www.icmap.com.pk
10
Inside this issue
Experts Forum - Nation-wide
SAFA events at Sri Lanka- International
President’s letter to Finance Minister – National
Meeting of AGP Policy Board – Islamabad
Session on Companies Regulations, 2018 - Karachi
Session with newly qualified members - Karachi
Career Counseling Session and Seminar - Hyderabad
Workshop on ‘Advance Excel’ - Lahore
Session on ‘Global Ethics Day 2018’ - Lahore
SAP Financial and Cost Accounting Training - Lahore
Seminar on Corporate Governance Rules - Lahore
Session on ‘Import & Export Documentation’ - Lahore
Students’ Excel Training Workshop - Islamabad
Session with Faculty - Islamabad
Seminar on Companies Regulations, 2018 – Islamabad
Meeting with ICCI - Islamabad
Seminar on Global Ethics Day – Islamabad
Seminar on Immigration & Resettlement - Islamabad
Workshop on Import and Export Procedure - Islamabad
Seminar on E-Filing of Income Tax Return - Islamabad
Meeting with Travel Agents Association - Islamabad
Students’ Recreational Trip - Islamabad
Meeting with Faculty Members - Faisalabad
Seminar on Global Ethics Day - Faisalabad
Networking Meetings - Faisalabad
51st Anniversary Celebration of Multan Campus
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, Ministry of Finance
Irshad Ahmed Kaleemi, Deputy Auditor General (Policy)
Jameel Ahmad, Deputy Governor, SBP
Tahir Mahmood, FCMA, Commissioner, SECP
Research & Publications Committee
Mohammad Yasin, FCMA
Salman Masood, FCMA
Rashid Mehmood, FCMA
Salman Haider, FCMA
Muhammad Azhar Khan, FCMA
Syed Mubashir Ali, FCMA
Danish Naeem, FCMA
Muhammad Shahid, FCMA
Sohail Anjum, ACMA
Saqib Masood ACMA
Muhammad Shoaib, ACMA
CHIEF EDITOR
Editorial Board Muhammad Yasin, FCMA
Chairman, Research & Publications Committee
October 2018 I Vol: 18.
A Memoir of Institute’s activities and programs for professional development and corporate networking
Dear Members,
1-3 I am delighted to present the October 2018 issue
4 of ICMA Pakistan’s e-Newsletter. The purpose of
4 this e-Newsletter is to keep our members updated
5 on the activities and programs being carried out
5 by the Campuses, Branch Councils and National
6 Council’s Committees in different spheres, mainly
6 aimed at capacity building and development of soft
7 skills of our members. It is good to see that
7 members are greatly benefitting from the seminars,
8 workshops and other networking events being
8 organized at Karachi, Lahore, Islamabad, Multan
9 and Faisalabad.
9
10 October 17, 2018 marked the fifth annual Global Ethics Day. This day is
10 celebrated to provide an opportunity for organizations around the world to
11 hold events for people to explore the crucial role of ethics in their professions
11 and their daily lives. This year, ICMA Pakistan celebrated Global Ethics Day
11 2018 by arranging events nationwide for students and members to discuss
12 ethical challenges that are facing the corporate world. The theme selected
12 by the Institute was ‘Corporate Pakistan: Nation’s Destination.' This newsletter
12 covers the programs organized at Lahore, Islamabad and Faisalabad on
13 Global Ethics Day.
13 The Institute also organized nation-wide ‘Experts Forum’ at Karachi, Lahore,
13 Islamabad, Peshawar and Quetta to seek the views and experiences of the
14 members and other professionals and experts on how to improve governance
14 and productivity of Public Sector Companies (PSCs) in Pakistan. These Forums
15-28 helped in seeking some good suggestions in this regard which would be
consolidated and shared with the government for consideration.
Have a nice reading of this e-Newsletter and do share with us your valuable
suggestions on rp@icmap.com.pk
Muhammad Yasin, FCMA
Chairman, Research and Publications Committee
Feature News
Experts Forum – ICMA Pakistan’s initiative to
improve Public Sector Governance and Efficiency
Nation-wide | October 2018
ICMA Pakistan held a series of interactive sessions with the name and title
of ‘Experts Forum’ at Karachi, Lahore, Islamabad, Peshawar and Quetta,
respectively, where representatives from the public and private sector;
members of the Institute having exposure and expertise in public sector
management; professionals; experts and consultants were invited to share
their experiences and suggest way forward on how to improve public
sector governance and efficiency. The specific objectives of the Forums
were to evaluate the existing systems, rules and procedures, including
delegation of powers to the management and BODs; on the basis of
experiences and knowledge sharing of various segments of companies’
functions such as operations; human resource; finance; procurement;
sales; IT systems; taxation, audit and other related discipline.
EDITOR
Shahid Anwar, Director
Research & Publications Email: rp@icmap.com.pk
 Vol: 18.10 I Oct 2018

Mr. Zia ul Mustafa, President ICMA Pakistan who was the lead speaker at all the experts’ forum made detailed
presentation about the objectives and key areas where improvements in PSCs are required. He also invited suggestions
from the participants to share concrete and practical solutions on improving the diversified functions in PSEs which
could ultimately lead to bringing efficiency in these organizations. He said that the suggestions received from the
experts and professionals at all these forums organized in different cities would be consolidated and forwarded to the
government for consideration.
Mr. Abdul Wasey Khan, Vice President at Karachi; Mr. Muhammad Yasin, Honorary Treasurer at Lahore; Mr. Shahzad
Ahmad Malik; Honorary Secretary; Mr. Ather Saleem Ch. and Mr. Ghulam Mustafa Qazi, National Council members at
Islamabad also participated at the Experts Forum, in addition to Chairman and members of respective Branch Councils.
The Executive Director, Mr. Aamir Ijaz Khan, also attended at Karachi expert forum.

Karachi

Lahore

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 Vol: 18.10 I Oct 2018

Islamabad

Peshawar

Quetta

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ICMA Pakistan’s participation in SAFA events at Sri Lanka

International | October 17-19, 2018

A delegation of ICMA Pakistan headed by Mr. Zia ul Mustafa, President and comprising of Ms. Khawar Butt, member
SAFA Committee on Women Leadership and Mr. Aamir Ijaz Khan, Executive Director, ICMA Pakistan, participated at
the SAFA events held from 17 to 19 October, 2018 at Waskaduwa, Sri Lanka. The events included IFAC PAO Development
workshop; SAFA Board and Assembly meetings; SAFA Women Leadership Committee meeting and a meeting of Task
Force which has been mandated to explore the possibility of two separate MRAs among all the Cost and Management
Accountants Institutes and all the Chartered Accountants bodies of South Asian region.

