awards · Oil & Gas Development Company Ltd. · Pakistan Oilfields Limited NON-PROFIT ORGANIZATION 1st ICI Pakistan Limited Certificate of Merit · Limited 1st Memon Medical Institute & Hospital 2nd Fauji Fertilizer Company Limited · Attock Refinery Limited · The Limited 2nd The Citizens Foundation 3rd Atlas Honda Limited · Interloop Limited 3rdChildlife Foundation 4th Sadaqat Limited · International Industries Limited Certificate of Merit (Group Sustainability Report) FMCG th Security Papers Limited · Shahid Afridi Foundation Joint 5 Certificate of Merit Toyota Indus Motor Company Ltd. · Alamgir Welfare Trust International | Chiniot Anjuman Islamia | HANDS PARTICIPATING NPOs The Punjab Educational Endowment Fund (PEEF) | World Wide Fund - Pakistan

Joint Committee Ather Saleem, FCMA (Chairman) Khalid Rahman, FCA Shaham Ahmad, FCMA of ICAP & ICMA Abdul Rahim Suriya, FCA Muhammad Yasin, FCMA Syed Fahim ul Hassan, FCA Pakistan Awais Yasin, FCMA Sami Ullah Musa, FCA

Evaluation Committee Chairman ABDUL RAHIM SURIYA, FCA, FCMA | Partner - Suriya Nauman Rehan & Co.

Members AFTAB Q. MUNSHI, FCMA MUHAMMAD FARID ALAM, FCA Chief Executive Officer Chief Executive Officer Al Habib Capital Market Ltd. AKD Securities ltd. HENA SADIQ, FCA MONEEZA USMAN BUTT, FCA Partner- Audit & Assurance Partner, Audit and Assurance Deloitte Yousuf Adil, Chartered Accountants KPMG Taseer Hadi & Co. KAMRAN AHMED HASHMI, FCMA GHULAM MUSTAFA QAZI, FCMA CFO and Company Secretary Chief Executive Officer Institute of Bankers Pakistan (IBP) Tariq Qazi Management Consulting (TQMC) WASIF SAJJAD, FCA MUHAMMAD LUKMAN, FCMA, FCA Chief Financial Officer Chief Executive Officer Master Builders Solutions (Pvt.) Limited National Clearing Company of Pakistan Ltd.

ATA-UR-REHMAN SHAIKH, FCMA AHSAN GHAFFAR MEHANTI, FCA GM Finance Managing Director & CEO ZIL Limited Arif Habib Commodities (Pvt.) Ltd. JAWED MANSHA, FCMA SHAHID ILYAS, FCMA GM Special Projects Founder & CEO Pakistan International Airlines Corp. Ltd. VGC [V4 Global Consulting (Pvt.) Ltd.]

SYED FAHIM UL HASSAN, FCA Assurance Partner & Sustainability Leader A.F. Ferguson & Co.

FARHEEN MIRZA, FCA Senior Manager Technical Service, ICAP Reviewers’ OMER ASIM SALMAN Manager- Sustainability & Climate Change Advisory | A.F.Ferguson & Co. Panel SUMAIR SALEEM

