45th Annual Report - ICMA PAKISTAN · 4 45thAnnualReport2011 Period President VicePresident HonorarySecretary HonoraryTreasurer 1951-55 Mr.MuhammadShoaib —— — 1955-60 Mr.MumtazMirza

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45th Annual Report 2011

TABLE OF CONTENTS

• Notice of Meeting ................................................................................................ 02

• The National Council .......................................................................................... 03

• Past Office Bearers ............................................................................................ 04

• Secretariat .......................................................................................................... 05

• Bankers, Auditors, Legal Advisor & Registered Office........................................ 06

• Happy Moments .................................................................................................. 07-12

• President's Review .............................................................................................. 13-14

• Council's Report to the Members ........................................................................ 15-23

• Financial Highlights ............................................................................................ 24

• Auditors' Report to the Members ........................................................................ 25

• Balance Sheet .................................................................................................... 26

• Income & Expenditure Account .......................................................................... 27

• Cash Flow Statement .......................................................................................... 28

• Statement of Changes in Reserves .................................................................... 29

• Notes to the Financial Statements ...................................................................... 30-49

• Standing and Non-Standing Committees............................................................ 50-51

• Meetings and Attendance of Committees .......................................................... 52

• Branch Councils 2011.......................................................................................... 53-54

• Notes .................................................................................................................. 55-56

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Notice of Forty-fifth Annual General Meeting

Notice is hereby given under Regulation 63 of the Cost and Management Accountants Regulations, 1990for holding the Forty-fifth Annual General Meeting on Saturday, October 29, 2011 at 6:30 p.m. at theInstitute of Cost and Management Accountants of Pakistan, ST-18/C, Block-6, Gulshan-e-Iqbal, Karachi,to transact the following business:

1. To confirm the minutes of forty-fourth Annual General Meeting of the Institute held on December 31,2010.

2. To receive, consider and adopt the Report of the Council and the Accounts of the Institute for theyear ended June 30, 2011 and the Auditors’ Report thereon.

3. To appoint auditors for the ensuing year and to fix their remuneration.

4. To consider any motion(s) submitted at least 7 days before the meeting, under Regulation 64 of theCost and Management Accountants Regulations, 1990.

5. Any other business with the permission of the Chair.

By order of the Council

Zia-ul-Mustafa Awan, FCMAHonorary Secretary

Karachi: Wednesday, September 21, 2011

Notes:

Motion under the above-said Regulation 64, if any, should be sent to the Secretary and reached at ICMAPBuilding, ST-18/C, ICMAP Avenue, Block-6, Gulshan-e-Iqbal, Karachi-75300, Fax # : 99243342,e-mail: [email protected], latest by October 22, 2011.

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NATIONAL COUNCIL 2009-11(Constituted under Section 9(2) of the Cost and Management Accountants Act, 1966)

As on June 30, 2011

* Nominated by the Federal Government under Section 9(2)(c) of the Cost and Management Accountants Act, 1966

Hasan A. BilgramiPresident

Mohammad HanifVice President

Zia-ul-Mustafa AwanHonorary Secretary

Ghulam MustafaHonorary Treasurer

M. Ayub Khan Tarin*Member

S. Tariq Asaf Hussain*Member

Mansur-ur-Rehman Khan*Member

Masud Muzaffar*Member

Muhammad RafiMember

Sajjad AhmadMember

Mirza Munawar HussainMember

Shahzad Ahmad AwanMember

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Period President Vice President Honorary Secretary Honorary Treasurer

1951-55 Mr. Muhammad Shoaib — — —

1955-60 Mr. Mumtaz Mirza — — —

1961 Mr. Mumtaz Mirza Mr. N. M. Postwala Mr. M. Anwar Hussain —

1962 Mr. Mumtaz Mirza Mr. N. M. Postwala Mr. Iqbal Ahmad —

1963-66 Mr. Mushtaq Ahmed Mr. N. M. Postwala Mr. Khurshid Ahmad —

1966-69 Mr. Muhammad Shoaib Mr. Iqbal Ahmad Mr. Khurshid Ahmad Mr. Habibullah Butt

1970-72 Mr. Iqbal Ahmad Mr. M. Yakub Mr. Khurshid Ahmad Mr. Anis Ahmed

1973-75 Mr. Muhammad Yakub Mr. Khurshid Ahmad Mr. Habibullah Butt Mr. Anis Ahmed

1976-78 Mr. Khurshid Ahmad Mr. Riyaz H. Bokhari Mr. Habibullah Butt Mr. Saeed Akhtar Saiyid

1979-84 Mr. Riyaz H. Bokhari Mr. Habibullah Butt Mr. Mahmood Ashraf Mr. S. Qaiser Hussain

1985-87 Mr. Riyaz H. Bokhari Mr. Ainuddin Siddiqi Mr. S. Qaiser Hussain Mr. Raees A. Siddiqi

1988 Mr. Riyaz H. Bokhari Mian Mumtaz Abdullah Mr. S. Qaiser Hussain Mr. Saeed Akhtar Saiyid

1989 Mr. Riyaz H. Bokhari Mian Mumtaz Abdullah Mr. S. Qaiser Hussain Mr. Qaisar P. Mufti

1990 Mr. Riyaz H. Bokhari Prof. Dr. Kh. Amjad Saeed Mr. N. K. Damani Mr. Jamal Abbas Zaidi

1991-93 Mian Mumtaz Abdullah Prof. Dr. Kh. Amjad Saeed Mr. Jamal Abbas Zaidi Mr. Maudood A. Lodhi

1994-96 Mian Mumtaz Abdullah Mr. Qaisar P. Mufti Mr. Maudood A. Lodhi Mr. M. Ashraf Bawany

1997-99 Prof. Dr. Kh. Amjad Saeed Mr. Maudood A. Lodhi Mr. M. H. Asif Mr. Badruddin Fakhri

2000 Mr. M. H. Asif Mr. M. Ashraf Bawany Mr. Badruddin Fakhri Mr. Muhammad Rafi

2001 Mr. M. Ashraf Bawany Mr. Badruddin Fakhri Mr. Muhammad Rafi Mr. Mutee-ur-Rehman Mirza

2002 Mr. Badruddin Fakhri Mr. Muhammad Rafi Mr. Mutee-ur-Rehman Mirza Mirza Mr. Abdus Sattar

2003-04 Mr. Sher Afgan Malik Mr. Muhammad Rafi Mr. Raheel Asghar Ginai Mr. M. Azam Khan Shad

2005 Mr. Muhammad Rafi Mr. Qaisar P. Mufti Mr. M. Azam Khan Shad Mr. M. Azam Khan Shad

2006-08 Mr. Sher Afgan Malik Mr. Mutee-ur-Rehman Mirza Mr. Mohammad Arif Nara Mr. M. Azam Khan Shad

PAST OFFICE BEARERS

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SECRETARIATHead OfficeExecutive Director Mushtaq Ahmed Madraswala, FCMA

EducationDeputy Director Rehana Ali, FCMADeputy Director Naila KhanConsultant Education Shahida Khan, ACMA

ExaminationDirector Imran Ahmed KaratelaSr. Deputy Director Mohammad Ahmed Khalil Faysal, FCMADeputy Director Muhammad Salim, ACMADeputy Director Muhammad Zafar HamidDeputy Director Farough Ali Naweed, ACMA

AdministrationDeputy Director Muhammad Akram, FCMA

Corporate RelationsDirector Muhammad Kamran JamilDeputy Director Muhammad Khalid Bhatti

Internal AuditDirector Mirza Asif Ali Jah, FCMA

Coordination/Members’ Affairs/CPD/PR/J&PDirector Ghazala Yunus

FinanceActing Director Shabana Naz, ACMA

ResearchDeputy Director Shahid Anwar

Information TechnologySenior Deputy Director Sohail Kamal

Central RegionLahoreDirector Sh. Mahmood-ul-Hassan, FCMADeputy Director Corporate Relations Muhammad Hussain, FCMADeputy Director Education Saima Shehzadi, ACMA

MultanDeputy Director Muhammad Sajjad, ACMA

FaisalabadCentre In-charge Sultan Khurram Shahzad

Southern RegionKarachi, Hyderabad and QuettaDeputy Director Lal Muhammad Lakhan

Northern RegionIslamabadDirector Aftab Ali KhanDeputy Director Bilal Ahmed, ACMA

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BANKERS

National Bank of Pakistan Habib Bank Limited

MCB Bank Limited Allied Bank Limited

Habib Metropolitan Bank Limited Askari Bank Limited

NIB Bank Limited Bank Al-Habib Limited

Faysal Bank Limited Soneri Bank Limited

United Bank Limited

AUDITORS

M. Yousuf Adil Saleem & Company,Chartered Accountants

LEGAL ADVISOR

Justice (R) Dr. Ghous Muhammad

REGISTERED OFFICE

ICMAP Building, Hussain Shah Shaheed Road, Soldier Bazar, Karachi-74400, Pakistan.Phone No. 99215050 - 99215688

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SOME HAPPY MOMENTSInternational Events

Mr. A. N. Raman, President SAFA receiving plaque from Mr. Hasan A. Bilgrami, PresidentICMAP at the occasion of International Conference on Corporate Finance and Economic

Challenges on April 9, 2011 at Karachi

From L to R: Mr. A. N. Raman, President SAFA; Mr. Hasan A. Bilgrami, President ICMAP; Mr. Muhamamd Rafi, Chairman CPD Committee and Vice President SAFA; Mr. SirajuddinAziz, CEO Bank Alfalah Ltd.; Syed Asad Ali Shah, IFAC Board Member; Mr. Khalid Mahmood, MD & CEO Getz Pharma; Prof. Lakshman R. Watawala, President SCMA Sri Lanka;Mr. Khondkar Atique-e-Rabbani, Member ICA Bangladesh; Mr. Ebrahim Qassim, Chairman Shield Corporation Ltd.; Mr. Muzaffar Ahmed, Council Member, ICMA Bangladesh;Mr. Masoud Ali Khan, CFO & Company Secretary, Javedan Cement Ltd.; Mr. Mohammed Hanif, Vice President ICMAP & Master of Ceremony; Prof. Dr. Khawaja Amjad Saeed,

Principal Hailey College of Banking & Finance and Former President SAFA; Mr. Abhijit Bandyopadhyay, Council Member, ICA India; Mr. Mushtaq A. Madraswala, Executive DirectorICMAP; and Mr. Muhammad Kamran Jamil, Director Corporate Relations, ICMAP & Master of Ceremony at International Conference on Corporate Finance and Economic

Challenges on April 9, 2011 at Karachi

Participants belonged to SAFA Member Accounting Bodies at SAFA Summit 2010at Khatmandu, Nepal

Representatives of SAFA Member Accounting Bodies at Board Meeting at Khatmandu,Nepal

Mr. Mohammed Hanif, Vice President representing ICMAP at 2nd CMA GlobalManagement Accounting Summit at Colombo, Sri Lanka

President SAFA, Mr. A. N. Raman and President, SCMA Sri Lanka in a meeting withICMAP Secretariat at Head Office Karachi

From L to R: Mr. Muhammad Rafi, Chairman CPD Committee; Mr. Rana MuhammadSanaullah, Provincial Minister; Mr. Hasan A. Bilgrami, President ICMAP; Mr. MuhammadAbdul Basir, Deputy Auditor General of Pakistan; Mr. Mohammed Hanif, Vice President

ICMAP and Mr. Ghulam Mustafa Qazi, Treasurer, ICMAP

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Continuing Professional Development Events

From L to R: Mr. Aamir Ejaz Khan, Chairman LBC; Mr. Awais Saeed Piracha, ChairmanTraining & Dev. (LCC&I); Mr. Zia-ul-Mustafa Awan, Secretary ICMAP; Mr. Ansar Javed,Chief Commissioner Inland Revenue Lahore; Mr. Hassan Amjad, Chairman TQM(LCC&I); Mian Muhammad Ramzan, Partner TMRC and Mr. Abdul Razzaq, CEO,

A.R.& Co at a Post Budget Seminar at Lahore Centre.

Mr. Muhammad Younus Ghazi, FCA delivering speech in a Post Budget Seminar atMultan Centre whereas (From L to R) Mr. Muhammad Waqas Khalid, ACMA; Mr HafeezAhmad, FCMA; Chairman MBC; Mr. Imran Shareef and Mr. Athar Baig ACMA are sitting

on the stage.

From L to R (Sitting): Mr. Suvod Kumar Karn, ICA Nepal; Mr. B.M. Sharma, ICWA India; Prof. Lakshman R. Watawala, President SCMA Sri Lanka; Mr. Muhammad Rafi, VicePresident SAFA and Council Member ICMAP; Mr. A. N. Raman, President SAFA; Mrs. Parveen Mahmud, President ICA Bangladesh; Mr. G. Ramaswamy, President ICA India;

Mr. T. Karthikeyan, Permanent Secretary, SAFA; Mr. Mushtaq A. Madraswala, Executive Director, ICMAPFrom L to R (Standing): Mr. Asim Husain Khan, Nodal Officer, ICMAP; Mr. Arjuna Herath, ICA Sri Lanka; Mr. Sunir Kumar Dhungel, ICA Nepal; Mr. Nasrat Hassan, Nodal OfficerICA Bangladesh; Mr. Kunal Banerjee, ICWA India; Mr. Shahadat Hossain, ICA Bangladesh; Mr. Md. Syful Islam, ICA Bangladesh; Mr. S Rajapakse, ICA Sri Lanka; Mr. AmarjitChopra, ICA India; Mr. Devaraja Reddy, ICA Sri Lanka; Mr. Abdul Rahim Suriya, Council Member ICAP; Mr. Muzaffar Ahmed, Council Member ICMA Bangladesh; Mr. G.N.

