Local and Global Recognition SAFA International Conference on SAARC Economic Challenges ICMA Pakistan and SAFA jointly organized SAFA International Conference on the theme of "SAARC Economic Challenges" on April 28-29, 2017 at Serena Hotel, Management Accountants of Pakistan (ICMA Pakistan) that it hosted SAFA International Conference after three years. The conference was aimed at optimizing the rising opportunities in the South Asian caccountants� fraternity to play effective role in the overall economic development of their countries. This was for the third time that Institute independently organized SAFA International Conference. Prior to this SAFA InternatioConferences were held in 2011and2014. The conference was inaugurated by the whereas concluding session was presided for the first time in the history of the Institute that both inaugural and concluding sessions were attended by the high profile dignitaries of the country. Senate Committee on Finance; Mr. Jameel Ahmed, Dy. Governor SBP; Mr. Muhammad Rafi, Past President SAFA and ICMA Pakistan and Mr. Ashfaq Yousaf Tola, President Tola Associateseminent speakers from within the country and abroadof Embassies of Nepal, Sri Lanka and Japantrade and business graced the sessions. Lasantha Wickremasinghe, President CA Sri Lanka; Mr. NadeemSalim, Vice President ICMA Bangladesh; Mr. CA. Prakash Jung Thapa, Vice President, ICA Nepal; Prof. Lakshman R Watawala; President ICMA Sri Lanka; Mr. Jagathof Finance of Afghanistan. SAFA Board and Committee Meetings On the eve of SAFA conference, ICMA Pakistan hosted SAFA Committee, Board and AssemblyIslamabad on 28th and 30th April, 2017.

Sr. Program/

1 SAFA Committee on Education, Training and CPD2 SAFA Committee on Governmental and

Accounting 3 SAFA Committee on Accounting Standards4. 47th SAFA Board and 84th Assembly Meetings

SAFA International Conference on SAARC Economic Challenges ICMA Pakistan and SAFA jointly organized SAFA International Conference on the theme of "SAARC Economic

29, 2017 at Serena Hotel, Islamabad. It was an honor for the Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) that it hosted SAFA International Conference after three years. The conference was aimed at optimizing the rising opportunities in the South Asian caccountants� fraternity to play effective role in the overall economic development of their countries. This was for the third time that Institute independently organized SAFA International Conference. Prior to this SAFA Internatio

.

the President of Islamic Republic of Pakistan, H.E. Honorable Mamnoon Hussain ing session was presided by Finance Minister of Pakistan, Mr. Mohammad lshaq Dar.

for the first time in the history of the Institute that both inaugural and concluding sessions were attended by the . Conference sessions were chaired by Mr. Saleem Mandviwalla, Chairman

Finance; Mr. Jameel Ahmed, Dy. Governor SBP; Mr. Muhammad Rafi, Past President SAFA and ICMA Pakistan and Mr. Ashfaq Yousaf Tola, President Tola Associates. Heads of SAFA Accounting Bodies and eminent speakers from within the country and abroad participated in the event. Ambassadors and representatives of Embassies of Nepal, Sri Lanka and Japan, professionals and senior executives from

. Foreign delegates who participated as speakers and paneWickremasinghe, President CA Sri Lanka; Mr. Nadeem Yousuf Adil, President, ICA Pakistan; Mr. Mohammed

Salim, Vice President ICMA Bangladesh; Mr. CA. Prakash Jung Thapa, Vice President, ICA Nepal; Prof. Lakshman R ; President ICMA Sri Lanka; Mr. Jagath Perera (Sri Lanka) and Mr. Szymon Radziszewicz, Advisor to Ministry

SAFA Board and Committee Meetings ICMA Pakistan hosted SAFA Committee, Board and Assembly

Islamabad on 28th and 30th April, 2017. During this period the following meetings were held:

Program/ Event

on Education, Training and CPD Friday, 28th of April, 2017on Governmental and Public Sector Enterprises

on Accounting Standards Assembly Meetings Saturday, 30th of April, 2017

ICMA Pakistan and SAFA jointly organized SAFA International Conference on the theme of "SAARC Economic Islamabad. It was an honor for the Institute of Cost and

