Tag Archives: ACCA

ACCA’ to Drive the Growth Trajectory of an Emerging Pakistan

ACCA’ to Drive the Growth Trajectory of an Emerging Pakistan

admin | category: Business

ACCA’ to Drive the Growth Trajectory of an Emerging Pakistan. ACCA members have committed themselves to achieving an average GDP of 7% as well as improving the global ranking of Pakistan to top 50 for the ease of doing business and global competitiveness Index.

ACCA’s Pakistan Leadership Conversation (PLC) 2018 was held in Lahore on March 27, 2018 and was the last of a series of conferences held previously in Islamabad and Karachi. The conversations were based on the theme ‘Collective Vision for an Emerging Pakistan’ with the main aim of formulating forward- thinking policy choices to drive economic growth and social development in Pakistan.

Bruno Olierhoek, President OCCI and CEO Nestle Pakistan Limited, DrAmjadSaqib, Founder Akhuwat Foundation, JahanzebBurana, CEO, PBIT, Hasnain Sheikh, Chairman and CEO, Inov8 Limited Pakistan, Hassan Daud Butt, Project Director/CPEC Coordinator, Ministry of Planning and Development, Monis Rahman, CEO, Rozee.pk, Omer Zaheer Meer, Senior Partner at MLCC and Tughral T Ali, Business Head: Branchless Banking, FINCA shared their perspectives for an Emerging Pakistan and key strategic interventions which their organizations are undertaking.It was unanimously agreed by the conversation leaders and the delegates that realizing this agenda means collaboration between the private and the public sector.

ACCA has drawn a roadmap with key deliverables essential to setting the country in motion towards achieving economic prosperity. One of the big ticket items that everyone is discussing these days is the Belt and Road initiative. ACCA is playing its part by leveraging its global reach with belt and road countries. ACCA is undertaking several researches to share the key focus areas. In recent past ACCA has launched two reports; one around the Chinese perspective and the other is purely focused on the opportunity for Pakistan under CPEC.

The other main drivers of change that can create an impact include exporting services and professional and technical expertise. The extent to which shared services and BPO will significantly change the nature of today’s organisation cannot be underestimated. ACCA has been the thought leader when it comes to the concept of encouraging companies to adopting shared services or outsourcing models and managing talent.

ACCA works in public interest and ensures that the businesses operate as a force for good and it can only do that if it operates to strong ethical and professional standards. ACCA has 200,000 members across the globe and these members work all over the world to build the profession and make society fairer and more transparent. The actionable agenda and the collective vision of the conversation leaders at PLC resonate with the entire ACCA fraternity.

Sajjeed Aslam, Head of ACCA Pakistan said,

“ACCA is known to be a strong champion of public value – acting in the public interest, promoting ethical businesses and growing economies. Sessions like these reflect ACCA’s commitment to knowledge sharing and capacity building.”

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Launch of ACCA Careers Job Board Makes Waves in Pakistan

Launch of ACCA Careers Job Board Makes Waves in Pakistan

Sumera Saeed | category: Jobs

Launch of ACCA Careers Job Board Makes Waves in Pakistan.ACCA Pakistan launched the ACCA Careers Job Board in Lahore to support employers by giving access to highly skilled pool of qualified accountants. The ACCA Careers Job Board is an official recruitment portal and is unique as it’s the only truly international job board that allows employers to recruit from across our global network, and allows our stakeholders to apply for roles worldwide through one secure site.

It’s the main way that we support employers in accessing our highly skilled pool of qualified and qualifying accountants and finance professionals. They can then get the talent they need to support and grow their organisations globally.

Since April 2017, there have been well over one million jobs posted on ACCA Careers Job Board; that’s one job posted every 16 seconds. So far there have been 1.5 million jobs included on the site.

The event featured a panel discussion which revolved around ACCA’s report on ‘Drivers of Change and future skills’. It gave the audience an in-depth insight into the future of the profession – the demands of the profession and the skills that will be required to meet those changes and demands.

