President’s Exclusive interview in DIN News – Lahore
President’s meeting with Deputy President, IFAC - Islamabad
President’s meeting with CEO, ACCA - Islamabad
President’s meeting with Chairman, AOB - Islamabad
President invited as a Panelist at NTC - Islamabad
President’s meeting with NUST Principal- Islamabad
MOU with Atlas Insurance - Lahore
MOU with WCCI - Lahore
(AKEB-G) Educational Expo – Karachi
Aman Foundation’s Technical Skills Career Fair’19 - Karachi
Career Counseling at Pak-Turk International School - Karachi
Career Counseling Session at FG Boys College - Karachi
Educational Expo at Sindh University - Hyderabad
Education Carnival 2019 - Hyderabad
Networking Meeting with Dean Sindh University-Hyderabad
Director South Region’s Visit to Interior Sindh–Dadu
Debate on International Women’s Day – Lahore
LBC & PSTD Conference - Lahore
Participation in Job Fair - Lahore
Orientation Session for newly enrolled students – Lahore
Financial Accounting Competition-2019 - Lahore
Career Counseling Sessions – Lahore
Career Counseling Sessions - Islamabad
Career Counseling Sessions - Faisalabad
Career Counseling Sessions - Peshawar
Directorates’ Activities
National Council
Office Bearers
Zia ul Mustafa, FCMA, President
Abdul Wasey Khan, FCMA, Vice President
Shehzad Ahmed Malik, FCMA, Honorary Secretary
Muhammad Yasin, FCMA,
Honorary Treasurer
Members
Mohammad Iqbal Ghori, FCMA
Abid Lateef Lodhi, FCMA
Ather Saleem Ch, FCMA
Ghulam Mustafa, FCMA
Government Nominees
Sumaira K. Aslam, Deputy Chief Accounts Officer,
Finance Division, Government of Pakistan
Irshad Ahmed Kaleemi, Deputy Auditor General,
Auditor General of Pakistan
Jameel Ahmad, Deputy Governor,
State Bank of Pakistan
Tahir Mahmood, FCMA, Commissioner,
Securities and Exchange Commission of Pakistan (SECP)
CHIEF EDITOR
Editorial Board Muhammad Yasin, FCMA
Chairman, Research & Publications Committee
01 Dear Members,
02
02 I am pleased to present the March 2019 issue of ICMA Pakistan’s
02 e-Newsletter. This month marks two significant events of national
02 and international importance. On 23rd of March 2019, the nation-
02 al celebrated the ‘Pakistan Day’ as on this day in 1940, the Pakistan
03 Resolution was passed which culminated in the creation of a new
03 independent Islamic state – Pakistan. On 8th of March 2019, the
04 international Women’s Day was commemorated over the globe,
04 including Pakistan. ICMA Pakistan, on this occasion, organized a
04 Debate at Lahore on the theme of ‘Her Aspirations Need His Cooperation’ which was well
05 attended. Women are the architects of society and a source of great inspiration for all of
05 us. ICMA Pakistan is a supporter of ‘women empowerment’ and increased role of women
05 in different spheres of life. The professional women in Pakistan are especially a role model
05
for the women in other countries and ICMA Pakistan takes pride in the fact that our quali-
06
fied women CMAs are playing a pivotal role at key positions in the government and private
07
sector of the country.
07
08 During this month, the CBE examinations were held from March 11, 2019 to March 22,
08 2019. Other activities, as usual, included career counselling seminars and sessions conduct-
09 ed by our Campuses and their participation in education expos, aimed at promoting CMA
09 qualification and increasing admissions. The newsletter also mentions briefly the activities
10 of our different Directorates i.e. MARCOM, MPD&CT, Research & Publications, Member-
10 ship Affairs, TSPD etc. The President ICMA Pakistan had a very busy schedule of engage-
11 ments during this month that included important meetings and interactions with various
11-19 dignitaries, including Deputy President of IFAC; CEO of ACCA; Chairman of Audit Oversight
Board of Pakistan’ and Principal of NUST Business School. He was also invited by the DIN
News for live telecast of his interview. All these activities are covered in this newsletter.
Have a nice reading and do share with us your valuable suggestions on rp@icmap.com.pk
Muhammad Yasin, FCMA
Chairman, Research and Publications Committee
...Feature News...
President’s Exclusive interview on DIN News
Lahore | March 24, 2019
An exclusive interview of Mr. Zia ul Mustafa, President, ICMA Pakistan was live tele-
cast on Din News on March 24, 2019. In the interview, The President ICMA Pakistan
shared how the members of ICMA Pakistan are adding value to the accountancy pro-
fession in Pakistan and in turn shaping the national economy. He also highlighted that
accountants have a pivotal role to play in improving governance and productivity of
public sector organizations in Pakistan. He also said that ICMA Pakistan is taking ini-
tiatives to ensure that these objectives are achieved.
EDITOR
Shahid Anwar, Director
Research & Publications Email: rp@icmap.com.pk
 President’s meeting with Deputy President, IFAC
Islamabad | March 14, 2019
Mr. Zia ul Mustafa, President ICMA Pakistan held a brief meeting with Mr. Alan
Johnson, Deputy President IFAC on March 14, 2019 at Islamabad. He explained
how ICMA Pakistan is playing its role in Pakistan’s economic development and
also the statutory privileges and rights earned by ICMA Pakistan’s members
over a period of more than 60 years of existence. Mr. Alan appreciated ICMA
Pakistan for playing its role in developing the accounting and finance profes-

President’s meeting with CEO, ACCA

Islamabad | March 14, 2019
Mr. Zia ul Mustafa, President ICMA Pakistan held a meeting with Ms. Helen
Brand, CEO ACCA on March 14, 2019 at Islamabad to discuss areas of great-
er collaboration between the two institutions. ICMA Pakistan and ACCA
have an active MOU since December 2014. This meeting was an important
reflection of the shared commitment of the two institutions to collaborate,
leading to greater synergy and impact in the future.