Continued from Page I: Continued from Page I: Zia-ul-Mustafa Ather Saleem comprehensive and detailed reports play a critical role in for the express goal of improving the corporatized establishing trust and making decisions for all stakeholders, Pakistan. including regulators, lending agencies, and financial institu- I'd like to congratulate all of the companies that tions. participated in this year's BCSRA Awards 2020, as well as It's encouraging to note that every year, an increas- the members of the Evaluation Committee, for their efforts ing number of contestants enter this competition, demonstrat- in making this ceremony a milestone in Pakistan's ing the importance of the BCSR Awards. We are convinced that, corporate history. in the future, the level of reliance on annual reports will skyrocket, owing to improvements in corporate governance, which will benefit the economy. I appreciate all of the participating firms for taking part in the BCSR Awards 2020 on behalf of ICMA Pakistan. Members of the Evaluation Committee and Joint Committee of Continued from Page I: ICA Pakistan and ICMA Pakistan have my heartfelt gratitude for Abdul Rahim Suriya your honorable and dedicated collaboration in not only making this event possible, but also in strengthening our will to and confidence among stakeholders. perpetuate this tradition. • The BCR Criteria also matches the quality of financial I wish the ICMA Pakistan and the ICA Pakistan a and governance reporting in Pakistan in line with global prosperous future. best practices. The concept is to promote integrated thinking within the organization considering both financial and non-financial information so that the stakeholders can take effective business decisions. Continued from Page I: Inspiration has been derived from the ‘Content Elements’ Iftikhar Taj (disclosures) of the International Integrated Reporting Framework (IR). The participants of this award are The Best Corporate & Sustainability Report (BC&SR) Awards is encouraged to adopt (IR) fully, particularly the ‘Funda- an example of the Institute’s commitment towards improving mental Concepts’, ‘Content Elements’ and ‘Guiding and enhancing the quality of financial reporting in Pakistan. Principles’ into their corporate reporting. The BC&SR Awards are the most prestigious and popular • SECP is suggested to direct all Listed Companies, national awards that recognize excellence and best practices Public Sector Companies and NPOs to adopt ICAP BCR in corporate reporting. This year marks our 21st celebration of criteria for voluntary compliance for developing the BC&SR Awards. annual reports. The Evaluation Committee has been Our ultimate goal with the BC&SR Awards is to raise recommending to PSX for considering winners of BCR the bar for quality corporate reporting in Pakistan. It is indeed awards for some weightage in their criteria of the best welcoming to see that our award winning companies are clearly performing companies. demonstrating that the bar is definitely climbing. • There is a separate criteria for Non Profit Organiza- I congratulate the companies which have partici- tions (NPOs). It is noted that NPOs in Pakistan are pated in the competition and won the awards and hope that receiving substantial amount as Zakat and Donation they will continue to achieve excellence in corporate reporting but they usually lack in transparency, and do not in future. publish annual reports. I would also like to acknowledge the efforts of the I would like to thank participating organi- members of the Evaluation Committee and the Institute’s staff zations, Presidents of both the Institutes, BCR for sharing their time, expertise in developing comprehensive Evaluation committee members, Reviewers’ panel criteria for evaluation of annual reports and finalizing results, and Secretariat team led by Ms. Farheen Mirza and and above all, commitment to high-quality reporting in Pakistan. Mr. Asim Husain Khan. Business Recorder, Karachi Friday, August 27, 2021 III

