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ACCA Foundation Diploma – A Fast track Route to a Career in Finance for Matriculation and Intermediate Students

ACCA Foundation Diploma – A Fast track Route to a Career in Finance for Matriculation and Intermediate Students


admin | category: Education

ACCA Foundation Diploma – A Fast track route to a career in finance for Matriculation and Intermediate students. You’ve completed your exams, well done! There’s a lot to think about and consider regarding your future qualifications. The key is to find a fulfilling career; something that you feel enthusiastic about and which also gives you financial rewards.

Why should I choose a career in professional accountancy?

A career in professional accountancy is a great choice and can offer you excellent career prospects. You could work your way right to the very top of an organisation with the right professional accountancy qualification.

It offers unique opportunities to excel in a variety of roles including strategy formulation, governance, risk management, IT and data sciences, start-ups, venture capital markets, investment banking, treasury and many more areas. However those wishing to undertake the role of a CFO in the future need to develop competencies in finance and accounting, audit and assurance and taxation which form the core component of a professional accountancy qualification.

In today’s world with ever evolving business models, a deep understanding of finance and governance matters is an inevitable requirement for any CEO or board member. And because finance plays a central function in any business, a professional accountancy qualification coupled with a deep understanding of financial matters can offer you prestige and a rewarding career.

Why would it interest me?

Any organisation you can think of relies on the skills of qualified finance professionals. This means that, with the right accountancy qualifications, you could build a career in whichever sector that interests you. No matter what your passions are, choosing accountancy means you can follow your dreams. This is because finance professionals work in every industry. So wherever you want to work, choosing accounting and finance means you’ll be in demand with employers everywhere.

There’s no limit to where the qualification could take you. It’s also very portable, so you can easily move between industries if you find one area isn’t right for you.

Think about ACCA

ACCA (Association of Chartered Certified Accountants) is the world’s most forward-thinking professional accountancy body. It has been around for a long time– over 112 years with presence in 178 countries around the world. It means people in business know about ACCA for all the right reasons. ACCA has a proven reputation for quality and excellence. ACCA has more than 198,000 fully qualified members, 486,000 students and over 10,000 practicing firms worldwide. They’re among the world’s best-qualified and most highly sought-after accountants – and they work in every sector you can imagine.

Organisations know and trust the ACCA designation. ACCA is out there every day, connecting with businesses large and small, governments, educational establishments and opinion formers. ACCAis on top of emerging trends, legislation and legal requirements, helping to shape them.Because of all this, ACCA is able to create the innovative, strategic-thinking accountants our fast-changing world needs.

Getting Started with ACCA Foundation Diploma: Matric / Intermediate / O-Level

ACCA Foundation Diploma is the ideal starting point for students who have completed their Matriculation, Intermediate or O- Level examination and whose ultimate goal is the ACCA Qualification. Matric and O-Level students can undertake three additional exams from the local board and earn an Intermediate equivalence.

Four great reasons to choose the Foundation Diploma

  1. Faster route to the ACCA Qualification

If your ultimate goal is the ACCA Qualification, then starting with the ACCA’s Foundation Diploma will give you the essential knowledge to help you pass your ACCA exams. You will be automatically transferred onto the ACCA Qualification, free of charge, and given exemptions from the first three exams after you complete the ACCA’s Foundation Diploma.

  1. Rewarding Career

ACCA’s Foundation Diploma will be your first step to becoming a professional accountant. This will increase your chances of getting a better job and a salary to match; this is because your skills will always be in demand even in the toughest of times. Qualifications awarded by ACCA are recognised, respected and in demand by all sorts of employers around the world.

  1. Affordable

With computer-based exams available all year, you can complete the ACCA Foundation Diploma at your own pace. You pay for exam fees and tuition fee at each level as you go along, so there are no big upfront costs. For Matric and O-Level students the average time to complete is around eighteen months including three additional local exams, whereas an average student coming from the Intermediate background can complete ACCA Foundation Diploma in around twelve months and proceed to the ACCA qualification. The average cost of ACCA’s Foundation Diploma is comparable to completing Intermediate from a local institute in Pakistan.