President’s letter to Finance Minister for representation of Management

Accountant in the Tax Reforms Commission
National | October 2018
President ICMA Pakistan, Mr. Zia ul Mustafa, in a communication dated 1stNovember, 2018to Mr. Asad Umar, Federal
Minister for Finance has requested to allocate one seat for professional Management Accountants in the Tax Reforms
Committee in view of the fact that members of ICMA Pakistan are experts in areas of taxation, business planning
&development, financial management, cost management, tariff-setting and risk management. And that senior members
of the Institute had already served in the past on the Tax Reforms Commission.
President ICMA Pakistan also apprised the Finance Minister in his letter that keeping in view of Governments’ will to
reform the economy; the Institute has launched ‘ICMA Pakistan Experts Forum’ with the objective to identify real
challenges in governance and productivity of Public Sector Companies and to suggest way forward and provide technical
support to the government through improvement in professional competence, procedures and legislation. The Expert
Forums were organized at Karachi, Lahore, Islamabad, Quetta and Peshawar, respectively with the leadership of Public
Sector Companies and the summarized recommendations would be submitted to the Finance Division, Government
of Pakistan within 15 days.

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Meeting of AGP Policy Board

Islamabad| October 23, 2018

Mr. Zia ul Mustafa Awan, President, ICMA Pakistan attended a meeting of the Policy Board of Auditor General of Pakistan
(AGP) on October 23, 2018 at AGP’s office in Islamabad. The main agenda of the Policy Board was to review the major
ongoing reforms and initiatives; discuss implementation of IPSAS-Accruals in Pakistan; and consider the implementation
status of Strategic Plan 2015-2019.

Campus & Branch Activities

KARACHI / HYDERABAD

SECP-KBC Session on Companies (General Provision and Forms) Regulations, 2018

Karachi | October 19, 2018

The Securities and Exchange Commission of Pakistan (SECP) and Karachi Branch Council (KBC) jointly organized an
awareness session on the newly-enacted ‘Companies (General Provision and Forms) Regulations 2018’ on October 19,
2018 at Karachi. Mr. Zia ul Rasheed Abbasi, Additional Registrar of Companies was the lead speaker at the session who
apprised the participants about the new regulatory framework, the filing requirements and procedures under the new
regime. The session was attended by around 65 members, students and officials of the different companies. Mr. Noman
Bombaywala, Chairman KBC presented shield to the speaker and concluded with the vote of thanks.

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Vice President’s Session with newly qualified members

Karachi | October 20, 2018

Mr. Abdul Wasey Khan, Vice President ICMA Pakistan held a session on October 20, 2018 at Karachi with the newly
qualified members of the Institute to discuss the challenges and opportunities available to them in their professional
career. The session was arranged by the Karachi Branch Council (KBC) and attended by around twenty members. Mr.
Muhammad Akmal, member KBC concluded the session with the vote of thanks.

Career Counseling Open session and Seminar

Hyderabad | October 20 & 27, 2018

The Hyderabad Campus arranged an open house career counseling sessions for new students at Hyderabad Campus
on October 20, 2018 where Syed Saud Hassan, CMA was the guest of honor. The purpose of this session was to guide
participants to choose the right career path keeping in mind the market requirements. Mr. Lal Muhammad Lakhan,
Director South; Mr. Muhammad Hussain Ajmeri, Deputy Director, Hyderabad Campus and Sayed Shaiq Ali, Assistant
Director, South Region were the speakers at the Session who also responded to questions raised by the students.
Around 60 participants attended the seminar.

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In addition, the Hyderabad Campus also organized a career counseling seminar on October 27, 2018 where Mr. Abdul
Raqeeb, CMA was the guest of honor. The participating students were briefed about the admission process; entry
routes; scholarships and financial assistance; study options; examination policy and job opportunities with CMA Part
qualification and CMA qualification, Membership etc. Mr. Muhammad Hussain Ajmeri, Deputy Director, Hyderabad
Campus and Sayed Shaiq Ali Musavi, Assistant Director, main campus, South Region were main speakers at the Seminar.
Around 30 participants attended the seminar. A question answer session was held at the end of seminar.

LAHORE

Workshop on ‘Advance Excel’

Lahore | October 22 to 26, 2018

Lahore Branch Council (LBC) organized five days workshop on ‘Advance

Excel’ (Financial & Non-Financial Tools & Techniques) on October 22
to 26, 2018 at Lahore Campus. Mr. Tahir Mahmood Fazal was the lead
trainer who has over 17 years diversified experience in the areas of
MS Excel (Basic-Advance), Dashboard Reporting using Excel, Financial
Modeling, MS Office, Quick books, Tally ERP Oracle Financial Rl2. The
objective of workshop was to develop analytical skills for next level of
accuracy and equip with step-by-step guides for effectively structuring
and managing an accurate financial model. Around 28 participants
attended the workshops who were awarded 20 CPD hours.

Session on ‘Global Ethics Day 2018’

Lahore | October 17, 2018

A seminar was organized by the Lahore campus on October 17, 2018 to mark the ‘Global Ethics Day’. The title of the
seminar was ‘Excel with Ethics in Corporate Pakistan’. Mr. Nizam-ud-din, FCMA was the Chief Guest whereas

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Mr. Muhammad Yasin, FCMA, Honorary Treasurer ICMA Pakistan was the Guest of Honor on the occasion. Mr. Ale
Imran Siddiqui, FCMA, Faculty member of ICMA Pakistan was the speaker at the session. The seminar was largely
attended by members, faculty, students and representatives of the corporate sector. Ms. Javaria Malik, Director
MARCOM and Mr. Muhammad Sarwar, FCMA Joint Director Finance were also present.

SAP Financial and Cost Accounting End User Training

Lahore | October 2-4, 9-11, 16 & 17, 2018

Lahore Branch Council organized a training program on ‘SAP Financial and Cost Accounting’ which was intended to
provide an understanding to the members and other participants about the capabilities of SAP features, especially in
areas of payable management; cost centre accounting; banks management; funds management and the skills necessary
to perform routine accounting tasks in these modules. Mr. Muhammad Zeshan Ali, SAP Financial & Cost Accounting
professional and a Certified SAP consultant was the lead trainer. Mr. Awais Yasin, ACMA, Secretary LBC/ Chairman CPD
Committee LBC and Mr. Waleed (Certified SAP Trainer) were also present on the occasion. The certification was attended
by 24 participants.

Seminar on Public Sector Companies (Corporate Governance) Rules

Lahore | October 11, 2018

The Technical Support and Practice Development (TSPD) Sub-committee

of Lahore Branch Council (LBC) organized a workshop on October 11,
2018 to create awareness among members of the Institute on Public
Sector Companies (Corporate Governance) Rules, 2013. Mr. Awais
Yasin, Secretary LBC who is also a Certified Director and Company
Secretary, LESCO was the main speaker at the seminar. Syed Ali Asjad
Rizvi, Chairman LBC; Lahore-based members; students and
representatives of other accounting bodies were also present. Around
more than 40 participants attended the seminar.