President’s meeting with Chairman, Audit Oversight Board

Islamabad | March 14, 2019
Mr. Zia ul Mustafa, President ICMA Pakistan held a meeting with Mr. Tariq Iqbal Khan, Chairman
Audit Oversight Board (AOB) on March 14, 2019 at Islamabad. The agenda of the meeting was
to meet and congratulate Mr. Tariq Iqbal on his appointment as the new Chairman as well as to
explore opportunities for collaborations in future.

President invited as a Panelist at National Tax Conference

Islamabad | March 9, 2019

Mr. Zia ul Mustafa, President ICMA Pakistan was invited as a panelist by

CA Pakistan on March 9, 2019 to participate in National Tax Conference
organized by CA Pakistan at Islamabad to discuss ‘Doing Business: An
Impasse’. The President ICMA Pakistan shared his views on how taxation
can be a pathway to prosperity for Pakistan.

President’s meeting with Principal NUST Business School

Islamabad | March 19, 2019
Mr. Zia ul Mustafa, President ICMA Pakistan met
with Mr. Naukhez Sarwar, Principal of NUST Business
School on March 19, 2019 at NUST Business School,
Islamabad. The purpose of meeting was to explore
opportunities for members of ICMA Pakistan who
wish to advance their career with further studies.
Both Institutions submitted positive intent to collab-
orate in future, in accordance with the standards of
Higher Education Commission of Pakistan to provide
opportunities for our members to acquire academic
qualifications to suit their needs.

MARCH 2019 2
MOU between ICMA Pakistan and Atlas Insurance
Lahore | March 20, 2019

ICMA Pakistan signed an MOU with Atlas Insurance Limited on 20 March, 2019 at ICMA Pakistan Lahore Campus to offer motor in-
surance at the rate of 1.50% net (inclusive of all taxes) for comprehensive insurance of all kind of private cars for members of ICMA
Pakistan. The MOU was signed by Mr. Zia ul Mustafa, President ICMA Pakistan and Mr. Rashid Amin, Chief Financial Officer, Atlas
Insurance. Mr. Muhammad Yasin, Honorary Treasurer ICMA Pakistan and Members of Branch Council were also present.

MOU between ICMA Pakistan and WCCI, Lahore

Lahore | March 21, 2019

ICMA Pakistan signed MOU with Women Chamber of Commerce and Industry (WCCI) Lahore Division on 21 March, 2019 at ICMA
Pakistan Lahore Campus to collaborate in the areas of training and development, recognition and promotion, research and devel-
opment and human resources. The MOU was signed by Mr. Zia ul Mustafa, President ICMA Pakistan and Ms. Faiza Amjad, Presi-
dent, WCCI. Mr. Muhammad Yasin, Honorary Treasurer ICMA Pakistan and Members of Branch Council were also present.

MARCH 2019 3
 Campuses & Branch Councils’ Activities

South Region (Karachi / Hyderabad)

Aga Khan Education Board Garden Educational Expo

Karachi | March 03, 2019
ICMA Pakistan participated in the Education Expo arranged by the Aga Khan Education Board Garden (AKEB-G) at Karachi. Syed
Shaiq Musavi, Assistant Director, South Region along with Admission Team of main campus represented ICMA Pakistan in the Expo.
Around 30 Schools and Colleges represented themselves to the bright students of AKEB. The delegates of Ismaili community, Pres-
ident Ismaili council for Garden, Mr. Muneer Samnani and Regional Member, Ismaili council Southern Region, Ms. Rozina Jumani
visited ICMA Pakistan stall and sought information about ICMA Pakistan. The prime objective of this expo was to increase students’
exposure by providing them hands-on career related information from top notch institutes in Pakistan. Around 300 students visited
ICMA Pakistan’s stall and received information about the Institute.

Aman Foundation’s Technical Skills Career Fair 2019

Karachi | March 03, 2019
Aman Foundation Karachi arranged a Technical Skills Fair for providing placement op-
portunities to graduates, technical and professional degrees. Being a professional body
in accounting and finance, ICMA Pakistan targeted the graduates and provided them
information about exemptions and waivers. The recently taken pilot initiative Employ-
ability Test by ICMA Pakistan was introduced to the graduates. Around 400 students
visited ICMA Pakistan’s Stall and received information.

Career Counseling Session at Pak-Turk International School

Karachi | March 04, 2019

ICMA Pakistan Admission and Marketing department always remains proactive to provide career guidance to the aspiring students
in exploring better career options for them. Syeda Fatima Moin, Officer Admissions, conducted two career counseling sessions at
Pak Turk International School, Karachi. Director Pak Turk International School, Mr. Yasir Bahcivan welcomed the ICMA Pakistan and
dedicated their 40 students for participation in seminar.

MARCH 2019 4
 Career Counseling Session at FG Boys College
Karachi | March 26, 2019

ICMA Pakistan’ South Region Admission and Marketing department always remains proactive to provide career guidance to the
aspiring students in exploring better career options for them. Syed Shaiq Ali Musavi, Asst. Director-South Region, conducted two
career counseling sessions at FG Boys College, Karachi. Total 120 students participated in these sessions.

