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Corruption poses to destroy the moral ofour society and is the number oneproblem of the country said ProfessorMuzaffar Ahmad while speaking as Chief Guest at
a seminar on Forensic Accounting - A Dynamic
Tool for Combating Corruption in Bangladesh held
at the Auditorium of the Institute of Chartered
Accountants of Bangladesh at Kawran Bazar,
Dhaka.The threat of corruption in Bangladesh hasincreased manifold in different segments ofgovernment offices and the private sector as well,in wider and alarming scale. At the moment thecorrupt elements are a bit cautious due to the recentcampaign against corruption, but it seems the germ
of corruption has not been uprooted altogether andthere is no sign that the nation will be free from thisvice said Mr Ahmad.Corruption is so dangerously spreading through thevarious strata of the society and our national lifethat even the judiciary is also no exception from thepollution of this vice. The socio-economic,commercial and industrial institutions are allcontaminated with the germs of corruption. Tosalvage the country from such a deplorable state ofaffairs, the role of a Forensic Accountant isextremely important commented Mr. Ahmad.There is an unholy alliance among the corruptelements of the country which can be dismantled atleast partially if not fully with the help andassistance of the Forensic Accountants commented
April 2008
Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh
ICAB News BulletinNo. 223
CPE Seminar held at ICAB on
Forensic Accounting - A Dynamic Tool forCombating Corruption in Bangladesh
MEMBER OF:
International Federation ofAccountants (IFAC)
International AccountingStandards Board (IASB)
South Asian Federation ofAccountants (SAFA)
Confederation of Asianand Pacific Accountants(CAPA)
In This Issuep CPE Seminar held at ICAB
on Forensic Accounting - ADynamic Tool forCombating Corruption in Bangladesh
p Humayun Kabir AttendsRegional Standard Setter’sMeeting at Delhi
p CPE Seminar held at ICABon ‘Fair Value Accounting-A Paradigm Shift’
p Bangladesh Economy cangrow 7pc or more: ADB
p ICAB Students Participatedin ‘All Pakistan CAStudents' Conference2008’
p New Arrivals in the ICABCentral Library in April2008
p ICAB Delegation AttendPre-Budget Meeting with NBR
p ICAB Delegation meetNGO Bureau officials
p SAFA meet held at Lahore
p DRC-ICAB AGM for 2008Held, Humayun LaudsDRC-ICAB Activities
p New DRC Office BearersElected
p Strategy and OperationalPlan 2007-2009 of IPSASB
ISSN 1993-5366
Chief Guest, Professor Muzaffar Ahmad, Chairman-TIB delivering his address at the Seminar. Also seen (L-R), Mr Md Salim Uddin FCA,Associate Professor, Chittagong University, Mr Nasim Anwar FCA, Vice President-ICAB, paper presenters, Special Guest, Mr MoazzemHossain, Editor, The Financial Express, Mr Md Humayun Kabir FCA, President-ICAB, Session Chairman, Mr M A Baree FCA and MrMd Syful Islam FCA, Vice President-ICAB.
A view of the audience at the Seminar on “Forensic Accounting - A Dynamic Tool for Combating Corruption in Bangladesh”.
ICAB News Bulletin No. 223
Mr Ahmad. In this respect Mr Ahmadexpected that the Institute of CharteredAccountants of Bangladesh (ICAB) canplay a very vital role by providing formaltraining to the professional accountantswho ultimately would act as ForensicAccountants.Mr Moazzem Hossain, Editor, TheFinancial Express narrated that thebureaucracy of the country should be givenproper training on the danger of corruptionthat prevails through the rank and file of agovernment office and appropriatemeasures should be worked out to change
the mind set of the bureaucratic structure sothat corruption can be combated andresisted from within the bureaucracy with aview to salvaging the society from thiscurse.Mr Md Humayun Kabir FCA, President-ICAB said that Forensic Accounting is infact a kind of postmortem which revealsthe inherent cause of an event that takesplace with the intention of committingcorruption, fraud, embezzlements andother scandals of moral turpitude andimplications. The dimension of corruptionin Bangladesh is well known to all of us. It
is very extensive. The germ of corruption isso dangerously infectious in the variousstrata of the society and our national lifethat, it is perceived by many, even thejudiciary is not immune there from. Tosalvage the country from such a deplorablestate of affairs, the use of the knowledge ofForensic Accounting is a must andengagement of CAs as Forensic Accountantsis necessary and a demand of the time.Md Nasim Anwar FCA and Mr Md SalimUddin FCA jointly presented the seminarpaper and Mr M A Baree FCA, conductedthe seminar as Session Chairman. n
April-2008 2
Speaking in the Seminar (Left to right): Chief Guest, Professor Muzaffar Ahmad, Chairman-TIB, Special Guest, Mr Moazzem Hossain, Editor, The Financial Express, SessionChairman, Mr M A Baree FCA, Mr Md Humayun Kabir FCA, President-ICAB, Mr Md Salim Uddin FCA, Associate Professor, Chittagong University and Mr Nasim Anwar FCA,Vice President-ICAB, Paper Presenters and Mr Md Syful Islam FCA, Vice President-ICAB.
