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ANNUALREPORT2015

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ICMAB ANNUAL REPORT 2015

TABLE OF CONTENTSNotice of AGM 03About ICMAB 04Vision and Mission 06Past Presidents 07�� 08President’s Statement 11

REPORT OF THE COUNCILCouncil and Committees 14Members’ Meeting 15Education, Examination and Student Affairs 18Partnering with Entrepreneurs and Employers 28Liaison with Government and Regulatory Bodies 31Seminar, Workshop and Training 36Governance and Administration 38ICT and Infrastructure 40Cost Audit and Professional Services Activities 43Research and Publications 47Role in National Economic Issues 48Representation in Regional and Global Forum 51CMA Branding and Image Building 58Media Coverage 61We Lost 63Members’ Update 64Branch and Chapter Activities 66Accounts and Others 89

AUDITED ACCOUNTSAuditors’ Report 96Balance Sheet 98Statements of Income and Expenditure 99Statements of Cash Flows 100Notes to the Accounts 101Executives of ICMAB 118

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This is for kind information of all respected members that the 44th Annual General Meeting of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) will be held on Friday, January 01, 2016 at 10.00 a.m. at ICMAB Ruhul Quddus Auditorium, ICMA Bhaban, Nilkhet, Dhaka to transact the following businesses:

AGENDA

1. To confirm the minutes of the 43rd Annual General Meeting held on December 26, 2014.

2.

3. To appoint the Auditors for the year 2015-2016 and fix their remuneration.

4. To transact any other business with the permission of the Chair.

Md. Abdur Rahman Khan FCMASecretary

NOTICE OF THE44th ANNUAL GENERAL MEETING

NOTICE OF AGM

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and international outfit which started building

credentials for the Institute for gaining acceptability

from all concerned and to attain confidence of

the government and business community of the

country. With the changing need of time, the

Government of Bangladesh renamed it as The

Institute of Cost and Management Accountants of

Bangladesh (ICMAB) through promulgation of The

Cost and Management Accountants Ordinance

1977 (Ordinance No LIII of 1977). Now in 2015,

after a 43 years arduous journey, the chronicle of

success earned by our predecessors has brought

us to the place where we stand today.

Governance

The Institute is governed by a Council constituted

under the provision of The Cost and Management

Accountants Ordinance, 1977. The Council consists

of 12 Fellow Members elected by the members of

ICMAB and 4 nominees from the Government of

Bangladesh. The Council is elected for a period of

three years. Every year one President, two Vice-

Presidents, one Secretary and one Treasurer

are elected as office bearers from amongst the

councilors. The day to day administrative affairs

of the Institute is however, managed by a team of

fully employed executives.

The Institute

The Institute of Cost and Management Accountants

of Bangladesh (ICMAB) is the national body of the

professional Cost and Management Accountants

of Bangladesh. Established with the prime

objective of promoting and regulating the Cost

and Management Accounting profession in the

country, the Institute offers education and training

to the students interested to pursue career in this

field and provides highly recognized CMA degree

on fulfillment of requisite qualification. The

Institute undertakes research in relevant fields

and is the sole authority to issue practicing license

to its members.

Legal Status

ICMAB is a statutory organization constituted by

the Government under The Cost and Management

Accountants Ordinance 1977 (Ordinance No

Llll of 1977) and regulated under the Cost and

Management Accountants Regulations 1980 (as

amended up-to date). It is member of leading

regional and global accounting bodies including

International Federation of Accountants (IFAC).

Legacy of the Institute

The Institute has a long heritage of rendering

professional services to the nation. The journey of

the glorious profession of Cost and Management

Accounting began in the pre-independent

Bangladesh with the founding of a branch of

The Pakistan Institute of Industrial Accountants

(PIIA) in 1958. As we started a fresh journey

towards success and prosperity in independent

Bangladesh, the profession entered into a new

era. In 1972, the Institute was re-established in

the name of Bangladesh Institute of Industrial

Accountants (BIIA). Thereafter, the members of

the Institute through their excellence in various

fields proved their credibility in the national

Global AffiliationICMAB is Member of following Global Bodies of

Professional Accountants:-

Strategic Partners:

ABOUT ICMAB

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Corporate Headquarters Branches and Chapters

Head Office

Dhaka Branch Council

Khulna Branch Council

Comilla Coaching Centre

Chittagong Branch Council

Rajshahi Coaching Centre

Overseas Chapters

ICMA Bhaban, Nilkhet, Dhaka-1205,

9615477, 58616473 Fax: 88-02-58615703

E-mail: [email protected]

web: www.icmab.org.bd

ICMA Bhaban, Nilkhet, Dhaka-1205.

Tel: 9615460, 9611799, 9615477


KDA Plot No. 24-25, Mozid Sorani Road

Sonadanga, Khulna.

Tel. : 041-722335, 01714 087417


Comilla Victoria Government College

Comilla.

Tel: 081-73686, 01912729018

CMA Bhaban, House # 43, Road # 27

CDA R/A, Agrabad,

Chittagong. Tel : 031-727638, 01972-183535


138, Islampur (Madrasha Moar)

P.O. Kazla, Boalia, Rajshahi.

Tel: 0721-751092 Cell: 01978 274324


ICMAB Canada Chapter Council

ICMAB KSA Chapter Council

ICMAB UK Chapter Council

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Vision

Institute’s vision is to help Bangladesh

become an industrialized nation by

promoting and regulating Cost and

Management Accounting profession to

enhance economic competitiveness and

quality of life.

Mission

The Institute’s mission is to develop, equip and

promote Cost and Management Accounting

profession by maintaining highest professional

standard of its members in order to enable them to

provide better services to the society.

The Institute is entrusted with the formulation and

implementation of National Accounting as well as

Cost Accounting Standards and take other necessary

steps with a view to regulating the Cost and

Management Accounting profession commensurate

with global standard with the ultimate objective

of developing Bangladesh’s human and natural

resources to ensure common welfare and to enrich

our shared future.

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Late A. N. Hamidullah FCMA

(1972 - 74)

Late Ruhul Quddus FCMA

(1975 - 86)

Late Muzaffar Ahmed FCMA

(1992)

Mr. Muzaffar Ahmed FCMA

(1999)

Mr. Md. Ruhul Amin FCMA

(2005)

Mr. Mohammed Salim FCMA

(2014)

Mr. Satipati Moitra FCMA

(2006)

Late Zahir Uddin Ahmed FCMA

(2008 & 2011)Mr. A.B.M. Shamsuddin FCMA

(2009)

Prof. Mamtaz Uddin Ahmed FCMA

(2007 & 2012)

Mr. M. Abul Kalam Mazumdar FCMA

(2000)Mr. Md Abdul Aziz FCMA

(2001 & 2010)

Mr. Md. Abdur Rashid FCMA

(2003)

Mr. A.K.M. Delwer Hussain FCMA

(2004 & 2013)

Mr. Md. Ishaque FCMA

(1993)

Late Chowdhury Hafizur Rahman FCMA

(1994 & 1996)

Mr. Mohammed Mohiuddin FCMA

(1995)

Mr. Habibur Rahman FCMA

(1991 & 1997)

Mr. Md. Uttam Ali Miah FCMA

(1987 - 89)

Late Md. Nurul Hassan FCMA

(1990)

Mr. Rafiq Ahmad FCMA

(1998 & 2002)

PAST PRESIDENTS

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Mr. Abu Sayed Md. Shaykhul Islam FCMA is an Independent

Management Consultant and Financial Adviser to a number of

leading business houses of the country. Previously, he served the

Institute as Vice President (2009, 2014) & Secretary (2008). He was

also the Chairman of the Dhaka Branch Council in 1996. In his long

career, Mr. Shaykhul has worked in top level positions in leading

local business conglomerates including Square Pharmaceuticals,

Beximco, Partex Group and at overseas. He authored two books,

published a good number of articles in newspapers and professional

journals and presented papers in national and international

seminars and conferences. He is also a member of the Institute

of Internal Auditors and Institute of Management Consultants,

Bangladesh.

Mr. Arif Khan FCMA, MBA, CFA is currently a Commissioner

of Bangladesh Securities and Exchange Commission (BSEC).

Before joining the regulatory body, he served many national and

multinational companies at different capacities- the latest being

the Deputy Managing Director of IDLC Bangladesh Limited. He

was a member of the “Core Committee” of Bangladesh Bank

for developing guidelines for “Domestic Factoring Operation in

Bangladesh” and “Asset-Liability Management of NBFIs”.

Mr. Khan works as guest faculty in different educational and

professional institutions including ICMAB, BIBM, Department of

Finance and IBA of Dhaka University.

Mr. Khan did his MBA from IBA and CFA from CFA Institute, USA.

Mr. Jamal Ahmed Choudhury FCMA is working as Executive Director,

Finance and Accounts in Beximco Pharmaceuticals Limited. He has

wealth of experience as a professional accountant in national and

multinational companies. Mr. Choudhury takes keen interest in

education and research. He has been a part-time faculty in several

public and private universities for over a decade. He has to his credit,

a good number of publications in national and international journals.

He is a frequent contributor to the national dailies and writes on

business, economy and finance related issues. He was the Chairman

(2005) of Dhaka Branch Council and Member of the National Council

(2010-2013). He served the Institute as Secretary in 2014.

He obtained his post-graduation in Accounting from the University

of Dhaka and MBA from IBA.

PRESIDENT

VICE - PRESIDENT

VICE - PRESIDENT

COUNCIL AND OFFICE BEARERS

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Mr. Md. Abdur Rahman Khan FCMA is currently working as Deputy

Secretary in Finance Division of the Ministry of Finance of the

Government of the Peoples’ Republic of Bangladesh. Before this,

he worked in income tax administration for about 22 years in home

and abroad. He started his taxation career in 1994 as an Assistant

Commissioner of tax and later on worked as Deputy Commissioner,

Joint Commissioner and Additional commissioner of Taxes. As

Additional Commissioner of Taxes, he worked as First Secretary (Tax

Policy) in the National Board of Revenue (NBR) and had been involved

in formulation of Finance Act 2014 and Finance Act 2015. Mr. Khan

worked as an International Adviser of the United Nations and as a

consultant of the World Bank during 2004-2011 periods.

After obtaining post graduation degree in Accounting from University of Chittagong Mr. Khan

obtained his second masters in Government Financial Management from University of Ulster, of

the United Kingdom. He has written a good number of articles on taxation in reputed professional

journals and presented number of papers in national and international seminars and workshops.

Mr. Khan has strong passion for teaching and is currently working as a part time faculty of Dhaka

University and BCS Taxation Academy. He also worked as a part time faculty in North South

University, Jahangir Nagar University, University of Development Alternative, Institute of Cost and

Management Accountants of Bangladesh (ICMAB), Financial Management Academy (FIMA) and

Bangladesh Public Administration Training Institute (BPTAC) etc.

Prof. Dr. Swapan Kumar Bala, FCMA has currently been working as

the Managing Director of Dhaka Stock Exchange Ltd. (DSE). Under his

management leadership, DSE has been demutualized in November

2013. He began his teaching career at Dhaka University as a Lecturer

of Accounting in 1991 and became Professor in 2011. He is an IFRS

professional from ICAEW (UK). In addition to B.Com. (Hons.) and M.Com.

in Accounting from Dhaka University, he completed M.Phil. equivalent

‘BIDS Advanced Course on Economics and Quantitative Techniques’ and

did his Ph.D. on Value Added Taxation from Dhaka University.

Dr. Bala is the current Chairman, SAFA Committee on NPOs and

Cooperative Sector. He was ICMAB’s Journal Committee Chairman

and Editor of the journal (March 2012 to Feb. 2013) and Dhaka Branch

Council Chairman (2008).

Prof. Bala is a Professional Member (CMA) of IMA (USA), an Associate Member of Virtual Institute,

UNCTAD and a life member of the Asiatic Society of Bangladesh. He has extensive Training of Trainers

experience. In the recent past, he represented ICMAB in ICAI’s 54th National Cost Convention (Jan.

2013; India) and Global Management Accounting Summit 2015 (July 2015; Sri Lanka) and represented

DSE in US SEC’s Program, World Exchange Congress, WFE’s Programs and APEC FRTI Regional

Seminar (USA, Qatar, South Korea, Brazil and Maldives). Dr. Bala also rendered professional services

to Bangladesh Bank, NBR, ISTCL and BICM. To his credit, he has 70 research articles, 9 research

monographs, 9 books, 1 study manual, 42 seminar papers and 9 entries in Banglapedia.

SECRETARY

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Mr. A R M Nazmus SakibAdditional Secretary

Finance Division

Ministry of Finance

Government of Bangladesh

Mr. Md. Enamul HaqueAdditional Secretary

Ministry of Industries

Government of People’s

Republic of Bangladesh

Mr. Md. Aminul Islam KhanJoint Secretary

Ministry of Education


Mr. Mohammed SalimM. COM, DMS(UK), MBA(UK),

MINIA(AUS), FCMA

General Manager ( Finance )

Power Grid Company of

Bangladesh Ltd. (PGCB)

Mr. Md. Shawkat Ali WaresiAdditional Secretary

Ministry of Commerce


Mr. Munirul IslamM. COM., MBA, FCMA

General Manager, Human

Resources

Aristopharma Ltd.

Mr. Md. Mamunur RashidM. COM., AMCS, FCMA

Deputy Managing Director

Index Group of Companies

Mr. Muzaffar AhmedB. COM.(HONS), M.COM., FCS, FCMA

President and CEO

Credit Rating Information and

Services LTD.

Mr. M. Abul Kalam MazumdarMBA, FIMC, FCMA

Executive Vice-President & Director

Anlima Yarn Dyeing Ltd.

Prof. Mamtaz Uddin AhmedB. COM.(HONS), M.COM., FCMA

Director, MPA Program

Director, EMBA Program

Department of AIS

University of Dhaka

Mr. A.K.M. Delwer HussainB. COM.(HONS), M.COM.,

PGD(COM. SC.). FCMA

Chairman ( In-Charge )

Bangladesh Sugar & Food

Industries Corporation

Other Council Members

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Dear Members,

2015 was another successful year for ICMAB.