Venkataraman, ICWA India; Mr. Anis-ur-Rehman, Member ICMAP; Mr. Sudhir Kumar Sharma, Executive Secretary to President SAFA; Mr. Mudit Vashishtha, Nodal Officer ICA India.

SAFA delegates from India and Bangladesh on their visit to Institute’s Head Office.(Standing From L to R) Ms. Naila Khan, Dy. Director Library; Ms. Shabana Naz, ActingDirector Finance; Ms. Ghazala Yunus, Director Secretariat; Ms. Parveen Mahmud,President ICA Bangladesh; Mr. A. N. Raman, President SAFA; Mr. B. M. Sharma,President, ICWA India and Mr. Mushtaq A. Madraswala, Executive Director ICMAP

Mr. A. N. Raman, President SAFA cutting a cake at a dinner reception in the honor ofSAFA delegates hosted by a member of the Institute at a newly established shopping

Mall at Karachi. Mr. Mohammed Hanif, Vice President ICMAP (extreme left);Mr. Muhammad Rafi, Vice President SAFA (2nd from the left) and Ms. Parveen Mahmud,President ICA Bangladesh (2nd from the right) and Mr. Hanif Siddiq, Member ICMAP

(extreme right) are also present on the occasion.

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From L to R: Mr. Shahzad Ahmed Awan, Council Member ICMAP at a Post BudgetSeminar in Faisalabad flanked by Mr. Ashfaq Hussain, Chairman Faisalabad Branch

Council (on the left) and other speakers.

The members of Faisalabad in a group photo with Mr. Sajjad Ahmed, Council Member,ICMAP after a seminar hosted by Faisalabad Branch Council

From L to R: Mr. Ehsan Elahi Vohra, Vice Chairman KBC; Mr. Mohammed Hanif, Vice President ICMAP; Mr. Yaseen Anwar, Deputy Governor, State Bank of Pakistan;Mr. Tariq Hussain, Chairman KBC; Syed Sardar Ahmed, Senior Minister, Sindh; Dr. Amjad Waheed, CEO, NAFA; Mr. Ghulam Mustafa Qazi, Treasurer ICMAP and

Mr. Mushtaq A. Madraswala, Executive Director ICMAP at 60th Management Accountants Day at Karachi.

From L to R: Mr. Mushtaq A. Madraswala, Executive Director ICMAP, Mr. Lal Muhammad Lakhan, Deputy Director Southern Region and Mr. Mr. Muhammad Kamran Jamil, DirectorAwareness & Promotion were present at a first CAM Counseling Seminar at ICMAP Head Office, Karachi which was also attended by representatives of IREPs.

Campus Activities

Mr. Asrar Rouf, Additional Secretary (Revenue Division), FBR receiving plaque at a Post Budget Seminar at Islamabad whereas Mr. Abdul Khalil, Chairman Islamabad BranchCouncil is also present on the occasion.

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From L to R (front): Mr. Ghulam Dastgeer, Dy. Director Northern Region, Mr. Muhammad Hussain, Dy. Director Corporate Relations, Central Region; Mr. Mushtaq A. Madraswala,Executive Director ICMAP; Mr. Mohammed Hanif, Vice President ICMAP; Mr. A. N. Raman, President SAFA; Ms. Lakshmi Raman; Mr. Abdul Rahim Suriya, Council Member andPast President ICAP; Mr. Majeed Uddin Khan, Member ICAP, Mr. Sudhir Kumar Sharma, Executive Secretary SAFA; Ms. Mehreen, and Ms. Jahan Ara, CAM Students in a group

photo with the students’ organizer (standing on back) at the occasion of 1st CAM Anniversary at Karachi.

Mr. Muhammad Kamran Jamil, Director Corporate Relations signing on behalf of ICMAPfor taking over City Campus facilities renovated under ICMAP – USAID MOU.

Mr. Mushtaq A. Madraswala, Executive Director ICMAP and Mr. Muhammad KhalidBhatti, Dy. Director Corporate Relations whereas USAID was represented by Ms. ErikaHoffman Kiess, CDC Coordinator, USIAD Pakistan JOBS Project, ABT Associates (sittingon left) and Deputy Chief of Party, Community Rehabilitation Infrastructure Support

Program (CRISP) (sitting on right) are also present on the occasion.

Mr. Mushtaq A. Madraswala, Executive Director ICMAP in a group photo with professorsof different colleges, organizers and counselors at a “Counseling of Counselors”

program at City Campus, Karachi.

Pir Mazhar-ul-Haq, Senior Minister for Education, Sindh visited ICMAP Stall at anExhibition at Karachi

Prospective Students visiting ICMAP stall at and exhibition at Karachi for the promotionof CMA and CAM programs.

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Mr. Zia-ul-Mustafa Awan, Secretary ICMAP giving away trophy to the winner of ICMAPCricket Tournament at Lahore.

Mr. Hamid Zia, student of CAM Pioneer Batch receiving a certificate from Pir Mazhar-ul-Haq, Senior Minister for Education, Sindh at ICMAP Bilingual Declamation Contest (IBDC)

2011 held under Career Development Centre (CDC) at City Campus Karachi.From L to R: Mr. Muhammad Kamran Jamil, Director CDC, Mr. Mohammed Hanif, VicePresident ICMAP and Mr. Mushtaq A. Madraswala, Executive Director ICMAP are also

present.

A meritorious student receiving Certificate of Merit from Mr. Mushtaq A. Madraswala,Executive Director ICMAP on the occasion of ‘Meet the Examination Committee’ day atCity Campus, Karachi. Mr. Mohammed Hanif, Chairman Examination Committee (3rd Left)along with other members of Examination Committee, namely, Mr. Ghulam Mustafa Qazi(1st Left) and Mr. Shahzad Ahmed Awan (2nd Left) are also present on the occasion.

Mr. Nizamuddin receiving faculty roll of honor with Mr. Mohammed Hanif, ChairmanExamination Committee and Mr. Zia-ul-Mustafa Awan, Secretary ICMAP at ‘Meet theExamination Committee’ day at Lahore. Mr. Muhammad Yasin (1st Left), Mr. ShahzadAhmed Awan (4th Left) and Ms. Samia Ashraf Bhatti (extreme right) are also present on

the occasion.

A National Coordination Session is in progress at Lahore Centre to devise strategy forCorporate Relations, Awareness and Promotion and Students Training and Developmentare in progress which was attended by (From 0 – 180 degree) Mr. Nisar Ahmed, Dy.Director Faisalabad Centre; Mr. Ghulam Dastgeer, Dy. Director Islamabad Centre;Mr. Muhammad Kamran Jamil, Director Corporate Relations; Shaikh Mahmood-ul-

Hassan, Director Central Region; Mr. Muhammad Hussain, Dy. Director Lahore Centreand Mr. Sajjad Ahmed, Dy. Director Multan Centre.

From L to R: Ms. Rehana Ali, Dy. Director Education; Ms. Naila Khan, Dy. DirectorLibrary; Ms. Ghazala Yunus, Director Secretariat; Mr. Nayyar Iqbal, Assistant CRD,

Mr. Muhammad Khalid Bhatti, Dy. Director CRD; Mr. Mark Nolen – Chief of Party, USAIDPakistan JOBS project, CARE International in Pakistan; Mr. Mushtaq A. Madraswala,Executive Director ICMAP; Mr. Muhammad Kamran Jamil, Director CRD; Mr. AdnanNoor, Intern CRD and Mr. Asif Ali Jah, Director Internal Audit on the inauguration ofCareer Development Centre (CDC) established in collaboration with USAID.

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The contestants of All Pakistan In-house Micro Budget Planning Competition (MBPC) 2011 from ICMAP Head Office, City Campus, SACE, IMAP and Lahore Centre in a group photowith the Judges and Executive Director.

The students of CAM Pioneer Batch in a group photo with the trainers and organizers of Active Citizen Learning Program jointly hosted by ICMAP, British Council and Tameer – ShellLiveWIRE Trust.

Mr. Naeem Akhtar Yousuf, Director Indus Pencil Industries Ltd. and Mr. Muhammad KamranJamil, Director Corporate Relations with CAM students on an industry visit at Karachi.

Mr. Nisar Qureshi, briefing to CAM students on their visit to Searle Pakistan Ltd. as partof industry exposure.

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PRESIDENT’S REVIEWIt is an honor for me to attach my review along with 45th audited Annual Report of the Institute of Costand Management Accountant of Pakistan. The writing of this year’s review also concludes the three yeartenure of the Council.

The term of this Council started with some heavy work at hand. The Institute was enduring an operatingloss for many years; the high school intake program was in discussion since early nineties without anyheadway; the last time Act was revised in 1976; two curriculums were in vogue in the Institute and therewere concerns about the examination system. There were also challenges about subscription receivedfrom members. I am glad to report that in three years we made progress on all fronts. I will take thisopportunity to briefly talk about each of these areas.

The Institute is reporting an operating surplus for the first time in three years. During the year underreview, the net surplus before allocation to specific reserves is Rs.31.26 million as against Rs.9.97 millionin the fiscal year 2008-2009. The increase in revenue and better financial management are the two mainreasons for this achievement. The Education continues to be a drain on resources. As I had pointed out inmy previous review, global accounting bodies are moving out from the education activity, leaving it tospecialized providers. While we took the first step of outsourcing, I hope the new Council will take itfurther. Without rationalizing the fee structure and outsourcing some of the activities, the Institute’s longterm financial viability would remain under stress.

The second achievement for this Council is the introduction of High School Program, called Certificate inAccounting and Management (CAM). Despite its slow start, as is the case with every new activity, theprogram is by all standards a resounding success. I had stated in the last Annual General Meeting atIslamabad that by end of 2011 we shall have at least 1,000 students in it. I am pleased to report that weactually expect to have more than anticipated enrolments by December 2011. The program is well on itsway to get us at least 5,000 students during the next three years. This should be a sigh of relief for thoseof us who were concerned about declining enrolments. The first and second batches of 139 and 256students were inducted in July 2010 and January 2011 respectively . By the time you will receive thisreview, Alhamdolillah the first batch will be completing its 3rd Semester.

It may not be out of place to mention further improvements that we brought in other areas of education. Theimprovements were made in the correspondence course with centralized marking, online tests and accessof material through a portal. The Institute also initiated the focused study material project which hasresulted in publication of study packs on (i) Fundamentals of Management; (ii) Business English; (iii)Business Law; and (iv) Economics - while other study packs are in the pipeline. This milestone was alsoachieved after being in discussion for many years.

The Examination system was further fine tuned to bring it in line with the modern requirements. Majoremphasis has been accorded to evaluate learning according to syllabus, current trends and application ofknowledge. Along with the improvement in marking system, the emoluments of the markers and papersetters were revised generously to bring in fresh blood and ideas. The result of all these initiatives is anoverall improvement in the passing ratio of the students. I am thankful to the Chairman of the ExaminationCommittee, Mr. Mohammed Hanif who went beyond his call of duty to ensure all these milestones.

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The revision of Cost and Management Accountants Act 1966, which started last year culminated this year.Subsequent to a comprehensive revision by Mr. Tariq A. Husain, in the light of suggestions of the StrategicPlan Implementation Committee, the proposed draft was put on the Institute’s website for comments by themembers. As I write the report, these comments will be considered by the Council Insha’Allah and soonafter which the proposed draft shall be sent to the Ministry of Finance for onward submission to theMinistry of Law and finally to the Parliament. I must put on record our deep appreciation for the efforts ofMr. Tariq A. Husain who singlehandedly undertook this task with utmost ability and care, and he was ablyassisted by the Executive Director and Mr. Muhammad Kamran Jamil.

During the year under review, ICMAP has also been honored with the election of Mr. Muhammad Rafi asVice President SAFA who Insha’Allah will assume the role of President SAFA in the year 2012. I am alsopleased to share that on behalf of ICMAP, recently Mr. Masud Muzaffar has been selected on IFAC’sInternational Public Sector Accounting Standards (IPSAS) Board. This is a great achievement andrecognition of the Institute at the international level.

This Council will also leave with a clean slate on the matters pertaining to the Disciplinary Committee.Again, I am grateful to my colleagues, Mr. Masud Muzaffar and Mr. Ayub Khan Tarin for their dedication andcommitment to this rather unpleasant task.

There are a few unfinished agenda items as well. We would like to launch the first specialization programin the remaining tenure to set the trend. Due to economic slowdown, the interaction with the industry couldnot be built as we had craved for. Nevertheless, there is always room for improvement and we are mindfulof that.