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Practical Session on ‘Import and Export Documentation’

Lahore | October 30, 2018

The Lahore Branch Council (LBC) has been regularly organizing programs on variety of topics for the benefit of members.
In the past, LBC also arranged sessions for those members who are directly or indirectly engaged in the import and
export business. Following this practice, the Lahore Branch Council (LBC) organized a Practical Session on ‘Import &
Export Documentation’ on 30th October 2018 at ICMA Pakistan’s Campus, Lahore where Mr. Ijaz Ahmad was the lead
trainer. The session was attended by around 80 participants who were allotted 3 CPD hours. Syed Ali Asjad Rizvi,
Chairman LBC; Mr. Abdul Razzaq, Chairman, TSPD Committee, LBC, Mr. Awais Yasin, Secretary-LBC/Chairman, CPD
Committee (LBC); Lahore-based members and students were also present.
The Trainer, Mr. Ijaz Ahmad, an MBA, having over 22 years’ overall training experience had conducted various training
sessions at Ministry of Textile Industry, PSDF & NAVTIC, Hailey College of Commerce-PU, National Productivity
Organization, CPE, PANAAM, VTI, PEFMA, UET, ICMA Pakistan, SMEDA and Chambers of Commerce & Industry throughout
Pakistan. He apprised the participants about managing import and export business concept, processes and policies.
The participants gained useful knowledge from his presentation.

ISLAMABAD

Students’ Excel Training Workshop

Islamabad | October 04, 05 & 13, 2018
Islamabad Branch Council (IBC) organized an Excel training workshop for
students on October 04, 05 & 13, 2018 respectively. Mr. Jamshed Akhtar,
ACMA who was the lead trainer provided useful information and tips to
students for working on excel. Around 40 students participated in each session
held on three days. The training was organized in collaboration with Islamabad
Students’ Committee.

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Session with Faculty

Islamabad | October 06, 2018

Islamabad Branch Council (IBC) in collaboration with Secretariat arranged a session with faculty members on October
06, 2018 which was participated by Mr. Shahzad Ahmed Malik, Honorary Secretary ICMA Pakistan; Syed Mubashir Ali,
Chairman IBC; Mr. Zakir Hussain Satti, Director Islamabad Campus, faculty and staff members of ICMA Pakistan. The
purpose of this session was to acknowledge the role and efforts of faculty.

Seminar on General Regulations and Foreign Companies Regulations, 2018

Islamabad | October 25, 2018

Technical Support and Practice Development Committee and Islamabad Branch Council (IBC) in collaboration with the
Securities and Exchange Commission of Pakistan (SECP), organized a Seminar on ‘General (Provisions and Forms)
Regulations 2018 and Foreign Companies Regulations, 2018 on October 25, 2018 at Islamabad. Mr. Shehzad Afzal Khan,
FCMA Incharge CRO Islamabad was the lead trainer. Mr. Ghulam Mustafa Qazi, Chairman TSPD Committee was the
Chief Guest at the seminar. Both the regulations were recently approved by the Commission and it was dire need to
elaborate the members, and students regarding the salient features of these Regulations and provide them an overview
of the major changes that have taken place. Mr. Ghulam Mustafa Qazi, FCMA, Chairman TSPD Committee and Member
National Council, was the Guest of Honor of the event. The Seminar was attended by the SECP officials, members and
students of ICMA Pakistan. The participants were awarded 02 CPD hours.

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Meeting with President and Vice President ICCI

Islamabad | October 16, 2018
Technical Support and Practice Development Committee and
Islamabad Branch Council (IBC) organized a meeting with the Top
management of Islamabad Chamber of Commerce and Industries
(ICCI) on October 16, 2018. Mr. Adil Ameen, Secretary IBC felicitated
the new President ICCI for assuming his responsibilities. Mr. Majid
Shabbir, Secretary General ICCI briefed to Mr. Ahmed Hassan Moughal,
President ICCI and Mr. Iftikhar Anwar Sethi, Vice President ICCI
regarding the cooperation between the two organizations. President
ICCI appreciated the role of ICMA Pakistan for its contributions toward
industry and business sector. He stressed for the cooperation in the areas of mutual interests. Mr. Bilal Ahmad, Director
TSPD was also present at the occasion. Members of the ICCI representing from various trading, retailing, services and
manufacturing businesses presented their candid and in-depth view point on the challenges and problems faced by
the business community of Pakistan relating to government fiscal policies, taxation, infrastructure, exports, imports,
logistics and the impact of which on the local business community in particular and economy of Pakistan in general.

Seminar on Global Ethics Day

Islamabad | October 17, 2018

A seminar was organized by the Islamabad campus on October 17, 2018 to mark the ‘Global Ethics Day’. The title of
the seminar was ‘Excel with Ethics in Corporate Pakistan’. The objective was to highlight importance of ethics in personal
and professional areas. The seminar was largely attended by members, faculty, students and representatives of corporate
sector. Mr. Adil Ameen, Secretary IBC and Mr. Zakir Hussain Satti, Director Islamabad Campus were also present.

Seminar on Immigration & Resettlement

Islamabad | October 04, 2018

Islamabad Branch Council (IBC) organized a free seminar on ‘Immigration & Resettlement’ jointly with M/s. ATWICS
Group (Across The World Immigration Consultancy Services) on October 04, 2018. The objective of the seminar
was to enable and empower the participants to prepare and submit the documents for immigration to Canada, Australia,
UK, USA, Europe and other countries. Mr. Waqas Riaz, Managing Director & CEO, ATWICS was the main speaker at the
seminar. Mr. Waqas briefed the participants about the services offered by their company.
A MoU was also signed between ICMA Pakistan and ATWICS Group under which the latter will provide twenty
(20) percent discount to ICMA Pakistan students, members and staff on availing immigration services. Syed
Mubashir Ali, Chairman, IBC and Mr. Zakir Hussain Satti, Director, Islamabad Campus were also present.........

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Workshop on Import and Export Procedure

Islamabad | October 20, 2018

Islamabad Branch Council arranged a workshop on ‘Import and Export Procedure’ on October 20, 2018 where Mr.
Muhammad Adil, a fellow member of ACCA was the facilitator. The objective of workshop was to provide an understanding
of the procedures on import and export which includes UCP 600, SBP regulations i.e. foreign exchange manuals and
updated SRO’s, Customs Law, relevant tax sections, accounting treatment etc. Mr. Shahzad Ahmad Malik, Honorary
Secretary ICMA Pakistan was the guest of honor at the workshop. Mr. Zakir Satti, Director Islamabad Campus was also
present. Around 33 participants participated in the workshop.

Seminar on E-Filing of Income Tax Return and Wealth Statement

Islamabad | October 12, 2018

Islamabad Branch Council (IBC) and PIPFA jointly organized a seminar on ‘e-filing of Income Tax Return and Wealth
Statement’ on October 12, 2018 at Islamabad. Mr. Zahid Farooq, FCMA, CEO Zahid Farooq & Company was presenter
and Mr. Khurram Shahzad, ACMA partner, Shahzad Adil & Company was the co-presenter at the seminar. The objectives
was to provide basic orientation about online registration with FBR to get NTN; to get ID & password; to file and revise
income tax return and wealth statement; to claim tax deduction under different heads. The seminar was designed for
taxation managers, tax consultants, business community, salaried individuals, partners of AOPs, professional accountants,
students of business taxation and other taxpayers etc. Mr. Zahid Farooq distributed certificates among the participants.
Around 25 participants participated the seminar. Syed Mubashir Ali, FCMA Chairman, IBC; Mr. Adil Ameen, FCMA
secretary/treasurer, IBC and Mr. Zaigham Ali Shah, Chairman CPD committee, IBC were also present.

