ISSN 1993-5366August 2008

Monthly News briefing from the Institute of Chartered Accountants of Bangladesh

ICAB News BulletinNo. 227

MEMBER OF:

International Federation ofAccountants (IFAC)

International AccountingStandards Board (IASB)

South Asian Federation ofAccountants (SAFA)

Confederation of Asianand Pacific Accountants(CAPA)

In This Issuep Govt Working Hard to

Mobilize InternalResources, saysChairman NBR

p ICAB President off toLondon to AttendCompletion Ceremony ofIFRS/IAS Training

p CPE Seminar on'Changes made by theFinance Ordinance 2008'held at Ctg

p President-ICAB to AttendUNCTAD's 25thAnniversary Session andIFAC Council Meeting

p Seminar on Taxation held at ACNABIN

p Silver Jubilee on 25thSAFA FoundingAnniversary Observed

p Member's Achievement

p New Arrivals in the ICABCentral Library inSeptember 2008

p Meetings andProgrammes held in theMonth of August 2008

p Admission as Associate

p Permission to TrainArticled Students

p ICAB President meetsAsia pacific Group ofDiscuss PreventFinancing MoneyLaundering

p IFAC News

Govt Working Hard to Mobilize InternalResources, says Chairman NBR

Seen in the dais are Chief Guest, Mr Muhammad Abdul Mazid, Chairman-NBR, (5th from left), (L-R), Mr M A Baree FCA, Past Presidentand Mr M J Abedin FCA, Member Council & Past President-ICAB, Paper Presenters, Mrs Parsa Begum, Member, Income Tax Policy,NBR, Mr Md Humayun Kabir FCA, President-ICAB, Mr A N Altaf Hussain Siddiqui FCA, Past President-ICAB, Session Chairman, MrAKM Aftabul Islam FCA, Special Guest, Mr Md Syful Islam FCA and Ms Parveen Mahmud FCA, Vice Presidents-ICAB.

Mr Muhammad Abdul Mazid ChairmanNational Board of Revenue said in aseminar organized by the Institute of

Chartered Accountants of Bangladesh (ICAB) thatthe Government is striving very hard to mobilizeresources for the development of the country. Themachinery of the National Board of Revenue areworking round the clock to achieve the revenuetarget set by the government and the result isencouraging. He said a time will come shortly whenBangladesh will use its own resources for both nondevelopment and development activities. Mr Mazidwas speaking in a seminar titled "Analytical Studyof Amendments Made in the Income Tax Ordinance1984 by the Finance Ordinance 2008 and SROsissued there under".To implement the budgetary measures, changes arebrought about every year in the Finance Act. Thesemeasures broadly affect the people falling withinand outside the tax network. The implications of the

changes in the Income Tax Ordinance 1984 and theVAT Act 1991 brought about in the Finance Act2008 has great bearing on the income tax and Vatpayers said the President ICAB Mr Md HumayunKabir FCA in his address of welcome. Humayunsaid that Government of Bangladesh has beenworking very hard to mobilize internal sourcesthrough Customs tariff, Income Tax and Non-Taxmeasures to finance the annual Non-Developmentand Development Budgets of the country. Heemphasised that the challenging task before thegovernment is to control the galloping inflation.The budgetary measures do not appear to be wellequipped to tame the increasing inflation. A carefuland cautious implementation of the FinanceOrdinance and methodical and meticulous actionsto be taken by the National Board of Revenue maycool down the inflationary trend. This mayultimately help to achieve the goal set through thechanges in the Finance Ordinance 2008. TheFinance Ordinance 2008 is basically a development

ICAB News Bulletin No. 227

August - 2008 2

friendly document which if implementedproperly will greatly assist in povertyalleviation, reduction of social inequalityand boosting up of income generatingprogrammes said Mr Kabir.Mr AKM Aftabul Islam FCA, PastPresident, DCCI & American Chamber of

Commerce, Special Guest, said that theimpact of the Finance Ordinance 2008 isfar reaching which if implementedproperly will yield positive results for thegrowth momentum of the economy.Mr M J Abedin FCA one of the senior mostmembers of the Institute along with Mr M