  1. Achievable

Completing ACCA requires focused study, hard work and dedication and ACC Aand its Approved Learning Partners are always available to support students throughout the journey in passing exams. Historically, the ACCA Foundations Diploma students from Pakistan have been global high achievers.

What happens after you finish the Foundation Diploma and what kind of work can you do with this qualification?

After finishing your Foundation Diploma you will automatically be transferred onto the ACCA Qualification and can begin your journey towards ACCA membership. To become an ACCA, a studenthas to complete 13 exams, an online module on Ethics and Professional Skills and 36 months of practical training in a relevant role with an employer in any sector. Such trainings are supervised by qualified accountants and helps students achieve defined competency ranging from basic conduct and leadership traits to practical experience dealing with complex assurance, financial reporting, taxation, advisory, general management and other related matters. During such trainings ACCA students and workplace supervisors are fully supported by ACCA to achieve the best quality of training, so that once the students become ACCA members, they are work-ready and add value to the businesses.

As an ACCA qualified member, there is no limit in terms of opportunities. ACCA members are working across the globe in multiple roles including core finance, assurance and taxation to supply chain, commercial roles, strategy, civil services, CEO/CFO/Company secretaries of listed and public sector entities. In Pakistan the local statute provides ACCA members legal privilege to operate and work in various roles or sectors.

One of the benefits of being part of the world’s largest and fastest-growing accountancy body is the opportunity to network with many like-minded professionals.ACCA’s alumni network across the globe consisting of 198,000 members and offices worldwide supports ACCA members relocating to new countries so they feel they are supported in their career aspirations.

ACCA currently has more than 7,400 Approved Employers and 80 accountancy partnerships worldwide – and connects ACCA members with thousands of job vacancies through the ACCA Careers Job Board.

Six great benefits of the ACCA Qualification:

  • The professional level of the ACCA Qualification has been set at the same level as a Master’s degree by the Higher Education Commission (HEC) of Pakistan.
  • Be recognised by a vast network of employers, governmental bodies and professional accounting bodies across the world.
  • The ACCA qualification gives you an opportunity to achieve a BSc degree from a UK University. This degree is exclusively available to ACCA students and is awarded by Oxford Brookes University and is the same level as any other UK undergraduate degree programme.
  • You even have the opportunity of earning an MSc in Professional Accountancy from the University of London. This has been 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.
  • ACCA qualification includes 36 months mandatory practical training in a relevant role with employers which makes a student work-ready.
  • Lifetime support is available for ACCA members globally so they feel they are supported in achieving their career goals.

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Punjab Launches “100 Days to Business Reform” Plan

Punjab Launches “100 Days to Business Reform” Plan


admin | category: Business

Punjab launches “100 Days to Business Reform” plan. The Punjab Government has launched the 100 Days to Doing Business Reform Plan to facilitate businesses and start-ups to improve the investment environment in the province, in keeping with the Punjab Growth Strategy 2018 which sets the target of achieving 8 percent economic growth.  

According to Census 2017, Punjab is home to approximately 53 percent of Pakistan’s total population. It is the second largest province with a population as high as 110 million. The rapidly growing population necessitates creation of approximately 1 million quality jobs, according to the Punjab Growth Strategy 2018.

“For the economy to grow and flourish, improving the business environment is indispensable,” Secretary Planning and Development Department Iftikhar Ali Sahoo told media on the occasion of the launch of 100 Days Plan to Doing Business Reforms. “The government of Punjab has launched a spate of initiatives to ease up doing business procedures in collaboration with the World Bank. This agenda is being driven at the top level in collaboration with multiple provincial departments and agencies. More importantly, the private sector has been engaged throughout the conception and implementation phase of the reform initiatives.”