Lead the Business World ICAP Profile with CMA Qualification

The Institute of Chartered Accountants of envisages mutually beneficial partnership and engagement review of non-Quality Pakistan (ICAP), a self-governing, autono- between ICAP and leading universities in Control Review (QCR) rated firms engaged mous body, was formed under the Chartered Pakistan under a defined framework with in audits, assurance or related services. Accountants Ordinance, 1961 (CAO) for the an aim to promote research in the areas, The program has become effective from purpose of regulating the accountancy including finance, accounting, auditing, October 1, 2020. profession. It operates under the provisions corporate governance and taxation. For this, of the CAO and the CA Bye-laws, 1983 ICAP and IBA have formed ICAP-IBA Research VIRTUAL LAUNCH OF ICAP (Bye-laws). The governance of the Institute Unit (IIRU) with the aim to promote research (DMCC BRANCH) UAE OFFICE vests with the Council who provides and development in Pakistan. The virtual launch ceremony of ICAP DMCC strategic direction to the Institute, Branch – UAE was organized this year with formulates policies and procedures for ICAP-IBA RESEARCH UNIT - a vision to make CA Pakistan a truly global students, membership, governance and GRANT AWARD SIGNING CEREMONY qualification with its Education and regulatory matters. A call for Research Proposals was invited Training partners across the globe. The ICAP sets forth and enforces the in November 2020 against which a UAE chapter represents the largest highest standards of qualification, number of proposals were received community of ICAP overseas members. education, training, professional develop- across Pakistan and three proposals were The Chapter’s Managing Committee aims ment, service quality and ethical practices shortlisted. Grant Agreement signing at branding CA Pakistan in local market and always committed to promote the ceremonies were held at Karachi, and increasing members’ engagement by profession in the best public interest. Faisalabad and Lahore this year with regularly organizing events relating to The Institute plays a vital role respective award recipients and CPD, networking, conferences and social in strengthening the regulatory representative universities. engagements for member’s benefit. framework in Pakistan through coopera- tion and collaboration with important INCUBATION CENTER – BOOK LAUNCH OF “AN INSPIRING policymaking institutions and regulators, PROMOTING INNOVATION JOURNEY OF CA WOMEN” including the State Bank of Pakistan To promote innovation and entrepreneur- A hybrid book launch of “An Inspiring (SBP), the Securities and Exchange ship among its members and students, Journey of CA Women” was organized by Commission of Pakistan (SECP), the the Institute has set up an ICAP Incuba- CA Women’s Committee on 4th February Federal Board of Revenue (FBR) and other tion Centre. The IThrive incubation center 2021 at ICAP Karachi. The launch was ministries. will provide for a period of twelve months, attended by the CA Women fraternity, ICAP has representation at basic office infrastructure and allied virtually and also in person. This book various regional and international forums facilities along with mentoring and hand shares numerous historic, as well as like International Federation of Account- holding to budding entrepreneurs to current fact and figures, about the growth ants (IFAC), South Asian Federation of enable them to embark on ventures in and diversity of women in Chartered Accountants (SAFA), Confederation of accounting and finance. Accountancy over the decades. Asian and Pacific Accountants (CAPA) and Asian Oceanian Standard- Setters Group DIGITAL FINANCIAL REPORTING IN CA WOMEN DIGITAL DIRECTORY 2021 (AOSSG). ICAP continues its focus to PAKISTAN - IXBRL The CA Women Committee introduced the widen arrangements with international The Institute is developing iXBRL financial concept of digital directory which gives preparing for the uncertain future, the EXAMINATIONS Trainees’ Induction Portal through which accountancy bodies, and has signed reporting taxonomy in coordination with an opportunity to all women members to economic reset and its far-reaching The Institute is conducting its Examina- the CAF passed students can prepare Memorandum of Understanding (MOU) SECP. During the year, the iXBRL taxonomy showcase their profiles. Now, companies implications, the growing start-up tion at all levels (AFC, CAF, CFAP and MSA) their profiles and upload their CVs. with ICAEW, CPA Canada and Chartered for non-specialized companies has been can easily find potential women board industry, technological acceleration and under online remote proctoring environ- Further, the TOs have also the access of Accountants Australia and New Zealand completed by the International XBRL member for their Boards with relevant more. The eminent local and interna- ment, which are written as well as MCQ this portal and can view the profiles/CVs (CAANZ). vendor Fujitsu and is currently under experience/ qualification. The