Muhith to place bill before JS today

Finance Minister AMA Muhith is set to propose the passage of the much-talked about Financial Reporting Bill 2015 in the parliament today (Tuesday) amid a row between the chartered accountants (CAs) and the cost and management accountants (CMAs).

Earlier, the parliamentary standing committee on finance ministry recommended some changes in the bill and placed it before the Jatiyo Sangsad (JS) for enactment.

The recommendations in the act included defining the CMAs alongside the CAs as 'professional accountants', which triggered a tug-of-war between the two groups.

According to the day's business of the parliament for Tuesday (July 7), the finance minster will first propose to accept the bill, as recommended by the parliamentary standing committee, for consideration. Then he will propose the passage of the Financial Reporting Bill.

The bill will empower the government to form a separate regulatory body named the Financial Reporting Council (FRC) to properly regulate the country's financial reporting activities.

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