ICAB News Bulletin No. 223
April-2008 3
Mr. Humayun Kabir FCAPresident of the Institute ofChartered Accountants ofBangladesh (ICAB) attended the RegionalStandard Setter’s Meeting held at NewDelhi, India on the 27 March 2008. SirDavid Tweedi, Chairman, InternationalAccounting Standards Board (IASB) andMr. Warren McGregor Board Member ofIASB attended the meeting.Mr. Kabir presented two technical papersin the meeting-one on the Status ofConvergence of Bangladesh AccountingStandards (BAS)/Bangladesh FinancialReporting Standards (BFRS) withIAS/IFRS and another on ChallengesFaced and Steps Taken by Bangladesh forspeedy adoption of Accounting Standards /Financial Reporting Standards explainingthe process of adoption of IAS as BAS andIFRS as BFRS Mr. Kabir said that theAccounting Standards in Bangladesh areframed by ICAB on the basis ofInternational Accounting Standards (IAS)and International Financial ReportingStandards (IFRS )and compliance withBASs/BFRS ensures compliance in allmaterial respects with the relevantIASs/IFRSs.Mr. Kabir while presenting the paper on“Status of Convergence of BangladeshAccounting Standards (BAS)/BangladeshFinancial Reporting Standards (BFRS)with IAS/IFRS” said that the ICAB has ahistory of two spells of adoptingaccounting standards. During the period1984 to 1991 the ICAB adopted 11Accounting Standards (ASs). After a gapof about a decade the ICAB again startedseriously revising the original ASs andadopting new IASs/BFRSs. As of date theICAB has adopted 26 IASs/IFRSs asBangladesh Accounting/Fiancial ReportingStandards and two more IASs are underreview by the ICAB. These are IAS -32and 39. IAS 29 is considered not relevantto the current state of Bangladesh
economy. It may be mentioned that thereare 29 IASs extant as of January 2008. There are 08 IFRSs extant as of January2008, of which, 04 IFRSs namely IFRS 2,3, 5 and 6 have been adopted by the ICABas BFRS 2, 3, 5 and 6 respectively. IFRS-1, 4, 7 and 8 are under review for adoptionby ICAB. BFRS 3 business combination isin convergence with IFRS 3 businesscombination as issued in 2004, which hasrecently been superseded by IFRS 3business combination 2008.While presenting the papers on“Challenges Faced and Steps Taken byBangladesh for speedy adoption ofaccounting standards / Financial ReportingStandards”, Mr Kabir said that adoption ofAccounting/Financial Reporting Standardshas two dimensions, viz., prescribing orframing of the standards and implementingor practicing of the same. In Bangladeshwe face challenges at both dimensions,though the major problem lies at theimplementation stage. The ICAB, being amember of the IFAC, has an obligation toensure compliance of IASs/IFRSs by itsmembers, as may be relevant. The speedyadoption of IASs suffers due to lack of in-house technical and financial resources ofICAB. ICAB has fund constraints resultingin an inadequate in-house technical
capacity to cope with the ever challengingtask of reviewing the IASs/IFRSs in thecontext of Bangladesh. As a result theyhave to rely on the voluntary services of themembers with sound technical knowledgewhile reviewing and adopting IASs/IFRSs.This slows down the process,. And thesituation worsens in view of the fact thatIASs/IFRSs are being revised quite often tocater to the changing requirements of theusers of financial statements. So, ICAB hasa lot to do to catch up. Nevertheless, sinceICAB adopts BASs and BFRSs on thebasis of IASs and IFRSs, the adversities oftechnical resource constraints of the ICABare to a great extent reduced. The numberof IASs and IFRSs adopted so far by ICABtestifies to the above fact. ICABappreciates the role of IASB for makingavailable the fruits of their massiveresearch works to all, which theaccounting Institutes like ICA Bangladeshwould not afford to undertake.Sometimes, laws, particularly tax laws,contrary to IAS provisions, act asstumbling blocks against adoption of therelevant IASs. Such local laws, thoughoutdated, prevail over the IASrequirements. Standards are of little valueunless they are observed. The realchallenges therefore lie in application ofthe Standards.The Regional Standard Setter’s Meetingwas organized by the Institute of CharteredAccountants of India (ICAI). Sir DavidTweedie in a press conference on 26 March2008 said that IASB was committed todeveloping a single set of high quality,understandable and enforceable globalaccounting standards in public interest. Hesaid, Convergence with InternationalAccounting Standards (IASs)/International Financial ReportingStandards (IFRSs) (collectively referred toas IFRSs), issued by the InternationalAccounting Standards Board (IASB) hasgained momentum in recent years all overthe World. n
