Call for task force to evaluate accounting profession's need
Wednesday, 11 July 2007
FE Report
President of the Institute of Chartered Accountants of Bangladesh (ICAB) M Farhad Hussain has asked the government to form a task force to evaluate the necessity, objectives, framework, functioning modalities and appropriateness of the accounting profession contained in the proposed Financial Reporting Act-2007.
He was presiding over a general meeting of the ICAB members held on the ICAB premises in the city Saturday to discuss the draft Financial Reporting Act-2007, said a press release.
Hussain, in his address, explained in details various aspects of the act drafted by the government, which contains inter alia provisions for establishment of a financial reporting council to function as an oversight body of the public interest entities and regulatory bodies of the accounting profession.
Farhad narrated the scenario in the SAARC countries and said the accounting bodies in the SAARC countries were self-regulatory.
He said the councils of the institutes of chartered accountants of India, Pakistan, Bangladesh, Sri Lanka and Nepal served as the supreme policy making and implementing body in their respective countries and there was no such super-imposed oversight body in any of the SAARC country.
Commenting on the composition of the Financial Reporting Council (FRC), he recommended that there should be 13 members in the Council, with the ICAB president included as one of the founding permanent members among ex-officio permanent members.
Farhad suggested since the fundamental objective of the Financial Reporting Act and the Council is to implement the financial reporting and auditing standards in the corporate sector, three of the four departmental heads of the office of the FRC should be professional accountants.
Jamaluddin Ahmed, ICAB's vice-president, explained various comments on the draft Financial Reporting Act-2007 prepared by an ICAB expert committee.
Ahmed referred to the proposed establishment of an independent regulatory body, namely the Financial Reporting Council (FRC), for ensuring full-fledged implementation of the international financial reporting standards (IFRS) and the international standards on auditing (ISA) in the corporate sector of Bangladesh.
At the last phase of the general meeting the ICAB members participated in a lively floor discussion and expressed solidarity with the suggestions, comments, opinions and recommendations made by the members to incorporate in the draft Financial Reporting Act 2007.
President of the Institute of Chartered Accountants of Bangladesh (ICAB) M Farhad Hussain has asked the government to form a task force to evaluate the necessity, objectives, framework, functioning modalities and appropriateness of the accounting profession contained in the proposed Financial Reporting Act-2007.
He was presiding over a general meeting of the ICAB members held on the ICAB premises in the city Saturday to discuss the draft Financial Reporting Act-2007, said a press release.
Hussain, in his address, explained in details various aspects of the act drafted by the government, which contains inter alia provisions for establishment of a financial reporting council to function as an oversight body of the public interest entities and regulatory bodies of the accounting profession.
Farhad narrated the scenario in the SAARC countries and said the accounting bodies in the SAARC countries were self-regulatory.
He said the councils of the institutes of chartered accountants of India, Pakistan, Bangladesh, Sri Lanka and Nepal served as the supreme policy making and implementing body in their respective countries and there was no such super-imposed oversight body in any of the SAARC country.
Commenting on the composition of the Financial Reporting Council (FRC), he recommended that there should be 13 members in the Council, with the ICAB president included as one of the founding permanent members among ex-officio permanent members.
Farhad suggested since the fundamental objective of the Financial Reporting Act and the Council is to implement the financial reporting and auditing standards in the corporate sector, three of the four departmental heads of the office of the FRC should be professional accountants.
Jamaluddin Ahmed, ICAB's vice-president, explained various comments on the draft Financial Reporting Act-2007 prepared by an ICAB expert committee.
Ahmed referred to the proposed establishment of an independent regulatory body, namely the Financial Reporting Council (FRC), for ensuring full-fledged implementation of the international financial reporting standards (IFRS) and the international standards on auditing (ISA) in the corporate sector of Bangladesh.
At the last phase of the general meeting the ICAB members participated in a lively floor discussion and expressed solidarity with the suggestions, comments, opinions and recommendations made by the members to incorporate in the draft Financial Reporting Act 2007.