It is also appropriate to record appreciation, on behalf the Council, to nominated members for theircommitment and hard work. Mr. Mansur-ur-Rehman Khan ably chaired the Audit Committee for threeyears, thereby firmly establishing the Audit function the way it should be. Mr. Masud Muzaffar, apart fromgiving final shape and launching the book on ‘History of Management Accounting Profession in Pakistan’also developed the first set of Cost Accounting standards for some of the Industries. Mr. Ayub Khan Tarinremained an active member of this Council and played a pivotal role in every decision the Council tookduring last three years. Mr. Tariq A. Husain spearheaded the revision of CMA Act. The Council is deeplyindebted to the Government of Pakistan for these quality nominations and hope the trend will continueInsha’Allah in future as well.

Let me conclude by thanking you of your continued support and guidance during my tenure as President.I sincerely hope that my successor will have equal, if not better support.

Hasan A. BilgramiPresident

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COUNCIL’S REPORT TO THE MEMBERSThe Council of the Institute of Cost and Management Accountants of Pakistan (ICMAP) is pleased to present its 45th AnnualReport along with audited accounts for the year ended June 30, 2011. The salient activities and events are summarised asbelow:-

1. Strategic Plan

During the year under review, the high school entry program firmly established its roots. The program is still in growthphase and we are optimistic that once it will be in full flow i.e., when the first batch will reach its final stage, Insha’Allah,the strength will exceed 8,000 students. Connected to it was successful outsourcing of coaching to RegisteredEducation Providers (REPs). Alhamdulillah, now ICMAP’s strength has increased and the concept is taking its root with30 nationwide partners. About half of the REPs at Karachi have inducted three batches each. The REPs are impartingquality education, which is evident from the recent examination results.

During the fiscal year 2010-11, the strategic process was initiated to shift the sessions and make them comparable tomarket demand. According to revised academic sessions, now the classes of Fall and Spring sessions will commencein October and April respectively. Regular examination for the Fall session will now be held in the month of February andfor the Spring session in the month of August. Similarly, to improve the quality and bring uniformity, the class tests havebeen centralized while efforts are underway to arrange online testing by end of fiscal year.

Another significant achievement of the Council is the complete review of the Cost and Management Accountants Act,1966. The initiative was taken in view of recent developments in the management accounting profession over the years,to meet the new challenges of the market and expectations of stakeholders. Following below is the compilation by theCommittee headed by Mr. S. Tariq Asaf Husain, the proposed revisions were made available for comments by themembers. The final draft is expected to be finalized in October after which it would be submitted to the Government ofPakistan for legislation.

The strategic decision of collaboration with CIMA, providing opportunity for the members to appear in the CIMA’sstrategic level through a CGPA examination, was warmly welcomed by the members. A ‘Memorandum ofUnderstanding’ (MOU) in this respect was also signed between ICMAP and CIMA, UK. During the fiscal year 2010-11,more than 100 members appeared in CGPA examination to qualify for CIMA strategic level.

The strategic initiatives taken by the Examination Department to bring qualitative improvement in the examinationpapers, focuses on the material for assessment, declaration of marks, administrative review, extra attempt examination,provision for extra minutes for question review and concentrates on question data bank to strengthen MCQs basedsystem, delivered significant results. The overall examination results have improved from 9% to 28% for CMA programand pass percentage touched 70% in the CAM program.

2. Membership

During the year, 174 new finalists were admitted as Associate members while 96 members were elevated to Fellowship.Keeping in view the stringent policy of members’ subscription, 131 members were removed from the register whereas53 members whose names were removed last year got themselves restored in the fiscal year 2010-11. As is customary,a directory of members was published this year as well. The membership position as of June 30, 2011 is as under:

Particulars 2010-11 2009-10As on 30th June 3,668 4,000Add: New Admissions 174 167

Restorations 53 93

Total Membership 3,895 4,260Less: Removal 131 592

Deaths 10 —

Net Members on Register 3,754 3,668

ACMA 2,751 2,736FCMA 1,003 932

Membership Strenght in last 5 Years

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3. Continuing Professional Development (CPD)

Continuing professional development is an important activity to keep the members abreast with the latest developmentsin the profession. The Institute and its branches played an active role throughout the year under review to organizeconferences and seminars, workshops, and lectures at local, regional, national and international level.

As part of CPD program, in March 2011, the CPD, Seminars and Conference Committee (CPDSC) organized aConference on “Public Sector Accounting in Pakistan” at Lahore. The deliberations made in the conference provided anin-depth analysis of the factors responsible for the performance of Public Sector in Pakistan, current internationalpractices and way-forward.

An International Conference was organised in April 2011 which coincided with hosting of SAFA Board & Committeemeetings by ICMAP. The theme of this Conference was “Corporate Finance & Economic Challenges”. Apart fromparticipation of Institute’s members and students, the Conference was widely attended by more than 30 delegates fromSouth Asian countries, senior executives from public & private sectors and members from professional bodies inPakistan.

Apart from hosting a national seminar and international conference, the CDPSC Committee reviewed overall CPDpolicy to align it with international standards.

During the year under review, the Branch Councils of the Institute continue to organize CPD events for professionaldevelopment of members. The summary of the events organized by Branch Councils during the fiscal year 2010-11 isas follows:

Centres No. of Events CPD HoursKarachi 27 172Lahore 22 225Islamabad 26 224Multan 4 12Faisalabad 8 24Total 87 657

4. Education

4.1 Innovation and Improvements

During the year under review, major policy decisions were taken to synchronize the examinations’ timeframe withthe coaching session, improve teaching methodology, promote quality education through outsourcing, improvereciprocal exemption system and eliminate inefficiency. Key initiatives were:

4.1.1 Synchronization of Timings of Education Sessions & Examination Schedule

ICMAP coaching sessions and examination schedules were not in conformity with market conditions,which were adversely affecting intake. The initiative was taken to synchronize the coaching sessions withthe examination schedules and results of the Board and Universities. In this connection, feedback wassought from all the regions on timings for the declaration of results by various Boards and Universities.Based on the feedback, the two sessions were reviewed and based upon this revision, the classes ofSpring and Fall sessions will commence in April and October respectively whereas regular examinationsfor these sessions will be held in the months of August and February.

4.1.2 Teaching Methodology

In order to improve the quality of teaching methodology, following two major steps were taken:

(i) centralized online tests and evaluation for coaching, correspondence and Internet Based DistanceLearning Program ('IBDLP') were introduced and

(ii) a new database of correspondence assignment questionnaires was developed with an onlineprovision for each user to download customized questionnaires and their centralized checking.

Centre Wise CPD Events and Credit Hours

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The centralized online tests replaced the system of taking tests. The online system ensures timelycoverage of prescribed course outlines by the faculty members and facilitates uniform assessmentnationwide. The databank of online test questions is developed internally, hence, reducing the burden onfaculty members to develop tests. The online facility provides convenient access to students while savingboth cost and time. It has also improved the integrity of the system.

4.1.3 Quality Outsourcing

Continuing the policy of providing quality education through REPs, five new institutions were granted thestatus of ICMAP Registered Education Providers (REPs) during the fiscal year 2010-11. These REPs arelocated in Karachi, Hyderabad, Sialkot, Abbotabad and Giligit Baltistan. This has saved time and reducedhassle of travelling to the main cities for students living in the remote areas. It is encouraging to note thatstudents receiving coaching from REPs secured positions and certificate of merits in the final examination.

4.1.4 Reciprocal Exemptions

To bring the Institute at par with international standards, the Institute for the first time introduced partexemption policy for students of professional institutions. Under the policy, the partly qualified students ofIFAC full member accounting body may be considered for exemption in various subjects of ICMAP subjectto passing the course with 80% coverage of ICMAP’s prescribed course outline.

4.1.5 Elimination of Inaptness

The importance was felt to bring entry criteria at par to other professional institutions of the world and inthis context entry test was eliminated. The abolition of test has given opportunity to students with differentgrades and background to join this professional institution.

4.2 Admissions

During the year under review, following admissions were taken in the courses of different stages and semestersof CMA and CAM programs:

Cost & Management Accounting (CMA) Certificate in Accounting & Management (CAM)Program Program

Stages 2010-11 2009-10 2010-11Stage 1 1,586 2,079 Semesters Students CoursesStage 2 2,065 2,290 Semester 1 256 1,280Stage 3 2,084 1,922 Semester 2 139 695Stage 4 1,343 1,092 Semester 3 - -Stage 5 709 464 Semester 4 - -Stage 6 502 468 Total 395 1,975Total 8,289 8,315

4.3 Future Plans

With a view to continuously enhance the standards of education and to further strengthen the curriculum in linewith the development in the profession and to adopt international best practices, the following plans have beenformulated:

4.3.1 Syllabus Review

The Institute usually reviews the syllabus after every 5 to 7 years and the time has come to revise theexisting Syllabus that has been in place since the year 2005. The Education Committee of the Institutehas constituted a Sub-committee to review the contents of the present syllabus in place of the CMAprogram, this includes courses, its contents and core / reference books. The proposal of Sub-Committeewill be submitted to the Council through the Education Committee in due course of time for onwardconsideration.

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4.3.2 Focus Study Material

A long awaited demand of students was finally met with the launch of focused study material for threecourses. The focused study material will help students in efficiently utilising their time and resources tobetter prepare themselves for the examination. Efforts are underway for a phase wise development ofstudy packs for all the courses.

5. Examination

During the year under review, two regular and one extra-attempt examinations were conducted for CMA programwhereas three regular examinations were conducted for CAM program. The stage / semester wise summary ofstudents enrolled in examinations from different centres is as follows:

Sr. Centre Fall (Nov) 2010 Mid Spring (Mar) 2011 Spring (May) 2011 TotalCMA CAM CMA CAM CMA CAM CMA CAM

1 Karachi 3,241 87 522 181 3,195 222 6,958 4902 Islamabad 2,167 23 434 5 2,195 43 4,796 713 Multan 573 - 107 - 559 - 1,239 -4 Faisalabad 363 2 45 - 400 8 808 105 Lahore 3,651 19 691 7 3,700 35 8,042 616 Peshawar 44 - - - 30 - 74 -7 Hyderabad 94 3 - - 95 10 189 138 Abbotabad 54 - - - 48 - 102 -9 Dubai (U.A.E) 72 - 12 - 63 - 147 -10 Sargodha 96 - - - 75 - 171 -11 Riyadh (S.A) - - - - 11 - 11 -12 Gujranwala 135 - - - 136 - 271 -13 Sahiwal 21 - - - 17 4 38 4

Total 10,511 134 1,811 193 10,524 322 22,846 649

6. Corporate Relations

Keeping in view the expanding role of the department, the Directorate was setup in January 2011. Below are some ofthe achievements of the Corporate Relations Department (CRD) in various areas:

CAMCMA

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6.1 Corporate Relations, Internship and Placement (CRIP)

The department continued its efforts to build relationship and strengthen its liaison with the corporate sector witha view to arrange internships and job placements for students and members. The CRIP includes activities relatedto (i) Placement & Internships; (ii) Job Vacancies; (iii) Corporate Relationship.

6.1.1 Placement & Internships

One of the key activities of the department is to arrange placement for members and part-qualified andinternships for students. The Institute’s members are a major source of receiving employmentopportunities whereas other sources include head hunters, HR consultants, finance and HR heads, andsocial networking. During the year under review, the department’s placement and internship performancewas as follows:

Sr. Activities Total 2010-111 Organizations Approached by the Department (through email and letters) 3,2802 Organizations Replied / Contacted 4213 Organizations Replied / Contact Ratio (Approx.) 13%4 Placement & Internship Positions Received 5355 Candidates / CVs Referred 4,7796 CVs Referred per Position (Approx.) 97 Placement / Internships Materialized 1928 Success Ratio (as against reference) 36%9 Members & Students CVs Database (30-Jun-2011) 1,27710 Average Reference Frequency per CV 4

In addition to above internship and placement steps, brief profiles of newly qualified ManagementAccountants were published in the Management Accountant Journal.

6.1.2 Job Vacancies

The department compiles nationwide finance, accounting and related jobs from different newspapers forthe facilitation of members and students on a weekly basis. During the year under review, 397 and 683senior and junior vacancies respectively appeared in the newspapers. The downward trend of economicactivities within the country can be gauged with the fact that the total vacancies appeared in newspapershave been reduced by 35 % from 1,650 jobs in the fiscal year 2009-10 to 1,080 jobs during the year underreview. Apart from newspapers, more than 80 vacancies were received from different sources and wereforwarded to suitable members to self-apply.

6.1.3 Corporate Relationship

Major corporate relationship building events were IBA Career Fair; 3rd and 4th HR professional get-togethers; KBC’s 60th Management Accountants Day; ICMAP’s 1st CAM Anniversary and lastly theworkshops and seminars attended by nationwide officer and staff of CRD organized by IBA’s CEE, SAPAcademy, Octara, etc. To strengthen its relationship with the corporate sector and considering Institute’sMA Journal as an important tool, nationwide circulation of the Journal within the corporate sector wasincreased to 1,500 copies as compared to 600 in the last fiscal year.

The outcomes of these relationship activities can be gauged with the fact that 421 organizations contactedin fiscal year 2010-11 as compared to 292 organizations in the last year which had a direct impact of 181additional positions received during the year under review.