A Baree FCA both Past Presidentspresented the keynote paper. Mr A N AltafHossain Siddiqui FCA Past President ofthe ICAB conducted the Seminar asSession Chairman. Mr Md Syful IslamFCA Vice President-ICAB offered vote ofthanks. n

Speaking in the Seminar (L-R): (Top) Mr Md Humayun Kabir FCA, President-ICAB, Mr M J Abedin FCA, Member Council & Past President-ICAB and Mr M A Baree FCA,Past President-ICAB, Paper Presenters, Mr A K M Aftabul Islam FCA, Special Guest, (Bottom) Mr Muhammad Abdul Mazid, Chairman-NBR, Chief Guest, Ms Parsa Begum,Member, Income Tax Policy NBR, Mr A N Altaf Hussain Siddiqui FCA, Past President-ICAB, Session Chairman and Mr Md Syful Islam FCA, Vice President-ICAB.

A view of the audience of the Seminar on Analytical Study of Amendments Made in the Income Tax Ordinance 1984 by the Finance Ordinance 2008 and SROs issued thereunder"

ICAB News Bulletin No. 227

August - 2008 3

An ICAB delegation headed by Mr. Md.Humayun Kabir FCA, President ICAB leftDhaka on the night of 31 August 2008 forLondon to attend a ceremony on theoccasion of completion of UK basedIFRS/IAS training Course an importantelement of the ICAEW-World Bank-Bangladesh Programme to be held atChartered Accountants Hall, MoorgatePlace, London on Monday, September 01,2008. Mr. Md. Syful Islam FCA, VicePresident ICAB accompanied the ICABPresident. Apart from attending thecompletion ceremony of the TrainingCourse on IFRS/IAS the ICAB delegationwould also discuss professional matters ofmutual interest, particularly, about theways of strengthening the relationshipbetween ICAB and ICAEW and explorethe possibility of signing a Memorandumof Understanding (MOU) for mutualrecognition of membership of theChartered Accountants qualifying fromthe ICAB and the ICAEW. The ICAB team will meet Mr David Furst,ICAEW President, Mr Michael Izza CEOand Mr Vernon Soare ICAEW ExecutiveDirector. n

ICAB President offto London to

Attend CompletionCeremony of

IFRS/IAS Training

The Chittagong RegionalCommittee of the Institute ofChartered Accountants of

Bangladesh recently organised a CPESeminar on "Changes Made by the FinanceOrdinance-2008" for members ofChittagong Region in the Conference Hallof ICAB Chittagong Regional Office. Mr.Mohammed Hyder Khan, Commissionerof Taxes, Taxes Zone-03 Chittagong wasthe Chief Guest. The Keynote paper was presented by Mr SK Basak FCA, Partner, Shafiq Basak & Co.Chartered Accountants. Mr Showkat

Hossain FCA, Member Council-ICAB &Partner, Hoda Vasi Chowdhuiy & Co.Chartered Accountants was the SessionChairman. The address of welcome was read by MrShekhar Ranjan Kar FCA, Chairman.Chittagong Regional Committee, ICABand vote of thanks was given by Mr. Md.Mahfuzur Rahman Bhuiyan FCA,Honorary Secretary, CRC-ICAB. The seminar was attended by a largenumber of members of Chittagong Regionand many of them participated in the floordiscussions. n

From (L-R) Mr Shekhar Ranjan Kar FCA, Chairman, CRC-ICAB, Mr Mohammed Hyder Khan, Commissioner ofTaxes, Taxes Zone-03 Chittagong, Chief Guest, Mr Showkat Hossain FCA, Member Council-ICAB & Partner,Hoda Vasi Chowdhuiy & Co. Chartered Accountants, Session Chairman and Mr S K Basak FCA, Partner, ShafiqBasak & Co., Chartered Accountants.