Humayun Kabir Attends Regional Standard Setter’s Meeting at Delhi
ICAB News Bulletin No. 223
April-2008 4
ACPE Seminar titled "Fair ValueAccounting -A Paradigm Shift"was organized by the Institute ofChartered Accountants of Bangladesh(ICAB) in its Auditorium at Kawran Bazar,Dhaka.Mr Muhammad Farashuddin, Chairman,Economics Department and Member,Board of Directors, East West Universitywas the Chief Guest. Mr Sheikh A Hafiz
FCA, Vice President South AsianFederation of Accountants (SAFA) andCouncil Member-ICAB conducted theSeminar as Session Chairman and DrJamaluddin Ahmed FCA, MemberCouncil- ICAB, presented the Key notepaper on the topic.Mr Muhammad Farashuddin in his speechas Chief Guest emphasized on the methodof calculating the Fair Value of an
asset/liability and stressed that the Instituteof Chartered Accountants of Bangladesh asthe regulatory body of the accountancyprofession has a very important role toapprise its Members about the skill fordetermining the Fair Value. He referred tothe regulations of the Securities andExchange Commission of the United Statesof America about Fair Value Accountingand informed the house that Fair Value
CPE Seminar held at ICAB on ‘Fair Value Accounting- A Paradigm Shift’
Mr Muhammad Farashuddin, Chairman, Economics Department and Member, Board of Directors, East West University delivering his address of welcome as Chief Guest.Seen in the picture (L-R), Dr Jamaluddin Ahmed FCA, Member Council- ICAB paper presenter, Mr Md Humayun Kabir FCA, President-ICAB, Mr Sheikh A Hafiz FCA, VicePresident South Asian Federation of Accountants (SAFA) Session Chairman, and Mr Md Syful Islam FCA, Vice President-ICAB.
Speaking in the Seminar (Left to right): Chief Guest, Mr Muhammad Farashuddin, Chairman, Economics Department and Member, Board of Directors, East West University,Session Chairman, Mr Sheikh A Hafiz FCA, Member Council-ICAB and Vice President South Asian Federation of Accountants (SAFA), Mr Md Humayun Kabir FCA, President-ICAB, Paper Presenter, Dr Jamaluddin Ahmed FCA, Member Council- ICAB and Mr Md Syful Islam FCA, Vice President-ICAB.
ICAB News Bulletin No. 223
April-2008 5
A view of the audience of the Seminar on ‘Fair Value Accounting-A Paradigm Shift’.
Accounting plays a vital role. The conceptis widely discussed around the globe as itrelates to the appropriateness of the valueof an asset/liability in relation to marketconditions. Mr Farashuddin alsocommented that today's market economy isdynamic and volatile. So Fair ValueAccounting is a very vital issue for theaccountants.Mr Md Humayun Kabir FCA, President-ICAB in his Address of Welcome thankedthe audience for their cooperation inholding the Seminar. While deliberating on
the topic of the Seminar Mr Kabir said thatFair Value is an accounting term and isbeing discussed all over the world amongthe regulators of the accountancyprofession for over last one decaderegarding its mandatory application in thefield of financial reporting. The fair valueof an asset is the amount at which that assetcould be bought or sold in a currenttransaction between willing parties, andsimilarly fair value of a liability is theamount at which that liability could beincurred or settled in a current transaction
between willing parties, other than inliquidation. If available, a quoted marketprice in an active market is the bestevidence of fair value and should be usedas the basis for the measurement. Fair valueaccounting provides more transparency thanhistorical cost based measurements. MrKabir highly appreciated the efforts of DrJamal in preparing a paper on such atechnical issue.Mr Sheikh A Hafiz FCA, MemberCouncil-ICAB & Vice President, SouthAsian Federation of Accountants (SAFA)conducted the Seminar as SessionChairman. n
The Asian Development Bank(ADB) country director Ms HuaDu in Dhaka has said Bangladeshhas the potential to achieve 7 percent ormore economic growth a year, despitechallenges of political uncertainty, weakinfrastructure and vulnerability to naturaldisaster. “Political stability is fundamental foreconomic growth and the economy will notbe sustained without a stable politicalbase,” Hua Du told a press briefingyesterday while releasing the BangladeshQuarterly Economic Update March 2008.Hua Du is leaving in June 2008 afterending her four-year tenure as the ADBcountry director in Bangladesh.The Quarterly report identified weak
