Page 14 - Newsletter-June2017

Newsletter The Institute of Chartered Accountants of Pakistan Fifth Saudi-Pak Accountancy Symposium in Riyadh ontinuing with its tradition, the Overseas Chapter the finance professionals and hoped that they will meet Cof ICAP members in Kingdom of Saudi Arabia (KSA) the expectations gracefully. “We as SOCPA are delighted organised the fifth annual Saudi-Pak Accountancy to work with ICAP for the past six years with valuable Symposium at the Ritz Carlton Hotel in Riyadh on May contribution to the profession in the Kingdom.” 17, 2017. The theme of the symposium was Vision 2030: Role of the Finance Profession. The chief guest on the Nadeem Yousuf Adil, president ICAP said, “ICAP along with occasion was Tareq Al Sadhan, director general General its Overseas Chapter of ICAP members in KSA is proud to Authority of Zakat & Tax (GAZT). partner with SOCPA in achieving the Saudi Vision 2030 by organising professional events in KSA and supporting Other high profile guests and speakers included, vice SOCPA in their major projects.” Admiral (Retd.) Khan Hasham Bin Saddique, ambassador of Pakistan to the KSA, Dr. Ahmad Almeghames, The agenda of the symposium also shed light on two secretary general Saudi Organisation for Certified Public important topics currently making headlines in the local Accountants (SOCPA) and Nadeem Yousuf Adil, president media, namely: Transition to International Financial The Institute of Chartered Accountants of Pakistan (ICAP). Reporting Standards (IFRS) in KSA and Value Added Tax (VAT). The panel session on IFRS transition was very well- The chief guest Tareq Al Sadhan said that “soon the detailed received by the audience and agreed with the conclusion legislation for Value Added Tax (VAT) will be issued, and that professional skill is vital for effectively applying the GAZT is open to any suggestions from professionals like principle-based approach to financial reporting. The you." panellists were Fawaz Al-Fawaz, global CFO Tasnee, Khalil Al-Sedais, partner KPMG Al-Fozan & Partners, Ahmed Speaking on the occasion, the newly appointed Abdelfattah, director Assurance Ernst & Young Riyadh, ambassador of Pakistan to KSA said, “It is indeed a privilege and Yves Graf, head of Corporate Finance Almarai Group. to witness the august gathering of finance professionals.” Moazam Ali Shah, group CFO Al Zamil Industry Trade & He said he is committed to continued patronage by Transport KSA was the moderator. the Pakistan Embassy of the activities of the Overseas Chapter of ICAP members in KSA. He also emphasised The panel session on VAT in the Kingdom was a very that “the Saudi and Pakistani accountancy professionals interactive that focused on the pre-requisites of the will continue to foster the spirit of sharing and learning, VAT implementation as well as the implications and the especially in the backdrop of opportunities that Vision impact on the business in the Kingdom. The panellists 2030 has bestowed, which along with China Pakistan were Alhaitham A. Al-Ghothami, Economic advisor Economic Corridor (CPEC) will InShaAllah bring increased General Authority of Zakat & Tax, Nauman Ahmed, Tax economic prosperity to the two brotherly countries.” partner Deloitte & Touche (ME), Chadi Abou-Chakra, director Indirect Tax and Fiscal Policy PWC KSA, Irfan Special guest Dr. Ahmad Almeghames spoke on Jawaid Nagi, group CFO Tanmiah Foods Group. Adnan Accountancy Profession and Vision 2030. He Mufti, Tax partner Moore Stephens Shekha & Mufti was highlighted that the Vision 2030 poses a big challenge for the moderator. 14 June 2017