Educational Expo at Sindh University

Hyderabad | March 05 & 06 2019

Sindh University Jamshoro’s department of Business Administration arranged two days Entrepreneurship Carnival for their graduates
and graduating students. The purpose of this seminar was to scale up their students’ entrepreneurial spirit via venture creation in
Hyderabad and Interior Sindh. In order to provide pathway towards successful Financial Modeling into their business activities, ICMA
Pakistan pitched its exemptions for graduates, Distance Learning Program (DLP) and certification courses via CPD. Around 200 stu-
dents visited the stall of ICMA Pakistan and received information about the institute. The delegates from Sindh University Jamshoro,
Dr. Hakim Ali Kanasro, Dean Faculty of Commerce & Business Administration, Dr. Abdul Sattar Shah, Director IBA and Dr. Fiza Qureshi,
Director Students Financial Aid Office visited ICMA Pakistan’s stall and appreciated efforts for counselling their students.

Education Carnival 2019

Hyderabad | March 06 & 07, 2019

ICMA Pakistan Hyderabad Campus participated in two days IBA Carnival 2019 arranged by Business Administration Department of
University of Sindh, Jamshoro.

Networking Meeting with Dean of Faculty, Sindh University

Interior Sindh | March 06, 2019
ICMA Pakistan’s team Mr. Hussain Ajmeri, Deputy Director Hyderabad Campus and Syed
Shaiq Ali Musavi, Assistant Director South Region visited Sindh University Jamshoro and
met with Dr. Hakim Ali Kanasro, Dean Faculty of Commerce & Business Administration. The
purpose of meeting was to initiate the linkages between ICMA Pakistan and Sindh Univer-
sity and take up the academic coalition to the next level.

MARCH 2019 5
 Director South Region’s Visit to Interior Sindh
Interior Sindh – Dadu | Marh 25 & 26, 2019
For the sake of brand awareness and promotion of ICMA Pakistan in far flung areas of Interior Sindh, Mr. Lal Muhammad, Director
South Region ICMA Pakistan visited Sindh University Dadu Campus and Govt. Boys Degree College of Mehar.

Sindh University, Dadu Campus

Dadu | March 25, 2019
ICMA Pakistan met with PVC Sindh University, Dr. Muneer ud Din Soomro, HOD Business Administration, Mr. Mansoor Ahmed Soomro,
& HOD English Department, Dr. Aftab Charan. Around 150 students participated in Sindh University Dadu’s career counselling semi-
nar. ICMA Pakistan highlighted the important role of ICMAP in trans-
forming lives of people belonging to underprivileged areas via men-
tioning the role model member students from these areas. Mr. Lal
Muhammad , Director South Region supported the nation of women
empowerment in education industry. He further provided compre-
hensive information over the entry routes and life changing impact
of ICMA Pakistan in their career.
Mr. Lal Muhammad, Director South Region visited Sindh University
Dadu Campus on March 25, 2019 for Counselling their graduates.
PVC Sindh University, Dr. Muneer ud Din Soomro, HOD Business Ad-
ministration, Mr. Mansoor Ahmed Soomro, & HOD English Depart-
ment, Dr. Aftab Charan recieved our Team and confer upon with sou-
venirs of the institute as token of remembrance .

Govt. Boys Degree College, Mehar Taluka

Dadu | March 26, 2019

Mr. Lal Muhammad Lakhan, Director South Region also conducted seminar at Govt. Boys Degree College, Mehar at Mehar Taluka of
Dadu. The purpose of this seminar was to educate students of interior Sindh about CMA Qualification, ICMA Pakistan’s role in success
of students and entry routes. Around 200 students of college participated and raised critical questions about scholarships, financial
assistance and employment after graduation.

MARCH 2019 6
 Lahore

Debate on International Womens’ Day

Lahore | March 08, 2019

On the occasion of International Womens’ Day commemorated on 8th of March every year, the Lahore Branch Council (LBC) ar-
ranged a Debate on the theme of ‘Her Aspirations Need His Cooperation’ on March 08, 2019 at Lahore Campus. Mr. Zia ul Mustafa,
President ICMA Pakistan was the Chief Guest whereas Mr. Muhammad Yasin, Honorary Treasurer was the guest of honour. Others
who were prominent included. Mr. Awais Yasin, Chairman CPD Committee, LBC; Mr. Abdul Razzaq FCMA; Mr. Salman Haider FCMA;
Ms. Faiza Aslam and Ms. Javaria Malik, MARCOM who was the master of ceremony.
The Debate was participated as guest speakers/panelists by Prof. Justice (R) Ms. Nasira Iqbal, Jurist and Law Professor; Ms. Faaiza
Amjad, President, Women Chamber of Commerce and Industry (WCCI); Ms. Mariam Khawar, CEO of Lahore Transport Company;
Ms. Madeeha Mimi Bangash, Managing Director of Investment Climate Reform Unit, Government of Pakistan; Ms. Maryam Baqir,
CEO of the Publicist and Ms. Sadaf Zarrai, Head of Integrated Marketing of the Coca Cola Company. The speakers were of the view
that in the male dominated society, women need to be encouraged in every sphere of life as in many cases they stand above on
merit over males. They stressed that gender bias should not reign supreme and women enrichment and male co-operation can go
a long way in improving social and economic well-being in the country.
Mr. Zia ul Mustafa, President ICMA Pakistan eulogized the wonderful role played by women in the development of civil society and
quoted the saying of Allama Iqbal that ‘Women are the half of the population and they groom the remaining half’.
The event was participated by a large gathering of members, especially women, students and other guests.