Management Accountants of Pakistan (ICMA Pakistan) that it hosted SAFA International Conference after three years. The conference was aimed at optimizing the rising opportunities in the South Asian countries and to equip the accountants� fraternity to play effective role in the overall economic development of their countries. This was for the third time that Institute independently organized SAFA International Conference. Prior to this SAFA International

President of Islamic Republic of Pakistan, H.E. Honorable Mamnoon Hussain by Finance Minister of Pakistan, Mr. Mohammad lshaq Dar. It was perhaps

for the first time in the history of the Institute that both inaugural and concluding sessions were attended by the chaired by Mr. Saleem Mandviwalla, Chairman

Finance; Mr. Jameel Ahmed, Dy. Governor SBP; Mr. Muhammad Rafi, Past President SAFA and eads of SAFA Accounting Bodies and

mbassadors and representatives professionals and senior executives from the government, industry,

as speakers and panelists included Mr. Adil, President, ICA Pakistan; Mr. Mohammed

Salim, Vice President ICMA Bangladesh; Mr. CA. Prakash Jung Thapa, Vice President, ICA Nepal; Prof. Lakshman R Radziszewicz, Advisor to Ministry

ICMA Pakistan hosted SAFA Committee, Board and Assembly meetings as well at ollowing meetings were held:

Venue

Friday, 28th of April, 2017

Saturday, 30th of April, 2017

Global Management Accountants Conference [GMAC] Dubai Global Management Accountants Conference (GMAC) at Dubai, UAE was initially scheduled to be held in May 2017. Due to SAFA International Conference in April 2017, GMAC was rescheduled to second half of 2017. Global Management Accountants Conference (GMAC) is now tentatively proposed to be organized on September 16, 2017. Primarily, the purpose of holding GMAC is to expand the presence of ICMA Pakistan at global level and to extend global benefits to the members of the Institute. It is also aimed at apprising the members about the fundamental values and qualities that represent management accounting to improve understanding of the management accounting profession, to align the business process, increase recognition of the crucial role for management accounting in organizations, the changes in the role of management accountants and changes in the required skills sets, tools and techniques. GMAC will support CEOs, CFOs and members of Board of Directors in benchmarking and improving their management accounting systems. It will provide a platform to experts and professionals to add value through exchange of ideas, theories, techniques and experiences. Members will be kept informed about the developments and updates on organizing this mega event. CAPA Events at Beijing China - 24th to 27th May, 2017 CAPA Committee on Public Sector Financial Management CAPA Annual General and Public Sector Financial Management Committee (PSFMC) meetings were held at Beijing, China from May 24-27, 2017. In the said meetings attendees shared public sector related initiatives being conducted by their own PAOs, and the CAPA Chief Executive reported on the latest activities being undertaken by IFAC. Discussions focused on possible future initiatives for the committee including ideas arising from breakout sessions held during the last meeting in Manila. Further work is continuing to develop these ideas. Mohammad Iqbal Ghori, President ICMAP presented a paper on CAPA KPI Index Model on Public Financial Management (PFM). In this presentation it was informed that Public Financial Management (PFM) is crucial to any country�s economic development and helps in achieving aggregate fiscal discipline; strategic resource allocation and efficient public service delivery. Keeping in view the global requirements, integrated and harmonized efforts by CAPA member countries were urged to develop and implement a uniform PFM assessment framework to strengthen public financial management practices. In the above backdrop, the proposal of ICMAP for developing a �KPI Index on PFM� for comparing performance or status of financial management in member countries of CAPA was adopted at CAPA meeting on April 01, 2017 at Manila and it was agreed that this may be a potential project for collaboration with the ADB as well as CAPA�s advocacy for engaging stakeholders in these countries. In furtherance to this decision, a concept paper including proposed guidelines for developing the KPI Index on PFM was presented by ICMAP in CAPA meeting at Beijing. The said paper cited PFM status of few CAPA member countries on identical formats as example Relevant sources of information on PFM were also identified in the paper. Thus ICMAP has taken a lead at CAPA international forum for developing KPI index on PFM.