The panellists for the session in Lahore included Tim Mahne – Director, Sales & Marketing – ACCA, Monis Rahman – CEO – Rozee, Abdullah Fahad – Partner Assurance – Ernst and Young Pakistan, Fatima Asad Said – Regional Director- Human Capital Solutions and Shahid Rizvi – General Manager Internal Audit – Ufone. JahanzebBurana, CEO, PBIT was the guest of honour and the keynote speaker.

‘Diversity is now a business need and many companies are still grappling with it. The process needs to be managed to make it work,’ commented Fatima Asad Said. ‘Diversity comes from a mindset and therefore come before the processes that need to be set in place to make it happen.’

MonisRehman, CEO, Rozee commented,

‘Understanding new technologies is essential for both survival and success today. Seamless digital engagement with stakeholders is a baseline business requirement and therefore businesses need to create a bold vision based on where digitisation will add the biggest value to the customer.’

“Getting the right candidate for the right job is a huge task for any organisation.ACCA Careers Job Board will give us exclusive access to well-trained and the most sought after qualified finance professionals in different roles, sectors, levels and locations around the world”, said Shahid Rizvi, General Manager Internal Audit, Ufone.

“It provides unique access to over 670,000 students, affiliates and members of ACCA.No other site can claim the same unrivalled access to such a large pool of global finance talent. It helps ACCA students and affiliates advance to membership by providing employability advice and access to relevant work experience and jobs. It also helps our members to find the next role that will enhance their careers and gain global mobility,” highlighted Tim Mahne, Director Sales and Marketing, ACCA.

 The Job Board can be accessed at jobs.accaglobal.com

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ACCA Launches The ACCA Careers Job Board

ACCA Launches The ACCA Careers Job Board

Sumera Saeed | category: Jobs

ACCA Launches The ACCA Careers Job Board. ACCA Pakistan launched the ACCA Careers Job Board in Islamabad to support employers by giving access to highly skilled pool of qualified accountants. The ACCA Careers Job Board is an official recruitment portal and is unique as it’s the only truly international job board that allows employers to recruit from across our global network, and allows our stakeholders to apply for roles worldwide through one secure site.

It’s the main way that we support employers in accessing our highly skilled pool of qualified and qualifying accountants and finance professionals. They can then get the talent they need to support and grow their organisations globally.

Since April 2017, there have been well over one million jobs posted on ACCA Careers Job Board; that’s one job posted every 16 seconds. So far there have been 1.5 million jobs included on the site.

“Getting the right candidate for the right job is a huge task for any organisation.ACCA Job Board offers career advice and capacity building articles along with a large pool of jobs making it an ideal solution for employability and recruitment issues,” said Nadeem A Malik, Cloud Lead Pakistan, IBM.

“On the ACCA Careers Job Board, there’s a talented pool of over 670,000 ACCA trainees and members to choose from and employers can be confident that the job seekers they are targeting have the right technical and ethical skills needed to succeed in your workplace,” said Sajjeed Aslam, head of Pakistan.

The launch event in Islamabad included employers endorsing ACCA as a qualification of choice. The panel discussion around future skills included speakers like Amna Tahir, Head of Internal Audit, Telenor Pakistan, Nadeem A Malik, Cloud Lead Pakistan, IBM, Yasser Qayyum, Senior Advisor, Career Pakistan and M Masood Imran, Director HRM, Auditor General Pakistan. The moderator for the event was Ayla Majid, ACCA Council Member. Salman Amin, executive director, NEPRA gave the keynote address at the launch.

The Job Board can be accessed at jobs.accaglobal.com

For further updates stay tuned with daytimes.pk

ACCA conducts workshop on ‘Business and Finance Reporting for Journalists’ in Lahore and Islamabad

ACCA conducts workshop on ‘Business and Finance Reporting for Journalists’ in Lahore and Islamabad

Sumera Saeed | category: Business

ACCA conducts workshop on ‘Business and Finance Reporting for Journalists’ in Lahore and Islamabad.