LBC & PSTD Conference on ‘Sustainable Development Goals for SMEs’

Lahore | March 15, 2019
Lahore Branch Council of ICMA Pakistan & Pakistan Society for Training & Development jointly organized a Conference on ‘Sustain-
able Development Goals for SMEs’ on March 15, 2019 at Lahore.
Mr. Rehmatullah Javed (Chairperson, SMEs-LCCI & Chairman BOI-LCCI) delivered the key note address. Syed Sajjad (CEO, ExD), Mr.
Faisal Sherjan (Director, NIC-LUMS), Mr. Muhammad Javed Afzal (Provisional Chief Punjab SAMEDA), Ms Naela Chohan (Former Am-
bassador, Australia working for Trade Facilitation), Mr. Farrukh Khan (Regional Head SME Meezan Bank), Mr. Saad Idrees, Ms Maryam
Baqir (CEO, The Publicit), Ms Faaiza Amjad, President (WCCI) Lahore Division, Ms Sadaffee Abid, Syed Kashif, Nawabzada Mududassir,
made presentations on the occasion. Mr. Mahmood Shamsher Ali was the Master of Ceremony.

MARCH 2019 7
All the Speakers were unanimous in their opinion that SMEs can contribute in a big way to employment creation, capital formation,
poverty alleviation and income generation. However, SMEs in developing countries like Pakistan face numerous impediments, name-
ly, lack of Finance, lack of Business skills, lack of Skilled labour, etc. Therefore, support for SMEs by the Government, Private sector
and Civil society should be enhanced in order to increase the contribution of SMEs to economic development.
SMEDA, LCCI, WCCI, NAQEEBZ, City42 were the major supporters. ICMA Pakistan was the organizing and learning partner. The event
was sponsored by M/s. ExD, Meezan Bank, Descon, PSDF, PEL, CCL, SOFCOM & Interwood, etc.
About 125 participants from various organizations attended the conference, 4-CPD hours were awarded to the attendees.

Participation in Job Fair

Lahore | March 06, 2019

The Lahore Campus placed a stall at the ‘Job Fair’ organized by Foreman Christian University, Lahore on March 06, 2019. The stall was
visited by a large number of students and their parents who were briefed about the merit of CMA qualification in career development.
Many visitors showed keen interest in getting admissions in ICMA Pakistan. Mr. Sarfraz Ahmad, Joint Director (campus management)
and Ms. Somia, Admission Officer also visited the stall.

Orientation Session for newly enrolled students

Lahore | March 11, 2019

The Lahore campus organized an ‘Orientation Session’ for newly enrolled students of CMA Managerial Level 1 & 2 on March 11, 2019.
Mr. Sarfraz Ahmad, Joint Director (campus management) presented the welcome address in which he apprised the students about
the history and achievements of ICMA Pakistan since 1951. He assured that vast opportunities of employment will open up for them
on completion of CMA qualification and that they can rise to the positions of CEO, CFO, General Manager Finance, Manager Finance,
Controllers Finance and Financial Analysts etc. like their predecessors. He also explained in detail about the syllabus of ICMA Pakistan
with reference to fast track study examination-techniques for completing CMA.

MARCH 2019 8
Financial Accounting Competition-2019
Lahore | March 30, 2019

A Financial Accounting Competition was held on March 30, 2019 at Hailey College of Commerce, University of the Punjab, Lahore.
Around 250 students from 19 Commerce Colleges of Punjab took part in the competition. Prof. Dr. Niaz Ahmad Akhtar, Vice Chancellor,
Punjab University was the Chief Guest on the occasion. Dr. Hassan Mobeen, Principal Hailey College of Commerce and Dr. Shahid Ka-
mal, Dean of Management Sciences Punjab University, were also present. ICMA Pakistan and ACCA were the platinum sponsors of the
function. Mr. Sarfraz Ahmad, Joint Director (campus management) Lahore represented ICMA Pakistan and Ms. Sabahat Khan, Business
Relationship Manager for learning represented ACCA Pakistan. A good number of faculty member of participating Commerce Colleges
also attended the competition. On the occasion, Mr. Sarfraz Ahmad addressed the faculty members and students of the participating
colleges. He emphasized that competitiveness play a vital role in moving into higher trajectory in education as well as in all other fields.
He also motivated the students to join ICMA Pakistan for giving a boost to their career development in the realm of commerce and
management accounting. At the end, it was announced that the results of the competition would be declared soon.

Career Counseling Sessions

Lahore | March 5, 7, 13, 21 & 26, 2019

The Lahore Campus held ‘career counseling sessions’ at Lahore University of Education (Lahore); Govt. College of Commerce (Sheikh-
upura) and Punjab College of Commerce (Ferozewala); Defence Degree College for Boys and Defence Degree College for Women on
March 05, 07, 13, 21 and 26, 2019, respectively. These sessions were attended large number of I. Com and B. Com students who were
briefed about the admission criteria; entry routes and career opportunities available to CMA graduates. Mr. Sarfraz Ahmad, Joint
Director (campus management) Lahore was the lead speaker who motivated the students to join and pursue CMA qualification for
career development.

MARCH 2019 9
 Islamabad

Career Counseling Sessions

Islamabad | March 04 & 16, 2019
The Education department of Islamabad Campus held ‘career counseling sessions’ on March 04, 2019 at Islamabad Model College
for Girls; on March 16, 2019 at Punjab College, Fateh Jang and Government Degree College for Boys, Fateh Jang at Islamabad. Mr.
Ehsan Iftikhar and Ms. Aiza Khan, Officers education, conducted the sessions and briefed the college students about the scope of
CMA qualification. A large number of students of different disciplines participated in these sessions.

