ACCA – Page 4 – Newswire Pakistan

April 6, 2022April 7, 2022

Accountants’ confidence edges higher in Q1 2022, but cost concerns reach a record high

Islamabad, April 06, 2022 (PPI-OT):The latest edition of the Global Economic Conditions Survey (GECS) from ACCA (the Association of Chartered Certified Accountants) and IMA® (Institute of Management Accountants) reveals worries about operating costs, with warnings of future economic shocks and increased risks.

Conducted just before and during the war in Ukraine, the results understandably point to economic turbulence in the coming months. GECS’s index of concern about operating costs jumped again in the latest survey by nine percentage points and is now at its highest level on record at 62%. This dramatic rise has played out over the last year and tracks the effects of rising energy and transport costs caused by supply chain shortages and disruption.

In the Q1 survey, global confidence and global orders were little changed, up by four points to +9 for confidence and by two points to -3 for orders. Other economic activity indicators, such as employment and capital spending improved. Overall, the Q1 survey maintains the trend of modest overall growth through to the middle of the year, well down from the strong post-pandemic recovery of 2021.

In Q1, the Middle East was the best performing region with jumps in confidence and orders, probably a reflection of the increase in the oil price. Confidence and orders fell back in North America, influenced by the effects of the spread of the Omicron COVID variant.

The level of orders in advanced regions remains above that in emerging regions, as it has throughout the post-pandemic recovery. GECS’s two ‘fear’ indices – measured by concern that customers and suppliers may go out of business – were little changed in the Q1 survey, down by two points and one point respectively. Both indices have fallen back from extreme levels seen in 2020 but are still above pre-pandemic levels.

ACCA’s chief economist Michael Taylor commented: ‘Given the fast-moving and unpredictable nature of the war in Ukraine, it’s important to note that the survey may not fully capture the likely effects of the invasion. But the main economic effect of the Russia-Ukraine conflict has been to push oil, gas, wheat, and other commodity prices much higher. This will propel inflation to even greater heights, squeezing real incomes and slowing economic growth. Compared with previous forecasts, global growth may be reduced by as much as one percentage point this year, to around 3.25%.’

Loreal Jiles, vice president of research and thought leadership at IMA added: ‘We again asked respondents to name their two biggest economic risks – 51% said supply chain disruption and 50% said renewed COVID restrictions. Compared with the Q4 survey, there was an increase in rising interest rates as a risk, up to 40% from 26%. We expect U.S. interest rates to rise steadily this year, and this may result in a tightening of global financial conditions.’

Both ACCA and IMA warn of the risk of policy mistakes. Loreal Jiles explained: ‘Removing the exceptional policy ease introduced to mitigate the effects of the pandemic was always going to be tricky. Over the last year, supply shortages and now the Russia-Ukraine war have resulted in a stagflation scenario reminiscent of the 1970s which was a time of weak economic growth combined with high rates of inflation.’

Michael Taylor concluded: ‘The economic consequences of Russia’s invasion of Ukraine are yet to fully emerge. Central banks in advanced economies face a difficult judgement call that could result either in over-tight policy causing recession or too easy policy embedding inflation and inflation expectations. Policies need to be thought through and stress tested very carefully in the days, weeks and months ahead.’

For more information, contact:
Association of Chartered Certified Accountants Pakistan (ACCA)
Office No. 5, 2nd Floor, SNC Centre,
Fazal-ul-Haq Road, Blue Area, Islamabad, Pakistan
Tel: +92-51-111-222275
Fax: +92-51-2876605
Email: info@pk.accaglobal.com
Website: www.pakistan.accaglobal.com

March 29, 2022March 30, 2022

ACCA and PITB join hands to increase financial inclusion and grow the entrepreneurial ecosystem

Lahore, March 29, 2022 (PPI-OT):Association of Chartered Certified Accountants (ACCA) Pakistan and Punjab Information Technology Board (PITB) Incubation Wing signed an MoU on Friday 25th March 2022, to explore avenues of collaboration and to work jointly mainly on financial inclusion, financial literacy of PITB incubation wing start-ups and awareness for ACCA stakeholders including members and future members on opportunities in entrepreneurial ecosystem.