infrastructure, including serious powershortages, as serious obstacle to thecountry’s economic growth apart frompolitical uncertainty leading up to theDecember 2008 elections. Oil and foodgrain prices increase in the internationalmarket also posed significant risks, it said. The report said Bangladesh’s GDP isexpected to grow by 6 percent in FY2008,down from 6.5 percent in FY2007 becauseof moderate agricultural growth followingthe extensive flooding and cyclone.She said fear and uncertainty among theinvestor community, apparently created bythe government’s comprehensiveanticorruption drives, have started to ease. The ADB quarterly said a major globalreport by the PricewaterhouseCoopers
identified 13 emerging economies,including Argentina, Bangladesh, Egypt,Iran, Malaysia, Nigeria, Pakistan, thePhilippines, Poland, Saudi Arabia, SouthAfrica, Thailand and Vietnam, as havingthe potential to grow faster. The report concludes that long-termprospects of these countries are upbeat inaddition to major emerging economiesincluding Brazil, India, Indonesia, Mexico,China, Russia and Turkey.The global centre for economic activity isalready shifting to India, China and otherlarge emerging economies, and Bangladeshmust make all efforts to capitalise on itscomparative advantages to benefit fromthis global paradigm shift, said the report.
Bangladesh Economy can grow 7pc or more: ADB
This news item was inadvertently printed in March 2008 issue which we regret.
ICAB News Bulletin No. 223
April-2008 6
The Institute of CharteredAccountants of Pakistan (ICAP)arranged an "All Pakistan CAStudents' Conference 2008" under thetheme "Nurturing Business Leaders" on 29March 2008 at Lahore, Pakistan.Mr. Shadhan Chandra Das and Mr. PronoyKumer Biswas two articled students ofACNABIN, Chartered Accountants,participated in the conference. Theconference programme included inauguralsessions and three technical sessions. Thetopics of the technical sessions were:Session 1: What prospective EmployersLook For;Session 2 : Role of InternationalAccounting Standards Board;Session 3 : Panel Discussion on ISA 240:"The Auditor's Responsibility to ConsiderFraud and Error in an Audit of FinancialStatements. Mr. Syed Shabber Zaidi, President-SAFA,attended the conference. Technical Papers on EthicalRequirements, Motivation, IAS 17 (Lease)and IFRS 8: Operating Segment werepresented by the participating students.One of ICAB students Mr. Pronoy KumerBiswas took part as a panelist in the opendiscussion on ISA 240. n
ICAB Students Participate in All Pakistan CA Students Conference 2008
A view of students who participated in the ‘All Pakistan C A students conference 2008’.
SI. # Author Title01 Wiley IFRS
02 Oxford Oxford English Dictionary
03 Bangla Academy Bengali - English Dictionary
04 Bangla Academy English - Bengali Dictionary
05 Jam, Narayn Advanced Accounting
06 Jam, Narayn Cost Accounting
07 Basu and Das Cost Accounting
08 Basu and Das Practice in Accountancy (Vol. 1 & II)
09 Thomson Strategic Management
10 Monjur Morshed Cost Accounting
11 Kysio Financial Accounting
12 Horngren Cost Accounting Manual (11th ed.)
13 Garrison Management Accounting
14 Horngren Management Accounting
15 Tandon Auditing
16 Karting Information Technology
17 ICAEW Accountancy (Monthly)
18 The Economist Newspaper Ltd. The Economist (Weekly)
19 Reader's Digest Asia Pte. Ltd. Reader's Digest (Monthly)
20 BRAC BRAC University Journal
21 SEC SEC Quarterly Review
22 ICAP News Letter
New Arrivals in the ICAB Central Library in April 2008
Corrigendum
ICAB News Bulletin No. 223
April-2008 7
Afour member delegation of theInstitute of CharteredAccountants of Bangladesh(ICAB) headed by Mr Md Humayun Kabir
FCA, President-ICAB attended a pre-
budget meeting at the office of the
Chairman of the National Board of
Revenue (NBR) on April 8, 2008. Other
members of the ICAB delegation were Mr
Md Syful Islam FCA, Vice President-
ICAB, Mr M J Abedin FCA, Member
Council and Past President-ICAB and Mr
N I Chowdhury FCA, Secretary-ICAB. Mr
Abdul Mazid, Chairman, National Board
of Revenue and Secretary Internal
Resources Division of the Ministry of
Finance presided over the meeting.