While aiming to improve the business environment of the province, the Doing Business reform agenda also seeks to improve Pakistan’s ranking on the Doing Business Index. According to the recently published World Bank’s flagship Doing Business Report 2018, Pakistan slipped by three points and now ranks at 147 out of 190 economies. However, it registered progress on the Distance to Frontier (DTF) by 51.65. DTF shows the distance of each economy to the “frontier,” which represents the best performance observed on each of the indicators across all economies in the Doing Business indicators. An economy’s distance to frontier is measured on a scale from 0 to 100, where 0 represents the lowest performance and 100 represents the frontier. The ease of doing business ranking ranges from 1 to 190.

According to the WB’s flagship Doing Business Report, India’s ranking improved from 130 to 100 – something that business and economics observers have attributed to personal interest from Prime Minister Narendar Modi.

“Ease of doing business involves introducing major reforms across departments like the SECP, State Bank and other national institutions which cannot be done without personal interest from the top leadersip,” said Secretary Sahoo.

“Which is why the Prime Minister has set up a steering committee under his chairmanship with top officials from these departments tasked to follow up on the reform and implementation process.”  

World over, economies where small and medium size enterprises find the investment environment conducive through facilitation are the most vibrant. The WB Doing Business Reform ranking is based on a survey launched in February every year, with “contributors” from the private sector participating actively in the evaluation survey. The report measures 11 indicators – from laws, frameworks and procedures facilitating or hampering starting of an enterprise to others across the life cycle of a business

“It is like a race for countries who want to be at the top [in terms of appeal to investors],” said senior World Bank representative. “It is important that when reform happens, businesses should feel the impact and contributors should see implementation [to respond favourably to the survey]. In Pakistan, there has been recognized progress around four reforms in Doing Business Report 2018– from ease of starting a business to property registration, protecting minority and facilitating cross border trade. Reforms across these have contributed to improving Pakistan’s image.”

The report usually surveys the investment situation in leading commercial cities with a population over a million. Karachi’s contribution to Pakistan’s ranking is 65 percent; Lahore’s is 35 percent. Pakistan is currently pursuing 44 reforms across a range of indicators with Punjab initiating reforms aimed at registering property, enforcing contracts, dealing with construction permits and starting a business.

“The Hundred Days Plan is aimed at low hanging fruit that can generate the greatest impact in terms of improving Pakistan’s rating and Punjab’s relate to these four indicators,” said Ali Jalal, Programme Director, Programme Implementation Unit, P&D, Punjab.

“But other than the ranking, for us in the government the incentive is to really improve the business and investment environment.”

Journalists at the briefing wanted to know why only Lahore and Karachi have been selected for the survey and not other cities. Secretary Sahoo said that reforms are piloted for implementation in the main commercial cities for their efficacy and then extended to other cities at a later stage.

“Earlier it was about nationalization and business control, now it is about opening up. But our structures are still outmoded and obsolete. Reforms are meant to change that.”

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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

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.

Samsung partners Jazz to launch ‘Knox’ security platform

Samsung partners Jazz to launch ‘Knox’ security platform


Sumera Saeed | category: Jazz

Samsung partners Jazz to launch ‘Knox’ security platform

Samsung has engaged Jazz -Mobilink – Jazz as its operating-partner to introduce Samsung ‘Knox’ in Pakistan. ‘Knox’ is a defense-grade security platform, and mobile-device management system, which is built into Samsung’s latest products, to protect confidential data and sensitive applications. Samsung’s award-winning enterprise solutions empower you to secure, manage and customize your business’s mobile devices.

Knox solutions allow businesses of any size to deploy Samsung mobile devices to meet their business needs. So the smart-device users can now build on the Knox platform, with extra security, management policies, and advanced device-customization.The security of corporate data on mobile devices remains a top concern for CEOs and CIOs, when adopting enterprise mobility. Finding a mobile-security solution that is both resilient and user-friendly can be a big challenge, which is why Samsung has designed the ‘Knox’ solution.

Samsung partners Jazz to launch ‘Knox’ security platform

Knox is a multi-layered technology, built into both the hardware and software of Samsung’s latest devices. From the ‘Hardware Root of Trust’ to the Android Framework, Knox constantly verifies the integrity of the device and detects any tampering, ensuring your data is more secure. Security Enhancements for Android protect applications and data by strictly defining what each process is allowed to do, and what data it can access. SE for Android help to secure a device by using domains, rights, security policies and Mandatory Access Control.