Faisalabad

Career Counseling Sessions

Faisalabad | March, 2019
The Faisalabad Campus organized ‘career counseling & awareness sessions’ during March, 2019 at reputed Government and Private
Colleges of Faisalabad city. Mr. Ayaz Mustafa, Joint Director Faisalabad Campus was the lead speaker at these seminars. He enlight-
ened the participating students about the admission criteria, entry route and career opportunities available for CMAs. He motivated
the students to join CMA qualification for career development. The name of colleges are as under:
Sr. Name of College/Institute Number of Sessions Date of Seminar
1 Superior Group of Colleges Faisalabad (Boys Campuses) 08 04, 05 & 06-Mar-2019
2 Superior Group of Colleges Faisalabad (Girls Campuses) 08 07, 08 & 09-Mar-2019
3 Govt. College of Commerce Abdullahpur Faisalabad 02 13-Mar-2019
4 Govt. College of Commerce Peoples Colony Faisalabad 01 13-Mar-2019
5 KIPS College Faisalabad 03 14-Mar-2019
6 Superior College Jhang (Boys & Girls Campuses) 02 26-Mar-2019
7 Punjab College Gojra (Boys & Girls Campuses) 04 27-Mar-2019
Total 28

MARCH 2019 10
 Peshawar

Career Counseling Sessions

Peshawar| March 05 & 07, 2019

The Peshawar Campus conducted two career counselling sessions on March 05 and 07, 2019 at Peshawar. Mr. Adeel Zeb Khan,
Deputy Director, Peshawar Campus and Mr. Zulfiqar Ali, Education Officer, Peshawar campus visited the colleges where they made
presentations for the participating students, teachers and active educationists. They explained the admission criteria, entry routes
and career opportunities for CMA qualified in Pakistan.
The sessions were exclusively arranged for currently enrolled Intermediate BBA, MBA and BS level students with prior appoint-
ments from principals and head of these Institutions.The colleges visited included Quaid -e-Azam group of Colleges Hayatabad and
Government College Peshawar.

Directorates’ Activities

ED Secretariat

Executive Director’s meeting with CEO, ODEM

Karachi | March 12, 2019
Mr. Aamir Ijaz Khan, Executive Director ICMA
Pakistan held a meeting with Mr. Richard
Maaghul, CEO and Mr. Ken Finch of M/s.
ODEM, Switzerland on March 12, 2019 at
Karachi to discuss future collaborations be-
tween ICMA Pakistan and ODEM on Profes-
sional development programs.

Executive Director’s meeting with Vice Chancellor

IQRA University
Karachi | March 21, 2019
Mr. Aamir Ijaz Khan, Executive Director, ICMA Pakistan held a meeting with Dr.
Wasim Qazi, Vice Chancellor, IQRA University on March 21, 2019 at Karachi. The
purpose of the meeting was for exploring opportunities for M. Phil / PhD pro-
grams for members of the Institute.

MARCH 2019 11
 Examinations

Institute’s Computer Based Examinations (CBE), March 2019, were held from March 11, 2019 to March 22, 2019. There were
2,668 examinees enrolled to appear in examinations, whereas, it was first attempt ever in which the highest enrollment [5,315
– subject-wise] was available and their examinations arrangements were managed professionally despite limited per shift sitting
capacity at IT labs. The examinations were conducted at Karachi, Lahore, Islamabad, Multan, Faisalabad, Hyderabad, Peshawar and
Quettaexamination centres.
The results for Institute’s Fall 2018 [Written] Examinations and CBE, March 2019 were announced in 24 working days and in 04
working days, respectively, from their conclusions. The following are students of proficiency awards achiever of CBE, March 2019:

SPECIAL CERTIFICATE OF MERIT

Name Reg. # Level Centre Exam Term
MUHAMMAD WAQAS ZIA 20180963 Operational Level-1 Karachi CBE, March 2019
SHEIKH ABDUL RAFAY 20171386 Operational Level-2 Karachi CBE, March 2019
FARRUKH AFTAB 20181004 Managerial Level-1 Multan CBE, March 2019

CERTIFICATE OF MERIT
Name Reg. # Subject Level Centre Exam Term
ADNAN ZAFAR 20181500 Fundamentals of Financial Accounting Operational Level-1 Karachi CBE, March 2019
SHEIKH ABDUL RAFAY 20171386 Business Mathematics & Statistical Inference Operational Level-2 Karachi CBE, March 2019
FARRUKH AFTAB 20181004 Fundamentals of Cost & Management Accounting Managerial Level-1 Multan CBE, March 2019

The Institute, to make the examination system more transparent, extended the facility of preview of assessed examination answer
scripts by including theoretical courses in addition to core/ analytical papers. Now the examinees are allowed to apply for all nine
(9) courses [Managerial Level-2, Strategic Level-1 and Strategic Level 2] of Written/ Regular Examinations, under Modified Scheme
of Study (MSS) 2018 from Fall 2018 [Written] Examinations.
The Institute also shared the ‘Offenses and Proposed Penalties in respect of Unfair Means Cases’ on its website, which may cancel
the examinees’ results for ready reference of all stakeholders.

Members’ Professional Development &

Corporate Training (MPD&CT) Department

Job Placements of Members and Students

Sr. CMA Status Karachi Lahore Total
1 Members job placements 9 0 9
2 Qualified job placements 1 0 1
3 Students job placements 11 7 18
4 Students internships 33 1 34
TOTAL 54 8 62

Members’ Professional Development & Corporate Training (MPD&CT) interacts with Corporate Sector organizations on regular
basis from the perspective of networking. Through networking MPD&CT make connections with the corporate world and it helps
in image-building of ICMA Pakistan as networking creates lasting impressions in the minds of people you meet. Networking is a
valuable way to expand your knowledge, learn from the success of others. These activities will increase Institute’s visibility that will
lead to strategic alliances and referrals. Members’ Professional Development & Corporate Training undertook the following activi-
ties in the month of March 2019.