Meeting with Travel Agents Association

Islamabad Branch Council held a meeting with the
office-bearers of Travel Agents Association of
Pakistan (TAAP) at Islamabad where it was agreed
to give mutual recognition to each other. Both sides
discussed matters of mutual interest especially the
proposal for inking a MoU in the near future for the
benefit of members of Institute.

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Students’ Recreational Trip

Islamabad Branch Council and SCC organized a
students’ recreational trip to Mushkpuritop which
is a 9,200 feet mountain in Nathia Gali Hills in the
Abbottabad District of the Khyber Pakhtunkhwa
Province in northern Pakistan. It is located around
90 kilometers north of Islamabad. The students
greatly enjoyed the trip to this scenic place.

FAISALABAD

Honorary Treasurer’s Meeting with Faculty Members

Faisalabad | October 04, 2018

Mr. Muhammad Yasin, Honorary Treasurer ICMA Pakistan chaired an exclusive meeting with the faculty members of
Faisalabad Campus on October 04, 2018 at Faisalabad. The objective of meeting was to review the current status of
admissions and passing out ratio of students as well as to find ways and means to bridge the gap between students
and teachers. Mr. Muhammad Ashfaq Ahmad Naz, Chairman Faisalabad Branch Council (FBC) and Mr. Ayaz Mustafa,
Joint Director & Campus Incharge were also present.

Seminar on Global Ethics Day

Faisalabad | October 17, 2018

Faisalabad Campus organized a Seminar on Global Ethics Day on October 17, 2018. Mr. Imran Ali Safdar, FCMA CFO &
Company Secretary, Faisalabad Cattle Market Management Company (FCMMC) and Mr. Ikram Ullah Khan, FCMA RICCO,
The Bank of Khyber were the main speakers at the seminar. Dr. Jaffer Hassan Mubarak, Chairman of the Standing
Committee of Faisalabad Chamber of Commerce and Industry (FCCI) was the Chief Guest at the event. Mr. Muhammad
Ashfaq Ahmad Naz, FCMA Chairman Faisalabad Branch Council (FBC) presented the vote of thanks at the closing
ceremony. A large number of members and students attended the seminar.

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Networking Meetings
Faisalabad | October, 2018

Mr. Ayaz Mustafa, Joint Director/In-charge Faisalabad Campus held networking

meetings with the education and corporate sector including Principal of Punjab
Group of Colleges, Samundri Campus; Partner/Member - Board of Partners of
RSM Pakistan, Chartered Accountant Firm and Headmaster O/A Level of the City
School, Chenab Campus.

MULTAN

51st Anniversary Celebration of Multan Campus

Multan | October 13, 2018

The 51st anniversary of Multan campus was celebrated on October 13, 2018 in an impressive ceremony which was
graced by Mr. Zia-ul-Mustafa, President ICMA Pakistan as the chief guest. The ceremony was attended by Mr. Shahzad
Raees, Chairman Student Affairs Committee of MBC; Mr. Mubashir Ali, Chairman, Member Welfare Committee of MBC;
Mr. Muhammad Abbas Sattar, Chairman MBC; Mr. Tasaduq Ejaz, Vice Chairman MBC; Mr. Mansha Yousaf, Deputy
Director Multan Campus; Ms. Munazza Batool, Coordinator MBC and Mr. Rana Sohail Iqbal, event coordinator Multan
campus. Certificate and shield awarded to facility members and staff of Multan campus for their best performances
by Mr. Khalid Mahmood Senior Member of ICMA Pakistan. Around 64 participants include members and students
attended the ceremony.

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Directorates’ Activities
Examination
PCL – 12 Examinations & Result announcement
The Professional Competence Level (PCL)-12 examinations for all four modules of Semester-7 & 8, under Transitional
Arrangement - Syllabus 2016, were conducted from October 08 to 12, 2018 simultaneously at Karachi, Lahore, Islamabad,
Multan and Faisalabad examination centres. There were 254 students (head count) enrolled for PCL-12 examinations.
The results were announced in five working days after the conclusion of PCL-12 examinations.

Enrolment for Winter 2018 [Written] Examinations

The Examination Department made enrolment of examinees for the forthcoming Winter 2018 [Written] examinations
for all nine courses of Managerial Level-2, Strategic Level-1 and Strategic Level-2 under the MSS 2018. These examinations
are scheduled to be conducted from November 06 to 10, 2018 at Karachi, Lahore, Islamabad, Multan, Faisalabad,
Peshawar, Quetta, Hyderabad, Abbottabad, Gujranwala, Gilgit, Sahiwal, Dubai and Riyadh (KSA) examination centres.

Preview Session
A ‘Preview Session’ was arranged on October 13, 2018 at designated examination centre Karachi (Head Office) for the
students who applied to preview their assessed examination answer scripts of spring 2018 [Written] Examinations.

Education
Admissions Campaign Fall 2018
Nationwide |October 17, 2018

The Education Department conducted a countrywide meeting regarding the Admission Campaign on October
17, 2018. Mr. Aamir Ijaz Khan, Executive Director; Ms. Javaria Malik, Director MARCOM; Regional Heads and
nationwide admission teams participated in the session. Ms. Shahida Ibrahim, Director Education elaborated
the objectives of admissions campaign, progress report and budgeted targets. Director MARCOM stated the
marketing and promotion tactics to improve admission. Executive Director appreciated the team and emphasized
on achieving the admissions targets in more efficient and successful manners.

Members’ Professional Development & Corporate Training

(MPD&CT) Department
MoU with Al Baraka Bank (Pakistan) Limited
Karachi | October 20, 2018

ICMA Pakistan signed a Memorandum of Understanding (MoU) with

Bank Al Baraka (Pakistan) Limited on October 20, 2018 at Karachi.
Under the MoU, both organizations agreed to promote banking sector
linkages to prepare management accounting professionals to respond
to the ever changing needs of the economy and to maintain highest
level of excellence in ethical practices and rules of good governance
as dictated by a demand driven economy.

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The MoU was signed by Asim Hussain Khan, Head of Members’ Professional Development, ICMA Pakistan and Mukkarram
Jafri, SVP & Head of Human Resources, Al Baraka Bank (Pakistan) Limited. The signing ceremony was witnessed by
Mr. Aamir Ijaz Khan, Executive Director, Mr. Zahid Khan, Assistant Vice President (Human Resource), Mr. Osama Hilal
Ahmed, HR Business Partner, Mr. Shaham Ahmed, Member, Karachi Branch Council and Muhammad Akmal, CEO,
Tabani's School of Accountancy (TSA).

Mentoring Sessions
Karachi

Members Professional Development & Corporate Training Head Office, Karachi organized a mentoring session
on ‘Effective Communication Skills’. Mr. Faisal Masood,Senior Manager Finance & Accounts, Lucky Cement
Limited was the guest speaker at the session. He stressed upon the need for having an aim in life which is the
prime source of motivation and inspiration. He expressed the importance of effective communication and its
importance for succession ladder. He added that we should create jobs for professionals rather than seeking for
an employment. A good number of students of ICMA Pakistan participated and took away learning that would
be useful for them in practical life.