ICMAP and ICAP Collaboration Presidents, Vice Presidents, Council members and Secretariat officials of ICMAP and ICAP held a meeting in Karachi on May 12, 2017. Participants of the meeting expressed their keenness to foster relation between ICAP and ICMA Pakistan with the intent to promote accounting and audit profession in Pakistan. On this occasion, leadership of both the institutions recognized statutory status of each other and vowed their willingness to work jointly and harmoniously for ensuring corporate governance in Pakistan. In the said meeting both the institutions reaffirmed their commitment to enhance coordination between both the bodies to protect interest of their graduates against the onslaught of foreign accounting bodies. For this purpose it was decided to form a secretariat level �Joint Technical Committee of ICAP and ICMAP� which shall sort out all peripheral details.

The above said committee will work on MRA and prepare proposal for education and examination committees of both the bodies for onward presentation of joint proposals to National Councils of two institutions. The Committee will also deliberate other technical matters pertaining to two accounting bodies and will put forward its recommendations.

Governance and Organization

Facility of E-Library Resource The Institute has enriched its e-Library resources which can be accessed through Institute�s website. The facility may be utilized from any location without being physically present in the library. This collection of e resources offers more than 16,000 business e-books, to assist students and scholars for their various business research, special projects and entrepreneurial needs and help students to understand general business concepts with user-friendly search experience and simple download process. This is a key resource for academic and business school libraries. E-Book Business Collection encompasses a variety of topics, case studies, dictionaries and thesauruses. This resource provides full-text coverage of scholarly articles on business, management, economics etc. published in reputed journals. The collection also includes various publications on a series of topics on different disciplines including accounting, banking, finance, international business, marketing, sales, taxation etc.

Admission targets and achievement Concerted efforts have been made by the Secretariat and campuses to upsurge admissions. To ensure that targets are met, the performance of admissions teams was monitored on regular basis. Performance of all officers and staff is being monitored on the basis of achievement of targets. All employees have been informed that their continuation in service is linked with achievement of assigned targets. Simultaneously, officers and staff with extraordinary performance will be given due recognition and incentives. This will promote a performance based work environment which is the need of time. An upto date admission targets position viz-a-viz achievement of each centre is produced below:

45

45

92

85

23

252

53

161

511

7

8

32

30

10

159

37

117

414

Peshawar

Quetta

Hyderabad

Faisalabad

Rawalpindi

Lahore

Multan

Islamabad

Karachi

Comparison of Actual Admission Vs Targets Admissions Target

Payment of Members� Subscription Vigorous efforts continued in the period under review For this purpose members were approached that with the cooperation of worthy members recovery of outstanding subscription is progressing well. the start of this calendar year an amount of more than Rs.35 million wsupport of our esteemed members an amount of over Rs.9 million 2017. However, dues of around Rs.26 million are fully conscious of their moral and legal responsibility of liquidating their

15.56%Peshawar

Quetta

Hyderabad

Faisalabad

Rawalpindi

Lahore

Multan

Islamabad

Karachi

Percentage Achievement of Admissions Targets

0

1,000

2,000

3,000

4,000

5,000

6,000 Course wise Enrolment

Coaching Courses Correspondence Courses

Spring 16

continued in the period under review for collection of outstanding Members

were approached through various means of communication and we are pleased to share with the cooperation of worthy members recovery of outstanding subscription is progressing well.

the start of this calendar year an amount of more than Rs.35 million was outstanding from 2953 memmembers an amount of over Rs.9 million has been collected from 1011 members upto May

Rs.26 million are yet to be realized from 1942 members.r moral and legal responsibility of liquidating their subscription dues and