We, the professional Accountants are working as

catalysts to the economic growth of the country

in one hand and playing vital role to protect public

interest on the other. The changed global socio-

economic scenario demands accountants to know

more, learn more and work more for the sustainable

growth of their respective organizations and the

country as a whole. Keeping this in mind, your

National Council has worked hard to improve the

quality of education, training and CPD programs

into international standard . We have joined hands

with CIMA, UK and other strategic partners. You

will be happy to know that the overall qualifying

rates in ICMAB’s examinations have been

increased remarkably; but we are not satisfied

with this and as such, we are continuously trying

to hire qualified and experienced teachers and

offering more special classes to keep up the

increasing trend. From July-December session

of this year, we have been able to introduce HSC

qualification for the entry level of CMA study. We

have also updated our syllabus in line with CIMA,

UK’s syllabus to facilitate our journey to meet the

demand of the day and achieve global CMA degree.

However, in order to compete globally, we have to

translate our knowledge and expertise into action

under high ethical values. We strongly believe that

after the 2008 global financial crisis accounting

outlook has been changed in manifold and as such,

we are now giving more emphasis on professional

ethics and public interest. Under the changed

global accounting outlook, it is time for us to know

and understand that accounting is a profession

with difference; because it is related to public

interest. In view of this, we have welcomed the

Government of Bangladesh (GoB) for enacting the

Financial Reporting Act, 2015 which, we believe will

play effective role to attract foreign investments,

boost capital market and also protect general

investors’ as well as public interest.

PRESIDENT’S STATEMENT

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ICMAB strongly believes that FRA is a demand of

time to ensure transparency, accountability and

good governance in the public sector and corporate

world. It has rightly defined CMAs as “Professional

Accountants” and ICMAB as “Professional

Accounting Body”. It has also included Cost and

Management Audit as an audit program. ICMAB

has also been included in the Financial Reporting

Council. So, it is now our duty to act more

responsively to protect public interest balancing

between our performance and conformity. Under

the changed accounting outlook, while performing

our duties, we have to draw a line between right

and wrong and we must always do the right.

The National Board of Revenue has also

acknowledged the role of CMAs in revenue

collection of the government and you have seen

that high officials of NBR including its Chairman

have attended various budget and tax related CPD

programs held at ICMAB in 2015. Besides, CMAs

have also been authorized to certify the Transfer

Pricing Statements in the Finance Act 2015.

Last year, we took an initiative to install an ERP

to bring the whole activities of ICMAB under a

computer network system which will be launched

on 08 December 2015. Through this ERP our

members and students will get the modern

facilities of on-line payments, registration,

communication etc.

In 2015, we have setup ICMAB Center for Cost Audit

and Management Consultancy at Room No. 303 of

ICMA Bhaban for providing institutional support to

the practicing CMAs which is another milestone to

move further one step forward. We have also set

up the similar center at CMA Bhaban, Chittagong.

As part of ongoing activities, your Council has

undertaken a program to continuously develop

and adopt Bangladesh Cost Accounting Standards

(BCAS) and in line with this 12 (twelve) more

exposure drafts on BCAS will be released very

soon.

ICMAB’s most prestigious program of the year

was the SAFA International Conference 2015. It

was held on 18-19 October 2015 at Pan Pacific

Sonargaon Hotel, Dhaka hosted by ICMAB. Through

this conference ICMAB’s image has been increased

in manifold to the GoB, media and professional

accountants’ community of SAARC region. Your

President has attended 19th Conference of

Confederation of Asia and Pacific Accountants

(CAPA) held at Coex, Seoul, South Korea on 27-29

October 2015. Both the conferences gave emphasis

on sharing knowledge and experiences among the

professional accountants of the countries around

the world.

ICMAB is now working more seriously than

before on preparing its members to face the

new challenges of the corporate world and the

accounting and auditing regime of Bangladesh.

It is time for us to support the government in

bringing momentum in business and economic

activities and boosting capital market as well.

You know that the world is experiencing changes

in the types of business, everyday business

transactions and new dimensions are being

added to the business practices. In response to

these changes, new rules and regulations are

being implemented to have better control over any

malpractice in business. We have to understand

that a single mistake by accountants can make

huge damage to the capital market and the

general investors. ICMAB members should realize

this and always discharge their duties under

professional ethics and integrity. Let us just look

forward to make ICMAB as a trusted partner of

the businesses and the society as a whole.

Our vision is to develop CMAs as the first choice of

the employers in the field of financial services and

corporate management. In this perspective, we are

doing everything to develop the professional skill

and efficiency of our members and giving more

emphasis on high ethical values. Your Council just

needs your active participation and support for

achieving our common goals.

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Report of the Council

YEAR 2015

In accordance with the provisions of CMA ordinance 1977, the Council is pleased to publish its Annual Report on the activities for the year 2015 together with the Audited Accounts of the Institute for the year ended June 30, 2015 to the honorable members of the Institute of Cost and Management Accountants of Bangladesh.

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Election of Office Bearers

As per the regulations of the Institute following

five member team was elected from amongst the

Councilors to run the Office for the year 2015:

Standing and Other Committees

As per Regulations the Council formed five

Standing Committees namely, Executive

Committee, Education Committee, Examination

Committee, Research & Development Committee

and Disciplinary Committee for the year 2015.

Further details of the Committees are given as

Annexure: 1.

The Council also approved 22 Other Committees

for smooth functioning of the activities of the

Institute. The details of the Other Committees are

given in Annexure: 2.

COUNCIL AND COMMITTEES

Branch Councils and Chapters

The election of the Branch Councils for Dhaka,

Chittagong and Khulna regions for the year 2015

and Chapter Council for Canada for the year 2015-

2016 were held in due course. Ten members for

each of Dhaka, Chittagong and Khulna Branches

and eight members for Canada Chapter Council

were elected by the members. The Council

nominated two members for each of the Branch

and Chapter Councils. Subsequently, the Councils

of the Branches and the Chapters elected their

Office Bearers which is given as Annexure: 3.

Council, Standing and Other

Committee Meetings

Six meetings of the Council and Six meetings of

the Executive Committee were held till November

30, 2015. Moreover, all the Standing Committees

excepting the Disciplinary Committee held several

meetings based on the operational requirement

throughout the period.

In addition to Council, Executive Committee

and Standing Committees, twenty two Other

Committees have held their meetings during the

period under review. These committees played

a very active role throughout the year and made

remarkable contribution in carrying out the overall

activities of the Institute. Many of their decisions

has been implemented while some are in progress.

Further details of the meetings including the

records of attendance by the Councilors in

Council, Executive Committee and Standing

Committeesare given in Annexure 4.

Mr. Abu Sayed Md. Shaykhul Islam FCMA President

Mr. Arif Khan FCMA Vice-President

Mr. Jamal Ahmed Choudhury FCMA Vice-President

Mr. Md. Abdur Rahman Khan FCMA Secretary

Prof. Dr. Swapan Kumar Bala FCMA Treasurer

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MEMBERS’ MEETING

The 43rd Annual General Meeting

The 43rd Annual General Meeting of the Institute

of Cost and Management Accountants of

Bangladesh (ICMAB) was held on December 26,

2014 at ICMAB Ruhul Quddus Auditorium, Dhaka.

Mr. Mohammed Salim FCMA, President of the

Institute presided over the Meeting.

In his welcome speech, the President thanked

Almighty Allah for giving him opportunity to

serve the profession. He thanked the members

of the Council, Office Bearers, all members and

employees of the Institute for their co-operation

and support in successful completion of his tenure

as President of the esteemed professional body.

The president gave a brief description of the

achievement of the Council during 2014 under

his leadership. He particularly mentioned the

signing of MoU with CIMA and CIPFA; ICMAB’s role

in introducing FRA; Introduction of Bangladesh

Cost Accounting Standard; Building sustainable

partnership with the employers in private sectors;

Liaison with government and regulatory agencies;

Infrastructure development initiatives; ERP

implementation and successful representation

of the Institute in regional and global accounting

bodies. Referring development as a continuous

process, he hoped new council will take every

necessary steps to accomplish the unfinished

tasks and will carry forward the development

initiative undertaken by the 2014 Council.

Mr. Jamal Ahmed Choudhury FCMA, Secretary

of the Institute presented the Institute’s Annual

Report for the year 2014. Mr. Md. Abdur Rahman

Khan FCMA, Treasurer presented the Accounts

and Financial Reports of the Institute for the year

2013-2014.

As many as 12 members took part in the

discussions on various aspects of the Annual

Report and Audited Accounts of the Institute.

Mr. Abu Sayed Md. Shaykhul Islam FCMA and

Mr. Arif Khan FCMA, Vice President, replied the

questions raised by the members in the AGM.

Past Presidents, Council Members, 371 fellow and

224 associate Members of the Institute attended

and made the AGM a grand success.

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Appointment of Auditors

The 43rd AGM appointed M/s. J.U. Ahmed & Co.,

Chartered Accountants, House # 170 (1st floor),

Lane-3, new DOHS, Mohakhali, Dhaka as Auditor

for the year 2014-15. The appointment of the

auditors for the year 2015-2016 and fixation of

their remuneration is placed herewith in this AGM

for your kind approval.

Discussion Meeting with the

Chairmen and Vice Chairmen

The newly elected office bearers of the Institute

held a meeting with the Chairmen and Vice

Chairmen of different Committees on February 22,

2015. President Mr. Abu Sayed Md. Shaykhul Islam

FCMA highlighted the role of the committees in

implementation of the work plan of the Institute.

He also sought suggestions for betterment of the

Institute and the profession. The Chairmen and

Vice Chairmen of different committees shared

their views on different professional issues and

reaffirmed their commitment to carry out their

assigned responsibilities. Vice Presidents Mr. Arif

Khan FCMA and Mr. Jamal Ahmed Choudhury,

FCMA, Secretary Mr. Md. Abdur Rahman Khan

FCMA, Treasurer and Prof. Dr. Swapan Kumar Bala

FCMA, were among others, present in the meeting.

Open Discussion on Professional

Matters

An open discussion on professional matters was

held at ICMAB on March 21, 2015. President of

the Institute Mr. A S M Shaykhul Islam FCMA

presided over the program. Vice President Mr.

Jamal Ahmed Choudhury FCMA, Secretary Mr. Md.

Abdur Rahman Khan FCMA, Treasurer Prof. Dr.

Swapan Kumar Bala FCMA, Past Presidents and

Council members and a large number of Fellow

and Associate members of the Institute attended

the program.

Members were appraised of the current and future

activities of the institute. Members actively took

part in the discussion and expressed their views

on different professional matters and ongoing

devlopment initiativesof the institute.

President, in his speech, expressed thanks to

the members for their active participation in the

discussion session. He assured that all relevant

opinions and suggestions shall be duly considered

in devising and implementing the activity plan for

the year 2015. The activity plan shall be revisited

if required, with due consideration of the opinions

and suggestions expressed in the meeting.

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Open Discussion on issues

relating to Financial Reporting Act

The Institute organized an open discussion on 27

June, 2015 at the ICMAB Ruhul Quddus Auditorium

to exchange views on Financial Reporting Act with

the members of the Institute. The president of the

institute, Mr. A.S.M. Shaykhul Islam FCMA updated

the members with the initiatives undertaken by

the Institute to confirm the representation of

ICMAB in the proposed council under FRA. The

meeting was also informed that besides the

composition of the Council, ICMAB has made some

other important suggestions to ensure enhanced

transparency and accountability as envisaged in

the proposed FRA. Among others, Past Presidents

of the Institute Mr. A.B.M. Shamsuddin FCMA, Mr.

Md. Abdul Aziz FCMA, Mr. A.K.M. Delwer Hussain

FCMA, Mr. Mohammed Salim FCMA and Treasurer

Prof. Dr. Swapan Kumar Bala FCMA spoke on the

occasion.

Enactment of Financial Reporting

Act 2015

The Institute of Cost and Management

Accountants of Bangladesh (ICMAB) organized

a Special ‘Doa Mahfil’ on September 12, 2015 at

ICMA Bhaban, Nilkhet, Dhaka to celebrate various

achievements in professional matters.

The major issue was the Financial Reporting Act

2015 (FRA) which was passed on September

6, 2015 in the National Parliament. Ensuring

appropriate representation of ICMAB in the

FRA was a great challenge for the profession.

ICMAB ha successfully faced challenge. ICMAB’s

representation in the FRC has been ensured

and due recognition has been given to the CMA

profession in all areas of the law.

On this happy occasion, the participants

expressed overwhelming delightedness and

paid their gratefulness to the Almighty Allah.

They thanked the Government of Bangladesh,

National Parliament, honorable members of the

Parliament and all concerned organizations and

individuals who helped a lot make things in order.

In his speech, the President of the Institute said

“Under the changed scenario, I just want to say

that the Government has taken a welcome step.

Now as professional accountant it’s our turn to

learn more, know more and do more to uphold

our professional image balancing between our

performance and conformity and protecting public

interest.”

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EDUCATION, EXAMINATION AND STUDENT AFFAIRS

Introduction of New Curriculum

Structure and Entry Criteria

As part of its initiative for continuous improvement

and up-gradation of the academic curriculum in

line with global standard, the institute has revised

its overall curriculum structure including the

minimum entry requirement for the CMA study

program. The structure became effected from

July 2015 Session. The key features of the revised

structure are as below

Three Admission Routes

Under the new system there are three entry

routes to study CMA:

• Intermediate Entry Route (IER) – Applicable to

HSC Passed Candidates

• Graduate Entry Route (GER) – Applicable to

Graduated Candidates

• Professional Entry Route (PER) – Applicable

to Candidates with Other Professional

Designations

Intermediate Entry Route

Any student who has finished Higher Secondary

School Certificate (H.S.C.) or ‘A’ Level or Equivalent

Examinations are eligible (subject to minimum

entry criteria) to enter into prestigious Cost and

Management Accountancy program as offered

by the Institute of Cost and Management

Accountants of Bangladesh through this route.

Graduate Entry Route

This route is applicable to any aspiring graduated

candidate who opts to attain the prestigious

CMA designation. Graduates or Post- graduates

in any discipline having minimum 06 (six) points

from any recognized Board/Public University/

National University/ Private University/ Institute

(as approved by University Grants Commission of

Bangladesh).

Professional Entry Route

This entry route is applicable to the candidates

having other professional designations from such

Professional Accounting Organizations (PAOs)

with whom ICMAB has entered into mutual

recognition of degrees from time to time.

A student may seek admission in two consecutive

levels (excluding entrant under IER). However, he

cannot sit for the exam at a higher level course

until finishes the lower level paper within the

same pillar.