21st Shoaib Memorial Lecture

Islamabad| October 27, 2018

ICMA Pakistan is indebted to its founder, Late Muhammad Shoaib without whose vision and initiative the profession
of cost and management accounting might not have taken off in this country. He saw in the early years after independence
that the profession could make an invaluable contribution to the effective and efficient use of the scarce resources and
industrialization of Pakistan and founded the Institute in collaboration with the other distinguished persons in the
accounting profession. It is in the memory of our founder President, and as a humble token of gratitude, the Institute
periodically organizes the Shoaib Memorial Lectures. Speakers of international repute have delivered these lectures
on the topics of current interest.

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The CPD Committee of ICMA Pakistan organized 1st leg of 21st Shoaib Memorial Lecture series on Saturday, 27th
October, 2018 at Islamabad. Live Streaming of lecture was also made available through ICMA Pakistan’s website.
Mr. Neville Gaunt co-founder of Mind Fit, a UK based company consulting corporate world on “Behavioral Waste
Management’ delivered the lecture on “How Finance teams can influence the organization in a VUCA world”

Closed Group Mentoring Session for CMA Students

Karachi | October 13, 2018
Members Professional Development & Corporate Training Head Office, Karachi organized a Closed Group Mentoring
sessions on October 13, 2018. Mr. Baber Saleem, Vice Chairman, Karachi Branch Council and Mr. Akhtar Munir, ACMA,
Manager (ERM) Sui Southern Gas Company Ltd. were the lead speakers at the session.

Activities Summary
S No. CMA status Karachi Lahore Islamabad Faisalabad Total
1 Members 2 2 0 0 4
2 Qualified 4 0 3 1 8
3 Students Placements 11 4 0 1 16
4 Students Internships 34 2 0 0 36
5 Corporate Meetings with Lucky Textile Mills Ltd. 1 0 0 0 1
6 Mentoring Sessions 2 0 0 0 2
7 Corporate Partnership Scheme (CPS)/Corporate Training Scheme (IPTS) – MoUs 1 0 0 0 1
8 Walk-in Tests / Interviews 1 0 0 3 4
9 Corporate Events (Conducted, Organized, Supported) 4 0 0 0 4

Research & Publications (R&P)

Survey on Expectations from the New Government
The Research and Publications Department conducted a feedback survey of its members, employed in the corporate
sector, on how they feel the new Government is faring and how much are they confident that this government would
deliver, especially in dealing with the current economic issues. The outcome of this survey would provide a useful
guideline for the policy makers to re-adjust/realign policy priorities to bring it in line with the expectations of stakeholders,
including the general public, trade and industry, investors and professionals. The report of this survey would be published
in Sep-Oct 2018 of Management Accountant Journal of ICMA Pakistan which is on the theme of’ Economic Agenda for
the New Government’.

October 2018 Page 17

 Vol: 18.10 I Oct 2018

Articles invited on theme of ‘Big Data Analytics and the Finance Professionals’
The Nov-Dec 2018 issue of Management Accountant Journal will be on the theme of ‘Big Data Analytics and the Finance
Professionals’. The members are requested to send their articles latest by November 30, 2018.

Dear Members,
It is satisfying to note that members of the Institute are now taking keen interest in contributing
articles and write-ups in the Management Accountant Journal and this is obvious from the fact
that in the last few issues, we have received a good number of articles from our members on
selected themes and other diversified topics. Needless to say that it is always our desire and
policy that members should utilize the forum of Management Accountant Journal for sharing
their wisdom, knowledge and professional experiences so that other members and readers,
including students and corporate sector, can gain from the shared contributions.
The Nov-Dec 2018 issue of Journal will be on the theme of ‘Big Data Analytics and Finance
Professionals’. The deadline for submission of articles is 30th November 2018 on email:
rp@icmap.com.pk
In recent times, global organizations are using ‘Big data analytics’ to analyze and harness their
data which helps them in making informed business decisions and identifying new opportunities.
This leads to smarter business moves; efficient operations; cost reductions; higher profits and
satisfied customers. With changed nature of businesses and rapid growth of technology, the
role of finance professionals, including the management accountants, have also evolved
significantly. It has now become imperative for the finance professionals to keep them updated
with new technological advancements that are impacting the profession. Big data Analytics is
one of such technologies which need to be acquired as a ‘must-have skill’ by those who intend
to pursue a career in finance. Keeping up with the need of this technology, the Research and
Publications Committee of ICMA Pakistan has decided to bring out an exclusive issue of Journal
on this topic to provide basic understanding of big data analytics and how our members can
harness the power of big data and analytics to significantly transform themselves and their
organizations where they are employed.
I would appreciate that those members who are interested to write on above theme may kindly
convey their consent urgently on email: rp@icmap.com.pk and send the article before the
deadline of 30th November 2018.

Regards,

Mohammad Yasin, FCMA

Chairman, Research & Publications Committee

October 2018 Page 18

 Vol: 18.10 I Oct 2018

Technical Support & Practice Development (TSPD)

1. Regulatory Duty on LPG withdrawn

Federal Board of Revenue (FBR) vide their S.R.O. 1200(I)/2018 dated October 5, 2018 had withdrawn regulatory
duty on the import of liquefied petroleum gas (LPG) to ease domestic prices of the fuel. The duty was imposed
in November last year.

For further details, please visit the following link:-

http://www.fbr.gov.pk/DislpaySRO/6396

2. Additional AML Fit and Proper Criteria for Insurers and Intermediaries
Securities and Exchange Commission of Pakistan (SECP) vide their S.R.O. 1201(I)/2018 dated October 3, 2018
issued a proposed directive for additional AML Fit and Proper Criteria to Insurers and Intermediaries.
SECP proposed the draft, prior to directing all the regulated, licensed and associated persons and entities
which fall under the domain of insurance sector regulated by the Commission to comply with certain
requirements in addition to the requirements that the Commission has already notified either through Rules,
Regulations or through other legislative instrument, whereby the insurance companies have been required
to disclose mainly:
• The ultimate beneficial owner (natural person)
• Make sure, record and annually check, that any insurer, officer has not been involved in activities in
contravention “Anti- Money Laundering Act, 2010”, “Anti-Terrorism Act, 1997” & “SECP AML/CFT
Regulation, 2018” by means of an undertaking (undertaking is attached in the notification)
• An Affidavit is also required to be submitted in SECP that the key officer are not involved in criminal
breach of trust, fraud & money laundering etc.
• The contravention would be liable to penalty u/s 40A of SECP Act, 1997

The draft can be downloaded through the following link:-

https://www.secp.gov.pk/document/sro-1201-i-2018-notification-directive-sro-additional-aml-fit-
and-proper-criteria-for-insurers-and-intermediaries/?wpdmdl=32447

October 2018 Page 19

 Vol: 18.10 I Oct 2018

3. Draft amendments to the Non-Banking Finance Companies and Notified Entities Regulations, 2008
SECP vide their S.R.O. 1196(I)/2018 dated October 3, 2018 made draft amendments to the Non-Banking
Finance Companies and Notified Entities Regulations, 2008.
SECP made following substitution in Schedule IX, after the heading “APPLICATION AND SCOPE” section, for
the second proviso:-
“Provided further that in case the sponsor and major shareholder is a body corporate, in addition to the
relevant/applicable clauses, corporate behavior of the said body corporate and integrity & track record of the
sponsor and ultimate beneficial owners of such corporate body shall be duly considered.
Explanation: Ultimate beneficial owners for the purpose of this clause means natural person or individual who
ultimately own 10% or more ownership or control the body corporate.”
Another substitution is made in Annexure A, in clause (b), for paragraph (3) as under:-
“3. Shareholding details including details of ultimate beneficial owners”.