CPE Seminar on 'Changes made by theFinance Ordinance 2008' held at Ctg

Md Humayun Kabir FCA

The 25th Anniversary Session of theUnited Nations Conference on Tradeand Development (UNCTAD)’s

International Working Group of Experts onInternational Standards on Accounting onReporting (ISAR) will take place at thePalais des Nations in Geneva from 4 to 6November 2008 to discuss the agenda “AReview of Practical Implementation Issues ofInternational Financial Reporting Standards(IFRS)”. In addition two Workshops will beheld at Geneva in cooperation with IFAC onMonday 03 November 2008 on InternationalPublic Sector Accounting Standards (IPSAS)and Framework for International Education

Pronouncement. The second Workshop willbe co-organized with UN PRI on Friday 07November 2008.

Ordinance Meeting ofIFAC Council

In accordance with Section 4 of the IFACConstitution an Ordinary Meeting of the IFACCouncil will be held at the Westin ExcelsiorHotel in Rome, Italy, beginning at 9:00 amWednesday, November 12 and concluding onThursday, November 13, 2008. Several otherevents including a technical seminar,networking session, workshops, formalbusiness session and dinner will also take place.

President-ICAB to Attend UNCTAD’s 25thAnniversary Session and IFAC Council Meeting

ICAB News Bulletin No. 227

August - 2008 4

A Seminar on "Amendments Made in theIncome Tax Ordinance 1984 by theFinance Ordinance 2008" was held atACNABIN, Chartered Accountants on 28August 2008 in the ACNABIN AssemblyHall. Mr. Md. Jainul Abedin FCA, MemberCouncil and Past President & ChairmanTaxation and Corporate Laws Committee-ICAB was the Chief Guest cum SessionChairman. The keynote paper authored byMr. M.J. Abedin FCA, Member Council &Past President-ICAB was presented by amulti-media projector operated by theyoungest Partner of ACNABIN Mr.Mominul Karim, FCA. Mr. ASM Nayeem,FCA, Partner, ACNABIN, CharteredAccountants delivered the address ofwelcome. The students, staff members andsome ex-students of ACNABINparticipated in the seminar. A good numberof students took active part in floordiscussion. Mr. Abedin FCA, a livinglegend in the field accountancy profession

conducted the seminar in a professionalmanner and answered all the questions andqueries very lucidly and clearly. In hisconcluding speech, he urged upon thestudents to make continuous study of anever-changing subject like taxation toattain mastery of it.

The seminar concluded with a vote ofthanks by Mr. Rokonuzzaman, FCAPartner of ACNABIN and presentation ofACNABIN crests by Mr. ABM Azizuddin,FCA a founder partner of ACNABIN to theChief Guest. n

Seminar on Taxation held at ACNABIN

A part of view of the Seminar on Taxation held at ACNABIN, Chartered Accountants.

ICAB Member Firm's News

Silver Jubilee on 25th SAFA Founding Anniversary Observed

The 25th FoundingAnniversary of the South AsianFederation of Accountants

(SAFA) was observed on the 22nd August2008 by the SAFA member bodies in theSAFA member countries. On the occasionthe Institute of Chartered Accountants ofBangladesh (ICAB) observed SilverJubilee and brought out supplements inthree National English Dailies on 22August 2008.The Honourable President of the PeoplesRepublic of Bangladesh Dr. Prof. IajuddinAhmed in a message on the occasion saidthat SAFA would contribute more towards

bringing transparency and accountability inboth public sector organizations andcorporate bodies to face the challenges ofthe 21st Century. The President of SriLanka Mr Mahinda Rajapakasa who is alsothe current Chairman of the South AsianAssociation For Regional Cooperation(SAARC) in a message appreciated theimportance of SAFA’s mission to bringtogether the accounting bodies in ourregion to facilitate professionalcooperation in education, training andraising the technical and ethical standardsof the accounting profession. DrFakhruddin Ahmed, Chief Adviser,