19


Level of Studies and Structure

Internship and Research

Paper GE 04

Fundamentals ofBusiness

Economics

Paper GE 05

Fundamentals of Ethics, Corporate Governance

and Business Law

Paper GE 03

Fundamentals ofBusiness

Mathematics

Paper IE 03

Business Communications

Paper GE 02

Fundamentals of Management

Accounting

Paper IE 02

Principles of Business & Economics

Paper GE 01

Fundamentals of Financial

Accounting

Paper IE 01

Principles of Accounting

Strategic Level

(Level 5)

Management Level(Level 4)

Operational Level(Level 3)

GraduateEntry Route

Intermediate Entry Route

Paper F3

FinancialStrategy

Financial Pillar

Paper F2

Financial

Management

Paper F1

FinancialOperations

Paper P3

PerformanceStrategy

Performance Pillar

Paper P2

Performance

Management

Paper P1

PerformanceOperations

Paper E3

Enterprise Strategy

Enterprise Pillar

Paper E2

Enterprise

Management

Paper E1

EnterpriseOperations

Paper R3

Financial, Managementand Cost Audit

Regulatory Pillar

Paper R2

Taxation

Paper R1

Legal Environmentof Business

Professional Levels

Business Level (Level 2)

Knowledge Level (Level 1)

Part A: Dissertation Part B: Defense

The new syllabus consists of 20 subjects of which fourteen were adopted from CIMA while the remaining

subjects were developed by ICMAB.

Admission under new curriculum structure

commenced from July-December 2015

session.

New Admission Brochure

The admission brochure to be distributed

among the admission seekers has been

redesigned with rich contents and impressive

look. This professionally developed

promotional material will create a positive

image of the Institute in the mind of the

potential students.

20


New Entry Career Pack

ICMAB has prepared a new entry career pack of

international standard. The career pack gives

detail guidelines on admission, curriculum,

assessment and qualification requirements of

ICMAB to the newly admitted students.

Study Materials for New Courses

Study Text Materials of all the 14 subjects

adopted from CIMA have been made available to

the students. Steps were taken for development

of Study Text Materials for the three courses of

the Knowledge Level (Level-1 under Intermediate

entry route) in the first phase. Accordingly, Study

Text for IE: Principles of Accounting and IE 02:

Principles of Business & Economics has already

been developed by consultants engaged for this

purpose and has been sent to the reviewers for

final review. The appointment of consultant for

the course IE 03: Business Communication is in

process.

Special Coaching Classes

Special coaching classes for some selected subjects

were arranged throughout the year as additional

support to the students to help overcome their

difficulties on these subjects. Coaching were

arranged for advance level courses- Intermediate

Financial Accounting; Taxation; Advanced Financial

Accounting-II; Financial Management and

Strategic Management Accounting. These special

classes were also helpful for the students who got

limited or no opportunity to attend classes under

regular arrangement. A total of 168 hours special

coaching were rendered during the period under

review.

21


Meeting with the Teachers

Education Committee held a meeting with the

teachers of the Institute on September 20, 2015.

The main agenda of the meeting was to discuss

regarding different aspects of the new course

curriculum and share with them the strategic

direction of the education committee on different

academic issues. Mr. Jamal Ahmed Choudhury

FCMA, Vice President and Chairman, Education

Committee conducted the meeting. Mr. A.S.M.

Shaykhul Islam FCMA, President; Mr. Mohammed

Salim FCMA, past President and Chairman CIMA

Task Force; and Mr. Nikhil Chandra Shil FCMA,

Consultant Academic Affairs attended the

meeting and spoke on the meeting agenda. Taking

part in the discussion, the teachers of the Institute

shared their opinions, raised their concerns and

made suggestions on certain issues for further

improvement. The President and the Vice-

President endorsed their observation and assured

gradual implementation of the suggestions.

Meeting with the Examiners,

Question Setters, Principal

Examiners and Class Teachers

The Examination Committee led by its Chairman

Mr. Arif Khan FCMA held a meeting with the

Question Setters, Answer Script Examiners,

Principal Examiners and Class Teachers to discuss

different examination related matters. The

question setting and assessment policies under

the new course curriculum were shared with the

attendees. The chairman sought co-operation of

all to maintain the highest education standard of

the Institute. Vice-President and Treasurer of the

Institute also attended and spoke in the meeting.

Program for Enhancement of

Practical Skills (PEPS)

Students’ Affairs Committee of ICMAB arranged

a practical knowledge sharing workshop for the

students under its branded caption “Program

for Enhancement of Practical Skills (PEPS)”.

The purpose of this initiative is to equip the

students with knowledge and skills of practical

fields along with their academic education. The

two-day workshop was organized in March

19-20, 2015. The workshop comprised of four

technical sessions namely “Orientation to Export

Import Documentation Procedure”; “Excel:

Tips and Tricks”; “Receivable and Forex Fund

Management in Textile Industry” and “Warehouse

Management”. Mr. Md. Muzahidul Islam FCMA,

Finance and Accounts Manager, Avery Dennison,

Mr. Md. Nazmul Muneer, Sr. Officer, Beximco

22


Year No. of Students2010-2011 3832

2011-2012 4107

2012-2013 3380

2013-2014 2951

2014-2015 3760

Year Wise Enrolment of Students

Pharmaceuticals Ltd., Mr. Saiful Islam, DGM & CFO,

Envoy Textiles Ltd. and Mr. Partha Pratim Barua,

Manager, Warehouse, Beximco Pharmaceuticals

Ltd. acted as resource persons.

ICMAB Library

Addition of Books

415 copies of text and reference books have been

procured for Dhaka and other Branch libraries

during the reported period.

Renovation of Library

Some major renovation have been done to

create a cozy and congenial reading and learning

atmosphere in the library. Interior has been

refurbished with the help of a designer to give a

new look. Library columns and beams have been

covered with wooden structure; false ceiling have

been fitted hiding the concrete roof; improved

illumination have been installed and newspaper

stand have been set-up. Further development of

the library infrastructure is in our investment plan.

Enrolment and Examination

Statistics

Enrolment Statistics

Attracting students to the CMA profession is a

priority agenda of the Council. Strategies have been

adopted to make the CMA education attractive to

potential students. We are getting encouraging

response. The collaborative arrangements with

globally reputed professional bodies including

CIMA made positive impact in this respect.

23


Appearance at the Examination

During the year the Institute conducted three

examinations at its examination centers in

Dhaka, Chittagong, Khulna, Rajshahi, Comilla,

Dubai, Indonisia and Doha. A total 8164 students

appeared in these examinations.

Centre December2014

April2015

August2015

Dhaka 2369 2127 2254

Chittagong 320 306 299

Khulna 80 58 88

Rajshahi 51 38 41

Comilla 41 37 42

Doha (Qatar) 03 03 03

Dubai 01 01 -

Indonesia 01 - 01

Total 2866 2570 2728

Center wise Appearance at the

Examination LevelDecember

2014April2015

August2015

Passed CMA Final

Examination26 33 17

Professional Level-IV 14 23 14

Professional Level-III 30 71 14

Professional Level-II 23 34 24

Professional Level-I 27 24 41

Foundation Level 90 56 36

Total 210 241 146

Level wise Examination Results

Level wise Examination Results

Year Wise Enrolment of Students

24


Name Examination Award Awarded for

Mr. Somendra

Nath Mondal

Reg. #

20091133

December,

2014

Cash

Prize of

Tk.

2,000

Securing

highest

marks in

Principles of

Accounting

Mr. Md. Ariful

Islm Bhuiyan

Reg. #

20131771

April, 2015

Cash

Prize of

Tk.

3,000

Securing

highest

marks in

Management

Accounting

Mr. Abu

Arafat Bin

Syed

Reg. #

20113681

April, 2015

Cash

Prize of

Tk.

3,000

Securing

highest

marks in

Strategic

Management

Accounting

Students’ Achievement

Following students achieved awards for their

outstanding performance in CMA examinations:

Reception to Newly Qualified

CMAs

The Council accorded a warm reception to the

CMAs passed in December 2014 Examination

and April 2015 Examination in two separate

programs arranged for this purpose. President

Mr. A S M Shaykhul Islam FCMA chaired both the

programs. He advised the newly qualified CMAs

to keep in touch and maintain liaison with the

Institute so that they could update themselves

with development of CMA profession. Among

others Vice Presidents, Secretary, Treasurer,

Past Presidents and Council members of the

Institute attended the reception programs. The

newly qualified CMAs also expressed their opinion

regarding education and examination system of

the Institute and on professional matters.

Promoting CMA Education among

Potential Students

Students’ Seminar at ICMAB

In order to promote CMA education among

prospective students two “Students Seminar”

were held at ICMAB during the period under

review.

First of these seminars were held on January 24,

2015. Around 200 students attended the seminar.

Mr. Mohammed Salim FCMA, President, Mr. ASM

Shaykhul Islam FCMA and Mr. Arif Khan FCMA, Vice

Presidents and Mr. Zillur Rahman FCMA spoke

in the program. Mr. Nikhil Chandra Shil FCMA,

Consultant Academic Affairs, ICMAB conducted

the session.

The other seminar was held on July 31, 2015.

Around 500 students attended the seminar. Mr.

ASM Shaykhul Islam FCMA, President, Mr. Md.

Abdur Rahman Khan FCMA, Secretary, Prof. Dr.

Swapan Kumar Bala FCMA, Treasurer spoke

in the program. Mr. Nikhil Chandra Shil FCMA,

Consultant, Academic Affairs, ICMAB conducted

the session.

Seminar at AIUB

In co-operation with department of Accounting of

American International University – Bangladesh

(AIUB) the Institute arranged a promotional

seminar titled “Professional Management

Accounting Education in Bangladesh - Implications

to Accounting and Finance Graduates” on

December 1, 2014 at AIUB premise. Mr. Zillur

Rahman FCMA made a presentation highlighting

the CMA career and education. Mr. Mohammed

Salim, FCMA and Mr. Jamal Ahmed Choudhury

FCMA, spoke in the program on behalf of the

Institute. Prof. Md. Maksudur Rahman Sarker

FCMA, Department of Accounting & IS, Faculty

25


of Business Studies, University of Dhaka, Mr.

RoomeeTarequeMoududFCMA, Director, OPA,

AIUB and Mohammad Zakaria Masud FCMA,

Assistant Professor & Department Head,

Department of Accounting, AIUB spoke on behalf of

the University. Among other Mr. Md. Kausar Alam

FCMA, Group Chief Financial Officer, Rahimafrooz

(Bangladesh) Ltd. and Lt. Col. Md. Humayun Kabir,

psc (Retd), Director, ICMAB and senior officials of

ICMAB attended the program.

Seminar at Daffodil University

The Institute arranged a Seminar titled “Grow with

Professional Management Accounting Education:

Implication to Business Graduates” on April 13,

2015 at Daffodil University, Dhaka to make the

business graduates of Daffodil University aware

about the CMA profession.

Prof. Dr. M. Lutfar Rahman, Vice-Chancellor,

Daffodil University graced the occasion as Chief

Guest while Mr. Jamal Ahmed Choudhury FCMA,

Vice-President, ICMAB, Mr. Md. Abdur Rahman

Khan FCMA, Secretary, ICMAB were present as

special guests. Prof. Rafiqul Islam, Dean, Faculty

of Business & Economics was present as Session

Chairman. Mr. Nikhil Chandra Shil FCMA made

a resourceful presentation on Management

Accounting Education and Profession in

Bangladesh. Vice Chancellor Dr. Lutfar Rahman

in his speech put emphasis on the need for

ethical practice in business. He appreciated

ICMAB for including ethics in its’ curriculum.

Professor Rafiqul Islam, Dean, Faculty of Business

& Economics (FBE) applauded ICMAB’s role in

rendering professional education in the country.

He thanked the Vice President and ICMAB Council

for selecting Daffodil International University as

the platform of such professional discussion.

Mr. Mohammed Masum Iqbal, Associate Professor

& Head, Department of Business Administration,

Daffodil International University nicely conducted

the seminar. The program ended with a Q & A

session.

Seminar at Eden Mohila College

In co-operation with faculty of Business Studies

of Eden Mohila College the Institute arranged

a promotional seminar on August 17, 2015 at

26


Student Conference at Bangalore, India

The board of studies of the Institute of Chartered

Accountants of India organized its International

Conference for CA Students with the theme

“PRARAMBH: A Kickstart to Excellence” on

December 27-28, 2014 at Bangalore, India.

ICMAB Student Mr. Shohag Al Mamun, (Reg. No:

20082960) participated & presented a paper at

this conference.

Eden Mohila College premise. Professor Md.

Masume Rabbani Khan, Chairman, Department

of Accounting, Eden Mohila College chaired the

meeting. Mr. Mohammed Salim FCMA, Past

President, Mr. Jamal Ahmed Choudhury FCMA,

Vice President and Mr. Nikhil Chandra Shil

FCMA, Consultant Academic Affairs spoke in

the program. Among others Ms. Farida Yesmin,

Associate Professor, Department of Accounting,

Mr. Khairul Bashar Khan, Associate Professor, Mr.

Md. Hemayet Hossain, Associate Professor, Mr.

Mohammad Noor-e-Alam, Associate Professor,

Department of Finance & Banking, Ms. Sofia

Begum, Associate Professor, Department of

Marketing, Ms. Nazmun Nahar, Assistant

Professor, Mr. Shahtab Uddin, Assistant Professor,

Mr. Ferdous Akhter, Assistant Professor, Ms.

Anjuman Ara, Assistant Professor, Department of

Accounting attended the program. The program

ended with a Q & A session.

Students’ Conference at Colombo, Sri Lanka

Chartered Accountants Students’ Society (CASS),

Sri Lanka organized the 29th International CA

Students’ Conference on the theme “Train, Ignite,

Inspire”. CASS invited students from ICMAB to

participate at the conference. Mr. Mohammad

Mahmudul Amin (Reg : 20071098) & Mr.

Mohammad Elias, (Reg : 20072821) participated in

the conference.

27


Seminar on “Grow with Professional Management Accounting Education- Implication to Business Graduates”

Attendance of students in the class room

Reception to the Newly Qualified CMAs passed in December 2014 Examination

PHOTO GALLERY

28

PARTNERING WITHENTREPRENEURS AND EMPLOYERS

ICMAB signs MoU with Confidence

Group

ICMAB and Confidence Group signed a

Memorandum of Understanding (MoU) on

technical and strategic cooperation in various

fields in the interest of mutual benefit.

Mr. Mohammed Salim FCMA, President ICMAB and

Mr. Imran Karim, Managing Director of Confidence

Group, signed the MoU at the conference room,

UTC Building in the capital on 27 January 2015.