For further details, please visit the following link:-

https://www.secp.gov.pk/laws/notifications/

4. Companies (Related Party Transactions and Maintenance of Related Records) Regulations, 2018
SECP vide their S.R.O. 1194(I)/2018 dated October 2, 2018 approved the Companies (Related Party Transactions
and Maintenance of Related Records) Regulations, 2018.
The same was previously published vide S.R.O. 768(I)/2018 dated 13th June 2018. The Regulations shall come
into force at once except for regulation 7, which shall come into force on 1st January, 2019.
The Regulations elaborate the following points mainly:-
• Conditions for Policy of related party transactions & for transactions with related parties to be characterized
as “arm’s length transactions”
• Approval of related party transactions
• Record to be maintained of related party transactions and contracts or arrangements in which directors
are interested

The draft can be downloaded through the following link:-

https://www.secp.gov.pk/document/sro-1194-i-2018-notification-to-related-party-transactions-and-
maintenance-of-related-recordsrpt-regulations-2018/?wpdmdl=32433

5. Companies (General Provisions and Forms) Regulations, 2018

SECP vide their S.R.O. 1225(I)/2018 dated October 8, 2018 approved and issued the Companies (General
Provisions and Forms) Regulations, 2018 which were earlier published in June, 2018 for public comments.
The Regulations shall come onto force at once and the words and expressions used but not defined in these
regulations shall have the same meaning as are assigned to them in the Act, Securities and Exchange Commission
of Pakistan Act, 1997(XLII of 1997), Securities Act, 2015 (III of 2015) and any rules made thereunder.
Following forms and returns are specified in the Regulations, which shall be used in all matters to which those
forms and returns refer:

October 2018 Page 20

 Vol: 18.10 I Oct 2018

S No. Name of Form Discription Relevant section/regulation

1. Form A Annual return of company having share capital Section 130(1)

2. Form B Annual return of company not having share capital Section 130(2)

3. Form C Annual return of companies in case there is no change of particulars

since last annual return filed with the registrar Section 130(5)

4. Form D Annual return of inactive company Sections 130(1) & 424(5)

and Regulation 36

5. Form 1with Appendix Receipt of subscription money Section 17(3)

6. Form 2 Application for conversion of status of company Sections 46, 47, 48 & 49
and Regulations 11

7. Form 2A Filing of altered memorandum and articles of association after approval of Sections 46, 47, 48 & 49
the commission for conversion of status of a Company and Regulations 11

8. Form 3 with Appendix Return of allotments of shares Section 70 and Regulation 12

9. Form 3A Change of more than twenty five percent in shareholding or membership Section 465(4) and Regulation 14
or voting rights

10. Form 4 Intimation about Principal line of business or change therein Sections 26, 27, 28, 29 & 32

11. Form 5 Petition for alteration of memorandum Section 32(1)(a) or (c)

and Regulation 10
12. Form 6 Notice of consolidation, division or sub-division of shares, specifying the Section 85(1)(b), (c), (d)
shares so consolidated, divided or sub-divided or the cancellation of
shares (otherwise than in connection with a reduction of share
capital under section 89 of the act)
13. Form 7 Notice of alteration in share capital Section 85(1)(a)

14. Form 8 Application for change of name Sections 11 & 12

15. Form 9 Notice of the court’s order disallowing / confirming the variations of the Section 59(4)
rights of holders of / special class of shares

16. Form 10 Particulars of mortgages, charges, pledge, etc. Sections 100, 105 & 448
and Regulation 18

17. Form 11 Particulars of mortgage or charge subject to which property has been Section 100(4) & 448
acquired and Regulation 18

18. Form 12 Register of mortgages, charges, pledge etc., to be maintained by a company Section 112 & 448

19. Form 13 Registration of entire series of debentures/ redeemable capital Sections 101 & 448
and Regulation 18

20. Form 14 Particulars of an issue of redeemable capital / debentures in a series when Sections 101 & 448
more than one issue in the series is made and Regulation 18

21. Form 15 Notice of appointment or change of nominee or change in his particulars Sections 14(1)(c)
(for single member company only). and Regulation 27

22. Form 16 Particulars of modification of mortgage, charge, pledge, etc. Sections 106 & 448
and Regulation 18

23. Form 17 Memorandum of complete satisfaction of mortgage, charge, pledge, etc. Sections 109 & 448

24. Form 18 Notice of appointment/ cessation of receiver or manager to be given Sections 113 & 449
by the person who obtained an order for appointment of / appointed a
receiver or manager

25. Form 19 Notice to be given by receiver /manager on ceasing to act as such Sections 114(1) & 449

26. Form 20 Receiver or manager’s abstract of receipts and payments Sections 114(1) & 449

27. Form 21 Notice of situation of registered office or any change therein Section 21

28. Form 22 Declaration regarding compliance with the conditions of section 19 of the Section 19(1)(d)
Companies Act, 2017 before commencing business in case of a company
issuing prospectus

October 2018 Page 21

 Vol: 18.10 I Oct 2018

S No. Name of Form Discription Relevant section/regulation

29. Form 23 Declaration before commencing business in case of a company filing Section 19(1)(e)
statement in lieu of prospectus

30. Form 24 Notice of rectification of register of members/ directors Sections 128 & 197(9)

31. Form 25 Statutory Report Section 131(6)

32. Form 26 Special Resolution Section 150

33. Form 27 Declaration to be submitted to the court by provisional manager/ Section 315(5)
official liquidator

34. Form 28 Consent to act as director / chief executive Section 167

35. Form 29 Particulars of directors and officers, including the chief executive, Section 197 and Regulation 20
secretary, chief financial officer, auditors and legal adviser or of any
change therein

36. Form 30 Notification of particulars of beneficial ownership to the company Section 452(1) and Regulation 37

37. Form 31 Return containing particulars of substantial shareholders/officers for Section 452(2) & (4)
Companies’ global register of beneficial ownership and Regulation 37

38. Form 32 Return containing particulars of companies for companies’ global register Section 452(3)
of beneficial ownership and Regulation 37

39. Form 33 Notice of address where books of accounts are maintained Section 220 & 449

40. Form 34 Pattern of Shareholding Section 227(2)(f)

41. Form 35 Filing of copy of scheme of amalgamation Section 284(5)

and Regulation 33

42. Form 36 Notice of Dissenting Shareholders Section 285(1)

and Regulation 32

43. Form 37 with Information to be furnished in relation to any offer of a scheme or Section 285(5)
appendix contract involving the transfer of shares or any class of shares in the and Regulation 32
transferor company to the transferee company