Government of the People’s Republic ofBangladesh hoped that SAFA will continueto march ahead and contribute significantlyto improving professional standards andincreasing economic growth, therebybenefiting the people of the region. DrHossain Zillur Raman, Adviser, Ministryof Commerce and Ministry of Education,Government of the People’s Republic ofBangladesh expressed confidence that theaccountancy profession will furtherenhance and play a much more active rolein bringing about transparency andaccountability in the financial statementsof entities to ensure sustainable economic

SI. # Author Title01 ICAB Suggested Answers on Financial Reporting

and Professional Issues for PE-III

02 ICAI Souvenir of 60th Diamond Jubilee year 2008-2009

03 Lal Bahadur Adhikary Income Tax Manual, Part-I, Income Tax Ordinance

1984 (As Amended up July 2008)

04 Lal Bahadur Adhikary Income Tax Manual, Part-III, The Income Tax

Rules, 1984 (As Amended up to July 2008)

05 ASM Hossain Tayob Income Tax Ordinance, 1984

06 Jerry J. Wegyam Accounting Principles

07 Ray H Garrison Managerial Accounting, 11th Edition

08 Sankar Prasad Basu & Theory and Practice of Costing

Manilal Das

09 Robert S Kaplan Advanced Management Accounting, 3rd Edition

10 Jeff Madura International Financial Management 8th Edition

11 Donald EKieso International Accountin, 11th Edition

12 Jay M Smith International Accounting, 8th Edition

13 Charles T. Horngren Cost Accounting, A Managerial Emphasis 11th Edition

14 Jay M Smith International Accounting, Manual, 8th Edition

15 Ray H Garrison Managerial Accounting, Solutions Manual, 10th Edn.

16 Magazine The Economist

17 Magazine Accountancy

18 DSE Monthly Review, June 2008

19 Magazine Reader's Digest

20 NBR Pariptra No. 1 (Income Tax)

21 NBR Return Form Puroner Nirdeshika

ICAB News Bulletin No. 227

August - 2008 5

growth of a country. Mr Syed MohammadSabbar Zaidi FCA President and MrSheikh A Hafiz FCA, Vice President-SAFA in their messages said that SAFAwill be the nucleus of growth in theaccountancy profession in future worldand will continue its trailblazing work withrenewed vigour and enthusiasm.Mr. Md Humayun Kabir FCA, President-ICAB in his message on the occasionrecalled the role of SAFA during the last24 years and said that SAFA hadundertaken activities which enhanced theunderstanding and forging professionallinkages amongst its member bodies.SAFA is committed to positioning,maintaining and developing the professionin its member countries and ensuring itscontinued imminence in the world ofaccountancy. He further said that SAFAvisualized its role to integrate the nationalgoals with SAFA level goals. In view ofthe developmental role in economiccooperation in the South Asian Region ingeneral and for the accountancy professionin particular, SAARC has recognizedSAFA as one of its Apex Bodies. MrIndrajith Fernando FCA, Adviser-SAFA,Mr Ved Jain, President, Institute of

New Arrivals in the ICAB Central Library in August 2008

Date Meetings/Programmes05.08.08 Editorial Board (EB)05.08.08 Sub-Committee (BOS) Meeting05.08.08 Executive Committee (EC)18.08.08 Articled Students Committee (ASC)19.08.08 CPE Seminar25.8.08 Real Estate Committee (REC)26.8.08 Meeting with Asia Pacific Group on Money Laundering (APG)26.8.08 Board of Studies (BOS)28.08.08 CA Firms Regarding UP Audit30.08.08 Investigation and Disciplinary Committee (IDC)

Meetings and Programmes held in the Month of August 2008

Chartered Accountants of India (ICAI) andMr Imran Afzal FCA, President, Instituteof Chartered Accountants of Pakistan(ICAP) appreciated ICAB for organizingthe Silver Jubilee Celebration of SAFA.SAFA was established on 22nd August1984 with member bodies, fromBangladesh, India, Pakistan and Sri Lanka.The Association of Chartered Accountantsof Nepal started its journey as Observer.