15.56%

17.78%

34.78%

35.29%

43.48%

63.09%

Percentage Achievement of Admissions Targets

Course wise Enrolment

Correspondence Courses Distance Learning Courses

Spring 16 Spring 17

Members� annual subscription. communication and we are pleased to share

with the cooperation of worthy members recovery of outstanding subscription is progressing well. To sum up at from 2953 members. With the

collected from 1011 members upto May members. Our respected members are

subscription dues and we are confident that

63.09%

69.81%

72.67%

81.02%

Percentage Achievement of Admissions Targets

Exemptions Courses

with their cooperation most of the unpaid dues will be collected before expiry of the current financial year. Breakup of the amount collected and the amount yet to be realized is produced below in graphical form for information of members:

Karachi: 329Rs.3.25 million

Islamabad: 223Rs.1.77 million

Lahore: 231Rs.1.84 million

Multan: 54Rs.0.45 million

Faisalabad:31Rs.0.24million

Overseas:143Rs.1.61 million

Collection of Members Subscription

Karachi: 538Rs.7.22 million

Islamabad: 356Rs.4.88 million

Lahore: 428Rs.6.41 million

Multan: 39Rs.0.73 million

Faisalabad: 72Rs.0.81 million

Overseas: 509Rs.6.39 million

Subscription yet to be Paid

Companies Act, 2017 Companies Act, 2017 has recently been promulgated with the intent to facilitate the growth of economy in general and corporaterization in particular by providing simplified procedures for doing business, greater protection of investors, a simpler and softer regime for small companies, enable e-governance and to ensure transparent corporate governance. ICMA Pakistan has remained actively engaged during the long consultative process to safeguard interests of our members. This includes filling of our comments and participation in the consultative meetings at Securities & Exchange Commission of Pakistan (SECP) for advocating the due role of Cost & Management Accountants and to create value for all the stakeholders. SECP duly recognized the positive and meaningful contribution by ICMA Pakistan during the whole exercise. A strong ICMA Pakistan delegation, led by the President himself made very convincing presentation before the Senate Standing Committee on Finance, Revenue, Economics Affairs, Statistics and Privatization, headed by Senator Mr. Saleem Mandviwalla, in its session held May 03, 2017. President ICMA Pakistan highlighted the point of view of the Institute in a very effective manner and responded to the queries of worthy members of the Senate. Prior to this a delegation of ICMAP had attended public hearing conducted by the said Senate Committee on the Companies Bill, 2017 at Karachi Chambers of Commerce and Industry and presented concerns of the Institute on the Bill. We are pleased to inform worthy members that the proactive strategy adopted by the Institute resulted into first time recognition of its members for audit of private limited companies having paid up capital upto Rupees three million. This recognition of Cost and Management Accountants for financial audit will open new horizons for its members and promote the profession of management accountants. Donation Drive for CMA Tower Donation drive for construction of CMA Tower was initiated in the month of April 2017. In this connection, letters have been written to more than 40 top executives and entrepreneurs and selected 35 senior members of the Institute including Past Presidents. In this regard, a meeting with President National Bank of Pakistan (NBP) was also held to explore possibilities of sponsoring total cost of auditorium. In general, our members have shown their interest in this drive and we are confident to raise a handsome amount of donation. To facilitate donors, Institute has obtained tax exemption certificate from FBR after hectic efforts and from now onwards all donations / investments made in CMA Tower and other projects of the Institute will be exempt from Income Tax and the donors will be entitled to tax credit for these donations. It is hoped that the grant of tax exemption will give a fillip to sponsorship drive.

Branding and Recognition

Design Uplift of Website The Institute�s website has been re-designed to give a better look. The menu bars have been highlighted on home page to provide quick access to various links. The new design is responsive to various electronic gadgets including mobile, tablets, etc.

Members Testimonials Most of our members serving in the industry have a successful career and they are role model for students and future members. In this connection, initially their messages were hosted and efforts are on way to have their recorded videos.