ACCA actively works on a broad range of capacity-building projects to strengthen accountancy and finance literacy as well as the infrastructure in Pakistan and in this regard conducted two workshops for journalists in Lahore and in Islamabad.

ACCA is committed to delivering public value and has a sound understanding that finance journalists are engaged in ‘public interest’ reporting in the same way that political journalists are and therefore conducted  a workshop on, ‘Business and Finance Reporting for Journalists.’

Journalists from prominent media outlets participated in this workshop where ACCA provided specialist training that is needed by journalists for accurate financial reporting.

Arif Masud Mirza, Regional Head of Policy-MENASA who conducted the workshop commented,

“Accountancy is a profession that works to the very highest standards and improves the societies where it’s present. We invest in development programmes to keep our stakeholders on top of their game and this workshop is our way of delivering value to society. We always strive to demonstrate thought leadership in education, training and ethics.”

The chief guest at the event in Islamabad, Absar Alam, Chairman PEMRA commented,

“Finance and business journalists are expected to have a strong ethical approach towards their role and in this regard it is important that they are well equipped in analyzing current economic trends as well as interpreting financial statements so that they can see the wider picture and assume their ‘watchdog’ role in relation to the economy and corporate health.”

Salim Bukhari, Editor The Nation who was the chief guest at the Lahore workshop commented,

“Finance journalists have to work cautiously  to uphold public interest and ACCA’s capacity building initiatives will assist them in being ethical and professional in their role and it should also continue in the future.”

For further updates stay tuned with daytimes.pk

ACCA and PBC MoU Signing Ceremony

ACCA and PBC MoU Signing Ceremony

Sumera Saeed | category: Business

ACCA and PBC MoU Signing Ceremony. ACCA (the Association of Chartered Certified Accountants) signed a Memorandum of Understanding (MoU) with the management of Pakistan Business Council (PBC). The MoU revolves around ACCA and PBC’s mutual agenda of supporting the development of businesses that emphasises on financial disclosures and reporting that is the key to attract and excite local and foreign direct investment in the economy.

ACCA and PBC share a common vision of advancing public interest, advocating corporatisation and business formalisation as the driver of economic growth.

Speaking at the signing ceremony, Helen Brand OBE, ACCA’s chief executive highlighted, ‘By cementing the links we enjoy with Pakistan Business Council (PBC), we’re showing ACCA’s firm commitment to the further development of the country’s business and economy, as Pakistan grows in strength and influence on the world stage.’

Sajjeed Aslam, Head of ACCA Pakistan, said,

‘ACCA and Pakistan Business Council’s recent collaboration on the UN Sustainable Development Goals was an excellent example of what this MoU can bring to members of both PBC and ACCA in terms of capacity building, sharing of thought leadership material and addressing current business challenges and proposing solutions.’

Ehsan A. Malik, CEO of PBC added that ‘PBC is excited about entering into an MOU with the ACCA. PBC will work with the ACCA to promote high standards of corporate behavior, inculcate critical thinking for managing ethics, leverage private sector growth for inclusive development and encourage sustainability, amongst others, through integrated reporting. Its main agenda is to strengthen domestic industry to generate jobs, value-added exports, promote import substitution and the equitable broadening of the tax base. Working with the ACCA and its members, PBC hopes to make its advocacy even more effective.’

FuadHashimi, Executive Director CERB shared that ‘CERB’s vision is to assist Pakistani businesses to pursue long-term value creation, and its mission is to contribute towards ethical and responsible business practices that lead to inclusive and sustainable development. In doing so, private sector would also be fulfilling its role in motivating Pakistan towards achievement of the UN Sustainable Development Goals. CERB will endeavor over time to change the mind-sets of businesses towards “Integrated Thinking” when deciding on their business models and this is a necessary prequel to “Integrated Reporting”.