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7. Awareness and Promotion

One of the important activities of the Institute is to create awareness and promote the profession and the Institute.During the year under review, the Institute participated in education exhibitions, conducted counseling and admissioninformation seminars. Four admission campaigns were undertaken. The first campaign began in May 2010 and endedin July 2011, the second campaign was launched in November 2010, the third campaign was launched in February2011 and the fourth campaign in May 2011, which continued until fiscal year 2011-12. A summary of the activitiesperformed is as follows:

Sr. Activities Total 2010-111 Career Counseling Seminars 1142 Admission Information Seminars 473 Seminars Conducted at REPs / Private Centres 344 Colleges / Institutions’ Visited ICMAP 95 Participation in Exhibitions / Education Fair 136 Participation in College / Institutions’ Events 107 Examination / Test Centres Approached 1508 Prospective Students Data Received 14,6759 Queries received / replied on [email protected] 2,74410 Coordination Sessions with REPs 3611 REPs Jointly Participated in Exhibitions 612 Colleges / Institutions Approached through Letter / Visit 93013 Teachers Counselled through Counseling of Counsellors (CoCs) Program 23414 Colleges / Institutions receiving MA Journal 65715 Advertisements in Colleges / Institutions’ Magazine 316 Station-wise Awareness / Admission Advertisements 4517 Corporate Advertisements 4

8. Students’ Professional Skills Development

Realising the importance of soft skills, the Career Development Centre of CRD in collaboration with the regionsconducted professional and interpersonal skills development events, industry visits and co-curricular activities forstudents. A unique initiative under skills development was In-house Students’ Training and Development Program(ISTDP). Under the program 32 CAM students did 2-month internship in various departments at the Institute’s HeadOffice which gave them opportunity to gain practical exposure. Apart from learning and development, these activitiesprovide an opportunity to network for the students. The summary of the nationwide events organized is as follows:

Development Events & Activities FrequencyWorkshops / Seminars / Conferences 06Guest Lectures 07Entrepreneurship Projects 07Counseling Days for Existing Students 03Leisure / Recreation 06Industry Visits 05Practical Training (Students’ In-house Internship Program) 01Competitions 02Total Events & Activities 37

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9. Journal & Publications

During the year under review, six issues of journal, "Management Accountant" were published. The underlying themesof these issues were:

• Federal Budget 2010-11• Re-imagine and Re-create for Sustainable Business• Capital and Human Catastrophe – Challenges for Management Accountants• Public Sector Accounting• Corporate Finance & Economic Challenges• Way Forward towards Economic Prosperity

The Committee continued to focus on topics that were important to the country’s business and economic development.The issue on ‘Sustainable Business’ deliberated some of the challenges which the Finance and Accountingprofessionals are facing globally. It highlighted the need to re-imagine and re-create with a view to transform thebusiness fundamentals in order to meet upcoming socio-economic demands and to ensure long-term prosperity.

The various issues of the MA journal also highlighted views of professionals from within the country and abroad in theform of interviews, messages and articles. It also published research-based meritorious articles from IFAC and HarvardBusiness Publishing which were appreciated by the readers. During the year under review, President FPCCI; SAFAPresidents for 2010 & 2011; Chair, International Public Sector Accounting Standards Board, IFAC; President & CEO,CMA Canada; President ICWA India; President, ICMA Bangladesh; President ICA Bangladesh; President SCMA SriLanka; President, ICA Pakistan; Chairman, National Disaster Management Authority shared their views throughexclusive interviews and messages.

The Journal, focusing towards the industry, also gave coverage to leading national and international events of ICMAP.It is the vision of the Committee to further broaden the scope of Journal & Publications and expand its resources toeffectively meet members and students' expectations.

10. Practice Profession Development - Performance and Way Forward

The Practice Professional Development Committee (PPDC) was formed by the current Council for the first time. Theobjectives include enhancement of scope of practice, capacity development of practicing management accountants,their networking, practice development and image-building of the Institute.

Four meetings of the Committee were conducted during the year under review. Following were the key outcomes:

• For introduction and practice promotion of CMA firms, a directory of Practicing Members was published anddistributed among key organizations including trade associations, chambers of commerce and industry, foreignmissions and government organizations.

• Quality Assurance Review (QAR) Framework for Practicing Members of ICMAP, developed by the committee,was approved by the Council. This will follow the formation of Quality Assurance Committee (later to be replacedby Quality Assurance Board after amendment in the CMA Act) consisting of Council members, practicingmembers and nominations from prominent organizations like SECP, SBP, FBR, AGP and industry. It is expectedthat the Quality Assurance Review of the firms will start from January 2012, which will not only improve thequality of their services but also result in enhancement of scope of their practice.

• The Committee provided detailed input for amendments in the Cost and Management Accountants Act.• Useful technical and professional updates were provided to the members throughout the year through e-mails.• Various training programs were planned with Branch Councils and Cost and Management Accountants

Foundation.• A number of meetings were arranged with Chairman SECP, Chairman FBR and other Government officials and

business associations to discuss and enhance the scope of CMAs in practice.

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11. International Affairs

Considering the importance of global linkage, the Institute pays significant attention towards its international affairs.Such affairs include (i) well being of overseas members and (ii) increasing professional ties with internationalfederation, regional bodies and institutions. Key initiatives included:

11.1 Overseas ChapterIn order to cater to a long awaited request of overseas members to develop platforms in the countries outsidePakistan, the Career Development Members and Students Affairs (CDMSA) Committee took practical steps inputting in place some local international chapters. In this connection, the Chairman CDMSA Committee, MirzaMunawar Hussain visited Dubai, UAE on May 20, 2011 to meet members’ community in UAE which was followedby establishment of ‘ICMAP UAE Chapter’. This historical achievement of establishing a ‘UAE Chapter’ will helpthe Institute to provide better services to its ever-increasing members and students residing and working in theUAE. In continuation, efforts are in process to consider all those locations where there are significant membersto establish a Chapter. The establishment of Chapter will, by default, cater to the need of partly qualified studentsserving in those countries for better career prospects.

11.2 Regional and International Representation

At an international level, ICMAP continued to actively participate in the activities of International Federation ofAccountants (IFAC) and its various Boards and Committees and Confederation of Asian and Pacific Accountants(CAPA) whereas at regional level the Institute’s presence in different professional activities remained vigorous inthe Board and various committees of South Asian Federation of Accountants (SAFA). During the year underreview, ICMAP through its delegations represented in the following meetings, seminars and conferences:

Sr. Event Date Activities Venue Delegation

1 SAFA Aug 08-09, 2010 • 71st SAFAAssembly Dhaka, • Mr. Muhammad Rafi• 14th SAFA Board Meeting Bangladesh • Mr. Masud Muzaffar• Meeting of Committee onProfessional Ethics andIndependence and

• ICA Bangladesh Conference

2 SAFA Nov 08-11, 2010 • SAFA Forum Kuala Lumpur, • Mr. Muhammad Rafi• 18th World Congress of Malaysia • Mr. Shahzad Ahmed AwanAccountants

3 Intl. Conf. Dec 06-08, 2010 • ICGFM Winter Conference Washington • Mr. Masud MuzaffarD.C., USA

4 SAFA Dec 10-12, 2010 • 15th SAFA Summit Khatmandu, • Mr. Mohammad Hanif• SAFA Board Meeting Nepal • Mr. Muhammad Rafi

5 SAFA Jan 09, 2011 • 72nd SAFAAssembly Chennai, India • Mr. Muhammad Rafi

6 SAFA Apr 09-10, 2011 • 16th SAFA Board Meeting Karachi, N/A• Meeting of different PakistanCommittees

7 EFFA May 12, 2011 • European Federation of Berlin, • Mr. Muhammad RafiAccountants and Auditors Germanyfor SMEs (EFFA) Conference

The SAFA Board and Committees’ meetings hosted by the Institute in April 2011 along with InternationalConference at Karachi were attended by more than 30 delegates from SAFA member bodies. The participantsfrom South Asian countries highly appreciated the hospitality extended to them by the Institute and its members’community and the way conference was organized under the chairmanship of Mr. Muhammad Rafi.

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12. Research Activities

The research activities of the Institute continued to focus on areas that are linked to the role of cost accountingconcepts and principles in various industries. The achievements / milestones and important decisions taken by theResearch, Quality Assurance & Ethics Committee during the year under review were as follows:

12.1 Achievements / Milestones

12.1.1 ‘Verification of Renewal Forms’ before granting ‘Certificate of Practice (COP)’ to members.12.1.2 Development of a Cost Accounting Guideline on the ‘Chemical Fertilizer’ Industry.12.1.3 Preparation of draft Cost Accounting Guidelines (CAG) for ‘Thermal Power Generation’ and ‘Polyester

Fibre’ Industries which are currently in the process of review.12.1.4 Conduct of a ‘Discussion Session’ on Cost Accounting Guidelines at Islamabad.12.1.5 Establishment of a ‘Research Reference Library’ for members and students at the Head Office, Karachi.

12.2 Important Decisions

12.2.1 To adopt IFAC Revised Code of Ethics for Professional Accountants, 2009.12.2.2 To develop a Special Cost Accounting Order on ‘Automobile Industry’ to bring the sector under the ambit

of cost audit.

12.3 Projects / Tasks Completed

12.3.1 Publication of a Booklet on “Capacity Utilization of Sugar Mills in SAARC Countries” providing anexclusive review of installed and utilized capacities of the Pakistani and Indian Sugar Mills.

12.3.2 Prepared a Survey Report based on feedback of members on “Impact of IFRS on ManagementAccounting Concepts”.

12.3.3 Prepared draft comments and recommendations on “Reviewed Code of Corporate Governance, 2010”after a comparative review of present Code (2002) and Amended Code (2010).

12.3.4 Prepared a draft proposal for Amendments in Income Tax Ordinance, 2001 with regard to Insurancesector on the basis of the feedback received from the members serving in the insurance industry.

12.3.5 Analyzed ‘Growth Trends in Top 10 CMA Employment Sectors’.12.3.6 Undertaken Industry Visits to get information on production processes of industries. The first visit was

made to Gul Ahmed Textile Mills, Karachi.12.3.7 Prepared a web-based presentation on ‘Corporate Finance and Economic Challenges’ on the eve of

International Conference held at Karachi on April 9, 2011.

12.4 Ongoing Projects

12.4.1 An Input Cost Study of the ‘Four-Wheeler Motor Industry” of Pakistan and India.12.4.2 A brief Analysis of the ‘Shareholding Pattern in Selected Listed Companies”.12.4.3 A comprehensive Book on “Production Processes of Industries in Pakistan”.

12.5 Future Plan / Projects:

12.5.1 To perform a comparative review of “SAFA Code of Ethics” adopted by the Institute in 2005 and the“IFAC Revised Code of Ethics, 2009”.

12.5.2 To develop ‘Cost Accounting Guidelines (CAG)’ for Petroleum Refining and Natural Gas industries.12.5.3 To develop ‘Cost Accounting Standards (CAS)’ separately for different industrial sectors.12.5.4 To conduct survey on ‘Success Stories’ of CMAs in making ‘cost savings’ in different industries.

13. Internal Audit

A proper Internal Audit department exists with independent reporting to the Audit Committee. The Institute has beenvery particular about good governance in all the activities, through maintaining supremacy of rules and regulations. Inthis connection, an Internal Audit Plan duly approved by the Audit Committee was implemented to ensure fullcompliance with directives leading to a judicious utilization of resources. As and when required special audits /assignments with the approval of the Committee were also carried out during the year under review.

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FINANCIAL HIGHLIGHTS 2010-11

25


AUDITORS' REPORT TO THE MEMBERSWe have audited the accompanying financial statements of Institute of Cost and Management Accountants ofPakistan (the Institute), which comprise balance sheet as at June 30, 2011, and the related income and expenditureaccount, statement of changes in reserves and cash flow statement for the year then ended and a summary ofsignificant accounting policies and other explanatory notes.

National Council's Responsibility for the Financial StatementsThe National Council is responsible for the preparation and fair presentation of these financial statements inaccordance with the approved accounting standards as applicable in Pakistan. This responsibility includes: designing,implementing and maintaining internal control relevant to the preparation and fair presentation of financialstatements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriateaccounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors' ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our auditin accordance with the approved auditing standards as applicable in Pakistan. Those standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether thefinancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor's judgment, including the assessment of the risks ofmaterial misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, theauditor considers internal control relevant to the entity's preparation and fair presentation of the financial statementsin order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of accounting estimates made by the National Council, as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion.

OpinionIn our opinion, the financial statements give a true and fair view of the financial position of the Institute as of June30, 2011, and of its surplus, changes in reserves and cash flows for the year then ended in accordance with theapproved accounting standards as applicable in Pakistan.

We further state that a sum of Rs.2,000,000 as shown in note 19.2 to the financial statements was received by theInstitute during the current year as grant from the Government and that we are satisfied with the propriety of itsdisbursement.