44. Form 38 Application for obtaining status of inactive company Section 424(1)
and Regulation 36

45. Form 39 Application for conversion of status from inactive to active company Section 424(5)
and Regulation 36

For further details of the Regulations, please visit the following link:-
https://www.secp.gov.pk/document/companies-general-provisions-and-forms-regulations-
2018/?wpdmdl=32476

6. Foreign Companies Regulations, 2018

SECP vide their S.R.O. 1224(I)/2018 dated October 5, 2018 issued Foreign Companies Regulations, 2018 which
were previously published in November 2017.
SECP has tightened the regulations for foreign companies operating in Pakistan to effectively monitor their
registration, operations and other corporate related matters. These Regulations shall come into force at once
and apply to foreign companies except not-for-profit organizations (NPOs).
The Regulations mainly elaborate following with respect to the Foreign Companies:-
• Reservation & refusal of Name
• Establishment of place of business or liaison office in Pakistan by a Foreign Company
• Issuance of Certificate of registration

October 2018 Page 22

 Vol: 18.10 I Oct 2018

• Change of name
• Registration of alteration in documents or details of a foreign company other
• than change of name
• Filing of accounts
• Notice of ceasing to have place of business
• Mode and manner of filing of applications and documents

The Regulations can be downloaded from the following link:-

https://www.secp.gov.pk/document/foreign-companies-regulations-2018/?wpdmdl=32485

7. Rescission of S.R.O. 1150(i)/2018 dated september 18, 2018 regarding Federal Excise Duty on Locally
Produced Cigarettes
FBR vide their S.R.O. 1268(I)/2018 dated October 16, 2018 rescinded the recently promulgated S.R.O.
1150(I)/2018 dated September 18, 2018 regarding levy and collection of Federal Excise Duty on Locally produced
Cigarettes with immediate effect.

For further details, please visit the following link:-

http://download1.fbr.gov.pk/SROs/2018101616103919656SRO1268(I)2018.pdf

8. Inclusion of Un-Manufactured Tobacco in S.R.O. 488(I)/2004 dated june 12, 2004

FBR vide their S.R.O. 1267(I)/2018 dated October 16, 2018 has made further amendment in the S.R.O.
488(I)/2004 dated June 12, 2004 by inserting a new clause “(bc) unmanufactured tobacco” in the list of goods
mentioned in the above SRO.
The said clause is inserted after the previously omitted clause (ba).

For further details, please visit the following link:-

http://download1.fbr.gov.pk/SROs/2018101616103622107SRO1267(I)2018.pdf

9. Circular no. 19 of 2018- Amendments in the Prudential Regulations for Modarabas

SECP vide their Circular No 19 of 2018 dated October 16, 2018 notified amendments in the Prudential
Regulations for Modarabas.
SECP specified additional conditions which are deemed to be part of the conditions of the certificate granted
for authorization to float a Modaraba and which are called as Prudential Regulations for Modarabas, issued
vide circular No. 4 of 2004 dated January 28, 2004. These conditions have been amended by the SECP from
time to time.
SECP made following amendment in the given Prudential Regulations for Modarabas:-
In Regulation 5 of Part-IV:
(a) after sub-regulation (3), the following new sub-regulation (3a) shall be inserted:
"3a. If any promoters or major shareholders of the modaraba company is a body corporate, an affidavit
as per Annexure-B of these regulations shall also be submitted from such ultimate beneficial owner."

October 2018 Page 23

 Vol: 18.10 I Oct 2018

(b) after sub-regulation (5), the following new proviso(s) and explanation(s) shall be inserted:
"Provided that in case the promoter or major shareholder is a body corporate, in addition to the
relevant/applicable clauses, the corporate behavior of the body corporate as well as integrity and track
record of the promoters and ultimate beneficial owner of such body corporate shall be assessed.
Provided further that items (c) and (d) shall not be applicable while assessing the fitness and propriety of
promoter and major shareholder of the body corporate.
Explanations: For the purpose of this regulation-
1. "ultimate beneficial owner" means a natural person or individual who ultimately owns 10% or more
ownership or controls the body corporate;
2. "promoter" means a person who has given an application to the Commission to form a modaraba
company under rule 4 of the Modaraba Companies and Modaraba Rules, 1981."
In Annexure A, after entry 6, the following new entry 7 shall be added:
Information to be provided by a body corporate as promoters and major shareholders of the modaraba
company:
(i) Financial statements for the last three years;
(ii) Details of business place;
(iii) Shareholding details including details of ultimate beneficial owners.
(iv) CIB report of the company and its directors and sponsors;
(v) Details of any write off availed from any financial institution during last five years;
(vi) Details of any finance obtained from any financial institution during the last five years;
(vii) Details of any rescheduling of finance obtained from any financial Institution during the last five years;
(viii) Any substantial adverse verdicts against the company from any Court of Law during the last ten years;
(ix) Details of associated companies and subsidiaries;
(x) Details of any existing or potential litigation in the name of the company, its sponsors and directors;
(xi) Details of any inquiry, investigation conducted by the Commission or any other regulatory or professional
body or government agency during the last five years; and
(xii) Any other information as may be required by the Commission.

For further details of the Regulations, please visit the following link:-
https://www.secp.gov.pk/document/circular-19-of-2018-amendments-in-the-prudiential-regulations-
for-modarabas/?wpdmdl=32586

10. Amendments to the Limited Liability Partnership Regulations, 2018

SECP vide their SECP vide their S.R.O. 1261(I)/2018 dated October 10, 2018 made some amendments to the
Limited Liability Partnership Regulations, 2018. These amendments were previously published on September
4, 2018 by the SECP.
Following additions were made in the aforesaid Regulations:-
• An LLP shall display certificate of incorporation at its registered office.
• An LLP shall maintain a register of partners with a statement of their ownership percentages and their
associated voting rights at its registered office.
• An LLP shall keep copy of LLP Agreement including amended copies, if any, at its registered office.

For further details, please visit the following link:-

https://www.secp.gov.pk/document/sro-1261-i-2018-notification-for-llp-amendments/?wpdmdl=32566

October 2018 Page 24

 Vol: 18.10 I Oct 2018

11. IAASB Modernizes Auditing of Accounting Estimates in Support of Audit Quality

The International Auditing and Assurance Standards Board (IAASB) had released the International Standard
on Auditing (ISA) 540 (Revised), its revised standard for the audit of accounting estimates and related disclosures.
ISA 540 (Revised) reflects the rapidly evolving business environment and ensures that the standard continues
to keep pace with the changing market. This revised standard is a part of the IAASB’s program ‘Addressing the
Fundamental Elements of an Audit’ and is an efforts to improve audit quality globally. Some of the significant
revisions made to the standard include:-
• An enhanced risk assessment that requires auditors to consider complexity, subjectivity and other
inherent risk factors in addition to estimation uncertainty. This will drive auditors to think more deeply
about the risks inherent to accounting estimates.
• A closer link between the enhanced risk assessment and the methods, data and assumptions used in
making accounting estimates, including the use of complex models.
• Specific material to show how the standard is scalable to all types of accounting estimates.
• Emphasis on the importance of applying appropriate professional skepticism when auditing accounting
estimates to foster a more independent and challenging skeptical mindset in auditors.
ISA 540 (Revised) becomes effective for financial statement audits for periods beginning on or after December
15, 2019.

