Accounting and Auditing
 

I need some guidance regarding Accounts paper - 1, i want some expert to check my solutions. Can someone help...?

You can mail me your solutions at my MAIL.
Check my MAIL in my Profile

Regards,

you can email me your solutions as well. If u need anyhelp on accounting/auditing standards, feel free to ask.

Regards

@ abbasi_faheem
To me too dear.

@ Omer
Plz buddy share these "Standars" with us. What I get untill now, every standard of attempting is fine untill we are right. But still this and Pakistani termonology is kind of annoying. Do share your view and material over Standards. Thanks in advance.

@ Puran Sarhan

Dear, U can ask any query regarding the IASs and ISAs.

Accounting and Auditing
 

@ Omer
There are even International Financial Reporting Standards (IFRS) but I wanted to know your view point on what a Pakistani checker would like to see in our paper.

The ones, who have scored high in this subject in CSS, have practices mostly, if not all, Pakistani books. And Pakistani books do not seem to follow any International or what so ever standards.

So I conclude a checker would find our answer, presented in International standard, most clear and understandable. Again the books which follow International Financial Reporting Standards are most understandable to us- the students. As I said, we can do wonders in this subject until we are right. And trust me, the checkers are of great aptitude.

[QUOTE=Purab Sarhan;154072]@ Omer
There are even International Financial Reporting Standards (IFRS) but I wanted to know your view point on what a Pakistani checker would like to see in our paper.

The ones, who have scored high in this subject in CSS, have practices mostly, if not all, Pakistani books. And Pakistani books do not seem to follow any International or what so ever standards.

So I conclude a checker would find our answer, presented in International standard, most clear and understandable. Again the books which follow International Financial Reporting Standards are most understandable to us- the students. As I said, we can do wonders in this subject until we are right. And trust me, the checkers are of great aptitude.[/QUOTE]
Dear I know wat u mean is right...but as for as my openion is concerned I am working with a Multinational Company as an Accountant...thus I do follow International Mathods,

Originally posted by Purab Sarhan:
[QUOTE]And Pakistani books do not seem to follow any International or what so ever standards.
[/QUOTE]

Dear, you are absolutely mistaken here. IAS and IFRS are same thing. and all the accounting standard sr strictly followed in Pakistan. If not, what our chartred accountants r doing there. Then why not am M-commer or MBA take up their work.

Go through "Practicle Workbook on IFRS 2008" by Petiwala Book Depot for practice on Standards.

Obviously, if u hav nt studied the standards in ur studies, u will not be able to grasp them as they r too technical. Whole of the accountancy functions on thse standards.

Pakistani chaekers and checkers all over the world for accountng and auditing papers look for the application of relavant acounting/auditing standars to teh questions and the right treatement of the assets/liabilities/equity provided thereof.

Thanks a lot to you all...well my english language classes at university of karachi are starting tomorrow...so I need some time to send you all my solutions...I would prifer to discuss all my solutions to everyone who is on the forum and is taking Accounting and Auditing.

Accounting and Auditing
 

@ Omer

I feel offended Omer.

Never tell a BBA (hon.) finalist specializing in Finance (which I am by choice) that he does not know or at least has not studied accounting standards. I never said Pakistani courses don’t follow International Accounting Standards, I said “Pakistani books” and this I referred to the books on accounting topics written by Pakistani writers.

Secondly, IASB (International Accounting Standard Board) and FASB (Financial Accounting Standard Board) are two boards who set Accounting Standards they have recently reaffirmed their commitment to improve International Financial Reporting Standards (IFRS) and U.S. generally accepted accounting principles (U.S. GAAP) and to bring about their convergences. They already have in between them 2006 Memorandum of Understanding (MoU), as updated in 2008. IFRS is one thing and IAS could be another.

On the other hand, many of the [U]standards forming part of IFRS are known by the older name of International Accounting Standards (IAS).[/U] IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On 1 April 2001, the new IASB took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and SICs. The IASB has continued to develop standards calling the new standards IFRS.
Now let me come again, the way we in recent days refer to International Accounting Standards is that they are any Accounting Standards recognized internationally. Let me assure you one thing at least, you are not totally wrong and I am totally right. Hope you understand.

Finally, MBAs can never take CAs’ work, CAs are Chartered Accountants and we grow up to be a Financial Analyst. This is my point of view don’t quote me on this. And I even doubt if a CA has more prospects in out of Pakistan than an MBA from internationally recognized university. I am mentioning this only for the sake of mentioning. I am neither trying to prove anything nor trying to answer.

I whole heartedly say, I respect you a lot Omer. I have always loved your name before even knowing you. It’s just that I have recently taken a Financial Statement Analysis hourly (Mid-term).:))