During discussion Mr Md Humayun Kabir
FCA, President-ICAB placed a
comprehensive set of recommendations to
the NBR which included measures to
widen the tax net, withdrawal of provision
requiring to pay minimum tax, pay
turnover tax even in case of loss,
withdrawal of provision requiring payment
of equity money by cheque, increase of tax
free limit, reduction of corporate tax rates,
inclusion of a judicial member in the Taxes
Appellate Tribunal, reform the refund
procedure of refundable tax, enhancement
of exemption of Export Income from tax
extension of tax holiday benefit,
allowbility of Technical Assistance Fee
and reduction of rate of withholding tax,
credit on the basis of original bill of
entries, withdrawal of disputed tax before
submission of appeal, special tax credit for
SME lenders and other recommendations
that directly concern the assesses. n
ICAB Delegation Attends Pre-Budget Discussion at NBR
(Top) Chairman National Board of Revenue (NBR) Mr Abdul Mazid is speaking while Mr M J Abedin FCA, Member Council and Past President-ICAB and NBR officials areparticipating in the pre-budget discussion at NBR. (Bottom) Mr Md Humayun Kabir FCA, President-ICAB presenting his recommendations at the pre-budget discussion atNBR while Mr Md Syful Islam FCA, Vice President-ICAB and Mr N I Chowdhury FCA, Secretary-ICAB are giving patient hearing.
ICAB News Bulletin No. 223
April-2008 8
Mr Md Humayun Kabir FCAPresident-ICAB led a sixmember ICAB delegation tothe NGO Bureau on 27 April 2008 and hada meeting with Bureau officials to discussprofessional matters particularly issuesrelating to audit of the registered NGOsand audit fees therefor. The NGO Bureauofficials sought cooperation of ICAB in thematter of audit of the NGOs operating
throughout the country. The ICABdelegation assured full cooperation andrequested the NGO officials to introducethe ICAB Fees Schedule for the audit ofthe NGO units. The Acting DirectorGeneral of the NGO Bureau Mr ShamimAkhtar and other officials had cordialexchanges with the ICAB delegation.Regarding implementation of the ICABFees Schedule the NGO Bureau officials
assured to consider the matter in future.The ICAB delegation included Mr MdSyful Islam FCA, Vice President-ICAB,Mr Abbas Uddin Khan FCA and MrAkhtar Sohel Kasem FCA, MembersCouncil & Past Presidents, Mr C RMazumder FCA, Past Vice-President andMr N I Chowdhury FCA, Secretary-ICAB. n
ICAB Delegation meet NGO Bureau officials
Seen from (R-L) 4th Mr Md Humayun Kabir FCA, President-ICAB, 5th Mr Akhtar Sohel Kasem FCA, Member Council & Past President-ICAB, 6th Mr Md Syful Islam FCA,Vice President-ICAB, 7th Mr Abbas Uddin Khan FCA, Member Council & Past President-ICAB, 9th Mr C R Mazumder FCA, Past Vice President-ICAB and 10th Mr N IChowdhury FCA, Secretary-ICAB. Acting Director General of NGO Bureau Mr. Shamim Akhtar (3rd from right) is also seen.
Mr Sheikh A Hafiz FCA, MemberCouncil-ICAB and Vice President-SAFAalong with Dr Jamaluddin Ahmed FCA,Member Council-ICAB and TechnicalAdvisor-SAFA Board attended the 4thSAFA Board Meeting and SAFAConference on "Value Creation byProfessional Accountants". Dr Jamalpresented a paper on "Fair ValueAccounting-A Paradigm Shift at theconference." The paper was highly praisedand there was lively interactions on thevarious aspects raised in the paper. n
SAFA meet held at Lahore
Seen in the picture are Mr Sheikh A Hafiz FCA, Member Council-ICAB and Vice President-SAFA (2nd from left)speaking in the SAFA Board Meeting held on 4 April 2008 at Lahore, Pakistan. Mr Syed Shabber Zaidi FCA,President, SAFA (3rd from left), Mr Indrajith Fernando FCA, Advisor, SAFA (1st from left), Dr Ashok Haldia,Permanent Secretary, SAFA, (4th from left) and Mr Asif Iqbal ACA, Executive Secretary, SAFA (5th from left)participating.