Under the MoU, Confidence Group would help

ICMAB in infrastructural development and for

strengthening educational facilities. ICMAB

assured the Confidence Group of technical support

with regards to financial management including

training and related business development issues.

Mr. Md. Abdur Rahman Khan FCMA, Treasurer of

ICMAB, Md. Akhtaruzzaman FCMA, Md. Belayet

Hossain FCMA, Md Humayun Kabir psc Director,

KM Bahauddin, Additional Director of ICMAB, Mr.

Salman Karim, CEO, Mr. Alamgir Akber GM-F&A,

Mr. S.M Zahir Uddin Haider FCMA, CFO (ECVBL),

Mr. Main Uddin ACMA, Finance Controller of

Confidence Group were present at the signing

ceremony.

ICMAB signs MoU with ATI Limited

ICMAB and ATI Limited signed a Memorandum of

Understanding (MoU) on technical and strategic

cooperation in various fields for a term of 03 years

in the interest of mutual benefit.

Mr. Abu Sayed Md. Shaykhul Islam, FCMA,

29


President ICMAB and Shaikh Abu Reza, Executive

Director, ATI Limited, signed the MoU at the

ICMAB Bhaban, Dhaka on 04.03.2015 on behalf of

respective organizations.

Under the MoU, ATI Limited would provide

e-learning and virtual learning modules for ICMAB

students around the country in remote areas, help

ICMAB in implementation of IT projects and for

integration of ICMAB Webportal and ERP solutions

software including management of IT related

support services. ICMAB assures ATI

group of professional and advisory

services with regards to financial

management issues and business

development matters. Mr. Mohammed

Salim FCMA Past President, Prof. Dr.

Swapan Kumar Bala, FCMA, Treasurer

of ICMAB, Md. Humayun Kabir psc,

Director of ICMAB, Asafur Rahman Asif,

Chief Marketing Officer, Rezaul Karim

Akash, Sr. Manager Operation of ATI

Limited were present at the signing

ceremony.

ICMAB and Standard Chartered

Bank agree to strengthen mutual

cooperation

A delegation of ICMAB headed by its President

Mr. A.S.M Shaykhul Islam FCMA called on

Mr. Abrar A. Anwar, Chief Executive Officer,

Standard Chartered Bank ( SCB) Bangladesh at

his office on June 04, 2015. The ICMAB President

apprised the CEO about the role of Cost and

30


Management Accountants in enterprise and

financial management, performance evaluation

and sustainable development. They discussed

among others, matters of financial reforms,

risk management and the growth of industry

and service sectors. The CEO, SCB expressed his

interest to make strategic partnership with ICMAB

for the development of efficient human resources

for banks and financial services. He also assured

to work together to introduce e-learning facilities

and web based knowledge projects.

They also agreed to find more areas of co-operation

between SCB and ICMAB in the days ahead.

Among delegates Past Presidents Mr. Muzaffar

Ahmed FCMA, Mr. Mohammed Salim FCMA, and

the then Director Lt Col (retd) Mr. Md Humayun

Kabir, psc were present in the meeting. Mr. Imtiaz

Ibne Sattar, Chief Financial Officer, SCB also took

part in the discussion.

UK’s Association of Accounting

Technicians delegation meets

ICMAB President

A delegation of the Association of Accounting

Technicians (AAT), UK headed by its Consulting

Manager Ms. Laurie Gillow called on ICMAB

President Mr. Abu Sayed Md. Shaykhul Islam

FCMA at his office at ICMA Bhaban, Nilkhet, Dhaka

on August 06, 2015. International Sales Executive

Ms. Gemma Baker, AAT, Ms. Suraya Jahan, Deputy

Director of Trade & Investment, British High

Commission, Dhaka and ICMAB Director Lt. Col.

Md Humayun Kabir psc (Rtd.) were present in the

meeting. They exchanged views and ideas on the

development of accounting profession and also

discussed about the matters of bilateral interest.

31


LIAISON WITH GOVERNMENT AND REGULATORY BODIES

ICMAB delegation meets Chairman, Parliamentary Standing Committee

on Ministry of Finance

A delegation of ICMAB headed by

its President Mr. ASM Shaykhul

Islam FCMA called on Dr.

Muhammed Abdur Razaque, MP,

Chairman, Parliamentary Standing

Committee on Ministry of Finance

at his office on February 3, 2015.

The Chairman highly appreciated

the role of Cost and Management

Accountants for establishing the

financial discipline in business and

industrial sectors of the country

and also urged on the need for

implementation of Cost Audit.

He assured all possible help and

assistance for the development of the Institute as well as the CMA profession.

ICMAB delegation meets Mr. Nazmul Hassan MP

A delegation of ICMAB headed by its President Mr. ASM Shaykhul Islam FCMA called on Mr. Nazmul

Hassan (Papon), MP, Managing Director, Beximco Pharmaceuticals Ltd. and President, Bangladesh

Cricket Board at his office on

February 10, 2015 to discuss

about the professional issues.

ICMAB team has appreciated

his untiring effort for the

development of the country

at various capacity along with

BCB. He also promised to

provide active guidance and

support for the development of

CMA Profession in the country

and the Institute as well.

32


ICMAB delegation meets Civil Aviation and Tourism Secretary

A delegation of ICMAB headed by its President Mr. Abu Sayed Md. Shaykhul Islam FCMA called on Mr.

Kurshed Alam Chowdhury, Secretary, Ministry of Civil Aviation and Tourism, Government of the People’s

Republic of Bangladesh at his office on March 08, 2015. The ICMAB delegation apprised the Secretary of

the role of Cost and Management Accountants and their contribution in the trade, business, industry

and other service sectors of the country. The delegation also sought active support and guidance of the

Secretary for the development of CMA Profession. Honorable Secretary for Civil Aviation and Tourism

assured the ICMAB President and the members of the delegation of his continued support for the

betterment of CMA profession in the continuously changing global environment.

ICMAB delegation called on Commerce Secretary


Hedayetullah Al Mamoon, ndc, Senior Secretary, Ministry of Commerce, Government of the People’s

Republic of Bangladesh at his office on March 18, 2015. ICMAB President updated the honorable

Senior Secretary about the overall affairs of the Institute and the progress of the ongoing activities.

The delegation also sought active support and guidance of the Secretary for the development of CMA

Profession. Honorable Senior Secretary for Commerce assured the ICMAB President and the members of

the delegation of his continued support for the betterment of CMA profession.

ICMAB delegation meets State Minister for Power, Energy and Mineral

Resources

A delegation of ICMAB headed by its

President Mr. Abu Sayed Md. Shaykhul

Islam FCMA called on Mr. Nasrul Hamid

M.P., State Minister for Power, Energy

and Mineral Resources, Government

of the People’s Republic of Bangladesh

at his office on March 23, 2015. ICMAB

President updated the honorable

State Minister about the overall

affairs of the Institute and particularly

about the development issues of CMA

profession. He also sought help of the

Minister for development of ICMAB

and the Minister assured him to

provide all out support and assistance

to ICMAB.

33


ICMAB delegation meets State Minister for Finance and Planning

A delegation of ICMAB headed by its President Mr. Abu Sayed Md. Shaykhul Islam FCMA called on Mr. M.A.

Mannan MP, State Minister for Finance and planning, Government of the People’s Republic of Bangladesh

at his office on August 04, 2015 to discuss matters of accounting profession and public interest. ICMAB

President updated the State Minister about the overall affairs of the Institute and particularly about the

development issues of Professional Accounting regime of Bangladesh. He also sought help of the Minister

for development of ICMAB and the Minister assured him to provide all out support and assistance to

ICMAB for strengthening its capacity to provide world class accounting education in Bangladesh. The

Minister also asked the ICMAB delegation to work more under professional ethics and integrity to make

Bangladesh an upper middle-income country as early as possible.

ICMAB President attends meeting on FRA in Ministry of Finance

A meeting was held on 06 August, 2015 at Ministry of Finance, Bangladesh Secretariat, Dhaka to discuss

on proposed Financial Reporting Act. The Finance Minister Mr. Abul Maal A Muhith presided over the

meeting. Among others Senior Secretary, Finance Division, Ministry of Finance Mr. Mahbub Ahmed,

Secretary, Bank and Financial Institutions Division (BFID) of the Ministry of Finance Dr. M Aslam Alam,

34


Secretary Internal Resources Division (IRD) and Chairman, National Board of Revenue Mr. Md. Nojibur

Rahman, President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Mr.

Abdul Matlub Ahmad, President of Metropolitan Chamber of Commerce and Industry Mr. Syed Nasim

Manzur, President of Dhaka Chamber of Commerce & Industry (DCCI) Mr. Hossain Khaled, President of

ICMAB Mr. A.S.M Shaykhul Islam FCMA, President of ICAB Mr. Masih Malik Chowdhury FCA and high

officials of Ministry of Finance attended the meeting.

ICMAB delegation meets Adviser of Economic Affairs to the Prime

Minister

A delegation of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) headed by its

President Mr. Abu Sayed Md. Shaykhul Islam FCMA called on Dr. Mashiur Rahman, Adviser of Economic

Affairs to the Prime

Minister, Government

of the People’s Republic

of Bangladesh at Prime

Minister’s Office on

September 14, 2015

to discuss matters of

ICMAB and national

economic issues.

ICMAB President

updated the Adviser

to the Hon’ble Prime

Minister about the

overall affairs of the

Institute and particularly about the Professional Cost and Management Accounting regime of Bangladesh.

He also sought help of the Adviser for development of ICMAB and also apprised the Adviser about the role

of Cost and Management Accountants and their contribution for the sustainable development of trade,

business, industry and service sectors of the country. The Adviser assured him to provide all out support

and assistance to ICMAB for strengthening its capacity.

ICMAB Delegation Meets Commerce Secretary


Hedayetullah Al Mamoon, ndc, Senior Secretary, Ministry of Commerce, Government of the People’s

Republic of Bangladesh at his office on September 22, 2015. ICMAB President updated the Senior Secretary

about the on-going activities of the institute and sought all out support and cooperation of the ministry

for holding SAFA International Conference 2015 successfully. It may be mentioned that ICMAB hosted the

said SAFA conference on 18 & 19 October 2015 at Pan Pacific Sonargaon Hotel, Dhaka and delegates from

the member countries of SAARC participated in same. The Senior Secretary for Commerce assured his

continued support for the development of CMA profession and SAFA Conference 2015.

35


PHOTO GALLERY

36

SEMINARS, WORKSHOPS AND TRAINING

ICMAB holds CPD Program on Professional Ethics and Integrity

ICMAB organized a Continuous Professional Development (CPD) program on “Professional Ethics and

Integrity-A Management Accountant’s Perspective” on April 09, 2015 at ICMAB Ruhul Quddus Auditorium,

Dhaka. Mr. Abu Sayed Md. Shaykhul Islam FCMA, President of ICMAB presided over the CPD program.

Ms. Nazneen Begum, Additional Secretary, Ministry of Commerce, Government of the People’s Republic of

Bangladesh graced

the CPD program as

the Chief Guest. Ms.

Akhtar Sanjida Kasem

FCA, FCMA, Partner, A.

Qasem & Co presented

the technical paper

as Resource Person.

Mr. Jamal Ahmed

Choudhury FCMA, Vice

President of ICMAB

delivered the welcome speech and Mr. Md. Abdur Rahman Khan FCMA, Secretary of the Institute offered

vote of thanks. A good number of members of the Institute participated in the CPD program.

CPD program on Infrastructural Development in Bangladesh: Future

Prospects and Challenges

ICMAB organized a Continuing Professional Development (CPD) program on “Infrastructural Development

in Bangladesh: Future Prospects and Challenges on April 27, 2015 at 6:30 p.m. at ICMAB Ruhul Quddus

Auditorium, ICMA Bhaban, Dhaka. Dr. Mashiur Rahman, Economic Affairs Adviser to the Prime Minister,

Government of the People’s Republic of Bangladesh graced the programme as Chief Guest while Mr. Arastoo

Khan, Member, Planning Commission, Government of the People’s Republic of Bangladesh was present

37


as Special Guest. Mr. Nazrul Islam, Managing Director, Infrastructure Investment Facilitation Company

(IIFC), presented paper in the programme as Resource Person. President of ICMAB A.S.M Shaykhul Islam

FCMA presided over the function. Secretary of the Institute Mr. Md. Abdur Rahman Khan FCMA delivered

the vote of thanks. A good number of members of the Institute participated in the program.

Workshop on ‘’Transfer Pricing’’

The Institute organized a Workshop on “Transfer Pricing” on May 9, 2015 at ICMAB Ruhul Quddus

Auditorium, ICMA Bhaban, Dhaka. Mr. Md. Nojibur Rahman, Secretary, Internal Resources Division (IRD)

& Chairman, National Board of Revenue (NBR) inaugurated the Workshop as the Chief Guest while Mr.

Aminur Rahman, Former Member (Tax Policy), NBR and Mr. Md. Shobbir Ahmed, Joint Director, CIC &

Coordinator, Transfer Pricing, NBR presented technical papers as Resource Persons. Mr. Nikhil Chandra

Shil FCMA made a brief presentation on the “Role of Cost and Management Accountants in Transfer

Pricing” in the inaugural session. President of ICMAB Mr. A. S. M. Shaykhul Islam FCMA presided over

the opening ceremony of the Workshop. Chairman, Seminar and Conference Committee Mr. Mohammed

Salim FCMA delivered the welcome address while Secretary of ICMAB Mr. Md. Abdur Rahman Khan

FCMA offered the vote of thanks on the occasion. Mr. Md. Nojibur Rahman NBR Chairman in his speech,

appreciated the professional skill, ethics and morality of the ICMAB members. He stressed upon the

importance of integrity and professionalism and mentioned that he would think of building a strategic

partnership between NBR and ICMAB with regards to expansion of tax net and other areas of taxation

in the coming days. Nearly 200 participants including high officials of different private and public

organizations and members of the Institute attended the day long workshop.

CPD Program on “Basic Overview on SAP-FICO”

A Continuing Professional Development (CPD) program on Basic Overview on SAP-FICO was held on November

24, 2015 at 6:30 p.m. at ICMAB Ruhul Quddus Auditorium, ICMA Bhaban, Nilkhet, Dhaka. The session was

chaired by Mr. Rafiq Ahmad FCMA, Past President, ICMAB and Executive Director, T.K. Group of Industries. Mr.