The MoU was signed by Assad Hameed Khan Head of ACCA Pakistan and Sajid Latif Director General e-Governance, Punjab Information Technology Board (PITB). Also present at the ceremony were, Shahid Khan-Head of Business Development, Central, ACCA Pakistan; Aamir Saleem-Business Development Manager, Central, ACCA Pakistan; Muhammad Shahid Khan- Business Development Manager, Central, ACCA Pakistan.

Assad Hameed shared his thoughts on the collaboration, saying, “ACCA is looking forward to the collaboration with PITB. At ACCA, we believe financial inclusivity is vital in our country’s social and economic growth and can bring about radical changes in all sectors.” For more developments on this partnership, stay connected to ACCA’s socials.

March 24, 2022March 25, 2022

ACCA Pakistan continues the momentum, converging thought leaders at “Pakistan Leadership Conversation 2022” to discuss key drivers for a Sustainable Growth for Pakistan

Karachi, March 24, 2022 (PPI-OT):ACCA (the Association of Chartered Certified Accountants) Pakistan, in collaboration with SEED Ventures, closed a successful series of its flagship conferences Pakistan Leadership Conversation (PLC 2022) in Islamabad, Karachi and Lahore respectively.

The fourth edition of PLC centered on the theme “Rethinking our world: Sustainable growth for Pakistan” and brought together leading policy makers, thought leaders, corporate influencers, academia and business operators for a dialogue centered on the power of digital, sustainability/ESG, ethics and future ready workforce.

In Karachi, Dr. Shamshad Akhtar, Mr. Nadeem Hussain, Founder Planet N Group of Companies/Chairman Pakistan Fintech Network attended the event as Guest of Honour. Speaking on the topic of Accelerated Financial Inclusion, he said, “Digitalization plays an imperative role in enhancing social mobility and these shifts cannot be made without understanding the customer need and creating the simplest customer journey.”

Muhammad Ali Tabba, CEO Lucky Cement Limited as the Guest of Honour shared his thoughts on Opportunity and Size – Fast Tracking the investment landscape saying, “The distribution of energy, its mix and privatization is imperative for our growth agenda. Moreover, enabling make in Pakistan environment will help import substitution fuelling employment, self-reliance and sustainable economic growth driven by exports.

As a part of her keynote address, Dr. Shamshad Akhtar, Chairperson PSX and PICG spoke on Diversity, Equity and Inclusion, while Re-calibrating our Practices for Sustainable Growth she said, “As Pakistan sets to become part of global economies through BRI / CPEC and export focused, strategy – relevance of diversity, equity and inclusion is extremely critical for all stakeholders to achieve the recognised global standards of performance and excellence.”

The first session, titled, “Diversity, Equity and Inclusion: Re-calibrating Practices for Sustainable Growth” featured Ahsan Jamil, CEO, Pakistan Institute of Corporate Governance; Farrukh H. Khan, Managing Director and CEO, Pakistan Stock Exchange; Maheen Rahman, CEO – InfraZamin Pakistan; Mohammad Shoaib, CEO – Al Meezan Investment Management Limited; Navid Fazil, CEO – Interloop Limited moderated by Sadia Dada, Chief Marketing and Communications Officer, K-Electric.

The second session was led by a key note address from Sadia Khan, Commissioner – Securities and Exchange Commission of Pakistan who shared her thoughts on the topic, ““Ethics, Technology, ESG – Accelerating national economic transformation”. She said, “”Ethical behaviour is at the core of good governance and sustainability. The importance of ESG and sustainability has been rightfully amplified in a short time with increased focus in the areas of financial reporting, investing and business practices.” Adding on to the guidelines issued by SECP on CSR, she added, “We introduce voluntary guides to enable good business practices that add value to the community”.