Chartered Accountants

Engagement Partner KarachiMushtaq Ali Hirani Dated: September 21, 2011

M. Yousuf Adil Saleem & CoChartered AccountantsCavish Court, A-35, Block 7 & 8KCHSU, Sharea Faisal,Karachi-75350Pakistan

UAN: +92 (0) 21 111-55-5626Fax: +92 (0) 21-3454 1314Web: www.deloitte.com

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BALANCE SHEETAS AT JUNE 30, 2011

2011 2010Note Rupees Rupees

ASSETSNON-CURRENT ASSETS

Property and equipment 5 51,579,267 56,934,921Intangible assets 6 421,637 1,204,504Long-term investments 7 17,995,682 18,996,400Long-term loans 8 485,269 177,514Long-term deposits 9 941,703 937,703

71,423,558 78,251,042

CURRENT ASSETSShort-term investments 10 245,999,982 209,930,317Loans, advances, prepayments andother receivables 11 6,226,548 6,688,502Cash and bank balances 12 12,189,558 5,611,819

264,416,088 222,230,638TOTAL ASSETS 335,839,646 300,481,680

CURRENT LIABILITIESAdvance fees and subscription 13 14,885,597 5,762,925Provision, accrued and other liabilities 14 22,178,262 27,591,553

37,063,859 33,354,478NET ASSETS 298,775,787 267,127,202FINANCED BY

General reserve 15 294,754,990 263,527,682Specific reserves 16 3,631,694 3,599,520Unrealized gain on revaluationof available-for-sale investment 389,103 — .

298,775,787 267,127,202

CONTINGENCIES AND COMMITMENTS 17

The annexed notes 1 to 26 form an integral part of these financial statements.

ACT. DIRECTOR EXECUTIVE TREASURER VICE PRESIDENT PRESIDENTFINANCE DIRECTOR

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INCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED JUNE 30, 2011


Revenue 18 177,404,487 151,212,872

Expenditure 19 174,886,069 165,017,390Surplus / (deficit) from operations 2,518,418 (13,804,518)

Return on Investment and Saving Accounts 20 29,741,062 24,720,14432,259,481 10,915,626

Impairment loss on available-for-sale-investment (999,999) (220,685)Net surplus before allocation to specific reserves 31,259,482 10,694,941

Allocation to specific reserves 21 (341,594) (325,769)

Net surplus for the year 30,917,888 10,369,172

Other comprehensive incomeUnrealized gain on revaluationof available-for-sale investment 389,103 -

Total comprehensive income for the year transferredto general reserve 31,306,991 10,369,172



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CASH FLOW STATEMENTFOR THE YEAR ENDED JUNE 30, 2011

2011 2010Rupees Rupees

A. CASH FLOW FROM OPERATING ACTIVITIES

Cash receipts from:Members 9,609,726 9,031,341Students' subscription 11,117,668 10,260,695Examination 45,383,285 39,590,602Students' fees 108,559,686 78,498,019Seminars, conferences and courses 9,194,143 5,668,840Other operating income 2,662,651 1,030,204

186,527,159 144,079,701Cash paid to:Employees 71,741,303 60,144,705Teachers and examiners 34,582,772 28,435,029Professional bodies 1,040,625 599,825Suppliers and vendors 64,393,297 66,939,105

171,757,997 156,118,664Net cash generated from / (used in) operating activities 14,769,162 (12,038,963)

B. CASH FLOW FROM INVESTING ACTIVITIES

Purchase of property and equipment (2,296,243) (4,116,359)Proceeds from disposal of property and equipment 42,000 -Intangible assets acquired - (712,500)Increase in short term investments - net (1,109,946,302) (602,500,000)Investments encashed 1,059,436,346 589,000,720Return on investments / savings accounts received 44,572,776 30,272,383

Net cash (used in) / generated from investing activities (8,191,423) 11,944,244

Net increase / (decrease) in cash and cash equivalents 6,577,739 (94,719)Cash and cash equivalents at beginning of the year 5,611,819 5,706,538Cash and cash equivalents at end of the year 12,189,558 5,611,819



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STATEMENT OF CHANGES IN RESERVESFOR THE YEAR ENDED JUNE 30, 2011

Unrealizedgain

on available-General Specific for-sale Totalreserve reserves investment reserves

< - - - - - - - - - - - - - - - - Rupees - - - - - - - - - - - - - - - - >

Balance at June 30, 2009 251,795,710 4,636,551 — . 256,432,261

Total comprehensive income for the yearNet surplus for the year 10,369,172 — . — . 10,369,172

Transfer during the year fromspecific reserves (note 16.2) 1,362,800 (1,362,800) — . — .

Return on investments earmarked forspecific reserves (note 16.2) — . 325,769 — . 325,769

Balance at June 30, 2010 263,527,682 3,599,520 — . 267,127,202

Total comprehensive income for the yearNet surplus for the year 30,917,888 — . — . 30,917,888

Unrealized gain on available-for-sale investment 389,103 389,103

Transfer during the year fromspecific reserves (note 16.2) 309,420 (309,420) — . — .

Return on investments earmarked forspecific reserves (note 16.2) — . 341,594 — . 341,594

Balance at June 30, 2011 294,754,990 3,631,694 389,103 298,775,787



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NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED JUNE 30, 2011

1. THE INSTITUTE AND ITS OPERATIONS

The Institute of Cost and Management Accountants of Pakistan (the Institute) was established in Pakistan in 1951 andwas granted statutory status in 1966, under the Cost and Management Accountants Act, 1966.

The purpose of the Institute is to regulate and promote the cost and management accountancy as an independentprofession in Pakistan and develop the concept of independent public practice by the practicing members of theInstitute in the field of cost and management accounting, cost and financial audit, cost certification, managementconsultancy and other relevant fields.

2. STATEMENT OF COMPLIANCE

2.1 These financial statements have been prepared in conformity with the accounting policies adopted by theCouncil in pursuance of Section 18 of the Cost and Management Accountants Act, 1966 read with Regulation 127of the Cost and Management Accountants Regulations, 1990 and approved International Financial ReportingStandards (IFRSs) issued by the International Accounting Standards Board (IASB) as applicable in Pakistan.

2.2 Adoption of new International Financial Reporting Standards

In the current year, the Institute has adopted all new Standards and Interpretations issued by the InternationalAccounting Standards Board (the IASB) and the International Financial Reporting Interpretations Committee(IFRIC) of the IASB that are relevant to its operations and effective for Institute's accounting period beginningon July 01, 2010.

Amendments to IAS 7 - Statement of Cash Flows January 01, 2010

The amendments (part of Improvements to IFRSs (2009)) specify that only expenditures that result in arecognized asset in the balance sheet can be classified as investing activities in the statement of cash flows.Consequently, any cash flows in respect of items that do not qualify for recognition as an asset (and, therefore,are recognized in profit or loss as incurred) would be reclassified from investing to operating activities in thestatement of cash flows and prior year amounts restated for consistent presentation. There is no suchclassification in financial statements of the Institute for the year ended June 30, 2011.

2.3 Interpretations to existing standards that are effective but not relevant for the Institute’s operations

The following new and revised Standards and Interpretations have been published and are mandatory in thecurrent period but are not relevant for the Institute's operations:

Amendments to IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations January 01, 2010

Amendments to IFRS 2 - Share based Payment January 01, 2010

IFRIC 19 - Extinguishing Financial Liabilities with Equity Instruments July 01, 2010

2.4 Standards, amendments and interpretations to published approved accounting standards that are notyet effective.

The following International Financial Reporting Standards and Interpretations are only effective for accountingperiods, beginning on or after the date mentioned against each of them :

IFRS 9 - Financial Instruments January 01, 2013

Amendments to IAS 24 - Related Party Disclosures January 01, 2011

IAS 27 (Revised) – Separate Financial Statements January 01, 2013

IAS 28 – Investment in Associates and Joint Ventures January 01, 2013

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IFRS 12 - Disclosure of Interests in Other Entities January 01, 2013

IFRS 13 – Fair Value Measurement January 01, 2013

Amendments to IAS 12 – Income Taxes January 01, 2012

There are other amendments to the approved accounting standards and interpretations that are not yet effectivebut are considered not to be relevant or to have any significant effect on the Institute's operations and aretherefore not detailed in these financial statements.

3. BASIS OF PREPARATION

3.1 Accounting convention

These financial statements have been prepared under historical cost convention except for certain investmentsclassified as available-for-sale and held-to-maturity which are carried at fair values and amortized costrespectively and certain employee retirement benefits which are measured at present value.

3.2 Critical accounting estimates and judgments

The preparation of financial statements in conformity with approved accounting standards requires the use ofcertain critical accounting estimates. It also requires management to exercise its judgment in the process ofapplying the Institute's accounting policies. Estimates and judgments are continually evaluated and are based onhistoric experience and other factors, including expectations of future events that are believed to be reasonableunder the circumstances. Revisions to accounting estimates are recognized in the period in which the estimateis revised and in any future periods affected.

In the process of applying the Institute's accounting policies, management has made following estimates andjudgements which are significant to the financial statements:-

(a) useful life and residual values of property and equipment (Note 4.1);(b) classification and impairment of investments (Note 4.3 & 4.12)(c) accounting for employees retirement gratuity (Note 4.6.2)

3.3 Functional and presentation currency

These financial statements are presented in Pak Rupees, which is the Institute's functional and presentationcurrency.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

4.1 Property and equipment

Operating fixed assets

These are stated at cost less accumulated depreciation and impairment losses (if any), except for freehold landwhich is stated at cost. Leasehold land is amortized over the period of lease.

Depreciation is charged to income applying the straight-line method. Remaining useful lives of assets arereviewed periodically and change in estimates arising from such review is accounted for in current and futureyears. Depreciation is charged from the month in which the assets are put to use at the rates stated in note 5.1to these financial statements and no depreciation is charged in the month of disposal.

Residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at eachfinancial year end.

Repairs and maintenance costs are charged to income and expenditure account in the year in which it isincurred. Major renewals and improvements are capitalized.

Gains or losses on disposal of fixed assets are taken to income and expenditure account.

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Capital work-in-progress

These are stated at cost and estimated charges incurred thereon. The assets are transferred to operating fixedassets when they are available for use.

4.2 Intangible asset

Intangible asset is stated at cost less accumulated amortization and impairment losses, (if any). Intangible assetis amortized on a straight line basis over its estimated useful life at the rate stated in note 6 to these financialstatements.

4.3 Investments

Held-to-maturity

Held to maturity investments are non-derivative financial assets with fixed or determinable payments and fixedmaturity that the Institute has the positive intent and ability to hold to maturity. Held to maturity investments areinitially recognized at cost inclusive of transaction cost and are subsequently carried at amortized cost usingeffective interest rate method, less any impairment losses. This method uses an effective interest rate thatexactly discounts estimated future cash receipts through the expected life of the investment to its net carryingamount. Gains and losses are recognized in the income and expenditure account when the investments are de-recognized or impaired, as well as through the amortization process.

Available-for-sale

These are non-derivative financial assets that are designated as available-for-sale and may be sold in responseto needs for liquidity or changes in interest rates or equity prices or are not classified in held for trading, held tomaturity and loans and receivables categories. These investments are initially recognized at fair value plustransaction cost and subsequently re-measured at fair value. The investments for which quoted market price isnot available, are measured at costs as it is not possible to apply any other valuation methodology. Gains andlosses arising from re-measurement at fair value, other than impairment losses, is recognized directly in thereserves under fair value reserve until sold, collected, or otherwise disposed off at which time, the cumulativegain or loss previously recognized in reserves is included in income and expenditure account.

Investment in associate

Investment in associate is carried at cost as it is an unquoted company and the Institute does not havesignificant influence over it as defined in IAS-28 'Investment in Associates'.

4.4 Cost of Stationery

These are charged to income as and when incurred.

4.5 Cash and cash equivalents

For the purpose of the cash flow statement, cash and cash equivalents comprise cash in hand and balanceswith banks. The cash and cash equivalents are subject to insignificant risk of changes in value.

4.6 Employee benefits

4.6.1 Defined contribution plan and group insurance scheme

The Institute operates an approved defined contribution provident fund scheme and a group insurancescheme for its permanent employees. Contributions to provident fund, made at the rate of 10 percent of basicsalary, and premiums to insurance scheme (paid by the Institute) are charged to income and expenditureaccount in accordance with the terms of these schemes.

4.6.2 Defined benefit scheme - employees retirement gratuity

The Institute operated an unfunded gratuity scheme till December 31, 2008 which, effective from January 1,

33


2009, has been converted into gratuity fund covering all its employees who have completed the minimumqualifying period of service as defined under the respective scheme. Contributions are made to cover theobligations under the schemes on the basis of actuarial valuation and are charged to income. The most recentvaluation was carried out as at June 30, 2009 using the "Project unit Credit Method".

The amount recognized in the balance sheet represents the present value of defined benefit obligations asadjusted for unrecognized actuarial gains and losses and as reduced by the fair value of plan assets.

Cumulative net unrecognized actuarial gains and losses at the end of previous year which exceeds 10% of thegreater of the present value of the Institute’s gratuity is amortized over the average expected remainingworking lives of the employees.

4.6.3 Compensated absences

Accrual for compensated absences for eligible employees is made annually to cover obligations under theleave encashment policy of the Institute.

4.7 Benefits to members

The Institute has a group insurance policy and benevolent fund for its members with effect from July 1, 2002.Premium is paid by the Institute and the contributions to benevolent fund are made according to the terms ofthe scheme.

4.8 Foreign currency translation

Transactions in foreign currencies are translated into Pakistan Rupees (functional currency) at the rates ofexchange prevailing on the date of transactions. Monetary items denominated in foreign currencies aretranslated into functional currency equivalents using year-end spot foreign exchange rates. Exchangedifferences on foreign currency translations are taken to the income and expenditure account.

