Dhaka Chamber of Commerce & Industry (DCCI) organizes a seminar on “Financial Reporting Act 2015 & Its Economic Implication” on 23 October 2017. Chairman of Financial Reporting Council C.Q.K. Mustaq Ahmed was present as chief guest. Director of Bangladesh Bank and former President of DCCI Aftab Ul Islam, FCA, President of ICAB Adeeb Hossain Khan, FCA and President of ICMAB Jamal Ahmed Choudhury were present as special guests. Abul Kasem Khan, President, DCCI chaired the seminar.
DCCI President Abul Kasem Khan in his address of welcome said Financial Reporting Act 2015 is established for ensuring transparency and accountability in accounting and auditing profession. The Financial Reporting Council under this Act will be an independent regulatory body that will monitor the auditing and reporting activities. In this competitive business arena, companies are competing to remain attractive not only for local market access but for global acceptance and access. He also said adequate resource allocation, availability or experts in the area of audit and other tools needed to maintain effective mechanism needs to be made available so that such council brings good and smooth control of affairs in the financial framework.
Chairman of Financial Reporting Council C.Q.K. Mustaq Ahmed said that the main role of Financial Reporting Council (FRC) will be to coordinate rather than to regulate. He assured the businessmen not to be worried about this new Act as regulation is only for bringing in transparency. He said there are many regulations in our country, but proper implementation of these regulations are very important. He also said for the financial sector we have many regulations but we need better coordination. He said by the year 2021 we have a vision to be a middle income country for which we need to work collectively. To achieve middle income country status we need to avoid bad practice of bankruptcy. He said we have 300 listed companies out of 1.5 lakh companies in Bangladesh. In the FRC there will be representation from business community he assured.
Aftab Ul Islam, former President, DCCI and Director, Bangladesh Bank said transparent auditing is necessary for reliable investment. He said The Financial Reporting Council (FRC) should cooperate the auditors
President of Institute of Chartered Accountants of Bangladesh (ICAB) Adeeb Hossain Khan said that ICAB will fully support the FRC. He said accountancy in Bangladesh is now of international standard. He said in our subcontinent even India, Pakistan and Sri Lanka do not have similar Act like us. He also said that if there is any provision of imprisonment in this new Act, meritorious auditors will not come in this sector.
President if ICMAB Jamal Ahmed Choudhury said Financial Reporting Act first originated in America 20 years back. At present Financial Reporting Act or Acts like this are existing in 51 countries. The main focus of the FRC is to monitor the auditors. He said companies should give exact information to the auditors. But the Financial Reporting Act should be in consistent with other financial regulatory policies.
DCCI Senior Vice President Kamrul Islam, FCA gave vote of thanks. DCCI Directors K. Atique – e-Rabbani, former Senior Vice Presidents Haider Ahmed Khan, FCA, Alhaj Abdus Salam, MS Shekil Chowdhury, former Directors AKD Khair Mohammad Khan, Waqar Ahmad Choudhury, Member MS Siddique, Professor of University of Dhaka Dr. Osman took part in the open discussion session. Speakers urged not to harass businessmen by this regulation. This regulation should attract investment, the speakers urged. They also urged to incorporate more specialized people in the Council. Businessmen urged to include representatives from RJSC, DCCI, ICSB Taxes Bar Association in the Financial Reporting Council.
DCCI Senior Vice President Kamrul Islam, FCA gave the vote of thanks.
DCCI Hossain Akhtar, Humayun Rashid, Imran Ahmed, Mamun Akbar, Md. Alauddin Malik and Secretary General AHM Rezaul Kabir were present at the seminar.