Md. Shafiqul Alam FCA, FCMA, Group CFO & Company Secretary, Super Star Group (SSG) presented paper in

the CPD program. A good number of members and students of the Institute participated in the CPD program.

38

GOVERNANCEAND ADMINISTRATION

Proposed Chartered Management Accountants Act-2015

Pursuant to the decision of the Government to

transform all Ordinances into Act, the Institute

has taken the initiative to transform its Cost

and Management Accountants Ordinance-1977

to “Chartered Management Accountants Act”

changing name of the Institute as “The Institute

of Chartered Management Accountants of

Bangladesh”. In view of the above, a draft Act has

been submitted to the Ministry of Commerce by

the Institute. The draft has been revised several

times during last two years for improvement of

the Act.

On April 21, 2014 a meeting was held in the Ministry

of Commerce chaired by Additional Secretary,

Ministry of Commerce Mr. Manoj Kumar Roy and

in the meeting it was finalized to rename the

Institute as “Institute of Chartered Management

Accountants of Bangladesh (ICMAB)” and the name

of the profession as “Chartered Management

Accountant”. In the meeting a Sub-Committee has

also been formed consisting of five members to

review, modify and update the above mentioned

draft Act. Mr. A.K.M. Jashim Uddin FCMA, Director

General, Foreign Aided Project Audit Directorate

has been nominated as Chairman of the said Sub-

Committee. Other members of the Sub-Committee

are Prof. Dr. Mahmuda Akhter, Accounting &

Information Systems Department of Dhaka

University, Mr. Shish Haider Chowdhury, Deputy

Secretary, Ministry of Finance, Ms. Ruksana Rashid

FCMA, Executive Director, Securities & Exchange

Commission and Secretary, ICMAB.

The Sub-Committee met in several meetings

and changed, modified and updated few sections

of the draft Act and submitted final draft to

the Ministry of Commerce on August 26, 2014.

Ministry of Commerce circulated the draft Act and

collected comments from different ministries and

stakeholders on the proposed draft Act.

Meanwhile, the Financial Reporting Act (FRA) 2015

has been passed by the Parliament. According

to FRA three new sections shall required to be

incorporated in the proposed draft Act. Ministry

of Commerce requested the Sub-Committee on

October 01, 2015 to change & modify the draft

Act in consideration of comments received from

different ministries and stakeholders as well as

amendments made by the Financial Reporting Act

2015.

The Sub-Committee took the matter seriously

and modified and updated the proposed draft Act

considering the comments of different ministries

and stakeholders as well as FRA and submitted

final draft of “The Chartered Management

Accountants Act 2015” to the Ministry of Commerce

on November 8, 2015.

Now the proposed Act is under consideration

of Ministry of Commerce and it is expected

that the proposed Act will be passed by the

Parliament within shortest possible time. The

Chartered Management Accountants Act is much

more comprehensive and provides for regional

representation in the National Council of ICMAB.

39


Review of current HR Structure and Promotion Policy of the Institute

Kumar Bala FCMA, Past President Mr. Mohammed

Salim FCMA, Council Member Mr. Md. Munirul

Islam FCMA and a large number of Officers and

Staff of the Institute were present in the ceremony.

The Governance and Administrative Affairs

Committee reviewed the existing manpower /

Organizational structure and recruitment &

promotion policy of ICMAB.

Based on the discussion of meetings and inputs

received from the Committee members the

Committee finalized the new organizational

chart with three Divisions such as Academic

Affairs Division, Corporate Affairs Division and

Technical Affairs Division and seven Departments

such as Education Department & Examination

Department (under Academic Affairs Division),

Administration Department, Finance & Accounts

Department and ICT Department (under Corporate

Affairs Division), Research & Publication

Department and Members Affairs Department

(under Technical Affairs Division). Internal Audit

and Members Affairs department are the two new

departments proposed to be established under

the new organization structure.

Salary Grade, recruitment criterion (direct or

promotion), minimum qualification for direct

recruitment/promotion and employment type

(regular or contractual) for each post has been

specifically mentioned in the proposed HR

structure.

The Committee also recommended a detail

promotion policy specifying minimum qualification,

service experience and evaluation criteria for

promotion in each post as proposed in the new

HR structure.

It has also been decided to submit the

recommendation of the Governance and

Administrative Affairs Committee regarding

organizational restructuring, recruitment and

promotion policy to the Council for approval within

earliest possible time.

Farewell to Mr. K. M. Bahauddin

A farewell ceremony was held on August 20,

2015 on the occasion of retirement of Mr. K. M.

Bahauddin, Additional Director and Advisor

of Director, ICMAB. Mr. K. M. Bahauddin

served the Institute for about 43 years.

He was very sincere and committed to

his job and dedicated to the Institute.

He was involved with the Institute since

its inception. Everybody present in the

ceremony remembered his contribution

with due respect. President of the Institute

Mr. A. S. M. Shaykhul Islam FCMA, Vice

President Mr. Jamal Ahmed Choudhury

FCMA, Secretary Mr. Md. Abdur Rahman

Khan FCMA, Treasurer Prof. Dr. Swapan

40

ICT AND INFRASTRUCTURE

Re-launching ICMAB Website

ICMAB website has been restructured and

redesigned to make it more informative, interactive

and dynamic. Formal launching of the website

was held on December 14, 2014. Mr. Hedayetullah

Al Mamoon, ndc, Senior Secretary, Ministry of

Commerce, Government of the People’s Republic

of Bangladesh inaugurated the website in a simple

ceremony.

The redesigned website www.icmab.org.bd got

wide response from the visitors and information

seekers with a total of 1,51,671 hits as of

November 26, 2015 and current monthly hits of

around 35,000 plus.

ICMAB delegate meets the

Secretary, Information and

Communication Technology Division

President, ICMAB called on Mr. Shyam

Sunder Sikder, Secretary, Information and

Communication Technology Division, Ministry

of Posts, Telecommunications and Information

Technology, Government of the People’s

Republic of Bangladesh at his office on June 10,

2015 to discuss matters of human resources

development for the emerging ICT sector of

Bangladesh. ICMAB President apprised the

Secretary about the professional expertise of the

Cost and Management Accountants and their role

in the industry and service sectors of the national

economy. He also requested the Secretary to

create an opportunity where ICMAB can work with

Information and Communication Technology (ICT)

Division and contribute in ICT related training and

developments. The Secretary assured the ICMAB

delegation to extend necessary co-operation

where possible.

41


Meeting with COO, Robi Axiata Ltd.


called on Mr. Mahtab Uddin Ahmed FCMA, Chief

Operation Officer, Robi Axiata Ltd. Bangladesh at

his office on October 12, 2015. ICMAB President

apprised the COO about the role of Cost and

Management Accountants in enterprise and

financial management, performance evaluation

and sustainable development on IT Sector. They

discussed among others, matters of financial

reforms, risk management and the growth of

industry and service sectors. The COO, Robi Axiata

Ltd. expressed his interest to make strategic

partnership with ICMAB for the development

of efficient human resources for IT Sector and

financial services. He also assured to work

together to introduce e-learning facilities and web

based knowledge buildings.

Implementation Status of ERP

Solutions Software

Last year the council approved implementation

of the ERP solutions for automation of overall

process and activities of the Institute. ICT Solutions

Ltd., an independent software service provider

was engaged to carry out the task. The project

which is now almost in the final stage missed

the completion deadline due to some operational

complexities, particularly the change in the

academic curriculum and structure following the

CIMA MoU. ERP solutions will offer facilities like,

online admission, registration for examination,

online payment of student fees, payment of

subscriptions by the members, maintaining

members and students’ complete database, quick

and easy interaction and communication with

the members and branch offices, online library

supports etc.

As of date, Online Student Management,

Online Member’s Management, Online Exam

Management, Class Management, and part of

Accounts Management modules have been

completed and now on test run. The Complete ERP

is expected to go live within short period of time.

After successful implementation of ERP, ICMAB

shall start its new digital journey from 2016.

Training Program on ICMAB

website

The ICMA InfoTech Centre organized a 2 days

long users’ and administrators’ training on the

newly designed ICMAB website. Ashraful Alam

Mamun. Director of Web Technologies of ICT

Solutions Ltd. conducted the training to make

the users acquainted with the management and

administration of the ICMAB website. Mr. Jamal

Ahmed Choudhury FCMA, Vice-President of the

Institute was present in the program.

Installation of CCTV Cameras and

Biometrics attendance system

As part of digitalization process of the Institute

22 HD quality cameras have been installed at

ICMAB head office and branch offices to improve

security system of the Institute. This initiative will

assist ICMAB authority to monitor property and

functions of the Institute from remote locations.

In order to create better work environment,

to monitor attendance & punctuality of the

employees and ensure discipline within the

Institute, fingerprint recognition system

(Biometrics technology) has also been introduced

in Dhaka Office. This shall be extended to other

branch offices in future.

42


Reconstruction of ICMAB Mosque

ICMAB’s mosque is a temporary arrangement

and it was built in 1985. By this time members,

students and employees of the Institute has been

increased and demands more space comparing

to the existing one. Apart from this, due to the

mosque ICMAB is facing problem regarding car

parking particularly it becomes very embarrassing

to provide priority car parking to the guests who

attended the programs of ICMAB as Chief Guest

and Special Guest. To overcome this situation,

the Council has decided to shift the mosque from

ground floor to 1st floor after constructing two

storied steel fabrication building. The construction

works have already been started and hopefully it

will be completed by March 2016.

Renovation and external elevation

works of ICMA Bhaban

Renovation and external elevation works of ICMA

Bhaban, which was started last year has already

been completed spending Tk. 53.25 lakh in 2014-

15 financial year. Remaining works has been done

with additional cost of Tk. 17.23 lakh spent after

June 2015. It is worth mentioning that an amount

of donation of Tk. 70.02 lakh has already been

collected from different organizations for this

purpose.

Reconstruction of front Boundary

Wall & Gate

The front boundary wall of ICMA Bhaban has been

reconstructed to give it a modern look. Moreover,

a eye catching sliding gate has been prepared to

provide car parking facility to the President as well

as to the guests who attended the programs of

ICMAB as Chief Guest and Special Guest.

Renovation of Students’ toilet at

1st and 2nd floor of ICMA Bhaban

Students’ toilet at 1st and 2nd floor of ICMA

Bhaban which was earlier located at the south

side of ICMA Bhaban was insufficient as per ratio

of the students. Due to lack of proper design and

setup it created difficulties for cleaning services.

Moreover, due to lack of proper ventilation it

spreads odor in the toilet area and in the corridor.

As a result, the environment often became

unhygienic, unhealthy and polluted. The Council

took the matter seriously and decided to shift

the toilet from southern part to northern end

with modern facilities. The toilet has already

been shifted for improvement of general hygienic

condition and overall environment.

43


COST AUDIT AND PROFESSIONAL SERVICES ACTIVITIES

Bangladesh Cost Accounting Standards

ICMAB has released its maiden set of ten Bangladesh Cost Accounting Standards (BCAS) last year. Thus

the institute has engraved its name among the very few institutes having their own standards with

international quality and acceptability. The standards are expected to provide guidance to the preparers

and other users of cost statements, regulators, government agencies, researchers and academicians to

ensure uniformity and consistency in classification, measurement and assignment of costs and profit

estimation. These standards would also act as guide for the Management Accounting professionals

in practice or employment. The standards would also play vital role in successful implementation of

recently enacted Financial Reporting Act. As a part of its ongoing initiatives, the Cost Accounting and

Financial Reporting Standards Committee of ICMAB, under the leadership of its Chairman, Mr. M Abul

Kalam Mazumdar FCMA, has taken up programs to issue twelve more standards during the current year.

Drafting of some of them have already been completed while some are in progress. The contributors in

drafting the standards are:

Sl Topic Contributors

1 Standard Costing Mr. Md. Sarwar Hossen FCMA (F-0732)

2 Activity Based CostingMr. Krishna Chandra Basak ACMA (A-1025)

Mr. Rajan Kumer Saha ACMA (A-1123)

3 Cash FlowMr. Md. Zahangir Alam FCMA (F-0463)

Mr. Md. Maminul Islam FCMA (F-0363)

4 Activity Based Management Mr. Sandip Halder ACMA (A-1136)

5 Capital BudgetingMr. Safiul Azam ACMA (A -1111)

Mr. Nuruz-Zaman ACMA (A-1038)

6 Budgeted Proforma Financial Statement Mr. Md. Saifur Rahman ACMA ( A-1073)

7 Special Costing ReportSyed Mehedi Hasan ACMA(A-1094)

Kazi Simum Reza,ACMA ( A-1085)

8Strategic Cost Management /

Strategic Performance Measurement

Mr. Saiful Islam FCMA (F-0733)

Mr. Mahmudul Hasan ACMA (A-1027)

9 Kaizen Costing Chowdhury Ruhul Ameen Kaiser FCMA ( F-0546)

10 Life Cycle CostingMr. Md. Abul Bashir Khan FCMA (F-0549)

Md. Abdul Hannan, ACMA (A-1008)

11 Product Mix Decisions Mr. Mahmudul Hasan ACMA (A-1027)

12 Enterprise Resource Planning Mr. Saiful Islam FCMA (F-0733)

44


ICMAB Center For Cost Audit and

Management Consultancy

The Institute has entered into a new realm of

professional endeavor through setting up long

desired Management Consultancy Centre at the

ICMA Bhaban in Dhaka and Chittagong in the name

of “ICMAB Center for Cost Audit and Management

Consultancy”.

The main objective of the center is to provide

institutional support to the members who desire

to get involved in Cost Audit and expose the

capacity of the Institute through consultancy

services to the corporations, Government bodies,

local and multinational private sector business

organizations and individuals. It will help to

patent an unparallel brand image of the Institute

in corporate arena.

As a Cost and Management Accountant, apart

from being engaged in job, the members of the

Institute can choose consultancy as a career and

offer their valued services in a number of sectors

of the economy. The centre can help open up

avenues in the field of management consultancy

widening practicing opportunity for the CMAs. This

would also help provide the members a platform

to grow their professional competence and market

access for practicing in the designated field and

ensure establish position of CMAs in the field of

management consultancy.

The Center has already started soliciting

consultancy jobs and in order to equip the Center

with required consultants it has decided to build

a database of the members desiring to do the

consultancy within their arena of expertise and

interest. A letter for collection of desired members’

particulars has already been sent to all.

45


ICMAB Centre For Cost Audit and

Management Consultancy at CMA

Bhaban, Chittagong

President, ICMAB inaugurated “ICMAB Centre for

Cost Audit & Management Consultancy” at CMA

Bhaban, Chittagong on October 6, 2015. Mr. M.