Arif Masud Mirza, Head of Policy MENASA, commented, “In order to be sustainable, the social agenda of the companies with a Triple Bottom Line (TBL) approach is to look beyond the profits and this is only possible through the change in mindsets first. The nucleus of the MoU is that we will endeavor our time to change the mindsets of businessess and will make it into a speaking MoU. We are looking forward to work with an energetic team of the PBC to take this agenda forward.”

ACCA and PBC are to jointly work with regulators and stakeholders to contribute towards policy making, advocacy and educating businesses to create (i) awareness around agendas like SDGs, corporate governance, integrated reporting, gender diversity as well as (ii) excitement around global best practices.

For further updates stay tuned with daytimes.pk

ACCA Students Participate at the Techstartup Weekend

ACCA Students Participate at the Techstartup Weekend

Sumera Saeed | category: News

ACCA Students Participate at the Techstartup Weekend. Entrepreneurship is one of the key areas of focus for ACCA as an empowering medium to translate creativity and talent of youth into actions that has social and economic effects. To explore the essence of creativity and innovation among youth in KP, Peshawar 2.0 under the umbrella of Techstars organized Techstartup Weekend, a 3 day event; 22nd – 24th September 2017. It was a 54-hour event where startup enthusiasts came together to share ideas, form teams, and launch startups.

ACCA was the knowledge partner as it believes that exposing young students to entrepreneurship results in creative freedom, higher self-esteem, and an overall greater sense of control over their own lives. Many of the start-up teams included ACCA students who got a chance to experience what it takes to launch a successful startup and a chance to build upon and strengthen their startup ideas.

“It was a great networking opportunity; we established forever lasting relationship with other young and ambitious minds. The mentors were very helpful and guided us about various business matters. I am thankful to ACCA for providing us this opportunity,” commented Muhammad Mustajab Ali, an ACCA Professional Level student from PAC Peshawar.

Techstars is a part of the global ecosystem that empowers entrepreneurs to bring new technologies to market. Through the Techstars Worldwide Entrepreneur Network, founders and their teams are able to connect to other entrepreneurs, experts, mentors, alumni, investors, community leaders, and corporate partners that will help their companies grow.Techstars runs Startup Weekends globally in over 700 cities and 150 countries i-e San Francisco, Dubai, New York, Adelaide, Seattle, London, Berlin, Chicago, Paris and Toronto.

Peshawar 2.0 is a social enterprise aimed at building a startup community in Peshawar. It is a youth-led movement to rebuild and rebrand the City of Peshawar through innovation and entrepreneurship in technology, design and art. The event was specifically segmented for ideas relevant to education, tech, health and food, art and design, social work, science and social awareness.

For further updates stay tuned with daytimes.pk

The Economic Benefits of the Modern Silk Road – CPEC

The Economic Benefits of the Modern Silk Road – CPEC

Sumera Saeed | category: Business

The Economic Benefits of the Modern Silk Road – CPEC. ACCA and PCI today launched their first joint report on the Belt and Road Initiative in Pakistan called The Economic Benefits of the Modern Silk Road – CPEC. http://bit.ly/ModernSilkRoad

“For the last almost 3 years the business community and finance professionals have been talking about the economic benefits of the China Pakistan Economic Corridor, for Pakistanis CPEC has become as familiar an acronym as NOC, CNIC and JIT. We all know about the various projects that make up CPEC like Gwadar port, extension and modification of the Karakoram highway, new motorways, railways including may be even bullet trains, enterprise zones and off course energy plants, but has the business community started thinking about the impact of CPEC on their strategies? What will be the long term benefits?

How can businesses prepare for new opportunities and challenges? Where do they need to invest or allocate resource to capitalise on the future? What are the risks and how to navigate around them? What are the possible scenarios north or south or the good the bad and the ugly? Clearly a lot of deep dive thinking still needs to happen” says Arif Masud Mirza, Regional Head of Policy for ACCA.