ICAB News Bulletin No. 223
April-2008 9
The 28th Annual General Meetingof the Dhaka RegionalCommittee (DRC) of theInstitute of Chartered Accountants of
Bangladesh (ICAB) was held on 05 April
2008 at 4.30 pm at the Auditorium of the
Institute. The outgoing Chairman of the
DRC Mr. Abdur Razzak Mollah FCA
presided over the meeting. The meeting
was largely attended by the members of the
DRC-ICAB. Mr. Md. Humayun Kabir
FCA, President-ICAB and other office
bearers of the Institute were also present.
The Financial Statements of the Dhaka
Regional Committee for the year ended
30th June 2007 as placed in the meeting
were discussed and adopted. The outgoing
Chairman of DRC and Chairman of the
meeting then introduced to the members
present Mr. Zabed Ali Mridha FCA and
Mr. Md Joynal Abedin FCA who were
elected Chairman and Secretary
respectively of the DRC-ICAB for the year
2008. Mr Md. Humayun Kabir FCA,
President of the Institute in his speech
highly appreciated the activities of the
immediate past Committee of the DRC and
expected that the newly elected office
bearers of the Dhaka Regional Committee
would further accelerate the activities and
strengthen the role of the DRC in 2008 in
the corporate life of the Institute. n
DRC-ICAB AGM for 2008 Held
Humayun Lauds DRC Activities
Mr. Md. Humayun Kabir FCA, President-ICAB addressing the 28th Annual General Meeting of the Dhaka Regional Committee (DRC)-ICAB.
The theme of the next issue (April-June-2008) of The Bangladesh Accountant is“Impact of Globalization Mechanism ofWTO in the Developing and Underdeve-loped Countries.” Members are requested tosend Articles on the theme.Members may also contribute Articles on thefollowing topics:• Capital Market• Banking, Finance• Taxation• Audit Practices
(Local & International)• Public Finance
• Any other topic related with the national
economy.
Atttrctive honorarium is paid for the original
articles, not published earlier.
Theme of the BangladeshAccountant
Date Meetings/Programmes03.04.08 Investigation and Disciplinary Committee (IDC)08.04.08 Pre-Budget at National Board of Revenue (NBR)09.04.08 Executive Committee (EC)10.04.08 Technical Research Committee (TRC)17.04.08 Seminar-Continuing Professional Education (CPE)20.04.08 Real Estate Committee (REC)20.04.08 Article Students Committee (ASC)21.04.08 Examination Committee (EC)24.04.08 Investigation and Disciplinary Committee (IDC)27.04.08 NGO Bureau29.04.08 Seminar-Continuing Professional Education (CPE)30.04.08 Quality Assurance Board (QAB)
ICAB News Bulletin No. 223
April-2008 10
Mr M ZabedAli MridhaFCA, aBachelor ofC o m m e r c efrom DhakaU n i v e r s i t y ,qualified as aC h a r t e r e dAccountant inthe year 1984
from the Institute of CharteredAccountants of Bangladesh. He worked insenior management positions of severalnational and multinational organizationsfor about twenty years. He also worked asAudit Manager in three leading Firms ofChartered Accountants - Rahman RahmanHuq, Hoda Vasi Chowdhury & Co. and S.F. Ahmed & Co. for more than fifteenyears. Articles written by him on diversesubjects are published in news papers andmagazines. He is associated with varioussocial organizations like Rotary Club,District Welfare Association etc. He is atpresent Executive Vice President ofPragati Insurance Limited. He solicitsblessings from all. n
New DRC Office Bearers Elected
Mr Md JoynalAbedin FCA,was born in ar e s p e c t a b l eMuslim familyin Dohar Upzillaof DhakaDistrict. Heobtained hisgraduation underthe University ofDhaka. Hequalified as a
Chartered Accountant from the Institute ofChartered Accountants of Bangladesh(ICAB) in December 1990. Mr. Md. JoynalAbedin FCA is presently serving as GeneralManager (F&A) in Partex Group a localIndustrial Conglomerate. He has also servedin world renowned multinational Companieslike Philips and Tootal Thread/CoatsBangladesh as Accounts Manager andFinance Manager respectively for severalyears before joining in Partex Group. Mr.Abedin has the Banking Diploma in hiscredit and served as Assistant Director in theBangladesh Bank before qualifying as aChartered Accountant. He participated in agood number of professional training,seminar, workshops, symposium etc. inhome and abroad. He has traveled differentcountries including China, Hong Kong,India, Malaysia, Philippines, Singapore,Thailand in connection with the profession.
M Zabed Ali Mridha FCAChairman
Md Joynal Abedin FCASecretary
Mr M Zabed Ali Mridha FCA and Mr Md Joynal Abedin FCA, were elected Chairman andSecretary respectively of DRC for the year 2008. Members elected were Mr AbdurRazzaque Mollah FCA, Mr Syed Mahmud Ahmad FCA, Mr Md Harun-Or-Rashid FCA,Mr Netai Chandra Talukder FCA, Mr Md Habibullah Monju FCA, Mr Neaz MohammedFCA and Mr Md Akbar Hossain FCA.