MARCH 2019 12
Corporate Meetings
Sr. Date Organization Contact Person Region
1 4-Mar-19 A.W Tejani Wahid Tejani Karachi
2 6-Mar-19 Anis Ahmed & Brothers Alisa Ahmed Karachi
3 7-Mar-19 Advance Plastic Manufacturing Rizwan Karachi
4 12-Mar-19 Dany Technologies Muhammad Wahid Karachi
5 19-Mar-19 Pakistan American Cultural Center Ahla Nadeem Rahimullah Karachi

Walk-in-Interview
Sr. Date Organization Positions City
1 27-Mar-19 Advance Plastic Manufacturing Internship Karachi

Directors Training Programme

Islamabad | March 01, 02, 08 and 09, 2019

ICMA Pakistan organized certificate distribution ceremony of 22nd Directors Training Programme (DTP) at Islamabad. Mr. Azizud-
din S. Boolani, Chief Executive Officer, Serena Hotels South & Central Asia was the Chief Guest. Mr. Shahzad Ahmed Malik, Honorary
Secretary ICMA Pakistan and Mr. Ather Saleem Ch., Chairman CPD Committee also attended the ceremony. Around 21 participants
attended the programe.

MARCH 2019 13
 Technical Support & Practice Development (TSPD)

Technical Update
Islamabad | March, 2019
1. EXTENSION IN DATE OF FILING OF INCOME TAX RETURNS/ STATEMENTS FOR TAX YEAR 2018
Federal Board of Revenue (FBR) vide their Circular No. 03/2019 dated March 31, 2019 extended the date of filing of Income Tax
Returns/Statements for the Tax Year 2018 as under:-
The date of filing of Returns of Total Income/Statement of final taxation which were due on 31st August, 2018 and extend-
ed upto 31st March, 2019 is hereby further extended upto 30th April, 2019.
The date of filing of Returns of Total Income and Statements of final taxation for Companies, Individuals and Association
of Persons which were due on 30th September, 2018 and extended upto 31st March, 2019 is hereby further extended upto
30th April, 2019.
The date of filing of Returns of Total Income and Statements of final taxation for Companies which were due on 31st De-
cember, 2018 and extended upto 31st March, 2019 is hereby further extended upto 30th April, 2019.
2. BENAMI TRANSACTIONS (PROHIBITION) RULES, 2019
Federal Board of Revenue (FBR) vide their S. R. O. 326(I)/2019 dated March 11, 2019 enforced the Benami Transactions (Pro-
hibition) Rules, 2019.
The law to start process of attaching Benami immovable and movable properties and intercept transactions of such properties
carried out on fictitious names. FBR has also been empowered to take action against the Benamidar or the fictitious person on
whose name Benami property has been transferred or held. The words and expressions used in these Rules shall have the same
meanings as in the Trusts Act, 1882; the succession Act, 1925; the Partnership Act, 1932; the Income Tax Ordinance, 2001; the
Anti Money Laundering Act, 2010 and the Companies Act, 2017.
By making this law operational, all those bank accounts and properties which are kept on the name of others will be seized and
then the relevant Tribunal will decide process of sale of confiscated bank accounts and properties under the Benami Act. The
law will also allow government to take strict actions against those who got their movable and immovable assets registered with
fictitious person in order to evade taxes.
3. REGULATORY DUTY ON IMPORT OF MOBILE PHONES RESTRUCTURED BY THE GOVERNMENT
FBR vide their S. R. O. 327(I)/2019 dated March 11, 2019 restructured regulatory duty on import of mobile phones by introduc-
ing duty in flat rates for six different slabs according to the import value of mobile phones. Through this move, the government
has lowered the regulatory duty on import of ordinary phones as compared to those having higher prices.
Six new slabs are as below for the import of mobile phones under PCT heading 8517.1219:-

Value of mobile phones Regulatory Duty

Having C&F value up to US$ 30 per set Rs 180/set
Having C&F value above US$ 30 per set but not exceeding US$ 100 per set Rs 1,800/set
Having C&F value above US$ 100 per set but not exceeding US$ 200 per set Rs 2,700/set
Having C&F value above US$ 200 per set but not exceeding US$ 350 per set Rs 3,600/set
Having C&F value above US$ 350 per set but not exceeding US$ 500 per set Rs 10,500/set
Having C&F value above US$ 500 per set Rs 18,500/set

The government changed the regulatory duty structure as per the Finance Supplementary (Amendment) Bill 2018 and it will
help in collection of maximum revenue by facilitating fair assessment of mobile phones at the import stage.