The report was a joint initiative with the country’s leading think tank, the Pakistan-China Institute (PCI). According to PCI Executive Director, Mustafa Hyder Sayed

“this report indicates that investment in people, for example, learning Mandarin, understanding Chinese business culture and increased networking i.e. the people to people contact which is one of the pillars of CPEC, must be embedded in the long-term mission of the private and public sectors. Pakistan’s manpower; professional, skilled, semi-skilled and unskilled must match or be better than their Chinese counterparts if our nation is to ensure that CPEC’s long term benefits don’t start heading South.”

Sajjeed Aslam, Head of ACCA Pakistan said “We could see and hear the chatter on CPEC in professional networks very early on; a lot was hearsay which in itself can be a risk for businesses, the numbers being talked about where historic by Pakistani standards USD46bn multiplying to USD62bn later.  The report ,The Economic Benefits of the Modern Silk Road – CPEC contains the result of a survey amongst 500 finance professionals and business stakeholders as well the outcomes from 5 SWOT workshops in Baluchistan, KPK, Punjab, Sindh and Islamabad. The SWOTs revealed a common trend such as knowledge gaps, opportunities included regional trade and commerce, new cities and job creation; strengths included leveraging on the country’s educational institutes,scaling up agriculture and tourism, lastly, the threats revolve around environmental, social and governance challenges.”

The report writer Malik Mirza, FCCA, spent several months researching and interviewing diverse stakeholders across the country said “the SWOTs are a great way to get people to think strategicallyand ensure that we don’t just look at the blue sky only. ACCA 100 drivers for change provided a good pivot point for professionals to look at what skills will be needed to prepare for the future and these are explored in the report. Almost 70% agreed and strongly agreed that new skills will be needed in the future and 74.4% said they agreed and strongly agreed that there is a marked difference in business styles between the Chinese and Pakistani. Surprisingly over 80% agreed or strongly agreed that investing in Chinese language was desirable but on the ground we are not witnessing this investment.”

The full report is available online: http://bit.ly/ModernSilkRoad

About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

ACCA supports its 198,000 members and 486,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 101 offices and centres and more than 7,291 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artificial barriers, innovating its qualifications and delivery to meet the diverse needs of trainee professionals and their employers. More information is here: www.accaglobal.com

About PCI

Pakistan-China Institute, launched in October 2009, under the Chairmanship of Senator Mushahid Hussain Sayed has emerged as the primary organization devoted to promoting people-to-people relations between Pakistan and China. PCI is a key player in fostering multilateral dialogue, promoting cultural and economic connectivity, along with acting as a unique bridge between Pakistan and China to develop a closer, strategic partnership.

On its course to materializing this vision, PCI aspires to lead rigorous discussions and in depth analysis by undertaking multi-faceted initiatives including conferences, lectures, exchange of visits, journals, e-magazines and documentaries.

PCI is a frontline advocate for the pivotal bilateral relationship between China and Pakistan and within a short span, it has emerged as a credible institution in both countries, and a premiere entity, which different sections of both societies turn to for advice, assistance and information.

Pakistan-China Institute aims to take up a leading role in generating discussions and analysis on multiple aspects of the diplomatic relations between China and Pakistan, as well as the entire region. An integral part of PCI’s mission is to serve as a resource to all those who seek a better understanding of the changing dynamics of regional relations, particularly in relation to Pakistan and China.

Pakistan China Institute, an independent, non-partisan research think thank and publisher, is dedicated to functioning as a resource for government officials, educators, students, civic leaders and all interested citizens to help them better understand the geostrategic dynamics of Asia.http://www.pakistan-china.com

For further updates stay tuned with daytimes.pk

Jobs for Pakistan’s Generation Next

Jobs for Pakistan’s Generation Next

Sumera Saeed | category: Government Jobs in Pakistan

Jobs for Pakistan’s Generation Next. Pakistan’s recent census 2017 has revealed a staggering population of 210 million and according to the UN population fund report 63% or 132 million are between the ages of 18 and 33. Out of this 69 million are 15 or under and 58 million between 20 to 24. For Pakistan the need for creating and sustaining employment for its pipeline of millennials is turning into a ticking time bomb.