Education and Examination

Examinations Results for CBE and Extra Attempt Extra Attempt Examinations [EAE], [May 13 to 15, 2017] and Computer Based Examinations [CBE], [May 16 to 23, 2017] were held in May 2017. Results of both these examinations were announced on May 29, 2017 which are summed up as below:

Professional Development Services Foreign Training Opportunities in USAIn the period under review, training program on �PUniversity, Boston, USA was successfully conducted produced below for sharing the sweet memories of the time spent

Karachi: 9 (37%)

Islamabad:3 (13%)

Faisalabad: 2 (8%)

Lahore

660

205

287

82

Karachi Lahore

Computer Based Examination (CBE), May 2017

43%

40%

Professional Development Services

Foreign Training Opportunities in USA program on �Pricing, Growth and Profitability in the 21st Century

was successfully conducted from April 24 to 29, 2017. Some photos of the participations are sweet memories of the time spent together at Harvard:

Lahore:10 (42%)

Karachi: 9 (37%)

Islamabad:3 (13%)

Faisalabad: 2 (8%)

Extra Attempt Examination May 2017 Center wise Result

Lahore Karachi Islamabad Faisalabad

149

70 48 2669

27 19 5

Islamabad Hyderabad Multan Faisalabad

Computer Based Examination (CBE), May 2017 Center-wise Results

Appeared Passed

46%39% 40% 19%

ricing, Growth and Profitability in the 21st Century� at Harvard ome photos of the participations are

Extra Attempt Examination May 2017

27 11

Faisalabad Peshawar

Computer Based Examination (CBE), May 2017

19% 41%

Directors Training Programme The Institute held 12th Directors� Training Program on May 20, 21, 22, 23 & 24, 2017 at PC Hotel, Karachi. In total 13 participants hailing from public and private listed companies attended the program. Technical sessions were conducted by Mr. Hanif Idrees, CFO and Company Secretary, DHL Pakistan; Abdul Rahim Suriya, Consultant, Practicing Member and Former President ICAP; Mr. Tariq Hussain, Executive Director Damsel Consulting and Former Director SECP and Mr. Muhammad Rafi, Former Executive Director OGDCL, President SAFA and ICMAP. In the concluding session certificates and souvenirs were distributed among the participants by Mr. Anis-ur Rehman, Vice President and Mr. Mohammad Raza Baqir, Executive Director of the Institute.

CPEC Conference Due to the prospecting high impact value on economy of Pakistan, China and other stakeholders, CPEC has become talk of the town. CPEC is considered as the game changer project. Keeping in view the enormous benefits associated with CPEC, the Institute intends to hold a mega CPEC Conference at Lahore in August 2017, Lahore has been selected as venue of this conference keeping in view that it is hub of activities related to CPEC. Added to this, it has been planned to hold conferences at Karachi, Faisalabad and Multan center on emerging business trends. Cost Accounting Standards The new Cost Accounting Standards (CAS 13 to CAS 22) have been finalized and reviewed and would be published after vetting by the Cost Accounting Standards Board formed by the National Council. The revised version of the Cost Accounting Standards booklet would cover all twenty-two Standards i.e. i.e. CAS 1 to CAS 22. Technical Boards Banking Training and Technical Advisory (BTTA) Board In the period under review, BTTA held its third meeting. Apart from its agenda to enhance the Institute�s participation in policy making, it has been decided to launch training programs on (i) Trade Finance Foreign Exchange; (ii) Islamic Banking & Its importance; (iii) Information Security Management System and (iv) Branch Banking Audits.

SME Board SME Board held two meetings in April and May 2017. The Board has deliberated various matters for capacity building of SMEs. Representatives from State Bank of Pakistan (SBP) and SMEDA were also included in the Board to enhance its effectiveness. The Board has also signed MoU with Center for International Private Enterprise (CIPE). In terms of this MoU, both the institutions will jointly conduct seminars, workshops and lectures throughout Pakistan to create awareness about malpractices which adversely affect credibility of business organizations in dealing and trading within the country and abroad. This MoU inter alia provides for facilitating the Ministries, Regulators and overseeing agencies to develop policies and procedures to conduct audit and monitor transactions especially with reference to anti-corruption. The two institutions will also pool up their resources to carry out research and publish reports for use of all stake holders including Ministries, Regulators, organizations and general public.

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