The Institute of Chartered Accountants ofNepal (ICAN), upon its formation in theyear 1997, was granted membership of theFederation at the 32nd meeting of theAssembly. The Republic of Maldives andRoyal Government of Bhutan are alsoinvited, in absence of a formal Institutionof professional accountants in thesecountries, as Observers at the Assemblymeetings. n

Member's Achievement

Mr A F Nesaruddin, a Fellow Memberof the Institute of CharteredAccountants of Bangladesh (ICAB) hasbeen appointed Director of Sonali BankLimited for three years effective fromSeptember 2008. Mr Nesaruddin is a Partner of HodaVasi Chowdhury & Co., CharteredAccountants.

A F Nesaruddin FCA

ICAB News Bulletin No. 227

August - 2008 6

Admission as AssociateThe following members have been admitted as Associates of theInstitute with effect from the date as shown against their names:Name Effective DateMr Md Shamim Ahsan ACA (1047) 28 July 2008Head of AccountsPadma Group of Converters32/1, Dilu Road, New EskatonDhaka

Mr Mohammad Shibbir Hossain ACA (1048) 28 July 2008KA-95/3 Joar SaharaJamoj RoadBadda, Dhaka-1229

Mr Md Mahbubur Rahman ACA (1049) 28 July 2008Deputy General Manager (Accounts)Bashundhara Group13/Ka/1, PanthapathLevel-15, Bashundhara CityDhaka

Mr Mahbub Alam ACA (1050) 28 July 2008Assistant General ManagerBashundhara Group13/Ka/1, Panthapath (Level 12)Dhaka-1215

Mr Md Omar Faroque ACA (1051) 28 July 2008House No. 513, Road No. 121BBaitul Aman Housing SocietyAdabar, Dhaka

Mr Shib Pada Dey ACA (1052) 28 July 2008Audit ManagerA Qasem & Co.Chartered AccountantsGulshan Pink CitySuite # 1-3, Level # 7Plot # 15, Road # 103,Gulshan Avenue, Dhaka

Mr Mohammad Sirajul Islam ACA (1053) 28 July 2008House # 40 (Ground floor)Road # 8, Nikunjo # 2Khilkhet, Dhaka

Mr Md Abu Khair Hasanul Hasif Sowdagar ACA (1054) 28 July 2008Senior Executive, Budgeting, Planning & ReportingBanglalink Head OfficeTigers' Den (Level # 6), Plot # 4, SW (H), Gulshan AvenueGulshan, Dhaka-1212

Name Effective DateMr Md Golam Mustafa ACA (1055) 29 July 2008Senior Vice PresidentPremier Leasing & Finance Ltd.Printers Building (15th floor)5 Rajuk AvenueDhaka-1000

Mr Santanu Barua ACA (1056) 29 July 2008Budget & Cost Control OfficerBerger Paints Bangladesh Ltd.Berger HouseHouse No. 8, Road No. 2, Sector-3Uttara Model TownDhaka-1230

Mr AKM Shahid Uz Zaman ACA (1057) 29 July 2008Lane-12, Plot-544DOHS BaridharaDhaka-1206

Mr Mohammad Homaun Kabir ACA (1058) 30 July 2008161/1, Ahmed Nagar, PaikparaMirpur-1, Dhaka

Mr Mohammad Kamrul Hssan Mithu ACA (1059) 30 July 2008Manager (Audit & Assurance Services)Hoda Vasi Chowdhury & Co.Chartered Accountants7-9, Kawran Bazar Com. AreaDhaka-1215

Mr Palash Ranjan Bhowmik ACA (1060) 30 July 2008Vice PresidentGolden Life Insurance Ltd.Uttara Bank Bhaban90, Motijheel Com. Area (4th floor)Dhaka

Mr Mohammad Mahfuzur Rahman ACA (1061) 30 July 2008Finance Manager-GLBritish American Tobacco BangladeshNew DOHS Road, MohakhaliDhaka-1206

Mr Mohammad Nur Nobi ACA (1062) 30 July 2008Senior ManagerPrime Finance & Investment Ltd.63, Dilkusha C/ADhaka-1000