The rapid adoption of technology by millennials means that they are more familiar with searching for information online, communicating and networking through social media, they want to move on very quickly, in other words their behaviour is very different to past generations who relied upon reading vast amounts of content, face to face conversations, writing by hand and having a job for life. On the other hand we have employers and their needs. “The discourse at the round-table in Faisalabad on 25 September is around the 2 groups’ employers and millennials or generation next and whether they are aligned? What are the challenges? What are the opportunities?” Said Shah Muhammad Khan, ACCA Business Development Manager for Faisalabad.

Those organisations that are actively understanding and changing to attract and retain the best millennials are also recognising that customers are also passing through technological changes. The accountancy profession is not any different, it attracts many young people but it’s probably the one sector that has experienced the most profound technological changes, in my own lifetime we have moved away from really back bending cross casting, reconciliations and multiple ticking to automation, cloud services and there are serious chances that the work of accountant will be completely automated by 2030. So how is the profession going to save itself. The good news is that regulations and compliance will continue, risk management,analysis and thinking about the future will still need to be performed by humans.

Why should a young bright person enter the accounting profession if it’s going to be like entering a time tunnel and taking one back to Dickensian days. Certainly in Pakistan the environment not only of some SMPs, SMEs but many larger organisations has still not understood and embraced the technological change and its impact on behaviours and the external environment. When ACCA surveyed 2458 young people under the age of 36 results were in line with global trends. Young Pakistanis choose accounting and finance because (i) want a long term career (ii) they want to develop and broad range of skills. Young Pakistanis do see the sector as prestigious whereas globally this feeling ranked 5th out the 5 factors.

Does the profession offer enough opportunity for mobility?

Arif Masud Mirza, Regional Head of Policy for ACCA said

“ACCA Pakistan organised the roundtable discussion with SMP and SME owner managers in Faisalabad, to gather opinion and feedback on (i) What are the key challenges they face in terms of talent attraction, development and retention?(ii) Do they think the same issues which SMPs face also apply for SMEs who are looking to attract, develop and retain staff? And (iii) What do they identify as the specific advantages for 18-36 year olds working in an SMP compared with another finance sector (e.g. larger corporate firms, Big Four etc.)?”

65% have only been in their current roles for 3 years or less. But the chart illustrates and strong mobility trend. Young people in SMEs and SMPs are more likely to see their next move outside the organisation.

For a generation who have grown upwith significant advances in technology,it is perhaps not surprising they seebenefits from the increasing adoption ofnew technologies in the workplace. Employers need to harness this passion for technology internally and externally in their B2C and B2B commercial relations.

“Savvy employers are aware of young candidates making their own personal brands on social media. CFOs and HR functions will often visit the LinkedIn pages of young people which may provide more insights on their attitude, soft skills and EQ.” said Shah Muhammad Khan, ACCA’s Business Development Manager for Faisalabad.

For further updates stay tuned with daytimes.pk


ACCA participates in 5-year celebrations of Arthur Lawrence’s success

Sumera Saeed | category: Jobs

Arthur Lawrence – a company recognized by IAOP® to be among the world’s Top 100 outsourcing service-providers, celebrated the Five Years anniversary of its JV Partnership with ZT Wealth, a fast rising wealth-management company from Texas, USA. This event held in Karachi with the theme; “Journey towards Excellence”, was attended by more than 250 professionals and industry stalwarts.

Mr. Taseer Badar – a renowned young American entrepreneur; the CEO & Chairman of ZT Wealth and Altus Health, and winner of the prestigious Ernst & Young ‘Entrepreneur of the year’ award 2016, was the keynote speaker of the event. Mr. Badar flew in especially from Houston, Texas to join his extended team members in Karachi.

