Elahi for consultation with all stakeholders before enacting financial reporting act
Wednesday, 20 February 2008
FE Report
Administrator of the country's apex trade body Syed Manzur Elahi Tuesday said the government should consult all stakeholders concerned including the business community about the draft Financial Reporting Act-2007, aimed at establishment of a Financial Reporting Council.
"The government should not do anything unilaterally without soliciting our opinions as we (businessmen) are the major stakeholders," said the administrator of Bangladesh Chambers of Commerce and Industry (FBCCI).
He was speaking as the chief guest at a seminar on 'Role of the Financial Reporting Council (FRC) and the Institute of Chartered Accountants in England and Wales (ICAEW) within the UK Regulatory Framework'.
The Institute of Chartered Accountants of Bangladesh (ICAB) organised the seminar in the city.
Former ICAB president Md Abdul Hafiz Chowdhury, who conducted the seminar, said there are some anomalies in the draft FRA-2007, which will create hurdles, if enacted, to economic development of the country.
"As ICAB itself is mandated to regulate the profession of the accountants, establishment of another oversight body may cause overlapping and duplication of institution to serve the same/similar purposes," Md Humayun Kabir, president of ICAB, said.
Elahi stressed the importance of a FRC in Bangladesh and said the FRA-2007 should be enacted after consultation with all the stakeholders concerned.
The consultation should not be limited between the government and some trade bodies only. Even, there should be consultations with experts of the SAARC (South Asian Association for Regional Cooperation) countries, he observed.
Administrator of the country's apex trade body Syed Manzur Elahi Tuesday said the government should consult all stakeholders concerned including the business community about the draft Financial Reporting Act-2007, aimed at establishment of a Financial Reporting Council.
"The government should not do anything unilaterally without soliciting our opinions as we (businessmen) are the major stakeholders," said the administrator of Bangladesh Chambers of Commerce and Industry (FBCCI).
He was speaking as the chief guest at a seminar on 'Role of the Financial Reporting Council (FRC) and the Institute of Chartered Accountants in England and Wales (ICAEW) within the UK Regulatory Framework'.
The Institute of Chartered Accountants of Bangladesh (ICAB) organised the seminar in the city.
Former ICAB president Md Abdul Hafiz Chowdhury, who conducted the seminar, said there are some anomalies in the draft FRA-2007, which will create hurdles, if enacted, to economic development of the country.
"As ICAB itself is mandated to regulate the profession of the accountants, establishment of another oversight body may cause overlapping and duplication of institution to serve the same/similar purposes," Md Humayun Kabir, president of ICAB, said.
Elahi stressed the importance of a FRC in Bangladesh and said the FRA-2007 should be enacted after consultation with all the stakeholders concerned.
The consultation should not be limited between the government and some trade bodies only. Even, there should be consultations with experts of the SAARC (South Asian Association for Regional Cooperation) countries, he observed.