Committee tional speakers shared their keynote based. Students have been given option of all CAF passed and select from the review of ICAP Technical services depart- has also sought accelerated support from speeches and discussions on emerging to select for online proctoring exam or pool of candidates. ICAP ROLE IN PROFESSIONAL ment. This taxonomy is based on IFRS PSX platform for this initiative. issues. physical examination according to their DEVELOPMENT OF MEMBERS 2020 Taxonomy published by IASB with convenience. ESTABLISHMENT OF NEW ICAP CITY ICAP has around 9,000 members who are extensions created for the presentation CA PAKISTAN GOLF TOURNAMENT 2021 ICAP POST BUDGET CONFERENCE 2021: LIBRARY, KARACHI playing a pivotal role in creating a high and disclosure requirements under the ICAP organized a CA Pakistan Golf Tourna- PAKISTAN’S ECONOMY TOWARDS NATIONAL FINANCE OLYMPIAD The Institute established its new ICAP quality image of the Institute and the Companies Act, 2017. ment 2021 on 12th & 13th March 2021 at GROWTH AND PROSPERITY Professional Accountants in Business City Library in Karachi which will be tech profession. Our members have presence in Royal palm, Lahore. For the first time, ICAP through its (PAIB) Committee of ICAP, in collabora- enabled library, equipped with Wifi, almost all sectors both locally and interna- ICAP MOBILE APP The tournament was honored by the Economic Advisory and Government tion with , organized study rooms, digital library, recreation tionally, working in over 44 countries of all The Institute launched ICAP Mobile App – presence of 102 Golfers, including Senior Relationship Committee (EAGR) platform National Finance Olympiad (NFO) during room, cafeteria and much more. major economies around the world. A digital gateway to all your facilitation professionals, Amateurs, Senior Veterans, has prepared Model Federal Budget and December 15 to 22, 2020. NFO is an Additionally, ICAP has developed recrea- Overseas members account for approxi- needs. The App will improve service Ladies, Master, and Guest Golfers. Proposals for economy’s growth. The exciting program which encourages tion rooms facilities at ICAP libraries mately 28% of overall membership. delivery of Institute, facilitate members Governor of Punjab Chaudhry Muhammad budget was presented to the Federal participants to step up their knowledge across Pakistan which include indoor The Institute realises that apart and students to make fee payments, Sarwar was the Chief Guest at the Golf Minister, Revenue and Economic Affairs, and application of accounting, finance games, WiFi and tea etc. from professional education, values and submit forms, update particulars and CPD Tournament 2021. Mr. Shaukat Tareen and Dr. Waqar and governance standards, facilitates ethics are critical attributes for a record, access technical credentials, Masood, Special Assistant to the Prime networking and recognizes finance VISION OF E-ICAP professional accountant. For this, connect with other members, access ICAP CONFERENCES Minister on Revenue. talent. As vision of e-ICAP, the process of professional development activities are online study resources, exam schedules, First virtual CFO Conference 2021 application and approval of Students’ provided through seminars, webinars, access your result & admit card and much ICAP Professional Accountants in STUDENTS SUPPORT PROGRAMS ICAP SIGNED MOU WITH VIRTUAL Endowment Fund, study pack request conferences, online CPD activities and more with just a tap. The app is available Business (PAIB) Committee organized its FUNDED PROGRAMS UNIVERSITY PAKISTAN and new membership applications and workshops. on Google Play Store & App Store. first virtual CFO Conference ‘CFO in the INTERNATIONAL AFFILIATIONS The Institute has been attracting ICAP and Virtual University (VU) signed FCA applications have been automated. world 2.0 - 360° Perspective’ this year on talented students from across Pakistan MOU on March 18, 2021 whereby ICAP Further, with the implementation of SAP RESEARCH COLLABORATION WITH PRACTICE REVIEW & SUPPORT PROGRAM May 24, 2021. The Conference included without neglecting the underprivileged will conduct AFC examinations at VU ERP the efficiency of operations of ICAP UNIVERSITIES To strengthen our SMPs in line with the discussion and dialogue on key global segments of the society and funding campuses, with latest equipment, and the quality of service provided to its The Institute has collaborated with a leading prevailing best practices, the Institute trends and insights, anticipating and them through ICAP Endowment Fund throughout Pakistan. members, students, and other university through ICAP-Universities has rolled out the Audit Practice Review Program and Edhi-CA Talent Program. stakeholders will be significantly Accounting Research Program. This program & Support Program for conducting firm Continued on Page IV TRAINEES’ INDUCTION PORTAL enhanced. Continued on Page IV ONLINE REMOTE PROCTORING The Institute has launched an online Business Recorder, Karachi IV Friday, August 27, 2021