Ms Maria Howlader ACA (1063) 30 July 2008174, Siraj Bhaban (2nd floor)Green Road, Dhaka

ICAB News Bulletin No. 227

August - 2008 7

The following members have been granted permission to trainArticled Students with effect from the date mentioned against theirnames:Name Effective DateMr Md Kamal Uddin FCA (164) 18 August 2008PartnerToha Khan Zaman & Co.,Chartered Accountants4/5, Iqbal Road (3rd floor)Mohammadpur, Niketon SocietyDhaka-1207

Mr Ekramul Haq FCA (349) 18 August 2008PartnerRahman Mustafiz Haq & Co.,Chartered Accountants85, Naya Paltan (3rd floor)Dhaka-1000

Mr Fazle Rabbi Hasan FCA (418) 18 August 2008PartnerNurul Faruk Hasan & Co.Chartered AccountantsGreen Sayera A-1House # 125, Road # 2, Block # ANiketon Society, Gulshan-1Dhaka

Mr Md Faruk Uddin Ahammed FCA (720) 18 August 2008PartnerNurul Faruk Hasan & Co.Chartered AccountantsGreen Sayera A-1House # 125, Road # 2, Block # ANiketon Society, Gulshan-1Dhaka

Permission to Train Articled StudentsName Effective DateMr Reza Humayun Morshed Hayat ACA (1064) 31 July 2008Manager (A&F)Abul Khair Steel Product LtdAbul Khair GroupMadambibi, ShitakundaChittagong

Mr Rajib Kumar Saha ACA (1065) 31 July 2008ExecutiveLafarge Surma Cement Ltd.65 Gulshan AvenueSuvastu Emam SquareGulshan-1, Dhaka-1212

Mr Muhammad Shahidul Islam Khan ACA (1066) 31 July 2008Deputy Manager (Internal Audit Division)Navana GroupNavana Toyota 35 Center205-207, Tejgaon I/ADhaka-1208

Mr Md Mahmudul Ambia ACA (1067) 03 August 2008Director (Consulting Services)M/s MASH HaqueChartered Accountants821 West Kazi ParaMirpur, Dhaka-1216

Mr Mohammad Liton Miah ACA (1068) 03 August 2008C/o. Mr Akhtar (Journalist)House No. 193/1/Ka (2nd floor)North Vasantech, Dhaka CantonmentDhaka-1206

Mr Sanjib Kumar Das ACA (1069) 03 August 2008Qualified AssistantA B Das & Co.Chartered Accountants321, Serajuddullah Road(Dider Market) Room No. 11, Dewan BazarChittagong-4000

Mr Shafiq Musharrof ACA (1070) 05 August 2008Senior ExecutiveSiemens Bangladesh Ltd.Z N Tower, Plot # 2, Road # 8Gulshan-1, Dhaka-1212

Mr Mohammad Nasher Uddin ACA (1071) 05 August 200864/4, Park Lane ComplexNaya Paltan (3rd floor)Dhaka-1000

Mr Md Abul Hashem Bhuiyan ACA (1072) 05 August 200854, Central Basaboo (1st floor)Dhaka-1214

ICAB President meets Asia Pacific Group toDiscuss Prevent Financing Money Laundering

An ICAB delegation headed by Mr Md Humayun Kabir FCA,President-ICAB met with an Assessment Team of the Asia PacificGroup on Money Laundering to formulate report recommendingsteps to stop financing Money Laundering and terrorism. Themeeting was held at the Money Laundering Prevention Depatementof the Bangladesh Bank on 26 August 2008. The ICAB delegationincluded Mr Md Syful Islam FCA, Vice President and Mr N IChowdhury FCA, Secretary-ICAB. It may be noted that theNational Committee on AML/CFT under the leadership of Ministryof Law, Justice and Parliamentary Affairs earlier approved a draftprogramme to prevent Money Laundering which is a veryimportant piece of document for Bangladesh. The ICAB Presidentstrongly pleaded to stop Financing of Money Laundering aroundthe globe. n