The Head of ACCA in Pakistan – Mr. Sajjeed Aslam thanked Mr. Taseer Badar for the opportunities being provided to the Finance and Accounting professionals in Pakistan, as Arthur Lawrence is a key strategic employer of ACCA affiliates and members. Mr. Sajjeed also presented ACCA’s vision for Pakistan’s youth and his plan for making Pakistan a preferred destination for Shared-Services Outsourcing, while outlining the initiatives of ACCA.

Mr. Badar gave a valuable message to the attendees, highlighting his humble start, continuous struggle, and pursuit for the highest standards of professionalism and quality of services for the clients and investors. He said: “If you make a commitment to anyone, you ensure that not only the commitment is met, but it is also provided with a white-gloved service attitude’.

The Managing Partner of Arthur Lawrence – Mr. Wajid Mirza highlighted Mr. Taseer Badar’s historic successes and contribution to the development of skills and standards of Professional Services. He applauded his team’s efforts, the company’s rapid growth and journey to the “Inc.5000” list of ‘Fastest Growing Companies in America’, in two different categories; ‘Finance and Accounting’ and ‘Technology-Consulting’. He also thanked Mr. Badar for his trust in the young professional team of Arthur Lawrence, which is playing a critical role in the development of ZT & Altus Health-Care.

Ms. Zeba Shafi – Director Programs D.I.L . thanked both Arthur Lawrence and ZT Wealth for their support and internship opportunities for D.I.L graduates. She emphasized on education for the underprivileged classes and grooming the youth for the main stream professional environment. Dr. Zahir Syed – Head of Usman Institute of Technology also graced the event, as the renowned Motivational Speaker – Umair Jaliawala conducted an energetic session on progressive thinking.


Q2 Sees a Small Dip in Global Confidence but Outlook for Pakistan is Improving

Sumera Saeed | category: Business

The global economic outlook remains positive, despite a slight drop in confidence, compared to the last couple of years, according to the latest Global Economic Conditions Survey (GECS) released today.

The quarterly survey of finance professionals including CFOs, conducted by ACCA (the Association of Chartered Certified Accountants) and IMA (the Institute of Management Accountants), found:

  • The number of respondents expecting conditions to worsen exceeds those expecting conditions to improve by 10 percentage points – yielding the second-highest confidence index in two years and better than the average since the survey began.
  • North America was the most confident region in Q2, followed closely by South Asia. Confidence levels are lowest in the Middle East.
  • Confidence has fallen in both OECD (Organisation for Economic Co-operation and Development) and non-OECD economies. The confidence is higher in non-OECD economies than in OECD economies for only the second time since 2011. Economic confidence in the UK has plummeted in the second quarter, due to political uncertainty, and is now at its lowest level since the final quarter of 2011.
  • Developed economies have continued to grow at a decent pace, but emerging economies have reported much bigger improvements. The economies of Brazil, Russia, India and China are all now growing simultaneously for the first time in over two years.

According to the survey, after a number of challenging years, the outlook for Pakistan is also improving.Two main factors are likely to support growth over the next few years. The first is increased Chinese investment in infrastructure projects as part of the China-Pakistan Economic Corridor. All thep rojects added together are expected to come to US$62bn, which is the equivalentof 17% of Pakistan’s 2015 GDP. Low interest rates, which have been slashed over the past few years in response to a sharp fall ininflation, will also boost growth.

ACCA’s senior business analyst, Narayanan Vaidyanathan, says: ‘Healthy employment prospects in the US with reasonable real wage growth will help. Meanwhile, the Eurozone may benefit from easing austerity, and investor confidence after parties opposing the European Union failed to deliver in recent elections’.

Raef Lawson, executive vice president at IMA, says ‘a combination of a gentler than expected slowdown in China and consumption growth driving recovery in the US and elsewhere has led to a fairly positive global outlook for this quarter.’