Abul Kalam Mazumdar, FCMA, Prof. Mamtaz Uddin

Ahmed, FCMA, Mr. A. K. M. Delwer Hussain, FCMA

& Mr. Mohammed Salim, FCMA, past presidents of

the Institutes were also present in the program.

At the end of the inauguration Program ICMAB

President attended in a discussion meeting with

the members based in Chittagong. The members

attended in the meeting discussed various

matters of the Institute and given importance

mostly on Financial Reporting Act (FRA) which was

unanimously passed in the National Parliament

recently. On behalf of the Institute, ICMAB

President expressed gratefulness to the Honorable

Prime Minister Sheikh Hasina and her government

for kind approval of Financial Reporting Act and

requested its proper implementation.

ICMAB delegation meets BPC

Chairman

A delegation of the Institute headed by its

President called on Mr. A M Badrudduja, Chairman,

Bangladesh Petroleum Corporation at his office

46


on March 30, 2015. The ICMAB President apprised

the Chairman, BPC about the role of Cost and

Management Accountants. He explained to the

chairman how the industries of the country

would be benefitted through Cost Audit and also

discussed about the process of implementing

Cost Audit in Fuel and Energy sector.

BPC Chairman assured all possible help

and assistance for the development and

implementation of cost audit. Among ICMAB

delegates Council Member Mr. M. Abul Kalam

Muzumdar FCMA and Director of the Institute Md.

Humayun Kabir psc were present in the meeting.

ICMAB delegation calls on

Chairman, BCIC


called on Mr. Mohammad Iqbal, Chairman,

Bangladesh Chemical Industries Corporation(BCIC)

at his office on May 12, 2015. The ICMAB President

apprised the Chairman, BCIC about the role of

Cost and Management Accountants in enterprise

management, cost control and performance

evaluation of business and industrial sectors. He

also urged upon the need for implementing Cost

Audit in different fertilizer factories, in accordance

with the decision of the government published

through Gazette notification. BCIC Chairman gave

the assurance of implementing the decision of the

government with regards to Cost Audit gradually.

Among ICMAB delegates Past Presidents Mr. M.

Abul Kalam Muzumdar FCMA, Mr.A K M Delwer

Hussain FCMA, Mr. Mohammed Salim FCMA,

Treasurer Prof. Dr. Swapan Kumar Bala FCMA,

Cost Consultant Md. Asaduzzaman Khan FCMA

and Director Md Humayun Kabir were present in

the meeting.

Letter given to different

organizations

In response of some employment advertisements

in the newspaper published by Bangladesh

Biman Airlines and Investment Corporation of

Bangladesh (ICB) the Institute wrote letters to

different organizations requesting them to include

CMA qualification in their recruitment criteria and

also include the CMAs in their present recruitment

process.

47


RESEARCH AND PUBLICATIONS

Journal and other Publications

The journal of ICMAB carries the Professional

image of the Institute. In order to keep pace with

standard of the professional bodies home and

abroad the Journal and Publication Committee is

continuing the improvement of contents, design

and get-up of the journal along with quality of

printing to give it a more professional approach.

Five issues of the Institute’s Bi-monthly Journal

“The Cost and Management” has been published

during the year. Besides, the Institute has also

published souvenirs on the occasion of SAFA

International Conference 2015, Best Corporate

Award-2014, Member List 2015 and Brochures for

Student promotions & CPD Programs.

Research

In the year 2015, the Research and Development

Committee of the Institute has undertaken a

new Research work on “Importance of Power

Generation for the Growth of Agriculture and

Industries in Bangladesh”. Mr. Mohammed Salim

FCMA, Past President and Council Member of the

Institute is the Project Coordinator of the research

work while Mr. R. Tareque Moudud FCMA is

working as the Team Group Leader. To accomplish

the research work successfully, four teams were

formed where fifteen members are working on

Power Generation, Distribution, Transmission and

Demand in the country.

Besides, ICMA Bangladesh being the Chairman

the SAFA Task Force on Implementation of

Basel II in SAFA Region has been carrying out a

research titled “Impact of Basel II implementation

on national economy with special reference to

Disclosure requirement and Risk management

of banks and financial institutions”. This is part

of the SAFA’s research initiative to review the

progress of implementation of Basel II in SAFA

region. Mr. Muzaffar Ahmed FCMA, the Chairman

of the SAFA Committee is lead researcher of the

project. Additionally, the Research & Development

Committee approved the research proposal titled

“Assessing the Government Measures to Arrest

Price Hike of Essential Commodities in Bangladesh

and the Role of Cost and Management Accountants

in Ensuring Effective Price Fixing”. Mr. Shawkat

Ali Waresi, Additional Secretary, Ministry of

Commerce and a member of the Council submitted

this proposal. This research work is also ongoing.

48

ROLE IN NATIONALECONOMIC ISSUE

ICMAB delegation meets NBR Chairman

A delegation of the ICMAB headed by its President called on Mr. Md. Nojibur Rahman, Chairman, National

Board of Revenue at his office on April 01, 2015. The NBR Chairman exchanged greetings with ICMAB

President, office bearers and other Councilors.

ICMAB President highlighted the importance of mutual cooperation with NBR about the revenue collection

matters of the government. They also discussed to make the ensuing budget investment-friendly with

a view to creating more jobs and employment opportunities in the country. NBR Chairman assured to

provide necessary cooperation and help for ICMAB and Cost Management Accountancy profession.

Among ICMAB delegates Vice Presidents Mr. Arif Khan FCMA, Mr. Jamal Ahmed Choudhury FCMA,

Secretary Mr. Md. Abdur Rahman Khan FCMA, Treasurer Prof. Dr. Swapan Kumar Bala FCMA, Council

Members Mr. Muzaffar Ahmed FCMA, Mr. M. Abul Kalam Mazumdar FCMA, Mr. Mohammed Salim FCMA

and Director of the Institute Md. Humayun Kabir were present in the meeting. NBR Member (Tax policy)

Mr. Parvez Iqbal also present in the meeting.

ICMAB organized Pre-Budget Discussion on National Budget 2015-16

ICMAB organized a Pre-Budget Discussion on National Budget 2015-16 on 15 April, 2015 at the ICMAB

Ruhul Quddus Auditorium, ICMA Bhaban, Dhaka. Dr. Mirza Azizul Islam, Former Finance Adviser to the

Caretaker Government attended the program as chief guest while Chowdhury Amir Hossain, Member

(International Taxes) of National Board of Revenues (NBR) was present as the Special Guest. Eminent

49


Economist Prof. Abu Ahmed, Moazzem Hossain, Editor of The Financial Express and Additional Research

Director of Centre for Policy Dialogue (CPD), Dr. Khondaker Golam Moazzem attended the program as

Resource Persons. President of ICMAB Mr. A.S.M Shaykhul Islam FCMA presided over the function while

Secretary of ICMAB Mr. Md. Abdur Rahman Khan FCMA offered vote of thanks.

ICMAB’s Contribution

for Nepal Earthquake

Victims

A delegation of ICMAB headed

by its President handed over a

cheque of Tk. 5 lakh to H. E. Mr.

Hari Kumar Shrestha, Ambassador

Extraordinary Plenipotentiary,

Nepal Embassy at Dhaka on May

21, 2015 for the rehabilitation of

the earthquake victims in Nepal.

The ICMAB delegation also included

the Institute’s Secretary Mr. Md.

Abdur Rahman Khan FCMA and

Director of the Institute Lt. Col. Md

Humayun Kabir psc (Rtd.)

ICMAB congratulates Government of Bangladesh for graduating

Bangladesh into lower middle income country status

ICMAB brought out a rally to congratulate Hon’ble Prime Minister Sheikh Hasina and her government

for graduating Bangladesh into a lower middle-income country status. The rally started from ICMA

Bhaban, Dhaka led by ICMAB President at 11:30 am on July 5, 2015. Mr. Mohammed Salim FCMA and

50


A.K.M. Delwer Hussain FCMA, Council members & Past Presidents of ICMAB along with a good number

of members and students took part in the rally in a joyful manner. The rally went to the “Central Shaheed

Minar” and observed one minute silence to commemorate those who sacrificed their lives during the

language movement. They also took a fresh pledge to work more for the development of the country and

improving the lot of the common people as per dream of the martyrs.

ICMAB’s Post-Budget Discussion on National Budget 2015-16

ICMAB organized a Post-Budget Discussion on National Budget 2015-16 on 29 August 2015 at the

ICMAB Ruhul Quddus Auditorium, Dhaka. Mr. Mohammad Muslim Chowdhury, Additional Secretary,

Ministry of Finance conducted the program as Session Chairman. Prof. Dr. Swapan Kumar Bala FCMA,

Treasurer, ICMAB and Managing Director, Dhaka Stock Exchange Ltd. and Mr. Ranjan Kumar Bhowmik

FCMA, Member, Taxes Appellate Tribunal, presented the paper as Resource Persons. President of ICMAB

presided over the function while Secretary of ICMAB delivered the vote of thanks on the occasion.

The main focus of the discussion was the changes made through Finance Act 2015 so that the professional

CMAs are able to update their knowledge and play due role in public financial sector efficiently and

honestly. A good number of professional CMA’s took part in the question & answer session which made

the program very lively.

51


REPRESENTATION IN REGIONAL AND GLOBAL FORUM

SAFA Assembly, Board,

Committees Meeting at

Bangalore, India

The Institute of Chartered Accountants of India (ICAI)

organized “SAFA Assembly, Board, Committees

Meeting & ICAI International Conference on the

theme “Accountancy Profession: Building Global

Competitiveness, Accelerating Growth” on January

28 to January 31 2015 at Bangalore, India. A four

member delegation of the Institute headed by

its President attended the above meetings and

events. Other members of the delegation were

Prof. Dr. Swapan Kumar Bala FCMA - Chairman

SAFA Committee on NPO’s and Co-operative

Sectors, Mr. Muzaffar Ahmed FCMA - Chairman

SAFA Task Force to Implement BASEL II in SAARC

Countries and Mr. M Abul Kalam Mazumdar

FCMA- Member SAFA ITAG Committee.

SAFA Board, Committees Meetings

& CAPA International Conference

held in Nepal

SAFA Board and Committees Meetings held on

March 27 2015 at Kathmandu, Nepal. . A four-

member delegation of the Institute headed by

its President attended the above meetings and

events. Mr. ASM Shaykhul Islam FCMA - President,

ICMAB & SAFA Board Member; Mr. Mohammed

Salim FCMA - Council Member ICMAB & Technical

Advisor to the Board Member SAFA; Mr. Muzaffar

Ahmed FCMA - Chairman, SAFA Task Force to

Implement BASEL II in SAARC Countries & Member

SAFA Education, Traning & CPD Committee and

Mr. AKM Delwer Hussain FCMA - Member, SAFA

Small & Medium Practices Committee.

Institute of Chartered Accountants of Nepal

(ICAN), the World Bank and the Confederation

of Asian and Pacific Accountants (CAPA) jointly

organized an International Conference and

Roundtable discussion on Public Sector Financial

Management on March 28-29, 2015 at the same

venue. President along with other councilors of

ICMAB attended the CAPA’s program.

ICMAB Delegates attend SAFA

events in Sri Lanka

A four-member delegation of the Institute headed

by its President Mr. ASM Shaykhul Islam FCMA

attended the SAFA Board & Committees Meeting

and Global Management Accounting Summit CMA

Sri Lanka held on July 26-29, 2015 at Colombo, Sri

Lanka. Other members of the delegation were Mr.

Md. Abdur Rahman Khan FCMA, Secretary, ICMAB

& Member, SAFA Committee on Governmental

and Public Sector Enterprises Accounting; Prof.

Dr. Swapan Kumar Bala, FCMA, Treasurer, ICMAB

52


and Chairman, SAFA Committee on NPOs and Co-

operatives Sector and Mr. Muzaffar Ahmed, FCMA,

Chairman SAFA Task Force to Implement Basel-II

in SAARC Countries.

Mr. V. Sagar, who was appointed as Acting

Secretary on 04 December 2014, was confirmed

as the Permanent Secretary of SAFA Permanent

Secretariat in the SAFA Board meeting. ICAI’s

proposal on registration of SAFA as legal entity

in India was approved by the Board, which will be

informed in the next SAFA Board meeting to be

held at Dhaka on 18 October 2015. It was intimated

to the Board meeting that the ICMAB would be the

host of next SAFA events which was held on 18-

19 October 2015 at Dhaka.

41st SAFA Board Meeting in

Dhaka

ICMAB organized 41st SAFA Board meeting at Pan

Pacific Sonargaon Hotel in Dhaka on October 18,

2015. SAFA President Mr. Arjuna Herath presided

over the Board meeting. ICMAB President Mr. Abu

Sayed Md. Shaykhul Islam FCMA led a delegation

of the Institute. In the meeting they discussed

on different professional issues to bring more

excellence in accounting profession in the region.

Representatives from all SAFA member bodies

were present in the meeting.

Press Conference on SAFA

International Conference

The Institute has organized a press conference

on October 17, 2015 at 11.00 a.m. at Pan Pacific

Sonargaon Hotel Dhaka to share the importance

of the SAFA International Conference 2015 with

electronic and print media professionals. Mr. Abu

Sayed Md. Shaykhul Islam FCMA President of

the Institute and Chairman, SAFA International

Conference Committee presented ICMAB’s

Communiqué to the Media Representatives with

particular focus on the theme of the Conference

“Financial Reforms to Boost Industry and Service

Sectors”. Among others Mr. Mohammed Salim

FCMA, Chairman, Seminar and Conference

Committee, Secretary Md. Abdur Rahman Khan

FCMA and Mr. Nazmus Salehin, Director- in-Charge

were also present on the dais, and projected their

valuable opinion to media representatives. They

also addressed various questions and quarries of

the media representatives.

53


SAFA International Conference

2015 held in Dhaka


Accountants of Bangladesh (ICMAB) organized a

2 day long SAFA International Conference-2015

with the theme “Financial Reforms to Boost

Industry and Service Sectors” on October 18-19,

2015 at Pan Pacific Sonargaon Hotel, Dhaka.

Hon’ble Minister of Industries, Alhaz Amir Hossain

Amu MP was present on the occasion as Chief

Guest and inaugurated the Conference while Mr.