ICAB News Bulletin No. 227

August - 2008 8

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: secretary@icab.org.bd 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: icabctg@spctnet.comUK Chapter: Suite One, 2 Haydons Road, London SW19 1HL, United Kingdom Tel: 44-020 8544 1234 Fax: 44-020-8544 1400 E-mail:hossain@ahmed13.fsworld.co.ukNorth American Chapter: 5 Massey Square, Suite-2519, Toronto, Ontario M4C 5L6, Canada Tel: 416-686 6760 Fax: 416-916 1091 E-mail: sarwarchowdhury@hotmail.com

To further promote andfacilitate accountants' adherenceto high ethical and

independence standards, the InternationalEthics Standards Board for Accountants(IESBA), an independent standard-settingboard within the International Federationof Accountants (IFAC), has proposedchanges to the IFAC Code of Ethics forProfessional Accountants.The changes, outlined in an exposure draftwith the same title, focus on enhancing the

clarity of the Code. The proposed changesmake clear the specific requirements thatare contained in the Code and refine theapplication of the Code's conceptualframework."The proposals significantly enhance theclarity and understandability of theprovisions in the Code," states RichardGoerce, IESBA Chair. "We believe that therevised Code will provide a strongfoundation to further the IESBA's objectiveof facilitating convergence of internationaland national ethical standards."

Comments on the exposure draft arerequested by October 15, 2008. Theexposure draft may be viewed by going tohttp://www.ifac.org/EDs. Comments maybe submitted by email toedcomments@ifac.org. They can also befaxed to the attention of the IESBA SeniorTechnical Manager at +1 (212) 286-9570or mailed to IFAC, 545 Fifth Avenue, 14thfloor, New York, NY 10017, USA. Allcomments will be considered a matter ofpublic record and will ultimately be postedon IFAC's website. n

IFAC News

IFAC's International Ethics Standards Board Issues Proposals to Clarify Code of Ethics for Accountants

The International Federation ofAccountants (IFAC) MemberBody Compliance Program,

launched four years ago, has reached amajor milestone in its mission to encourageaccountancy organizations worldwide towork together with their members,regulators, standard setters, and other keystakeholders to strengthen the profession.The Compliance Program is comprised of athree-part process:• A member organization's assessment

of its country's regulatory andstandard-setting framework;

• A self-assessment of the extent towhich a member body has committedto international convergence ofstandards and promoted theimplementation of strong qualityassurance and enforcement regimes asspecified in IFAC membershiprequirements; and

• The development of action plans to

further the convergence process andmeet other IFAC membershiprequirements.

The Compliance Program is now in thisthird phase and, today, the action plans ofIFAC members from six countries werepublicly released on the IFAC website. Thesix members are:• Federacion Argentina de Consejos

Professionals de Ciencias Economics;• Botswana Institute of Accountants;• Chinese Institute of Certified Public

Accountants;• Chamber of Auditors of the Czech

Republic;• Institute of Certified Public

Accountants of Kenya; and• Corpul Expertilor Contabili si

Contabililor Autorizati din Romania.Representing four different continents,these action plans are reflective of thekinds of programs and activities that allIFAC member organizations are

developing in their own jurisdictions."These action plans demonstrate theleadership of the profession in engagingcountry stakeholders, such as regulators,government officials, academics, andothers in further enhancing the quality ofthe profession and ensuring greaterconsistency worldwide," states RobertMednick, Chair of the ComplianceAdvisory Panel that oversees the MemberBody Compliance Program."Our expectation is that all of IFAC's 157member bodies in both developed andemerging countries will develop actionplans that address the key elements ofconvergence, the subsequentimplementation of standards and newregulatory initiatives," added Mednick.To view the action plans of IFAC memberbodies as well as the responses to Parts 1and 2 of the Compliance Program, go toh t t p : / I w w w. i f a c . o rg " C o m p l i a n c eAssessment"published.php. n

IFAC Programme Sparks Initiatives to Strengthen the AccountancyProfession and Achieve Convergence to International Standards