The revised standard can be downloaded from the following link:-

http://www.ifac.org/publications-resources/isa-540-revised-auditing-accounting-estimates-and-related-
disclosures

12. Issue of Securities and Redeemable Capital not Based on Interest

SECP vide their S.R.O. 1300 (1)/2018 dated October 25, 2018 notified the following persons to whom any
instrument in the nature of "redeemable capital" may be issued by a company subject to the terms and
conditions as provided in section 66 of the Act:-
(i) A Securities Broker;
(ii) A Fund and Trust as defined in the Employees Contributory Funds (Investment in Listed Securities)
Regulations, 2018; and
(iii) A Company and Body Corporate as defined in the Companies Act, 2017
Provided that any instrument of redeemable capital of the Government including Government Debt Securities
can be issued to an individual investor in addition to the persons mentioned to above.
"Government Debt Security" means a debt security such as Treasury Bill (T-Bill), Pakistan Investment Bond
(PIB), Government of Pakistan (GoP) IjaraSukuk and any other debt instrument issued by the Federal Government,
Provincial Government, Local Government / Authority and any other statutory body.

For further details, please visit the following link:-

https://www.secp.gov.pk/laws/notifications/

October 2018 Page 25

 Vol: 18.10 I Oct 2018

Membership Affairs

NEW FELLOW MEMBERS

Associate Fellow
S No. Membership No. Name City / Country Membership No.
1 A-1377 Syed Imtiaz Hussain Shah Islamabad F-2060
2 A-4797 Iftikhar Karachi F-2061
3 A-4807 Zahid Hussain Islamabad F-2062
4 A-5336 Syed Zia ur Rehman Karachi F-2063
5 A-2463 Awais Yaseen Lahore F-2064
6 A-2652 Jamal Najamuddin Lahore F-2065
7 A-4268 Waqas Safdar Kenya F-2066
8 A-4714 Faisal Nadeem Lahore F-2067
9 A-5220 Saimah Hafeez Karachi F-2068
10 A-5328 Junaid Jalil Khan Karachi F-2069
11 A-5436 Mohsin Hussain Karachi F-2070

NEW ASSOCIATE MEMBERS

Associate
S No. Reg No. Name City / Country Membership No.
1 S-00950185 Abdul Haque USA A-6614
2 S-00962532 Muhammad Amir Karachi A-6615
3 S-20082096 Rasool Bux Karachi A-6616
4 S-20090544 Muhammad Asif Karachi A-6617
5 S-20100489 Kamran Iqbal Karachi A-6618
6 S-20100589 Abdul Farhan Karachi A-6619
7 S-20121634 Hafiz Fahad Mehmood Karachi A-6620
8 S-20122058 Muhammad Rizwan Karachi A-6621
9 S-20133900 Mohsin Ansari Karachi A-6622
10 S-20071158 Riaz Ahmed Islamabad A-6623
11 S-20091149 Ahmad Hassain Alvi UAE A-6624
12 S-20121829 Yawar Ali Karachi A-6625
13 S-20131961 Rao Rehan Ali Khan Karachi A-6626

New COPs

S No. Membership No. Name City

1 A-5849 Jaleel Ahmad Lahore
2 A-5169 Muhammad Ashfaq Lahore
3 A-4069 Syed Muhammad Ali Naqvi Rawalpindi
4 F-2028 Hamid Zahoor Lahore
5 A-4483 Ahsan Ullah Lahore
6 F-1464 Muhammad Yasin Lahore

October 2018 Page 26

 Vol: 18.10 I Oct 2018

RENEWAL OF COPs

S No. Membership No. Name City

1 F-1382 Muhammad Imran Islamabad
2 F-1163 Abdul Razzaq Lahore
3 A-6085 Ilyas Karachi
4 F-638 Zahir Alam Karachi
5 F-1417 Sh. Muhammad Asghar Tahir Okara
6 A-6441 Muhammad Kamran Khan Quetta
7 F-1929 Muhammad Rashid Shah Islamabad
8 F-654 Iqbal Haider Bahawalpur
9 A-4017 Syed Shahid Mehmood Karachi

Meetings of the Institute Standing and Non-Standing Committee

S No. Committee No. of Meeting Date

1. Executive Committee Meeting # 288 and #289 02 October 15 & 24, 2018
2. Examination 02 October 18 & 28, 2018
3. Research and Publications 01 October 06, 2018

Library

Best Readers of the Library

Gulshan Soldier Bazar Lahore Islamabad
Campus Campus Campus Campus

Sarim Mehmood Fuqan Haider Muhammad Irshad Nasir Ahmed

Reg. No. S-20161793 Reg. No. S-20143007 Reg. No. 20122560 Reg. No. 20140550
Managerial Level Strategic Level Chartered Level Strategic Level

October 2018 Page 27

 Vol: 18.10 I Oct 2018

Procurement of Library Books and Periodicals

Karachi | October, 2018
The procured books and periodicals are available in all the nationwide libraries which are as under.

New Arrivals (Revival of Periodicals)

Bloomberg Business Week

October 01, 2018 October 08, 2018 October 15, 2018 October 22, 2018
The Economist

06-12 October, 2018 13-19 October, 2018 20-26 October, 2018 29 October, 2018

Fortune Readers Digest

October, 2018 October, 2018

IFRS Parts

IFRS Part A IFRS Part B IFRS Part C

October 2018 Page 28

 Vol: 18.10 I Oct 2018

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

Part of Recognized of professional bodies. By becoming member of ICMA Pakistan, you would
Professional Body enhance your status and reputation as a recognized professional and will
also be entitled to use globally recognized designations of ACMA/FCMA.

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

Public Practice of Practice (COP) from ICMA Pakistan

You will get legal entitlement to become CFO, CEO, Head of Internal Audit
Legal Rights 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
Life Insurance million for natural 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
Exemptions: Australia, CPA Ireland, CIMA (UK), ICAEW, ACCA (UK) etc., in case you
intend to study further to obtain other recognized qualifications.

Career You can avail placement services and place your CV on “Career Portal”
Opportunities: of ICMA Pakistan’s website.

Management You will be entitled to receive soft and hard copies of ‘Management
Accountant’ – the official flagship bi-monthly Journal of ICMA
Accountant Journal
You will be entitled to get frequent e-technical updates about current
e-Technical Update IAS, IFRS and Interpretations etc.

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

e-Newsletter activities and programs of ICMA Pakistan

Utilize library facilities in all the Campuses of the Institute as well as digital
Library Facilities library.
You can avail discounts on services offered by different companies which
are in agreement with the Institute.
Discounts & Offers % 10% 20% Privilege Club
Membership
20% 30% 10%
Rs. 5000 on Monthly Fee
25% 12% 25% 36% 100% waver on
Membership Fee

Avail special discounts from different renowned publishers.

Discounts on Books %
53% 20% 20%

Progressive
International
Agencies
35% Alliance Book Co 40%

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