M. A. Mannan MP, Hon’ble State Minister for

Finance and Planning, Government of the People’s

Republic of Bangladesh spoke as the Special

Guest and Mr. Abdul Matlub Ahmad, President,

Federation of Bangladesh Chambers of Commerce

and Industry (FBCCI) spoke as Guest of honour.

Economic Adviser to the Hon’ble Prime Minister

Dr. Mashiur Rahman was present as Chief Guest

While Mr. Hedayetullah Al Mamoon, ndc, Senior

Secretary, Minister for Commerce, Government

of the People’s Republic of Bangladesh spoke as

Guest of honour in the valedictory session.

SAFA President Mr. Arjuna Herath, Mr. Abu

Sayed Md. Shaykhul Islam FCMA President of

the Institute and Chairman, SAFA International

Conference Committee and Mr. Mohammed

Salim FCMA Co-Chairman, SAFA International

Conference Committee spoke on the session while

Secretary of ICMAB Mr. Md. Abdur Rahman Khan

FCMA offered vote of thanks.

54


Dr. Jamal Uddin Ahmed, Chairman, Emerging Credit

Rating Limited presented the key note paper

while Mr. M. Abul Kalam Mazumdar FCMA, Council

Member & Past President, ICMAB presented the

recommendations as Rapporteur.

Council Member of the Institute of Chartered

Accountants of India (ICAI) Mr. Anuj Goyal

FCA, Additional Secretary, Ministry of Finance,

Government of the People’s Republic of

Bangladesh Mr. Muhammad Muslim Chowdhury,

Managing Director, Investment Corporation of

Bangladesh Mr. Md. Fayekuzzaman, Council

Member, CMA Sri Lanka Mr. Adrian Perera Chaired

the technical sessions of the Conference.

Four technical papers were presented in this

conference. Presentation of Technical Papers

by Mr. Adrian Perera, Council Member, CMA Sri

Lanka; Dr. Khaodaker Golam Moazzem, Additional

Research Director, Centre for Policy Dialogue,

Bangladesh; Mr. Anis ur Rehman FCMA, Council

Member, ICMAP and Mr. Muzaffar Ahmed FCMA,

Council Member & Past President, ICMAB.

Presentation of Commentary by Mr. Md. Abdur

Rahman Khan FCMA, Deputy Secretary, Ministry

of Finance and Secretary, ICMAB; Mr. Mohammed

Salim FCMA, Council Member and Past President,

ICMAB; Mr. Md. Mamunur Rashid FCMA, Deputy

Managing Director, Index Group of Companies

and Council Member, ICMAB. Mr. Arif Khan

FCMA, Commissioner, Bangladesh Securities and

Exchange Commission (BSEC) and Vice President

of ICMAB; Mr. M. Zakir Hossain, President,

Institute of Management Consultants Bangladesh

(IMCB); Mr. Mahtab Uddin Ahmed FCMA, Chief

Operating Officer, Robi Axiata Limited, Bangladesh

and Mr. Anis ur Rehman, FCMA, Council Member,

ICMAP were made in the conference. At the end

of the program, a colorful laser and cultural show

on Bangladesh Liberation War and heritage was

performed, which was enjoyable and memorable.

Eminent Accounting professionals from SAARC

region participated in the above gala program.

19th CAPA Conference held in

Seoul, Korea

The 19th Conference of Confederation of Asian

and Pacific Accountants (CAPA) was held at Coex,

Seoul, Korea on October 27-29, 2015. Themed

“Asian Accountants – Leading the way, inspiring the

future”, the conference was hosted by the Korean

Institute of Certified Public Accountants (KICPA).

ICMAB President attended the conference on behalf

of the institute. Besides, he attended the CAPA

Board Meeting, assembly of Delegates and also

casted vote to elect new Board of Directors of CAPA.

55


A total 1,334 participants and delegates from 24

jurisdictions attended the conference. It was opened

with a colorful drum performance which created

magnificent sound to give a touch of pleasure and

entertainment to the attendees. CAPA conference

looks forward for building relationship and sharing

knowledge and experiences among the professional

accountants of the member bodies. In line with

this objective, the conference was made fruitful by

learned resource persons and speakers of various

sectors of economy to enable the attendees to

further develop their capabilities and confidence

to support capital market and protect general

investors’ as well as public interest. The valedictory

session included a colorful dance show and a Gala

Dinner to make the “CAPA Seoul 2015” enjoyable,

memorable and successful.

ICMAB President as panelist

in International South-South

Cooperation Seminar

High Level Meeting on South-South and Triangular

Cooperation in the post-2015 Development

Agenda: Financing for Development in the South

and Technology Transfer jointly organized by

Internal Resource Division (IRD), Ministry of Finance

and National Board of Revenue NBR, Government

of the People’s Republic of Bangladesh held on

May 18, 2015 at Sonargaon Hotel, Dhaka.

Mr. A.S.M Shaykhul Islam, FCMA President of The

Institute of Cost and Management Accountants

of Bangladesh (ICMAB) attended as a panelist

in the Impact Session on - “International Tax

Cooperation”.

Mr. Md. Nojibur Rahman, Secretary, Internal

Resources Division (IRD) & Chairman, National

Board of Revenue (NBR) as the Session Chairman.

Hon’ble Finance Minister Mr. Abul Maal Abdul

Muhith MP also attended the Session.

ICMAB President as panelist in International South-South Cooperation Seminar

56


The Sponsors of SAFA International Conference 2015 with prestigious Trophies given by ICMAB

ICMAB President Mr. A.S.M. Shaykhul Islam FCMA with IFAC President Ms. Olivia Kirtley

at CAPA Conference in Seoul, Kore

PHOTO GALLERY

Hon’ble Minister of Industries in the inauguration ceremony of SAFA

International Conference 2015

57


Valedictory Session of SAFA International Conference 2015 by the Economic Adviser to

the Hon’ble Prime Minister Dr. Mashiur Rahman on October 19, 2015

Cultural Show of SAFA International Conference 2015

Cultural Show of SAFA International Conference 2015

PHOTO GALLERY

58

CMA BRANDING AND IMAGE BUILDING

CFO Conference 2014

ICMAB, for the first time in its history, organized

a day long ‘CFO Conference’ at Pan Pacific

Sonargaon Hotel, Dhaka on January 20, 2015

successfully. The theme of the conference was

“Learn, Lead and Succeed.” Mr. Hedayetullah

Al Mamoon, ndc, Senior Secretary, Ministry of

Commerce was the chief guest at the inaugural

session which was addressed among others by

Mr. Mohammed Salim FCMA, President ICMAB,

Mr. Muzaffar Ahmed FCMA, Chairman of seminar

and conference committee and past president of

ICMAB and Mr. Abu Sayed Md. Shaykhul Islam

FCMA, Vice-President of ICMAB.

In his speech Mr. Mamoon laid special stress

on playing due role by the financial officials in

ensuring financial discipline and accountability

in the corporate sector. He also mentioned

that country’s future accounting and finance

professionals must acquire competencies to

provide strategic insights, in place of traditional

scorekeeping duties, as their role are shifting from

financial controller to financial business partner

across the world.

Mr. Aubrey Joachim FCMA, CGMA, Past President of

Chartered Institute of Management Accountants

(CIMA), UK presented key-note paper on “CFO’s

Role in Corporate Management” at the event.

In his presentation, Mr. Joachim said, “The roles

of finance and accounting professionals have

changed over the last few years and will continue

to change in the future.” In place of the tradition

scorekeepers and tabulators, he said, “Both

accounting and finance professionals now find

themselves operating in cross-functional teams

working to identify new business opportunities,

streamlining operations, contributing to decision

making and improving profitability.” The financial

professionals also need to have strong commercial

acumen characterized by strong product, process

and market knowledge, he added.

59


Three separate panel discussions on “CFO in

Next Decade”, “Meet the CFOs” and “Journey

from CFO to CEO- Listening to the Story” were

held at the conference. The discussants at the

plenary sessions were Mr. M. Ruchira Asanka

Perera, Finance Controller, Hi Fashion Holdings

(Pvt.) Ltd, Mr. Imtiaz Ibne Sattar, CFO, Standard

Chartered Bank, Mr. Md. Kausar Alam, Group

CFO of Rahimafrooz, Mr. Mahtab Uddin Ahmed,

COO of Robi Axiata, Mr. Arif Khan, Commissioner,

Securities and Exchange Commission, Mr. Ali

Nawaz, CFO of Beximco Pharma, Mr. Elias Ahmed,

CFO of Coats Bangladesh, Mr. Supun Weerasinghe,

CEO of Robi, Mr. Bhuvnesh Khanna, Managing

Director and Country Head of HSBC, Dr. Swapan

Kumar Bala, Managing Director of Dhaka Stock

Exchange and Dr. Jamal Uddin Ahmed, Secretary

General of Economic Samity and Past President of

ICAB.

ICMAB Best Corporate Awards

2014

ICMAB Best Corporate Awards 2014 was held

on 20th January 2015 at 6.30 p.m. at the Pan

Pacific Sonargaon Hotel, Dhaka where a total of

66 corporate entities won the awards for their

outstanding performance.

Hon’ble Finance Minister Mr. Abul Maal A. Muhith

handed over the awards to the winners as the

chief guest. Chairman of Bangladesh Securities

and Exchange Commission (BSEC) Prof. Dr. M.

Khairul Hossain was the special guest at the award

giving ceremony. Welcome address was delivered

by Mr. Mohammed Salim FCMA, President ICMAB,

ICMAB Vice-President and Commissioner- BSEC

Mr. Arif Khan FCMA, and chairman of Seminar

and Conference Committee and past President of

ICMAB Mr. Muzaffar Ahmed FCMA spoke on the

occasion.

ICMAB recognized the corporate entities in 14

separate categories. Dutch-Bangla Bank Ltd.

bagged the first award in the category of traditional

private commercial banks while the Eastern

Bank Ltd. and Dhaka Bank Ltd. won the second

60


and third ones respectively. Among the Shariah

principles-based private commercial banks, Islami

Bank Bangladesh Ltd. (IBBL) garnered the first

award while the second and third prizes went to

Al-Arafah Islami Bank Ltd. and Export Import Bank

of Bangladesh Ltd. respectively.

In the foreign commercial bank category, Standard

Chartered Bank secured the first prize while The

Hongkong and Shanghai Banking Corporation

Ltd. won the second one and Commercial Bank of

Ceylon PLC the third. Janata Bank Ltd. won the first

award in the category of state-owned commercial

banks while Agrani Bank Ltd. and Bangladesh

Development Bank Ltd. were honored with the

second and the thirds ones. Among the non-

banking financial institutions (NBFIs), Investment

Corporation of Bangladesh received the first prize

while Infrastructure Development Company Ltd.

and Delta Brac Housing Finance Corporation Ltd.

earned the second and third ones. In the category

of non-life insurance, Reliance Insurance Ltd.

obtained the first award while second and third

award went to Green Delta Insurance Company

Ltd. and Pioneer Insurance Company Ltd.

Square Pharmaceuticals Ltd. bagged the first

award in the pharmaceuticals category while

Beximco Pharmaceuticals Ltd. and GlaxoSmithKline

Bangladesh Ltd. won the second and third awards.

In the category of power generation, Summit

Power Ltd. and Summit Purbanchol Power

Company Ltd. garnered the first and the second

awards respectively while Ashuganj Power Station

Company Ltd. and Khulna Power Company Ltd.

jointly got the third one.

Among the multinational companies, British

American Tobacco Bangladesh Company Ltd. won

the first award while the second and third ones

went to Berger Paints Bangladesh Ltd. and Singer

Bangladesh Ltd. In the cement category, Heidelberg

Cement Bangladesh Ltd. received the first prize

while Lafarge Surma Cement Ltd. and M.I. Cement

Factory Ltd. won the second and third ones.

Saiham Textile Mills Ltd., Far East Knitting & Dyeing

Industries Ltd. and Matin Spinning Mills Ltd.

obtained the first, the second and the third awards

respectively in the category of textile/garments.

Among the non-government organizations

(NGOs), BRAC bagged the first prize while Dhaka

Ahsania Mission and United Development

Initiatives for Programmed Actions (UDDIPAN)

won the second and third ones respectively. In the

telecommunication sector, GrameenPhone Ltd.

obtained the first award while Banglalink Digital

Communications Ltd. received the second one.

Six companies won the award in the special

category. These are Grameen Bank, Bangladesh

Submarine Cable Company Ltd., Power Grid

Company of Bangladesh Ltd., Khulna Shipyard

Ltd., Dockyard and Engineering Works Ltd. and

Dhaka Power Distribution Company Ltd. Apart

from the first, second and third award winners, a

number of other corporate entities also received

the certificate of merit awards in different

categories. These companies were Southeast

Bank Ltd., IFIC Bank Ltd. and Prime Bank Ltd. in

the traditional private commercial banks category,

while Social Islami Bank Ltd. and Shahjalal Islami

Bank Ltd. were among the Shariah principles-

based banks. Other recipient of each certificate

of merit are Eastland Insurance Company Ltd.,

Rupali Insurance Company Ltd. and Phoenix

Insurance Company Ltd. in non-life insurance

category, and Uttara Finance and Investments

Ltd., LankaBangla Finance Ltd. and IDLC Finance

Ltd. in the category of NBFIs. Marico Bangladesh

Ltd. and Bata Shoe Company (Bangladesh) Ltd.

also got the certificate of merit awards among

the multinational companies, while Khulna Power

Company Ltd. and Barakatullah Electro Dynamics

Ltd. in power generation category, and Renata

Ltd., Advanced Chemical Industries Ltd. and The

ACME Laboratories Ltd. in the pharmaceuticals

sector.

61


MEDIA COVERAGE

Vibrant Media Presence

ICMAB had a vibrant presence in all print and electronic media throughout the year. The president of

the Institute Mr. Abu Sayed Md.Shaykhul Islam FCMA, appeared in live television interviews and talk

shows on FRA, Capital Market and other economic issues; a number of newspapers including BonikBarta,

ArthoSuchok and online portals published his interviews.

Immediate past President Mr. Mr. Mohammed Salim FCMA, frequently appeared in different TV channels

including ETV NTV, 71 TV for interviews and discussions on national economic issues. Other members of

the Council and members of the Institute also attended different TV, radio and online channels to talk on

different economic and business issues.

All major programs and activities of the institute including the CFO Conference, SAFA Conference,

professional seminars, workshops, panel discussions, etc, were widely covered in the national newspapers

and television channels across the year.

All these helped draw attention of the wider business community and branding of the CMA profession.