‘The IMF recently upgraded its forecasts for global growth to 3.5% in 2017 and 3.6% in 2018, up from just 3.1% last year. Given the improving outlook, this is looking more than achievable.’


Companies Must Be Aware of the Financial Impact of Climate-Related Risk, Says ACCA

Sumera Saeed | category: Business

ACCA (the Association of Chartered Certified Accountants) has welcomed the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) as an important step towards the better allocation of capital, by incorporating the effect of climate change in investment decisions.

Yen-pei Chen, subject manager – corporate reporting at ACCA said:

‘The four thematic areas of the TCFD’s recommendations – governance, strategy, risk management and metrics and targets – provide a useful framework for disclosure. ‘The detailed implementation guidance in the annex will be particularly helpful for companies preparing to report under the EU’s Directive on the disclosure of non-financial and diversity information.

‘Climate-related disclosures, in our view, will be best integrated into the reporting of the impact of other material factors within the four thematic areas.’

ACCA also welcomed the inclusion of references to the financial impact of climate-related risk, and the ensuing recommendation that this be reflected in companies’ financial statements.

‘In particular, climate-related risks could affect the carrying value of assets and goodwill, and in some cases the going concern status of the business,’ added Ms Chen.

‘Accounting standard setters such as the IASB should be giving greater priority to closing the long-standing gap that exists in reporting the effect of pollutant pricing or emissions trading systems.’

‘Pakistan has always faced extreme climate conditions, but now more than ever before climate or rather managing climate and its connected maladies is posing a threat that’s greater than global terrorism. Water scarcity for example threatens not only human lives but increasingly is being ignored by business processes. A lot of the environmental, social and governance costs needed for managing climate change are “off balance sheet”. This cannot remain the status quo. With game changing strategic investments like CPEC around the corner the cost to Pakistan of not investing in ESG in the short medium and long term may be a price too great.’ said Arif Masud Mirza, ACCA’s Regional Head of Policy – MENASA.

Professional accountants play an important role in helping companies to manage and report climate-related risks more effectively. This is particularly clear in light of this week’s EU adoption of non-binding guidelines for non-financial information reporting, which is another example of the global momentum towards better-informed capital markets and companies fit for the challenges of today’s world.

ACCA is committed to educating the professional accountants of the future, giving them the skills they need to respond to this wider set of challenges, and contribute to a more sustainable future for businesses and our planet.


ACCA’s Integrated Master’s Programme With the University of London Changing Lives Across the Globe

Sumera Saeed | category: Education

The first group of graduates to complete the University of London master’s route to ACCA (the Association of Chartered Certified Accountants) membership are looking forward to future opportunities afforded through having two world-renowned qualifications.

Made possible through an innovative partnership between ACCA and the University of London, the MSc in Professional Accountancy is the only integrated master’s programme with an accountancy body at a professional level in the world.

Jane Towers-Clark, head of university education at ACCA, says:

‘The first group of graduates through our integrated masters with the University of London have provided very positive feedback about the self-study programme. Online learning has allowed us to give access to individuals globally the opportunity to gain the skills necessary to have successful careers in finance and accountancy. We are proud to have created this unique programme which allows learners to gain the ACCA Qualification and an MSc in Professional Accountancy at the same time at a fraction of the cost of traditional masters.’

Speaking about his experience of being the first to be awarded the integrated masters and ACCA Qualification, Muhammad Abrar Siddiqui, Faysal Bank Limited, Pakistan says:

‘Being able to complete a masters in a short period of time and the opportunity to study a range of thought provoking subjects is what attracted me to the MSc in Professional Accountancy. Completing the award has allowed me to broaden my knowledge of emerging and developing markets at the same time as giving me insight and direction on how to develop research skills. One of the key strengths of the programme is how greatly informative it is. It offers a great understanding of current accountancy issues. I have been able to improve my career prospects through learning how to become a better problem-solver and decision maker. I found the tutorials for the modules to be well planned and would recommend the courses to fellow students of accountancy.’