Members Achievement
Md. Akter H. Sannamat FCA, FCS has
been appointed as the Managing Director
of Prime Finance & Investment Limited.
Prior to his appointment as Managing
Director, he was the Deputy Managing
Director of the Company and was
responsible for major areas of operations
including investments, treasury, finance
& HRM, special asset management,
capital market operations etc.
A Chartered Accountant, Mr. Sannamat
started his career in 1993 as Group
Auditor with Excelsior Group. Mr.
Sannamat joined Prime Finance in 1997.
He held key positions in Uttara Finance
and Investments Limited before moving
to Prime Finance.
Md. Akter H. Sannamat FCA, FCS
Meetings and Programmes held in the Month of April 2008
In the preceding year the International Public SectorAccounting Standards Board (IPSASB) published itsStrategy and Operational Plan 2007-2009. The four
long-term strategic themes adopted are: q Public sector conceptual framework q Public sector specific projects including convergence with
statistical bases where appropriate q IFRS convergence q Promotion and communication with regard to IFRS
convergence, the IPSASB’s strategy states: What is the IPSASB proposing as an appropriate IFRSConvergence Strategy? Based on consideration of these issues and the discussions held inthe preceding year the IPSASB came to the conclusion that themost appropriate IFRS convergence strategy is one that reflects a‘review and adapt’ approach. The IPSASB’s obligation to itsconstituents is best met through an IFRS strategy that identifiesprojects based on the IASB workplan and standards and whichspecifically considers whether there are public sector specificreasons for departing from those standards. The standards are thenadapted to reflect public sector differences where appropriate. Fundamental to this approach is the need to consider the ‘rules ofthe road’ that would contribute to the discussion of when an IFRSwould be adapted for the public sector. There is a belief that a morerigorous process needs to be established to help the IPSASB assesswhen a departure is necessary. To this end, while the IPSASBgenerally agreed on this ‘review and adapt’ approach, they saw itas inextricably linked to a project that would set out the criteria or‘rules of the road’ for IFRS convergence. This has been added tothe workplan as a specific project to be initiated and undertakenimmediately. Ultimately what this means is that this is not a ‘one size fits all’approach to standard-setting. Nor does the IPSASB think thatdepartures from IFRSs should be routine. Rather, each IFRS would be analyzed on a case by case basis todetermine what amendments, if any, are necessary. Considerationof wording changes to ‘public sectorize’ the standards would beundertaken for all IFRSs. A technical evaluation would be requiredthat considers issues in the context of both the private sector andthe public sector. This will help to identify any public sectorspecific reasons for departing as well as any particularinterpretations that might be needed to add value for the publicsector constituents. The rules of the road project will establish theparameters to identify those situations that might result in adecision to develop a different standard. These guidelines will helpin narrowing the debate and ensuring consistency in application.The IPSASB believes that this approach is the approach that will
result in quality standards for the public sector that build on thetechnical expertise already embedded in the IFRSs. In this regard,it is the approach that best reflects the IPSASB’s mandate andobligation to its constituents using the resources available. Thisapproach will achieve IPSASB’s mission to serve the publicinterest by developing high-quality accounting standards.