Samsung partners Jazz to launch ‘Knox’ security platform

Knox leverages a processor architecture known as ARM TrustZone. In TrustZone, there are two worlds: the Normal World, and the Secure World. Virtually all smartphone software, as we know today, still runs in Normal World. The Secure World is reserved for highly sensitive computations, and is used extensively by Knox for protecting confidential enterprise data. TrustZone consists of three core components: ‘TIMA KeyStore’, ‘Real-time Kernel Protection’, and ‘Attestation’.

Samsung partners Jazz to launch ‘Knox’ security platform

‘Secure Boot’ prevents unauthorized boot-loaders and kernels from being loaded onto the device. This means that your device has not been tampered with and the Knox container can be loaded. ‘Trusted Boot’ ensures that the boot-loader and OS kernel are the originals from the factory. This is done by recording the original device measurements and consistently checking the device at the start up to make sure these measurements haven’t changed.

The ‘Hardware Root of Trust’ is a set of security mechanisms, built into device hardware, that flag any time the device’s default controls have been altered. These include ‘Secure Boot Key’ and ‘Device Root Key’, which perform authentication and encryption operations associated with the device.

About Samsung Electronics Co, Ltd.

Samsung Electronics Co., Ltd. inspires the world and shapes the future with transformative ideas and technologies, redefining the worlds of TVs, smartphones, wearable devices, tablets, cameras, digital appliances, printers, medical equipment, network systems, and semiconductor and LED solutions. We are also leading in the Internet of Things space through, among others, our Smart Home and Digital Health initiatives. We employ 319,000 people across 84 countries with annual sales of US $196 billion. To discover more, please visit our official website at www.samsung.com and our official blog at global.samsungtomorrow.com.

Private sector role vital for 7% GDP growth

Private sector role vital for 7% GDP growth


Sumera Saeed | category: News

The All Pakistan Business Forum president Ibrahim Qureshi has said the private sector can play role in investment and job creation to achieve the required 7% GDP growth rate in the country, as the private sector knows the art of making markets work, managing risks and fostering competitiveness and innovation.

The public-private partnerships is critical for inclusive and sustainable economic growth, he said and added the implementation of policies is a key challenge in the country.

Only the private sector can drive long-term value creation for their shareholders and stakeholders by developing business models, systems, processes and production chains that manage the economic, social and environmental dimensions in a balanced manner, Ibrahim Qureshi added.

He said there is a need to introduce reforms in the tax system and new sectors should be brought under tax net. He said smuggling, under invoicing and mis-declaration are big challenges for the local industry.

Terming the present tax system of the Federal Board of Revenue as a big challenge for existing and new businesses, he suggested that the taxpayers need to be honoured with a view to improve revenue collection.

APBF president suggested that the FBR must cautiously exercise enforcement powers against the taxpayers, who are regularly contributing revenue to the national kitty. FBR’s field formations should avoid exercising powers to issue notices, sealing of business premises and attachment of bank accounts on groundless basis.

He said that if enforcement powers are exercised without fulfilment of legal formalities, it would send a negative message to the existing investors as well as discourage the new businesses in all over the country.

What an investor needs is secure environment to achieve his goal and be able to contribute to the economy of the country, which could only be possible if the concerned departments extend their support and cooperation, he added.

Ibrahim Qureshi said the government has achieved some macroeconomic targets during last three years; however, declining exports and widening trade deficit still constitute a big challenge that should be focused by the policymakers.

He said that the rising oil prices in the international market and declining exports are negative signs for the country’s current account balance. However, he was optimistic about China Pakistan Economic Corridor saying the country’s economy is bound to grow faster with the completion of the projects of over $46 billion Chinese investment in Pakistan.

He suggested that the government should introduce reforms especially in the tax system and other sectors should be brought under tax net to achieve 7% growth rate of GDP that is essential of economic stability.