MARCH 2019 14
4. COLLECTION OF SALES TAX ON MOLASSES
FBR vide their S. R. O. 328(I)/2019 dated March 11, 2019 made further amendments in Sales Tax Special Procedure (Withhold-
ing) Rules, 2007 by notifying new rules for collection of sales tax on molasses.
According to the notification, the registered persons purchasing cane molasses from such unregistered persons will deduct
sales tax at the rate applicable to the supplies of cane molasses from the payment due to the supplier and, unless otherwise
provided in the contract of such supply, if any, the amount of sales tax shall be worked out on the basis of gross value of taxable
supply. Moreover, the withholding agent will not be entitled to reclaim or deduct the amount of tax withheld from such person
as input tax.Through this move the government aims to generate additional revenues from the sugar industry.
5. GUIDELINES IN RESPECT OF SALES TAX REFUND BONDS
Federal Board of Revenue (FBR) issued guidelines in respect of Sales Tax Refund Bonds introduced through mini-budget.
Sales Tax Refund Bonds were introduced as an option for taxpayers to have tradable bonds in lieu of stuck refund claims. Ac-
cording to FBR, the issuance of bonds for payment of sales tax refunds will only be made through the CDC. Taxpayers who want
to avail the government’s bond scheme in lieu of sales tax refund claims need to have accounts with the Central Depository
Company (CDC).
Following are important guidelines in this respect:-
The bond scheme pertains to sales tax refund only.
The features of bond are provided under section 67A of the Sales Tax Act, 1990, as inserted vide Finance Supplementary
(Second Amendment) Act, 2019.
The bonds shall be issued to the claimants who express willingness for the same by giving an option at http://e.fbr.gov.pk
using their login ID.
The maturity period of bonds is three years from the date of issuance.
The bonds carry a simple profit of 10% per annum payable at the end of maturity period i.e. against a bond of Rs. 100,000,
Rs. 130,000 shall be paid after maturity to the holder of the bond.
The bonds are transferable i.e. if a refund claimant who has been issued the bond can sell the same to another person /
bank at a price agreed between the two parties.
The bonds shall be acceptable by banks as collateral for getting advances / loans.
There shall be no deduction of zakat on the bonds. Sahib-e-Nisab may pay zakat voluntarily as per shariah.
The bonds shall be payable against Refund Payment Orders (RPOs) as issued in favour of the claimant.
The bonds shall be issued in multiples of Rs. 100,000. The amount of refund payable as in excess of multiple of Rs. 100,000
shall be paid in cash by direct transfer through State Bank of Pakistan in the claimant’s account.
The bonds shall be issued through Central Depository Company (CDC). The transfer / pledging of bonds shall be handled
by CDC at the option of bond holder.
The claimant who opt for issuance of bond should have an account with Central Depository Company (CDC). They can
provide this account number while submitting their option for bonds to FBR.
If a claimant does not have a CDC account, he still can opt for issuance of bonds. He will be guided regarding opening of
CDC account.
In case the bond holder wants to sell / transfer the bond, the buyer / transferee should also have a CDC account.
At the end of maturity period, FBR shall pay the amount due under bond i.e. face value plus profit to the bond holder.
If FBR decides, it can pay the amount due under bond to the bond holder including profit before maturity. This option is
available only to FBR.
The bond holder shall have to pay nominal fees to CDC on transfers / custody as provided in CDC schedule available at its
Website.

6. DRAFT AMENDMENTS IN CIRCULAR NO. 40 OF 2016 (CONDITIONS FOR CHARGING OF SELLING AND MARKETING
EXPENSES TO MUTUAL FUNDS)
Securities and Exchange Commission of Pakistan (SECP) issued draft circular notifying following further amendments in Circular
No. 40 of 2016 by inserting following new sub- clause (e) in its condition number 3:-
3. The selling and marketing expense can only be used for the following purposes:-
e) Payment of expenses related to development and maintenance of alternative delivery channels/distribution including:-

MARCH 2019 15
 a) Technology and software development.
b) Website development and related advertising.
c) Creation of investors online touch points.
d) Investors portal and related advertising charges.
e) Mobile app and related advertising.
All other conditions prescribed through Circular No. 40 of 2016, Circular No. 05 of 2017 and Circular No. 5 of 2018 shall remain
unchanged.
7. EXPOSURE DRAFT, PROPOSED REVISIONS TO PART 4B OF THE CODE
The International Ethics Standards Board for Accountants (IESBA) issued an exposure draft regarding proposed revisions to Part
4B of the International Code of Ethics for Professional Accountants.
The Code is revised and restructured to reflect terms and concepts used in International Standard on Assurance Engagements
3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information. It comprises the in-
dependence standards for assurance engagements other than audit and review engagements, as defined in the Code.
The proposals in the Exposure Draft include:-
Changes in key terminology, including a revised definition of the term “assurance client”;
Enhanced and clarified independence requirements for attestation engagements;
Clarification of the types of assurance engagement addressed in Part 4B; and
Simplified guidance on assurance engagements that refer to the definitive source of explanatory material on such
engagements in IAASB literature.
IESBA has sought public comments on the said exposure draft latest by June 26, 2019.

Membership Affairs

NEW FELLOW MEMBERS

sr. Associate Name City / Country Fellow
Membership No. Membership No.
1 A-1253 Tariq Hassan Khan Saudi Arabia F-2101
2 A-5229 Muhammad Jawwad Akhter Ahmed Karachi F-2102
3 A-5601 Muhammad Zahid Lahore F-2103
4 A-5289 Muhammad Yusuf UAE F-2104
5 A-5339 Kamran Ali Karachi F-2105
6 A-4762 Muhammad Benyameen UAE F-2106
7 A-5306 Zulfiqar Habib Lahore F-2107

NEW ASSOCIATE MEMBERS

Sr. Reg. No. Name City / Country Associate
Membership No.
1 S-00880931 Shaikh Muhammad Mahmood Karachi A-6714
2 S-00950276 Syed Kaleem Uddin Karachi A-6715
3 S-00961878 Muhammad Rizwan Khan Vietnam A-6716
4 S-20020294 Amir Mehmood Islamabad A-6717
5 S-20051192 Huma Hashmi Karachi A-6718
6 S-20070781 Danish Rais UAE A-6719
7 S-20071193 Umair Zafar Rawalpindi A-6720
8 S-20081702 Shaikh Muhammad Khurram Karachi A-6721
9 S-20091669 Muhammmad Usman UAE A-6722
10 S-20110634 Muhammad Obaidullah Rawalpindi A-6723