The talk was moderated by Hena Sadiq, Partner Audit and Assurance – Yousuf Adil Chartered Accountants; Rana Nadeem, Partner – KPMG Taseer Hadi and Co.; Saquib Ahmad, Country Managing Director – SAP Pakistan; Shahzad Shahid, Group CEO – TPS Online; Zeeshan Shahid, Director Risk and Compliance – BYKEA

Mr. Sharif Tabbani, Owner and Principal – Tabbani’s School of Accountancy also joined the event and spoke on the Talent, Technology and Transformation.

In Lahore, Salman Shah, Advisor to the Chief Minister of Punjab on Economic Affairs and Planning and Development attended the event as the Guest of Honour. Speaking on the topic, “Re-thinking Sustainable Investment Landscape in Pakistan”, he said, “Government has shifted greater focus on sustainable development and enabling upskilling of businesses to benefit from e-market places like Amazon and Ali Baba. Clean and renewable energy is another imperative to the growth of our economy”. He further added, “Creating business hubs in Punjab with demographic sectoral focus is a key government priority to help create job opportunities, enhance economic activity and increase exports”.

Also present as the Guest of Honour was Hashim Jawan Bakht, Finance Minister, Government of Punjab who shared his thoughts on – Talent, Technology and Transformation, he said, “Sustainable and inclusive economic growth is dependent upon agile, data driven and resilient government decision making. Recent policy improvements for technology sector is set to help bring in valuable foreign exchange. We must continue focus on digitalization and amplify ease of doing business to sustain the growth momentum”.

The first session discussed, “Putting Pakistan on the Global Digital Map ~ Leapfrog into the future”. The discussion was led by a key note by Fatima Asad-Said, CEO, Abacus Consulting. The panel included Badar Khushnood, Fishry.com E-commerce Platform and Bramerz – x-Google, Facebook and Twitter; Chairman P@SHA; Ahmer Mallick, CEO, PBIT; Sajjad Syed, Chairman, Excellence Delivered; Muhammad Awais, Partner, EY Ford Rhodes and was moderated by Omer Zaheer Meer, Chair MNP and Tax Committee ACCA Pakistan.

The second panel discussion talked about, “Accelerated Financial Inclusion: Ethics, Emerging Technologies and Social Impact”. The key note address was delivered by Dr. Amjad Saqib, Founder and CEO, Akhuwat Foundation. The panel included Zia Ul Mustafa, President ICMA Pakistan; Qasif Shahid, Cofounder and CEO, Finja; Jahanzeb Khan, CEO, FINCA Microfinance Bank Ltd.; Roshaneh Zafar, Founder and Managing Director, Kashf Foundation; Mohsin Khawaja, Director, Mahmood Group of Industries and President, EO Lahore and was moderated by Arif Masud Mirza, Regional Head of Policy ACCA (MESA).

Helen Brand OBE, Chief Executive, ACCA Global joined the PLC 2022 virtually and highlighted ACCA’s contributions and continued commitment to sustainable development, saying, “For ACCA, as accountants and as leaders, it’s about driving good well-considered decisions and business strategies, that consider people and the planet, as well as profit. It’s about a new way of keeping score in business, a new way of measuring success and counting value that considers wider measures than the financial bottom line. It must include impacts on the environment and impacts on society too.”

Speaking at the event, Assad Hameed Khan, Head of ACCA Pakistan shared his thoughts on Pakistan’s path to a sustainable economy, ‘‘ACCA is committed to positively influencing governments, policy makers and regulators on sustainability matters, and develop the profession in alignment with the SDGs. ACCA and ACCA members continue to contribute, collaborate and converge thought leaders to bring conversations that explore high impact action items to drive an inclusive social and economic growth for a sustainable Pakistan.”