4.9 Government grant-in-aid

This is received as compensation for honorarium for teachers and examiners and is presented as a deduction inreporting the said expenses (note 19.2).

4.10 Taxation

The Institute being established solely for educational purposes and not for the purposes of profit, is exempt fromtaxation under Clause 92 of Part I of the second schedule to the Income Tax Ordinance, 2001 and, hence, theInstitute's income is not taxable.

4.11 Revenue recognition

- Income from students' and members' subscriptions is recognized as revenue on receipt basis.

- Income from students fee is recognized as revenue over the period of instruction.

- Income from examination fee, seminar and conference is recognized as revenue when the examination,seminar and conference are held.

- Returns on investments and saving accounts are accrued on effective yield basis.

- Dividend income is recognized when the right to receive dividend is established.

4.12 Impairment

Financial assets

A financial asset is assessed at each reporting date to determine whether there is any objective evidence that itis impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events

34


have had a negative effect on the estimated future cash flows of that asset.

Non-Financial assets

The carrying amounts of non-financial assets are assessed at each reporting date to ascertain whether there isany indication of impairment. If any such indication exists then the asset's recoverable amount is estimated. Animpairment loss is recognized as an expense in the income and expenditure account, for the amount by whichthe asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset'sfair value less cost to sell and value in use.

An impairment loss is reversed if there has been a change in the estimates used to determine the recoverableamount. When impairment loss subsequently reverses, the carrying amount of the asset is increased to therevised recoverable amount but limited to the extent of initial cost of the asset. Reversal of impairment loss, if any,is recognized as income.

4.13 Provisions for obligations

A provision is recognized in the balance sheet when the Institute has a legal or constructive obligation as a resultof a past event, it is probable that an outflow of resources embodying economic benefits will be required to settlethe obligation and a reliable estimate can be made to the amount of obligation.

4.14 Financial instruments

All the financial assets and financial liabilities are recognized at the time when the Institute becomes a party tothe contractual provisions of the instruments. The Institute derecognizes a financial asset or a portion of financialasset when, and only when, the Institute loses control of the contractual rights that comprise the financial assetor portion of financial asset. While a financial liability or part of financial liability is derecognized from the balancesheet when, and only when, it is extinguished i.e. when the obligation specified in the contract is discharged,cancelled or expired. Any gain or loss on the recognition, de-recognition of the financial assets and liabilities istaken to income and expenditure account.

4.15 Offsetting of financial assets or liabilities

All financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if theInstitute has a legally enforceable right to set off the recognized amounts and intends either to settle these on netbasis or to realize the assets and settle the liabilities simultaneously.


5. PROPERTY AND EQUIPMENT

Operating fixed assets 5.1 51,519,267 56,199,003Capital work-in-progress 5.2 60,000 735,918

51,579,267 56,934,921

35

45th Annual Report 20115.1Operatingfixed

assets

Carrying

Cost

Depreciation

value

Depreciation

At

Additions/

At

At

Forthe

At

atrate

July01,

(disposal)

June

30July01,

year

June

30June

30%

Note

2010

2011

2010

2011

2011

<-----------------------------Rupees----------------------------->

June

30,2011

Free

holdland

10,798,986

-10,798,986

--

-10,798,986

-

Buildings

onfreeholdland

23,665,459

165,758

23,831,217

8,539,225

1,191,564

9,730,789

14,100,428

5

Leaseholdland

17.1

653,243

-653,243

89,191

3,439

92,630

560,613

60-99yrs

Buildings

onleaseholdland

35,163,606

480,170

35,643,776

23,711,556

1,789,138

25,500,694

10,143,082

5

Furnitureandfixtures

16,561,889

226,803

16,788,692

10,823,350

939,670

11,763,020

5,025,672

10

Office

equipm

ent

6,092,673

48,449

6,082,372

4,561,772

409,778

4,927,704

1,154,668

15(58,750)

(43,846)

Electricalequipm

ent

27,515,687

589,989

28,105,676

19,734,657

2,262,032

21,996,689

6,108,987

15

Com

putersandrelatedaccessories

22,294,550

1,460,992

23,755,542

20,343,428

717,381

21,060,809

2,694,733

25

Vehicles

4,654,088

-4,654,088

3,397,999

323,991

3,721,990

932,098

20

Librarybooks

1,758,921

-1,758,921

1,758,921

-1,758,921

-25

149,159,102

2,972,161

152,072,513

92,960,099

7,636,993

100,553,246

51,519,267

(58,750)

(43,846)

5.1.1

Included

inoperatingfixed

assetsarefixed

assetswhich

arefullydepreciatedhaving

acostofRs.50,010,599

(2010:Rs.41,359,554).

5.1.2

Free

holdland

andleaseholdland

includevacantplotslocatedatRaiwandRoad,Lahorehaving

costofRs.9,013,900andGulistan-e-Jouhar,Karachi

having

costofRs.316,054respectively.

36

45th Annual Report 2011Forcom

parativeperiod

Carrying

Cost

Depreciation

value

Depreciation

At

Additions

At

At

Forthe

At

atrate

July01,

June

30July01,

year

June

30June

30%

Note

2009

2010

2009

2010

2010

<-----------------------------Rupees----------------------------->

June

30,2010

Free

holdland

10,798,986

-10,798,986

--

-10,798,986

-

Buildings

onfreeholdland

23,137,462

527,997

23,665,459

7,380,152

1,159,073

8,539,225

15,126,234

5

Leaseholdland

17.1

653,243

-653,243

85,752

3,439

89,191

564,052

60-99yrs

Buildings

onleaseholdland

33,905,641

1,257,965

35,163,606

21,978,880

1,732,676

23,711,556

11,452,050

5

Furnitureandfixtures

15,952,003

609,886

16,561,889

9,883,843

939,507

10,823,350

5,738,539

10

Office

equipm

ent

5,988,473

104,200

6,092,673

4,034,141

527,631

4,561,772

1,530,901

15

Electricalequipm

ent

26,830,697

684,990

27,515,687

17,309,865

2,424,792

19,734,657

7,781,030

15

Com

putersandrelatedaccessories

21,523,130

771,420

22,294,550

18,537,744

1,805,684

20,343,428

1,951,122

25

Vehicles

4,654,088

-4,654,088

2,786,540

611,459

3,397,999

1,256,089

20

Librarybooks

1,758,921

-1,758,921

1,746,568

12,353

1,758,921

-25

145,202,644

3,956,458

149,159,102

83,743,485

9,216,614

92,960,099

56,199,003

37

45th Annual Report 20115.2Capitalwork-in-progress

June

30,

Additions

Provisionfor

Transfers

June

30,

2010

doubtful

2011

recoveries

Civilworks

457,688

239,000

-(636,688)

60,000

Advance

forcapitalexpenditure

278,230

-(35,100)

(243,130)

-735,918

239,000

(35,100)

(879,818)

60,000

2011

2010

Note

Rupees

Rupees

6.INTANGIBLE

ASSETS

Softwares

6.1

184,137

967,004

Advance

forw

ebdesigning

237,500

237,500

421,637

1,204,504

6.1Softw

ares

COST

AMORTISATION

CarryingValue

At

At

At

Chargefor

At

atRate

July01,

Additions

June

30,

July01,

theyear

June

30,

June

30,

%2010

2011

2010

2011

2011

<------------------------Rupees------------------------>

Softwares

2,925,713

-2,925,713

1,958,709

782,867

2,741,576

184,137

25

2011

2,925,713

-2,925,713

1,958,709

782,867

2,741,576

184,137

2010

2,213,213

712,500

2,925,713

1,555,216

403,493

1,958,709

967,004

25

6.1.1

Itincludes

fullyam

ortized

assetshaving

acostofRs.1,276,988(2010:1,094,388).

38


2010

Note

Rupees

Rupees

7.LONG-TERMINVESTMENTS

Heldtomaturity

7.1

17,995,681

17,996,400

Investmentinan

associate

7.2

11,000,000

17,995,682

18,996,400

7.1

Heldtomaturity

Profit

Encashment

July01,

accruedduring

duringthe

Total

Current

June

30,

2010

theyear

year

outstanding

maturity

2011

Note

<---------------------Rupees--------------------->

Term

finance

certificates

7.3

18,466,592

1,696,123

(1,708,560)

18,454,155

(458,474)

17,995,681

18,466,592

1,696,123

(1,708,560)

18,454,155

(458,474)

17,995,681

Profit

Encashment

July01,

accruedduring

forthe

Total

Current

June

30,

Forcom

parativeperiod

2009

theyear

year

Outstanding

maturity

2010

<---------------------Rupees--------------------->

Term

finance

certificates

18,479,075

1,696,147

(1,708,630)

18,466,592

(470,192)

17,996,400

Defence

savingscertificates

2,362,356

173,802

(2,536,158)

—.

—.

—.

Term

depositsreceipts

47,054,097

4,763,344

(8,593,750)

43,223,691

(43,223,691)

—.

Growthcertificates

22,082,284

1,694,590

(2,012,645)

21,764,229

(21,764,229)

—.

89,977,812

8,327,883

(14,851,183)

83,454,512

(65,458,112)

17,996,400

2011

2010

Rupees

Rupees

7.2

Investmentinan

associate

Investmentinan

associate

1,000,000

1,000,000

(200

shares

@Rs5,000each)

Provision

forimpairm

ent

(999,999)

—.

11,000,000

TheInstituteholds5.26%(2010:5.26%)ordinaryshares

andapermanentseatontheboardofdirectorsoftheInstituteofCapitalM

arkets(IC

M-acompany

limitedby

guaranteeandhaving

sharecapital).Itisan

associated

company

duetocommon

directorshipwithoutany

significantinfluence

inthecompany.The

managem

entbelievesthat

dividendswouldnotbereceived

fromICMinfutureandalso

thereisno

activemarketforthisinvestment.Based

onthesefacts,themanagem

enthas

recorded

impairm

entof

Rs999,999on

thisinvestmentduringtheyear.

7.3

Term

financecertificates

Description

Facevalue

Num

berof

Redem

ption

Accrued

Modeofredemption

Rupees

certificates

term

mark-up

Rupees

UnitedBankLimited

1,000,000

18(purchased

Eightyears

457,754

Sem

iannualredem

ptionofprincipalinarrears,markupattherateof

inMarch

15,2005)

ending

March

(2010:

9.49

percentsem

iannualinarrearsalongwith

theprincipalportion.

15,2013

469,472)

TheseincludeTFCsaggregatingtoRs.3,631,694(2010:Rs.3,599,520)which

have

been

earmarkedforspecificreserves

(note16.1&16.2).

39



8. LONG-TERM LOANSConsidered good - Secured

Employees and executives 8.1 1,843,960 1,014,759Recoverable within one yearshown under current assets 11 (1,358,691) (837,245)

485,269 177,514

8.1 These are interest free personal loans to executives and employees of the Institute in accordance with the termsof their employment. The loans are recoverable in monthly installments over a maximum period of twenty fourmonths and are secured against Employees' Provident Fund. Long term loans have not been discounted to theirpresent value as the financial impact thereof is not considered material by the management.


9. LONG-TERM DEPOSITS

Utilities 565,703 565,703For land with City District Government Karachi 368,000 368,000Others 8,000 4,000

941,703 937,703

10. SHORT-TERM INVESTMENTS

Held to maturity 10.1 244,211,590 143,531,390Available-for-sale 10.2 1,329,918 940,815

245,541,508 144,472,205Current portion of long-term investments 7.1Term finance certificates 458,474 470,192Term deposit receipts - 43,223,691Growth certificates - 21,764,229

458,474 65,458,112

245,999,982 209,930,317

10.1 Held to maturity

Term deposit receipts (TDRs) 10.1.1 153,407,673 143,531,390Treasury bills 10.1.2 90,803,917 -

244,211,590 143,531,390

10.1.1 This represents investment in TDRs of various banks which carries interest rates ranging between 10% and13% (2010: 9.25 % and 11.85%) per annum and will mature latest by September 30, 2011. It includes Rs.408,395 (2010: Rs. 16,347,303) representing interest accrued on TDRs.

10.1.2 This represents investment in treasury bills of three and six months duration having purchase value ofRs. 90.01 million and carry yield ranging from 13.35% to 13.71% per annum and will mature latest byDecember 15, 2011.