Current Activities of IPSASBThe IPSASB’s current activities are focussed on the developmentof International Public Sector Accounting Standards (IPSASs) forfinancial reporting by governments and other public sector entities(the Standards Project). The IPSASB’s Standards Project was established in late 1996. Theobjectives of the initial stage of the project were to develop by theend of November 2001: q a background paper identifying current practices and issues in
public sector financial reporting; q a core set of IPSAS based (to the extent appropriate) on the
International Accounting Standards in place as at August 1997; q an IPSAS on the cash basis of accounting; and q guidance on the transition from the cash to the accrual basis of
accounting. The Preface to International Financial Reporting Standards issuedby the International Accounting Standards Board explains thatInternational Financial Reporting Standards (IFRSs) are designedto apply to the general purpose financial statements of all profit-oriented entities. Government Business Enterprises (GBEs) asdefined by the IPSASB are profit-oriented entities. Accordingly,they are required to comply with IFRS. A GBE: q (a) is an entity with the power to contract in its own name; q (b) has been assigned the financial and operational authority to
carry on a business; q (c) sells goods and services, in the normal course of its
business, to other entities at a profit or full cost recovery; q (d) is not reliant on continuing government funding to be a
going concern (other than purchases of outputs at arm’slength); and
q (e) is controlled by a public sector entity. The International Public Sector Accounting Standards Board(IPSASB) – formerly the Public Sector Committee – of theInternational Federation of Accountants focuses on the accounting,auditing and financial reporting needs of national, regional, andlocal governments, related governmental agencies, and theconstituencies they serve. It addresses these needs by issuing andpromoting benchmark guidance, conducting educational andresearch programmes and facilitating the exchange of informationamong accountants and those that work in the public sector or relyon its work. n
Courtesy: IAS Plus on Internet
ICAB News Bulletin No. 223
April-2008 11
Strategy and Operational Plan 2007-2009 of IPSASB
ICAB News Bulletin No. 223
April-2008 12
Published by the Editorial Board of the Council, The Institute of Chartered Accountants of Bangladesh (ICAB)100 Kazi Nazrul Islam Avenue, Dhaka 1215; Tel. 9117521, 9112672, 9115340 , 9137847 Fax: 880-02-8119399 E-mail: [email protected] Website: www.icab.org.bd
Chittagong: HBFC Building (3rd Floor), 1/D, Agrabad Com. Area, Chittagong, Bangladesh Tel: 880-31-724674 Fax: 880-31-813579 E-mail: [email protected] Chapter: Suite One, 2 Haydons Road, London SW19 1HL, United Kingdom Tel: 44-020 8544 1234 Fax: 44-020-8544 1400 E-mail:[email protected] American Chapter: 5 Massey Square, Suite-2519, Toronto, Ontario M4C 5L6, Canada Tel: 416-686 6760 Fax: 416-916 1091 E-mail: [email protected]
The following firms have been permitted to merge under the name& style mentioned against their names:Name Effective DateM/s Delwar Hossain & Co., Chartered Accountants withM/s Ahmed Zaker & Co., Chartered Accountants mergedunder the name of style ofM/s Ahmed Zaker & Co., Chartered Accountants 09 April 2008186, Inner Circular RoadHotel Al-Helal Building (2nd floor)Dhaka-1000.
M/s Atikur Rahman & Co., Chartered Accountants andM/s Khaled Kabir & Co., Chartered Accountants mergedunder the name & style ofM/s Atik Khaled & Co.,Chartered Accountants 09 April 2008Rahman Chamber (9th floor)12-13 Motijheel Com. AreaDhaka-1000
Admission as Associate Permission to Merger
The following members have been permitted to form Partnershipand start practice as Public Accountants under the name & style asmentioned against their names.Name Effective DateMr Fazle Rabbi Mohammed Hasan FCA (418) 09 April 2008Mr Md Nurul Haque FCA (573)Mr Md Faruk Uddin Ahammed FCA (720)Under the name & style ofM/s Nurul Faruk Hasan & Co.,Chartered AccountantsGreen Sayera A1House # 125, Road # 2, Block-ANiketon Society, Gulshan-1Dhaka.
Permission to Form Partnership
M/s Masih Muhith Haque & Co., Chartered Accountants hasbeen permitted to open a new branch at Sylhet. Details are asfollows:Name and Address Effective DateM/s Masih Muhith Haque & Co., 09 April 2008Chartered AccountantsMahmudabad Protapgorh Niloy (Ground Floor)Amborkhana, Sylhet.Partner & Branch In-chargeMr Syed Mahmud Ahmad FCA
New Branch
Admission as Fellow
The following member has been admitted as Associate of theInstitute with effect from the date as shown against his name:Name Effective DateMr Shah Muhammad Ashequr Rahman ACA (1045) 03 April 2008Audit ManagerA Qasem & Co.,Chartered AccountantsGulshan Pink City, Suites # 01-03Level-7, Plot-15, Road # 103Gulshan-1Dhaka-1212
The following member has been admitted as Fellow of the Institutewith effect from the date mentioned against his name.Name Effective DateMr Sankar Ranjan Saha FCA (367) 09 April 2008Finance Director & Company SecretaryEssential Drugs Co. Ltd.395-397, Tejgaon Industrial AreaDhaka-1208
Permission to Start PracticeThe following members have been granted permission to StartPractice as Public Accountants with effect from the date shownagainst their names as partners of their respective Firms.Name Effective DateMr Delwar Hossain ACA 09 April 2008ProprietorHossen Delwar & Co.,Chartered Accountants67/9 Kakrail (Eastern Mansion)Suite # 01 (5th Floor)Dhaka-1000
Mr Md Karimul Azim Baigh FCA 09 April 2008PartnerM/s Nurul Azim & Co.,Chartered Accountants93 Motijheel Com., AreaDhaka-1000