Orla Collins, President, ACCA Global sent in her message where spoke about her own experiences, saying, “No matter how the landscape changes in the years to come – and change it will – you know that ACCA will be there with you. ACCA will be there for you – offering all the help, advice and support you could need or want.”

Starting in 2017, PLC has now become an important annual event for those who want to stay up to date with the ever-evolving business world and accountancy profession. It has also cemented ACCA’s role as a super connector for key stakeholders. The event was broadcasted live on ACCA’s social media pages with over 2 million followers as well as ACCA’s global audience which includes 233,000 members and 536,000 future members.

March 10, 2022March 11, 2022

ACCA Pakistan converges thought leaders at “Pakistan Leadership Conversation 2022” to discuss key drivers for a Sustainable Growth for Pakistan

Islamabad, March 10, 2022 (PPI-OT):ACCA (the Association of Chartered Certified Accountants) Pakistan, in collaboration with SEED Ventures, successfully hosted the inaugural Islamabad chapter of its flagship conferences Pakistan Leadership Conversation (PLC 2022).

Mr. Shaukat Tarin, Federal Minister for Finance and Revenue, was the Chief Guest and shared his thoughts on rethinking public financial management and how the government lead the recovery after the pandemic. He said, “The COVID-19 health crisis quickly turned into a global economic crisis. Pakistan suffered significant loss as a result of the Global Pandemic To ensure consistent growth, the Pakistan government is focusing its efforts towards inclusive and sustainable development. Productivity and growth in the agricultural sector will lead to increased industrialization. Innovating and developing the agricultural sector is imperative to this goal”.

He further added, “A significant roadblock in sustainable development is the import/export gap which the government aims to reduce in the years to come. Govt’s policy focus on IT sector to harness its potential to exponentially contribute to exports and support Pakistan’s balance of payments”. Malik Amin Aslam, Federal Minister of Climate Change / Special Assistant to Prime Minister joined the event as Guest of Honour. Speaking on the theme of sustainable growth, he said “Pakistan is on the top 10 list for countries most effected by climate change for over a decade. The government’s vision is focused on two main pillars for climate action. Pakistan is focusing on being a part of the solution with initiatives such as the promotion of clean energy use. We also continue to trust and invest in nature as Climate risk needs to be looked not only just from an ecological lens but also an economical lens.”

The first session, titled, “Beyond the pandemic – Roadmap to Pakistan’s economic recovery” featured Muhammad Azfar Ahsan, Minister of State and Chairman – Board of Investment, Pakistan, Ayla Majid, ACCA Council Member, Founder and CEO Planetive, Sardar Abubakr, SEVP – Mobilink Microfinance Bank, Barkan Saeed – CEO Viztech, Hassan Daud Butt, CEO – KP Board of Investment and Trade, Abid Qaiyum Suleri, Executive Director – SDPI and Noor ul Ain Zafar, Head of Department Professional Qualifications, TMUC.

The second session featured Javed Iqbal, CCO – STZA, Parvez Abbasi, Project Director – National Incubation Centre Islamabad, Aqsa Satti, Marketing Executive, ACCA Pakistan, Haroon Ahmad Jan, Regional Head of Member Affairs, ACCA MESA, Mujeeb Zahur, MD – S and P Global, Haaris Mahmood Chaudhary, CEO – Universal Service Fund, Ali Naseer, Chief Business Officer – Jazz, Yasser Khan, VP of Products – QisstPay to discuss the topic, “Putting Pakistan on the Global Digital Map ~ Leapfrog into the future”.

Dr. Faisal Mushtaq (TI), Founder and Chairman – The Millennium Education Pakistan also joined the event and spoke on the power of future ready workforce. Helen Brand OBE, Chief Executive, ACCA Global joined the PLC 2022 virtually and highlighted ACCA’s contributions and continued commitment to sustainable development, saying, “For ACCA, as accountants and as leaders, it’s about driving good well-considered decisions and business strategies, that consider people and the planet, as well as profit. It’s about a new way of keeping score in business, a new way of measuring success and counting value that considers wider measures than the financial bottom line. It must include impacts on the environment and impacts on society too.”