40



10.2 Available- for-sale Cost <--------Market value-------->

First Dawood Mutual Fund 580,750(2010: 580,750) units. 5,000,000 1,329,918 940,815


11. LOANS, ADVANCES, PREPAYMENTS ANDOTHER RECEIVABLES

LoansCurrent portion of long term loansEmployees and executives 8 1,358,691 837,245

AdvancesUnsecured - considered goodCouncil members - against travelling 7,062 147,393Employees 9,000 32,524Other advances 222,047 417,720

238,109 597,637Prepayments

Insurance 185,996 916,022Maintenance 76,792 75,949Rent 572,000 1,300,000Subscription 19,242 60,242

854,030 2,352,213Other receivables

Unsecured - considered goodAmount due in respect of advertisement in theInstitute's Journal 14,037 113,911Cost and Management Accountants (CMA) Foundation 1,308,165 1,687,473Income tax 2,099,145 1,054,627Return accrued on saving accounts 31,158 29,559Other receivables 323,213 15,837

3,775,718 2,901,407Considered doubtfulAmount due in respect of advertisement in theInstitute's Journal 559,022 499,148Provision against doubtful recovery 11.1 (559,022) (499,148)

- -

6,226,548 6,688,502

11.1 Movement in provision against doubtful recoveryOpening 499,148 402,674Charge for the year 59,874 96,474

Closing 559,022 499,148

41



12. CASH AND BANK BALANCES

Cash in hand 87,585 42,912Cash at banks in:

Current accounts 4,379,523 2,606,289PLS saving accounts 12.1 7,189,766 2,747,055

Remittance in transit 532,684 215,563

12,101,973 5,568,907

12,189,558 5,611,819

12.1 The PLS saving accounts carry mark-up rates ranging between 5% to 9% (2010 : 5% to 8.49%) per annum.

13. ADVANCE FEES AND SUBSCRIPTIONS

Students 13,407,247 5,070,435Members 1,478,350 692,490

14,885,597 5,762,925

14. PROVISION, ACCRUED AND OTHER LIABILITIES

ProvisionArrears in respect of water andconservancy charges 14.1 1,649,254 1,649,254

Accrued liabilitiesAccrued expenses 12,525,202 13,443,506Compensated absences 3,976,692 3,901,850

16,501,894 17,345,356Other liabilities

Retention money 404,364 428,114Deposits in respect of library books 2,727,589 2,535,799ICMAP members' benevolent fund 1,000 1,000Students' welfare fund 100,933 89,208Payable to employees retirement gratuity fund 14.2 735,719 5,467,582Advance against advertisement in ManagementAccountant magazine 50,000 72,000Income tax deduction at source 2,181 -ICMAP employees provident fund 5,328 -ICMAP employees benevolent fund - 3,240

4,027,114 8,596,943

22,178,262 27,591,553

14.1 This represents a claim of KWSB in respect of arrears of water and conservancy charges for the years 1992 to1997. The management is contesting for a downward revision of this claim. However, full provision has beenmade as a matter of prudence.

42


14.2 The amount payable towards gratuity fund is estimated through actuarial valuation as at June 30, 2009 using theProjected Unit Credit Method. The relevant information is as follows:


The amounts recognized in the balance sheet are determinedas follows:

Present value of defined benefit obligations 7,739,569 5,635,534Fair value of plan assets (7,085,898) (250,000)Unrecognized actuarial gains 82,048 82,048

735,719 5,467,582

The amounts recognized in the income and expenditure account aredetermined as follows:

Current service cost 1,505,049 1,211,263Interest cost 732,619 508,987

Charge for the year 2,237,668 1,720,250

Movement in the liability recognized in the balance sheet

Opening 5,467,582 3,997,332Charge for the year 2,237,668 1,720,250Contribution to the Fund during the year (6,969,531) (250,000)

Closing 735,719 5,467,582

The principal actuarial assumptions used were as follows: 2011 2010

Discount rate (per annum) 13% 13%Future salary increase (per annum) 13% 13%


15. GENERAL RESERVE

Balance at beginning of the year 263,527,682 251,795,710

Transfer during the year from specific reserves

Building Reserve - 1,203,800Members' welfare reserve 105,000 110,000NDFC gold medal reserve 102,210 49,000Bilimoria reserve 102,210 -

309,420 1,362,800Net surplus for the year 30,917,888 10,369,172

294,754,990 263,527,682

43



16. SPECIFIC RESERVES

Members' welfare reserve 1,630,496 1,585,073NDFC gold medal reserve 281,983 350,893Lodhi endowment reserve 602,089 549,903Shoaib memorial reserve 366,302 334,553Bilimoria reserve 69,631 156,947Mrs. Khawar Riaz gold medal reserve 49,539 45,245Staff welfare reserve 631,654 576,906

16.1 & 16.2 3,631,694 3,599,520

16.1 Balance as Balance asat July 01, at June 30,2010 Additions (Transfers) 2011

Note < - - - - - - - - - - Rupees - - - - - - - - - - - >

Long term investments 7.3 3,599,520 341,594 (309,420) 3,631,694(Term finance certificates)

June 30, 2011 3,599,520 341,594 (309,420) 3,631,694

June 30, 2010 4,636,551 325,769 (1,362,800) 3,599,520

Allocation of Transfer16.2 Balance as return on to Balance as

at July 01, investments general at June 30,2010 (note 21) reserve 2011

Members' welfare reserve 1,585,073 150,423 (105,000) 1,630,496NDFC gold medal reserve 350,893 33,300 (102,210) 281,983Lodhi endowment reserve 549,903 52,186 - 602,089Shoaib memorial reserve 334,553 31,749 - 366,302Bilimoria reserve 156,947 14,894 (102,210) 69,631Mrs. Khawar Riaz gold medal 45,245 4,294 - 49,539Staff welfare reserve 576,906 54,748 - 631,654

June 30, 2011 3,599,520 341,594 (309,420) 3,631,694

June 30, 2010 4,636,551 325,769 (1,362,800) 3,599,520

17. CONTINGENCIES AND COMMITMENTS

17.1 The Institute (Defendant) received a legal notice in 2006 from one of the residents (Plaintiff) living in constructedbungalow around the land at Gulistan-e-Jauhar for stoppage of excavation work on the land which was allegedto be adversely affecting the foundation of his bungalow. The resident prayed the Honorable High Court of Sindhto compel the Institute to leave a gali of 20 feet on the backside of the plot, demand damages to the tune ofRs. 10 million and to restrain the Institute from doing excavation work.

The Institute pursued the matter, in the High Court of Sindh at Karachi, as its legal right to utilize the completearea allotted to it by the City District Government Karachi for which re-demarcation was validated in the year2009. On October 15, 2009, the Court appointed Nazir to inspect the site and report as to whether or not the plotof Plaintiff is adjoining plot and as to whether the defendant is carrying on any construction work on the plot.The Nazir visited the place of the plot and undertaken necessary inspection as desired by the Honorable HighCourt in the presence of Plaintiff and defendants. Later on, the Institute, on the request of Honorable Sindh HighCourt, submitted a statement that all precautionary measures will be taken while raising / constructing the

44


boundary wall on its allotted plot in order to avoid any possible damage to the plot of Plaintiff. It was alsoassured that in case of any damage cause to the plot of Plaintiff due to construction of boundary wall, theInstitute, subject to technical authentication, would pay for it. However, the construction of boundary wall hasbeen duly completed without causing any damage to the plot of the plaintiff and the case is likely to be disposedoff soon.

17.2 Commitments for capital expenditure are Rs. 1,452,500 (2010 : Rs. 1,419,272) and for revenue expenditure areRs. 831,747 (2010 : Rs. 1,465,335).


18. REVENUE

Students' fees 18.1 100,222,874 85,631,190Examination fees 45,383,285 39,590,602Students' subscriptions 18.2 11,117,668 10,260,695Members' subscriptions 18.3 8,823,866 9,031,341Seminars, conferences and courses fees 9,194,143 5,668,840Other operating income 18.4 2,662,651 1,030,204

177,404,487 151,212,872

18.1 Students' fees

Coaching 68,778,561 49,608,040Exemptions 20,685,830 22,605,354Correspondence courses 8,205,521 10,130,663Internet Based Distance Learning Program (IBDLP) 1,987,952 2,637,432Entry test 237,550 273,000Career pack 323,660 284,201Practical training course 3,800 92,500

100,222,874 85,631,190

18.2 Students' subscriptions

Registration 3,162,200 3,006,616Annual 7,067,348 6,421,349Restoration of registration 888,120 832,730

11,117,668 10,260,695

18.3 Members' subscriptions

Annual 7,753,494 7,917,336Admission 532,670 453,705Certificate of practice 243,202 195,500Restoration of membership 294,500 464,800

8,823,866 9,031,341

45



18.4 Other operating income

Advertisement in Journal 172,000 206,000Identity cards 442,079 202,955Donation 701,188 -Rentals 199,282 287,250Approved coaching centers 410,000 -Lesson notes / question papers 34,578 10,946Gain on disposal of property and equipment 27,096 -Others 676,428 323,053

2,662,651 1,030,204

19. EXPENDITURE

Employees' salaries and benefits 19.1 66,020,257 62,265,641Honorarium for teachers and examiners 19.2 34,582,772 32,151,889Printing, stationery and publications 9,441,193 8,130,172Library books 920,027 438,399Communications 5,201,983 5,133,254Utilities 19.3 11,777,384 11,711,853Repairs and maintenance 5,431,890 5,437,581Rent rates and taxes 2,005,762 1,261,568Depreciation 7,636,993 9,216,614Amortization 782,867 403,493Entry test 1,032,477 1,764,522Seminars and conferences 9,027,394 7,510,206Council members' travelling 19.4 5,152,226 5,834,767Travelling and conveyance 2,837,718 3,427,659Legal and professional 1,317,921 934,194Advertisement 2,792,416 2,049,471Entertainment 2,173,690 1,917,563Financial assistance to students 1,868,895 1,065,431Insurance 310,481 238,105Members’ welfare 787,512 1,190,622Provision for doubtful recoveries 5.2 & 11.1 94,974 96,474International membership fee 1,040,625 599,825Write off of membership pins - 16,079Other operating expenses 19.5 2,648,612 2,222,008

174,886,069 165,017,390

19.1 Employees' salaries and benefits

This includes Rs.1,970,716 (2010 : Rs.1,986,475) in respect of employees provident fund contribution andRs.2,237,668 (2010 : Rs.1,720,250) in respect of employees retirement gratuity.

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19.2 Honorarium of teachers and examiners

Lecturers 25,101,456 22,332,229Examiners 6,019,010 6,218,510Invigilators 5,462,306 5,348,500Internet based distance learning Program (IBDLP)Lecture and maintenance cost - 252,650

36,582,772 34,151,889

Government grant-in-aid (2,000,000) (2,000,000)

34,582,772 32,151,889

19.3 Utilities

Electricity 8,001,410 6,987,926Generator 2,697,788 4,124,966Water and gas 1,078,186 598,961

11,777,384 11,711,853

19.4 Council members' travelling(For conferences and meetings)

Domestic travelling 3,442,276 3,385,915International travelling 1,709,950 2,448,852

5,152,226 5,834,767

19.5 Other operating expenses

Vehicles running 717,199 571,195Newspapers and periodicals 306,324 281,698Bank charges 227,683 227,073Furniture / premises hire 93,680 168,220Rewards and prizes 279,420 69,000Gardening 20,973 35,039Software license fee 24,349 12,173Auditors' remuneration 19.5.1 247,500 220,000Others 731,484 637,610

2,648,612 2,222,008

19.5.1 Auditors' remuneration

Audit fee 200,000 200,000Review of Lahore Branch 25,000 -Out of pocket 22,500 20,000

247,500 220,000

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20. RETURN ON INVESTMENTS AND SAVINGS ACCOUNTS

Term deposit receipts 24,858,764 20,666,745Treasury bills 2,157,602 -Term finance certificates 1,706,487 1,696,140Growth certificates 247,970 1,694,590Defence savings certificates - 173,802Savings accounts 770,239 488,867

29,741,062 24,720,144

21. ALLOCATION TO SPECIFIC RESERVES

Return on investmentMembers' welfare reserve 150,423 146,920NDFC gold medal reserve 33,300 34,661Lodhi endowment reserve 52,186 47,663Shoaib memorial reserve 31,749 28,997Bilimoria reserve 14,894 13,603Mrs. Khawar Riaz gold medal reserve 4,294 3,922Staff welfare reserve 54,748 50,003

16.2 341,594 325,769

22. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

Fair value is the amount at which an asset could be exchanged, or a liability settled, between knowledgeable and willingparties in an arm’s length transaction.

Financial assets, which are tradable in an open market, are valued at the market prices prevailing on the balance sheetdate. The estimated fair value of all other financial assets and liabilities is considered not significantly different frombook value.

23. FINANCIAL RISK MANAGEMENT POLICIES

The National Council has overall responsibility for the establishment and oversight of the risk management framework.The Institute has exposure to the following risks from its use of financial instruments:

i) Market risk (including price risk and interest rate risk)ii) Credit riskiii) Liquidity risk

The Institute's overall risk management program seeks to maximize the returns derived for the level of risk to whichInstitute is exposed (if any) and seeks to minimize potential adverse effects on the Institute.

The Institute uses different methods to measure and manage the various types of risks to which it is exposed, these aresummarized below: -

23.1 Price risk

Price risk is the risk that the value of a financial instrument may fluctuate as a result of changes in market prices.This risk arises from the investments held by the Institute for which prices are uncertain in future. The majorportion of Institute's investment is not subject to price risk and the Institute has no intentions to increase itsportfolio in marketable securities.

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23.2 Yield / interest / mark up rate risk

Yield risk is the risk of decline in earnings due to adverse movements of the yield curve. Interest / markup raterisk is the risk that the value of the financial instruments will fluctuate due to changes in the market interest /mark up rates.

The Institute has diversified its investments and invested in fixed interest rate investments to the tune of Rs.262,665,744 (2010: Rs. 226,985,902). Further, cash at bank includes Rs. 7,189,766 (2010: Rs. 2,747,055)having fixed interest rates and Rs. 4,379,524 (2010: Rs. 2,606,289) as non interest bearing.