Continued from Page III ICMA Pakistan ICMA Pakistan Convocation 2020

The hon’ble President of the Islamic Republic of Pakistan, Dr. Arif Alvi, graced the Convocation The Institute of Chartered Accountants of envisages mutually beneficial partnership and engagement review of non-Quality Ceremony 2020 of ICMA Pakistan on November 11, 2020 at a local hotel in Islamabad and Pakistan (ICAP), a self-governing, autono- between ICAP and leading universities in Control Review (QCR) rated firms engaged presented medals and certificates to 84 students graduating from the Institute alongwith mous body, was formed under the Chartered Pakistan under a defined framework with in audits, assurance or related services. Mr. Zia ul Mustafa, President, ICMA Pakistan, Mr Shehzad Ahmed Malik, Council Member, ICMA Accountants Ordinance, 1961 (CAO) for the an aim to promote research in the areas, The program has become effective from Pakistan & Mr. Adil Ameen, Chairman Islamabad Council, ICMA Pakistan. purpose of regulating the accountancy including finance, accounting, auditing, October 1, 2020. profession. It operates under the provisions corporate governance and taxation. For this, President ICMA Pakistan met with the Chairman, of the CAO and the CA Bye-laws, 1983 ICAP and IBA have formed ICAP-IBA Research VIRTUAL LAUNCH OF ICAP (Bye-laws). The governance of the Institute Unit (IIRU) with the aim to promote research (DMCC BRANCH) UAE OFFICE Securities and Exchange Commission of Pakistan (SECP) vests with the Council who provides and development in Pakistan. The virtual launch ceremony of ICAP DMCC strategic direction to the Institute, Branch – UAE was organized this year with formulates policies and procedures for ICAP-IBA RESEARCH UNIT - a vision to make CA Pakistan a truly global Mr. Zia ul Mustafa, President ICMA Pakistan held a meeting with Mr. Aamir Khan, students, membership, governance and GRANT AWARD SIGNING CEREMONY qualification with its Education and Chairman, Securities and Exchange Commission of Pakistan (SECP) on June 23, 2021 regulatory matters. A call for Research Proposals was invited Training partners across the globe. The at Islamabad and discussed with him the Institute’s proposals for improvements in ICAP sets forth and enforces the in November 2020 against which a UAE chapter represents the largest Governance, Financial Reporting and Auditing. He was accompanied by Mr. Shehzad highest standards of qualification, number of proposals were received community of ICAP overseas members. Ahmed Malik, Vice President, ICMA Pakistan. education, training, professional develop- across Pakistan and three proposals were The Chapter’s Managing Committee aims ment, service quality and ethical practices shortlisted. Grant Agreement signing at branding CA Pakistan in local market and always committed to promote the ceremonies were held at Karachi, and increasing members’ engagement by President ICMA Pakistan inaugurated ICMA World profession in the best public interest. Faisalabad and Lahore this year with regularly organizing events relating to Broadcast Studio at ICMA Pakistan Lahore The Institute plays a vital role respective award recipients and CPD, networking, conferences and social in strengthening the regulatory representative universities. engagements for member’s benefit. framework in Pakistan through coopera- President ICMA Pakistan, Mr. Zia ul Mustafa, inugurated Pakistan inaugurated ICMA World tion and collaboration with important INCUBATION CENTER – BOOK LAUNCH OF “AN INSPIRING Broadcast Studio at ICMA Pakistan Lahore Campus. Mr. Awais Yasin, Council Member & policymaking institutions and regulators, PROMOTING INNOVATION JOURNEY OF CA WOMEN” other Members were also present on the occassion. including the State Bank of Pakistan To promote innovation and entrepreneur- A hybrid book launch of “An Inspiring The Broadcast Studio would be utilized for activities as per defined SOPs; for broadcast (SBP), the Securities and Exchange ship among its members and students, Journey of CA Women” was organized by and recording of online coaching classes to cater to students from overseas markets Commission of Pakistan (SECP), the the Institute has set up an ICAP Incuba- CA Women’s Committee on 4th February and accommodating the Government's directives on online classes. Federal Board of Revenue (FBR) and other tion Centre. The IThrive incubation center 2021 at ICAP Karachi. The launch was ministries. will provide for a period of twelve months, attended by the CA Women fraternity, ICAP has representation at basic office infrastructure and allied virtually and also in person. This book various regional and international forums facilities along with mentoring and hand shares numerous historic, as well as like International Federation of Account- holding to budding entrepreneurs to current fact and figures, about the growth Continued from Page III ants (IFAC), South Asian Federation of enable them to embark on ventures in and diversity of women in Chartered Accountants (SAFA), Confederation of accounting and finance. Accountancy over the decades. Asian and Pacific Accountants (CAPA) and Asian Oceanian Standard- Setters Group DIGITAL FINANCIAL REPORTING IN CA WOMEN DIGITAL DIRECTORY 2021 ICAP Profile (AOSSG). ICAP continues its focus to PAKISTAN - IXBRL The CA Women Committee introduced the widen arrangements with international The Institute is developing iXBRL financial concept of digital directory which gives preparing for the uncertain future, the EXAMINATIONS Trainees’ Induction Portal through which accountancy bodies, and has signed reporting taxonomy in coordination with an opportunity to all women members to economic reset and its far-reaching The Institute is conducting its Examina- the CAF