ACCA also hosted another ceremony in the evening for their newly qualified ACCA members and High Achievers titled, ‘New Members and High Achievers Ceremony 2022’ that celebrated their achievements as they continue to embark on their professional journey, committed to contribute to a sustainable Pakistan. Andleeb Abbas, Parliamentary Secretary – Ministry of Foreign Affairs joined in as the Chief Guest. Orla Collins, President, ACCA Global sent in her message where spoke about her own experiences, saying, “No matter how the landscape changes in the years to come – and change it will – you know that ACCA will be there with you. ACCA will be there for you – offering all the help, advice and support you could need or want.”

March 3, 2022March 4, 2022

Global supply chains face further turmoil in 2022

Islamabad, March 03, 2022 (PPI-OT):Supply chains were pushed to the limit in 2021 due to the ongoing pandemic, with extreme weather events, port delays, and political and economic uncertainty stress-testing their resilience.

With little signs of turbulence ending, accountants and procurement experts have created a ‘Charter for Collaboration’ that commits to working closer together to better understand and address the complexities of global supply chains, and which focuses on the achievement of organisational purpose and value to society, one that is far broader than the traditional profit motive.

Views of various types of professionals are captured in a new report from ACCA (the Association of Chartered Certified Accountants), CIPS (The Chartered Institute of Procurement and Supply) and IMA (Institute of Management Accountants) called Supply chains: a finance professional’s perspective.

The report highlights that due to ongoing disruption, major fault lines must be tackled, including that many organisations do not really understand their supply networks; that regulation is accelerating; and that financial and non-financial reporting demands are also increasing.

With business models shifting at a rapid pace, it means procurement and supply professionals and finance teams need to work much closer together in the planning process, the management of working capital, the development of ethical supply chains, or in managing the enterprise risks.

Helen Brand OBE, chief executive, ACCA said: ‘While there’s an intensified regulatory focus on supply chains, including their sustainability and the impact that they have on the world’s carbon emission targets, a strong ethical lens is also needed to address poor working conditions, modern slavery and other social issues. These are critical issues that accountants and supply chain professionals have the power to change together – especially in this decade of action to reach the UN Sustainable Development Goals by 2030.’

To help finance teams and supply chain experts join forces, the ‘Charter for Collaboration’ highlights ten areas of activity to deliver success – including a shared vision that supports the purpose of the business and its operations; joined up risk and due diligence management; and having a clear understanding of environment, social and governance (ESG) policies.

The report is here: https://www.accaglobal.com/uk/en/professional-insights/global-profession/supply-chains-post-pandemic-world.html

February 11, 2022February 13, 2022

Pakistan takes the lead with 4 students topping ACCA exams worldwide, A sweeping victory

Karachi, February 11, 2022 (PPI-OT):The Association of Chartered Certified Accountants (ACCA), on Tuesday 18th January 2022, announced the results of students who sat exams in the December 2021 session. Four Pakistani students scored the highest marks globally outperforming exam sitters worldwide.

Arham Ali, an ACCA student from Lahore, scored the highest marks in Maintaining Financial Records exam. Similarly, Usama Maharir Muhammad from Lahore topped the Managing Costs and Finance exam. Komal Bawani, a young girl from Karachi achieved a perfect score in ACCA’s Management Function while Muhammad Umair Jan, an ACCA student from Peshawar, became the global topper in the Recording Financial Transactions exam.

These global prize winners were commended by Assad Hameed Khan, Head of ACCA Pakistan. He said, ‘It’s encouraging to see the country’s youth putting in the hard work to outperform their peers around the world. This further enables us in establishing Pakistan as a global hub for world-class talent in accounting and finance.’ The ACCA degree is widely regarded as the gold standard in accountancy, with recognition and presence in over 178 countries worldwide, providing access to highly respected and rewarding career opportunities.