23.3 Credit risk and concentration of credit risk

Credit risk represents the accounting loss that would be recognized at the reporting date if counter party to thefinancial assets fails to perform as contracted. At June 30, 2011, the financial assets which are subject to creditrisk amounted to Rs. 283,934,128 (2010 : Rs. 238,288,134) out of which the Institute mainly expose to credit riskon its investments amounting to Rs. 192,644,942 (2010: Rs. 228,926,717).

All the investments of the Institute are approved by the Committees constituted by the National Council. TheInstitute invest in securities with reputed financial institutions having good credit ratings. The Institute receives allrevenue generated through fees in advance and on cash basis, thereby mitigating credit risk.

Ratings of banks in which deposits are placed and investments are made:

Name of Bank Short term rating Long term rating Rating AgencyNational Bank of Pakistan A1+ AAA JCR-VISHabib Bank Limited A1+ AA+ JCR-VISAskari Bank Limited A1+ AA PACRAFaysal Bank Limited A1+ AA PACRABank Al-Habib Limited A1+ AA+ PACRAUnited Bank Limited A1+ AA+ JCR-VISNIB Bank Limited A1+ AA- PACRAHabib Metropolitan Bank Limited A1+ AA+ PACRAAllied Bank Limited A1+ AA PACRASoneri Bank Limited A1+ AA- PACRA

23.4 Liquidity risk

Liquidity risk is the risk that the Institute may encounter difficulty in raising funds to meet its obligations andcommitments associated with financial instruments. The Institute monitors liquidity risk by regular monitoring offuture cash flows and excess funds are then invested in line with the forecast requirements.

The following are the contractual maturities of financial liabilities: -

Upto three More thanmonths three months Total

upto 1 year< - - - - - - - - - - - Rupees - - - - - - - - - - - >

As at June 30, 2011Provision, accrued and other liabilities 7,509 22,170,753 22,178,262

7,509 22,170,753 22,178,262As at June 30, 2010Provision, accrued and other liabilities 3,240 27,588,313 27,591,553

3,240 27,588,313 27,591,553

The Institute has cash and bank balance of Rs. 12,189,558 and short term investments of Rs. 245,999,982 tomeet the above liquidity requirements and hence there is no liquidity risk.

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24. RELATED PARTY TRANSACTIONS

Related parties of the Institute comprise employees provident fund, employees gratuity fund, employees benevolentfund, members' benevolent fund, Cost and Management Accountants (CMA) Foundation and an associated company.Related party balances have been disclosed in respective notes to these financial statements. Transactions with relatedparties during the year are as follows: -


Recoveries of loans on behalf of employees providentfund and employees benevolent fund 2,030,426 2,676,161

Payments to CMA Foundation 154,660 687,473

Receipts from CMA Foundation 112,152 421,816

Contribution to employees provident fund 1,970,716 1,986,475

Contribution to employees retirement gratuity fund 6,969,531 250,000

Members of the Council

Membership fee received from members of the Council 24,000 24,000

Travelling and related expenses 5,152,226 5,834,767

Key management personnel compensation

Short term employee benefits 12,749,872 13,582,904

Post employment benefits 802,704 950,653

Membership fee 15,000 24,000

Traveling and related expenses 1,083,344 1,266,682

25. DATE OF AUTHORIZATION FOR ISSUE

These financial statements were authorized for issue on September 21, 2011 by the National Council of the Institute.

26. GENERAL

Figures have been rounded off to the nearest Rupee, unless otherwise stated.


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STANDING AND NON-STANDING COMMITTEESAs on June 30, 2011

STANDING COMMITTEES

Executive CommitteeMr. Hasan A. Bilgrami F-757 ChairmanMr. Mohammad Hanif F-330 MemberMr. Zia ul Mustafa Awan F-980 MemberMr. Ghulam Mustafa F-931 MemberMr. Mansur-ur-Rehman Khan MemberExecutive Director Secretary

Education CommitteeMr. Hasan A. Bilgrami F-757 ChairmanMr. Mohammad Hanif F-330 MemberMr. Masud Muzaffar F-633 MemberMr. Sajjad Ahmad F-688 MemberMirza Munawar Hussain F-811 MemberMr. Shahzad Ahmad Awan F-976 MemberDirector Education Secretary

Examination CommitteeMr. Mohammad Hanif F-330 ChairmanMr. Muhammad Rafi F-450 MemberMr. Ghulam Mustafa F-931 MemberMr. Shahzad Ahmad Awan F-976 MemberMr. Zia-ul Mustafa Awan F-980 MemberDirector Examination Secretary

Disciplinary CommitteeMr. Hasan A. Bilgrami F-757 ChairmanMr. Muhammad Ayub Khan Tarin MemberMr. Masud Muzaffar F-633 MemberExecutive Director Secretary

NON-STANDING COMMITTEES

Human Resource CommitteeMr. Hasan A. Bilgrami F-757 ChairmanMr. Muhammad Rafi F-450 MemberMr. Ghulam Mustafa F-931 MemberMr. Zia ul Mustafa Awan F-980 MemberExecutive Director Secretary

Corporate Relations CommitteeMr. Hasan A. Bilgrami F-757 ChairmanMr. Muhammad Rafi F-450 MemberMr. Zia ul Mustafa Awan F-980 MemberDirector Corporate Relations Secretary

Audit CommitteeMr. Mansur-ur-Rehman Khan ChairmanMr. Sajjad Ahmad F-688 MemberMirza Munawar Hussain F-811 MemberMr. Shahzad Ahmad Awan F-976 MemberDirector Internal Audit Secretary

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CMA Act & Regulations Review CommitteeMr. S. Tariq Asaf Husain ChairmanMr. Muhammad Rafi F-450 MemberMirza Munawar Hussain F-811 MemberExecutive Director Secretary

Continuing Professional Development (CPD) and Seminars/Conferences CommitteeMr. Muhammad Rafi F-450 ChairmanMr. Mohammad Hanif F-330 MemberMr. Sajjad Ahmad F-688 MemberMr. Shahzad Ahmad Awan F-976 MemberDirector Secretariat Secretary

Research, Quality Assurance and Ethics CommitteeMr. Masud Muzaffar F-633 ChairmanMr. M. H. Asif F-297 MemberMr. Mohammad Hanif F-330 MemberMirza Munawar Hussain F-811 MemberMr. Ghulam Mustafa F-931 MemberMr. Nazir Ahmed Shaheen F-548 MemberWing Com. Abdul Sattar A-3540 MemberDeputy Director Research Secretary

Journal & Publication CommitteeMr. Zia ul Mustafa Awan F-980 ChairmanMr. Mohammad Hanif F-330 MemberMirza Munawar Hussain F-811 MemberMr. Ghulam Mustafa F-931 MemberMr. Shahzad Ahmad Awan F-976 MemberDirector Secretariat Secretary

Practicing Profession Development CommitteeMr. Ghulam Mustafa F-931 ChairmanMr. Shaukat Hayat Khan Baluch F-574 MemberSayyid Mansoob Hasan F-756 MemberDeputy Director Northern Region Secretary

Career Development, Members & Students Affairs CommitteeMirza Munawar Hussain F-811 ChairmanMr. Mohammad Hanif F-330 MemberMr. Muhammad Rafi F-450 MemberMr. Sajjad Ahmad F-688 MemberMr. Shahzad Ahmad Awan F-976 MemberDirector Secretariat Secretary

Nominees on Executive Board of CMA FoundationMr. Sajjad Ahmad F-688Mirza Munawar Hussain F-811Mr. Shahzad Ahmad Awan F-976

ICMAP Nominees on Joint Committee ICAP/ICMAPMr. Muhammad Ayub Khan TarinMr. Muhammad Rafi F-450Mr. Masud Muzaffar F-633

ICMAP Nominees on PIPFA Board of GovernorsMr. Sajjad Ahmad F-688Mirza Munawar Hussain F-811Mr. Shahzad Ahmad Awan F-976

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Meeting held during July 2010 – June 2011

Members Meeting MeetingHeld Attended

Mr. Hasan A. Bilgrami 7 7Mr. Mohammad Hanif 7 6Mr. Zia ul Mustafa Awan 7 5Mr. Ghulam Mustafa 7 7Mr. Muhammad Ayub Khan Tarin 7 5Mr. S. Tariq Asaf Husain 7 4Mr. Mansur-ur-Rehman Khan 7 6Mr. Masud Muzaffar 7 6Mr. Muhammad Rafi 7 5Mr. Sajjad Ahmad 7 6Mirza Munawar Hussain 7 6Mr. Shahzad Ahmad Awan 7 6

National Council


Mr. Hasan A. Bilgrami 4 3Mr. Mohammad Hanif 4 3Mr. Masud Muzaffar 4 4Mr. Sajjad Ahmad 4 4Mirza Munawar Hussain 4 4Mr. Shahzad Ahmad Awan 4 4

Education Committee


Mr. Hasan A. Bilgrami 3 3Mr. Muhammad Ayub Khan Tarin 3 3Mr. Masud Muzaffar 3 3

Disciplinary Committee

Council / Committees No. ofMeetings

National Council 7Education Committee 4Disciplinary Committee 3Examination Committee 8Human Resources Committee 1Audit Committee 3Journal & Publication Committee 4Research, Quality Assurance & Ethics Committee 2Career Development, Members & Students Affairs Committee 2Practicing Profession Development Committee 4CPD and Seminars/Conferences Committee 3

Meetings


Mr. Mohammad Hanif 8 8Mr. Muhammad Rafi 8 7Mr. Ghulam Mustafa 8 5Mr. Shahzad Ahmad Awan 8 6Mr. Zia ul Mustafa Awan 8 0

Examination Committee

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BRANCH COUNCIL 2011

Karachi Branch Council

Mr. Tariq Hussain F-770 Chairman

Mr. Ahsan Elahi Vohra F-717 Vice Chairman

Mr. Anis-ur-Rehman F-1088 Secretary

Mr. Muhammad Yousuf F-1136 Treasurer

Mr. Muhammed Amir Zaheer A-3219 Member

Mr. Imran F-1275 Member

Mr. Ahsan Ali Syed A-3815 Member

Syed Adnan Hussain Shah A-4194 Member

Islamabad Branch Council

Mr. Abdul Khalil F-946 Chairman

Mr. Riasat Khan F-1247 Vice Chairman

Mr. Waqar Ali Khan A-1598 Secretary

Mr. Shehzad Ahmed Malik F-902 Member

Mr. Shahbaz Alam A-2716 Member

Mr. Mahmood Ahmad A-3132 Member

Mr. Adeel Faisal A-3886 Member

Mr. Sohail Iqbal A-4190 Member

Mr. Ghulam Mustafa F-931 Member(Hon. Treasurer – ICMAP)

Mr. M. Ayub Khan Tarin Member(Council Member – ICMAP)

Mr. S. Tariq Asaf Hussain Member(Council Member – ICMAP)

Mr. Masud Muzaffar F-633 Member(Council Member – ICMAP)

Mr. Muhammad Rafi F-450 Member(Council Member – ICMAP)

Mr. Sajjad Ahmad F-688 Member(Council Member – ICMAP)

Mr. Hasan A. Bilgrami F-757 Member(President – ICMAP)

Mr. Mohammad Hanif F-330 Member(Vice President – ICMAP)

Mr. Mansur-ur-Rehman Khan Member(Council Member – ICMAP)

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BRANCH COUNCIL 2011

Lahore Branch Council

Mr. Aamer Ijaz A-3312 Chairman

Mr. Abid Lateef Lodhi F-891 Vice Chairman

Mr. Muhammad Yasin A-3850 Secretary

Mr. Shahbaz Sarwar F-1105 Member

Mr. Imtiaz Mahmood F-1122 Member

Mr. Muhammad Zahid Maqbool, A-2613 Member

Mr. Kamran Mahmood Butt A-3808 Member

Ms. Samia Ashraf Bhatti A-4101 Member

Multan Branch Council

Mr. Hafeez Ahmad F-889 ChairmanMr. Muhammad Waqas Khalid A-2489 Vice ChairmanMirza Athar Baig Chughti A-2999 SecretaryMr. Ansar Mahmood F-985 MemberMr. Mukhtiar Hussain Kashif A-3240 MemberMr. Muhammad Abbas Sattar A-3926 MemberMr. Muhammad Rafiq A-4150 MemberMs. Mariam Chandni A-4219 Member

Faisalabad Branch Council

Mr. Ashfaq Hussain F-774 ChairmanMr. Riaz Ahmad A-3002 Vice ChairmanMr. Naeem Haider F-1055 SecretaryMr. Muhammad Ashfaq Ahmad Naz F-881 MemberMr. Mahboob Ahmad F-896 MemberMr. Muhammad Shahid F-1069 MemberMr. Shahid Irshad A-3352 MemberMr. Sajid Azmat A-3444 Member

Mr. Zia ul Mustafa Awan F-980 Member(Hon. Secretary – ICMAP)

Mirza Munawar Hussain F-811 Member(Council Member – ICMAP)

Mr. Shahzad Ahmad Awan F-976 Member(Council Member – ICMAP)

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NOTES

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NOTES

45th Annual Report - ICMA PAKISTAN · 4 45thAnnualReport2011 Period President VicePresident HonorarySecretary HonoraryTreasurer 1951-55 Mr.MuhammadShoaib —— — 1955-60 Mr.MumtazMirza

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