passed students can prepare Memorandum of Understanding (MOU) SECP. During the year, the iXBRL taxonomy showcase their profiles. Now, companies implications, the growing start-up tion at all levels (AFC, CAF, CFAP and MSA) their profiles and upload their CVs. with ICAEW, CPA Canada and Chartered for non-specialized companies has been can easily find potential women board industry, technological acceleration and under online remote proctoring environ- Further, the TOs have also the access of Accountants Australia and New Zealand completed by the International XBRL member for their Boards with relevant more. The eminent local and interna- ment, which are written as well as MCQ this portal and can view the profiles/CVs (CAANZ). vendor Fujitsu and is currently under experience/ qualification. The Committee tional speakers shared their keynote based. Students have been given option of all CAF passed and select from the review of ICAP Technical services depart- has also sought accelerated support from speeches and discussions on emerging to select for online proctoring exam or pool of candidates. ICAP ROLE IN PROFESSIONAL ment. This taxonomy is based on IFRS PSX platform for this initiative. issues. physical examination according to their DEVELOPMENT OF MEMBERS 2020 Taxonomy published by IASB with convenience. ESTABLISHMENT OF NEW ICAP CITY ICAP has around 9,000 members who are extensions created for the presentation CA PAKISTAN GOLF TOURNAMENT 2021 ICAP POST BUDGET CONFERENCE 2021: LIBRARY, KARACHI playing a pivotal role in creating a high and disclosure requirements under the ICAP organized a CA Pakistan Golf Tourna- PAKISTAN’S ECONOMY TOWARDS NATIONAL FINANCE OLYMPIAD The Institute established its new ICAP quality image of the Institute and the Companies Act, 2017. ment 2021 on 12th & 13th March 2021 at GROWTH AND PROSPERITY Professional Accountants in Business City Library in Karachi which will be tech profession. Our members have presence in Royal palm, Lahore. For the first time, ICAP through its (PAIB) Committee of ICAP, in collabora- enabled library, equipped with Wifi, almost all sectors both locally and interna- ICAP MOBILE APP The tournament was honored by the Economic Advisory and Government tion with Unilever Pakistan, organized study rooms, digital library, recreation tionally, working in over 44 countries of all The Institute launched ICAP Mobile App – presence of 102 Golfers, including Senior Relationship Committee (EAGR) platform National Finance Olympiad (NFO) during room, cafeteria and much more. major economies around the world. A digital gateway to all your facilitation professionals, Amateurs, Senior Veterans, has prepared Model Federal Budget and December 15 to 22, 2020. NFO is an Additionally, ICAP has developed recrea- Overseas members account for approxi- needs. The App will improve service Ladies, Master, and Guest Golfers. Proposals for economy’s growth. The exciting program which encourages tion rooms facilities at ICAP libraries mately 28% of overall membership. delivery of Institute, facilitate members Governor of Punjab Chaudhry Muhammad budget was presented to the Federal participants to step up their knowledge across Pakistan which include indoor The Institute realises that apart and students to make fee payments, Sarwar was the Chief Guest at the Golf Minister, Revenue and Economic Affairs, and application of accounting, finance games, WiFi and tea etc. from professional education, values and submit forms, update particulars and CPD Tournament 2021. Mr. Shaukat Tareen and Dr. Waqar and governance standards, facilitates ethics are critical attributes for a record, access technical credentials, Masood, Special Assistant to the Prime networking and recognizes finance VISION OF E-ICAP professional accountant. For this, connect with other members, access ICAP CONFERENCES Minister on Revenue. talent. As vision of e-ICAP, the process of professional development activities are online study resources, exam schedules, First virtual CFO Conference 2021 application and approval of Students’ provided through seminars, webinars, access your result & admit card and much ICAP Professional Accountants in STUDENTS SUPPORT PROGRAMS ICAP SIGNED MOU WITH VIRTUAL Endowment Fund, study pack request conferences, online CPD activities and more with just a tap. The app is available Business (PAIB) Committee organized its FUNDED PROGRAMS UNIVERSITY PAKISTAN and new membership applications and workshops. on Google Play Store & App Store. first virtual CFO Conference ‘CFO in the The Institute has been attracting ICAP and Virtual University (VU) signed FCA applications have been automated. world 2.0 - 360° Perspective’ this year on talented students from across Pakistan MOU on March 18, 2021 whereby ICAP Further, with the implementation of SAP RESEARCH COLLABORATION WITH PRACTICE REVIEW & SUPPORT PROGRAM May 24, 2021. The Conference included without neglecting the underprivileged will conduct AFC examinations at VU ERP the efficiency of operations of ICAP UNIVERSITIES To strengthen our SMPs in line with the discussion and dialogue on key global segments of the society and funding campuses, with latest equipment, and the quality of service provided to its The Institute has collaborated with a leading prevailing best practices, the Institute trends and insights, anticipating and them through ICAP Endowment Fund throughout Pakistan. members, students, and other university through ICAP-Universities has rolled out the Audit Practice Review Program and Edhi-CA Talent Program. stakeholders will be significantly Accounting Research Program. This program & Support Program for conducting firm TRAINEES’ INDUCTION PORTAL enhanced. ONLINE REMOTE PROCTORING The Institute has launched an online