MARCH 2019 16
 11 S-20110728 Farhan Ahmad UAE A-6724
12 S-20111559 Rehan Ahmed Karachi A-6725
13 S-20111857 Waqas Athar Lahore A-6726
14 S-20112153 Usman Bin Sultan Gujranwala A-6727
15 S-20120874 Asim Zafar Faisalabad A-6728
16 S-20122201 Muhammed Uzair Karachi A-6729
17 S-20122307 Bilal Saeed Akhter Karachi A-6730
18 S-20123085 Khurram Maqsood Lahore A-6731
19 S-20123811 Hassan Bin Tariq Karachi A-6732
20 S-20133305 Awais Ali Khan Peshawar A-6733
21 S-00934809 Imran Ahmad UAE A-6734
22 S-20110813 Sadaqat Khalil Malik Lahore A-6735
23 S-20111323 Alyas Sarwar Lahore A-6736
24 S-20123412 Zahid Ali Khan Swat A-6737
25 S-20091852 Muhammad Shahid Tanveer Islamabad A-6738
26 S-20110459 Hassan Mehmood Lahore A-6739
27 S-20110974 Shahzad Iqbal Karachi A-6740
28 S-20120218 Wasif Ali Multan A-6741

NEW COPs
Sr. Membership No. Name City
1 A-3658 Joudat Ali Malik Rawalpindi

RENEWAL OF COPs
Sr. Membership No. Name City
1 F-1142 Khalid Daud Islamabad
2 A-5229 Muhammad Jawwad Akhter Ahmed Karachi
3 A-4299 Muhammad Nadeem Zuberi Islamabad
4 A-4519 Syed Nadeem Haider Zaidi Karachi
5 F-922 Rana Muhammad Ali Rawalpindi
6 A-5910 Muhammad Mazhar Rashid Karachi
7 F-756 Sayyid Mansoob Hasan Karachi
8 A-6344 Nafees Ahmed Islamabad

Research and Publications (R&P)

Release of Jan-Feb 2019 issue of Management Accountant

The Jan-Feb 2019 issue of Management Accountant Journal on the theme of ‘Public Private Part-
nership’ was released and hosted on Institute’s website and sending with hyperlink Contents Page
through email to all the members. The main features of this issue are a Special Message of Mr.
Emmanuel Nyirinkindi Director, Transaction Advisory Services International Finance Corporation
(IFC) and Mr. Yoji Morishita Head of the Office of Public Private Partnership Asian Development
Bank (ADB). The exclusive interviews of Mr. Muhammad Tanvir Butt CEO, Public Private Partnership
Authority (PPPA); Agha Waqar Javed Member P&D Board- Head PPP Cell, Planning & Development
Department, Government of Punjab and Mr. Khalid Mahmood Shaikh Director General, Public Pri-
vate Partnership (PPP) Unit Sindh were published in this issue.
Our Next Issues
Mar-Apr 2019 - Institutional Reforms and Governance
May-June 2019 - Informal Economy: Challenges for Documentation
July-Aug 2019 - Business Start-ups and Professionals

MARCH 2019 17
 Library

New Arrivals (Magazines)

The Economist

Bloomberg Business week

Fortune Reader’s Digest Harvard Business Review

MARCH 2019 18
 Meetings of the Institute’s Standing
and Non-Standing Committees

During the month, the following committee meetings were convened.

Sr. Committee No. of meetings Date

1. National Council Meeting # 378 01 March 14, 2019
2. Executive Committee Meeting # 294 01 March 11, 2019
3. Executive Committee Meeting # 294 (Adjourned Sessions) 01 March 18, 19 & 20, 2019
4. Annual General Meeting # 53 (Adjourned) 01 March 15, 2019
5. Examinations 02 March 22, 28, 2019
6. Research & Publications 01 March 07, 2019

OBITUARY
Mr. Talib Hussain Malik (F-750)
Dec 10, 1945 - Mar 18, 2019
Mr. Talib Hussain Malik has passed away.
May Allah s.w.t. grant him Jannatul-Firdaus and forgive his sins. May his grave be a part
of Jannatul Firdaus and an abode of light. (Ameen)

MARCH 2019 19
 Are you still not a member of ICMA Pakistan?
Becoming a member of the Institute can entitle you to a wide-range of benefits
you are missing at the moment
Organizations always prefer professionals who are recognized members of professional
bodies. By becoming member of ICMA Pakistan, you would enhance your status and
reputation as a recognized professional and will also be entitled to use globally recog-
nized designations of ACMA/FCMA.

You will get entitlement to do public practice by obtaining the Certificate

of Practice (COP) from ICMA Pakistan

You will get legal entitlement to become CFO, CEO, Head of Internal Audit
and Company Secretary as per Companies Act and Code of Corporate
Governance of listed companies.
You will be entitled to inclusion of your name in Life Insurance cover (1.5 million for nat-
ural death and 3 million for accidental death). The membership will eventually secure
your family’s financial future.
You can claim exemptions from international accounting bodies like CPA Australia, CPA
Ireland, CIMA (UK), ICAEW, ACCA (UK) etc., in case you intend to study further to obtain
other recognized qualifications.
You can avail placement services and place your CV on “Career Portal”
of ICMA Pakistan’s website.

You will be entitled to receive soft and hard copies of ‘Management

Accountant’ – the official flagship bi-monthly Journal of ICMA

You will be entitled to get frequent e-technical updates about current

IAS, IFRS and Interpretations etc.

You will be entitled to receive monthly e-Newsletters covering all the

activities and programs of ICMA Pakistan
Utilize library facilities in all the Campuses of the Institute as well
as digital library.

You may get your membership restored/ regularized by paying only Rs. 45,500 for FCMA
and Rs.29,500 for ACMA
(No additional surcharge or penalty)
For more details on payment modes, please contact the Members’ Affairs Department on
phone # 92-21-99243900 (Ext.) 119 & 147 or email at member@icmap.com.pk
Demonstrate your commitment to Professionalism - Become a Member of ICMA Pakistan

Research & Publications Directorate

Contact: + 92 21 99243900 Ext 107 / 117, Email: rp@icmap.com.pk I URL: www.icmap.com.pk