62


63


WE LOST

On behalf of the Institute we express condolence to their bereaved family and pray to the Almighty for

the salvation of their departed soul. May Allah rest them in eternal peace.

Prof. Md. Bashiruddin (F-0167) passed away on 27 December 2014 at 1.30 p.m. at his residence due to old age complication.

Mr. Bashiruddin has served the institute at different

capacities for a long period.

Mr. Md. Rezaul Haque (F- 0768) passed away on June 13, 2015 at his

residence, Mirpur -1, Dhaka.

Mr. Md. Mokbul Ahmed (F-0585) passed away on 27 January 2015 at 10.00 a.m. in khulna while at office. He was

the ex-chairman of Khulna Branch Council.

Syed Ahsan Habib (F-0505), Executive Vice President & Company Secretary of the

Premier Bank Limited passed away on Sunday, August

09, 2015 at United Hospital, Dhaka.

Mr. A K M Shah Alam Khan (F-483) passed away on April 19, 2015 at

1.00 pm while at work in his office. He was 52. He was an amicable,

sincere, and dedicated personality loved by his fellow professionals. He made significant contribution to the

Institute through his proactive role in various committees.

Mr. Biswajit Roy (F-0327), Executive Director (Finance & Accounts) of the Paramount

Textiles Limited passed away on August 22, 2015 in a road

accident.

64

MEMBERS’ UPDATE

Establishment of ‘‘ICMAB

Members’ Fund for Financial

Assistance (MFFA)”

ICMAB Council in its meeting held on 1st

September 2015 unanimously approved

establishment of “ICMAB Members Fund for

Financial Assistance (MFFA)” to provide financial

assistance to the family of any deceased member

and other members in case of their critical illness.

Council also approved a comprehensive policy

regarding financing and management of the fund

in the same meeting, which has been circulated

to all members through e-mail. All past, present

and future members of the Institute and their

family members shall automatically be under the

coverage of this Fund.

Regular source of funding of MFFA shall be

transfer of Tk. 500 from annual membership fees

collection from each member of the Institute.

Considering this requirement, annual membership

fee payable by each member has been increased

by Tk. 500 with effect from 1st July 2015.

In order to create a start up fund initiative has also

been taken by ICMAB for collection of donations

from our generous members and from other

organizations for this noble cause. A dedicated

savings bank account (SB- 4438801002963,

Sonali Bank, Bazme Quaderia Branch, Dhaka) in

the name of ICMAB Members’ Fund for Financial

Assistance has already been opened for this

purpose. ICMAB members have already started

generously contributing to this Fund directly.

Most of the members attending committee

meetings are also voluntarily contributing their

meeting fees to the MFFA. Any member willing

to make donation to MFFA can do so by directly

depositing to the abovementioned dedicated bank

account and send the scan copy of the deposit slip

to [email protected]. Members can donate the

money from any branch of Sonali Bank across the

country.

Mr. Md. Mahsudur Rahman FCMA

Achieved Bronze Medal in Japan

Mr. Md. Mahsudur Rahman, FCMA, FCA

has participated in the Asian Body Building

Championship in Japan from 5-7 June and won

“Bronze Medal”. The Gold and the Silver medals

were won by Japan and South Korea respectively.

Mr. Rahman achieved 5th position in Colombo, Sri

Lanka in the similar competitions held during the

past two years. He won the title “Mr. Bangladesh”

and also awarded the Gold medal in the mega

sports event , ‘Bangladesh Games”.

65


ICMAB members passed CIMA under ICMAB-CIMA MoU

As per the historic MoU signed with CIMA, the fellow members of the Institute are required to sit only

for the Strategic Case Study Examination to qualify for CIMA membership. ICMAB in co-operation with

CIMA facilitated training on Strategic Case Study (SCS) for the members interested to appear in the

examination. CIMA trainers from Srilanka conducted the trainings. In last two sessions ten members (as

given below) of ICMAB passed the SCS Examination and became eligible for the CIMA membership.

Mr. Md. Mahbubur Rahman FCMA

F-0255

Mr. Amitabha Datta FCMA

F-0557

Mr. Nikhil Chandra Shil FCMA

F-0771

Mr. Md. Enayet Hossain FCMA

F-0507

Mr. Jamal Ahmed Choudhury FCMA

F-0411

Mr. Monwar Hossain Chowdhury FCMA

F-0407

Mr. Niranjan Chandra Debnath FCMA

F-0577

Mr. Abu Sayeed Mohammed Hossain

Manwar ACMA* (A-1064)

Mir Asraful Islam FCMA

F-0774

Mr. Mahtab Uddin Ahmed FCMA

F-0414

Mr. Mohammad Shafiul Qasem FCMA

F-0739

*Mr. Abu Sayeed Mohammed

Hossain Manwar ACMA (A-

1064) has also qualified CIMA

strategic case study during

May 2015 session in the

normal route.

66

BRANCH AND CHAPTERACTIVITIES

DHAKA BRANCH COUNCIL

Annual Picnic 2014

The Annual Picnic-2014 organized by the Dhaka

Branch Council of ICMAB was held on February 20,

2015 at Priyanka Shooting Zone, Rupnagar, Mirpur,

Dhaka. More than 500 Dhaka-based members,

guests, and family members participated in the

picnic and spent the whole day with joy and

cheerfulness. Among the events important ones

are: raffle draw, housie, pillow-passing for the

babies, and children’s sports. Office Bearers of

the National Council and Office Bearers of Dhaka

Branch Council attended the enthusiastic picnic.

Homage to the Martyrs of

Language Movement

DBC of ICMAB organized a Probhat Ferry on 21st

February, 2015 in observance of Amar Ekushey

and the International Mother Language Day.

Associate and Fellow members of the Institute,

their family members, a good number of ICMAB

students and DBC staff took part in the Probhat

Ferry. Floral wreath was placed at the central

Shahid Minar to commemorate the contribution of

the brave patriots who laid down their lives for our

mother language. Mr. Md. Ali Haider Chowdhury

FCMA, Chairman of DBC led the procession, which

was also attended by the Past President of the

Institute Mr. Rafiq Ahmad FCMA.

ICMAB Students Orientation

Program

DBC of the Institute organized “Orientation

Program (January-June 2015 session)” for the

newly admitted students of ICMAB at the ICMAB

Ruhul Quddus Auditorium, Dhaka on March 23,

2015.

President of the Institute was present as the

Guest of honor. Mr. S.M. Zahir Uddin Haider FCMA,

Chairman of Dhaka Branch Council presided over

the program. Mr. S.M. Afjal Uddin FCMA, Secretary

of DBC offered welcome address. Mr. S.M. Zahir

Uddin Haider FCMA in his speech emphasized

the role of CMA in the context of present global

economy and competitive business environment.

President, ICMAB advised the students to peruse

the CMA education with dedication and sincerity.

Among others Institute’s Vice Presidents Mr. Arif

Khan FCMA, Mr. Jamal Ahmed Choudhury FCMA,

Secretary Mr. Md. Abdur Rahman Khan, Director

Lt Col Md Humayun Kabir, psc (Retd) spoke in the

program. Mr. Zillur Rahman FCMA F-0749 gave

a power point Presentation on CMA education

and profession. Ms.Susmita Parvin ACMA A-1097

conducted the program & DBC Vice Chairman Mr.

Md. Mushfiqur Rahman FCMA offered the vote of

thanks.

67


Reception to the Newly Qualified

CMAs

DBC organized a reception to the newly qualified

Cost and Management Accountants qualified

in (December, 2014 Exam) on March 24, 2015

at ICMAB. Mr. S.M. Zahir Uddin Haider FCMA,

Chairman of DBC presided over the program. In

the CMA December 2014 Exam 26 CMAs where

qualified and attended the program along with

their family members. They also spoke of the

hindrances in achieving their much desired CMA

degree. They were awarded a memento and a

souvenir as a token of recognition on behalf of

DBC by the Institute’s Vice-President & Secretary

Mr. Jamal Ahmed Choudhury FCMA & Mr. Md.

Abdur Rahman Khan FCMA. DBC Councilor Mr.

Mohammad Golam Sabur FCMA gave the welcome

address & conducted the program. DBC Treasurer

Monjur Md. Shaiful Azam FCMA, Secretary Mr.

S.M. Afjal Uddin FCMA, Council Members, Mr.

A.K.M. Kamruzzaman FCMA, Mr. Mohammad

Alamgir FCMA & Mr. S.M. Shawon Mahmud FCMA

also spoke on the occasion. DBC Vice Chairman

Mr. Md. Mushfiqur Rahman FCMA offered the

vote of thanks.

Reception to the newly elected

Office Bearers of ICMAB National

Council 2015 and Thanks Giving to

the Immediate Past Chairman of

DBC-2014

DBC organized “Reception to the office Bearers of

ICMAB National Council-2015 and thanks giving

ceremony to the immediate past Chairman of DBC

Mr. Md. Ali Haider Chowdhury FCMA at ICMAB

Ruhul Quddus Auditorium, ICMA Bhaban, Dhaka on

March 30, 2015. Mr. S.M. Zahir Uddin Haider FCMA,

Chairman of Dhaka Branch Council presided over

the program. Mr. S.M. Afjal Uddin FCMA, Secretary

of DBC offered welcome address. Building

interpersonal relationship and development of

fellowship was the inner theme of this program.

The function included a Cultural Show and a

fellowship dinner. Ms. Susmita Parvin ACMA

conducted the program & DBC Vice Chairman Mr.


thanks. A large number of Dhaka-based members

enjoyed the show and attended the programs .

68


CMA Members Family Day Art,

I.Q. Test, Recitation & Essay

Competition 2015

DBC organized “CMA Members Family Day Art,

I.Q. Test, Recitation and Story writing competition

2015” at DBC floor on April 17, 2015. More

than eighty children of Dhaka-based members

participated in the competition. A good number of

members along with their spouses and children

attended the lively programs .

Members’ Family Day-2015 and

Celebration of Bangla New Year-

1422

DBC organized “Distribution of prizes among

the winners and participants of Children’s Art, IQ

Test, Recitation & Story Writing competition 2015,

Members’ Family Day-2015 and Celebration of

Bangla New Year-1422 at ICMAB Ruhul Quddus

Auditorium on April 24, 2015. Chairman of Dhaka

Branch Council presided over the program. Mr.

Rafiq Ahmad FCMA, Ex-President of the Institute

& Mr. Arif Khan FCMA, Vice President ICMAB were

present as the guests and they handed over the

prizes among the winners. The function included

Prize Distribution, Magic show, Raffle Draw and

Cultural Show followed by dinner. A large number

of Dhaka-based members and their family enjoyed

the show and attractive raffle draw.

Day Long Training Program on Tax

and VAT

Day Long Training program on “Tax Deduction

at Source (TDS) and VAT Deduction at Source

(VDS)” was organized by the DBC at ICMA Bhaban,

Nilkhet, Dhaka. The program was held on May 01,

2015. Resource persons of the program were Mr.

Ranjan Kumar Bhowmik FCMA, Director General,

BCS (Tax) Academy, Dhaka and Mr. Md. Mashiur

Rahman, Deputy Director, Customs Intelligence

and Investigation Directorate, National Board of

Revenue, Dhaka and Large number corporate

executives including ICMAB members attended

the training program.

Knowledge Sharing Session

on “Winning Job Interview

Techniques”

DBC organized a Knowledge Sharing Session on

“Winning Job Interview Techniques” for ICMAB

Members on May 14, 2015 at ICMA Bhaban.

Mr. S.M. Zahir Uddin Haider FCMA, Chairman

of DBC presided over the Program. Mr. Jishu

Tarafder, Chief Consultant, CORPORATECOACH,

Fellow Member, BSHRM and Mr. Riyad Hossain,

Renowned HR Professional, Fellow & Executive

Council Member, BSHRM, JCI Certified Trainer was

present as the Session Chairman & Resource

Person respectively. President of the Institute was

present as the Guest of Honor. Large numbers

of ICMAB members attented this unique and

interactive program.

DBC’s Knowledge Sharing Session

on “Tally Software”

DBC organized a 6 day training program on the

“Tally Software” for ICMAB Students on May 22,

69


2015 at ICMA Bhaban. A renowned tally expert Mr.

Mohammad Ishaq Ali, CEO, NIT Creative Solutions

(an authorized Tally Partner in Bangladesh) spoke

on the session as the Resource Person. A good

number of students of the Institute were present

and actively participated in the program.

Two Days Training Program on

“Secretarial Practice, Right Issue,

Initial Public Offering (IPO), Listing

& Post Listing Formalities and

Corporate Governance”

A two-day training program on “Secretarial

Practice, Right Issue, Initial Public Offering (IPO),

Listing & Post Listing Formalities and Corporate

Governance” was organized by the DBC at ICMA

Bhaban, , Dhaka. The program was held on May 22

& 23, 2015. Six technical papers were presented

by Mr. Muhammad Nazrul Islam FCMA, General

Manager - Operation, Alliance Financial Services

Ltd., Mr. A.K.A. Muqtadir FCS, Past President ICSB

and Corporate Consultant, Al-Muqtadir Associates,

Mr. Shafiqul Islam Bhuiyan, Head of Listing,

DSE, Mr. M. Hasan Mahmud, Executive Director,

Corporate Finance Department, Bangladesh

Securities and Exchange Commission and Large

number corporate executives including ICMAB

members attended the training programs.

Discussion Session on “Foreign

Currency Management -Trade

Perspective”

DBC organized a discussion on “Foreign Currency

Management -Trade Perspective” for CMAs on

May 23, 2015 at ICMA Bhaban. Mr. Joydeb Dutta

ACA, FCMA, General Manager, DBL Group spoke

on the session as the Resource Person. Large

numbers of members actively participating in the

discussions.

Four Week Long Workshop &

Training Program on “Financial

Modeling”

Four Week Long Workshop & Training Program

on “Financial Modeling” was organized by the

DBC at ICMA Bhaban during May-June, 2015.

The programs were presided over by DBC

Chairman Mr. S.M. Zahir Uddin Haider FCMA.

Seven technical sessions were conducted by Mr.

Toaha Muhammad, Renewable Energy Marketing

Specialist for “Monitoring and Assessment,

Reporting and Advisory for Selected RE Projects

of IDCOL. Large number of corporate executives

including ICMAB members attended the training

program.

Grooming Program for ICMAB

Students

DBC organized a Grooming Program “Winning Job

Interview Techniques” for ICMAB Students on May

28, 2015 at ICMAB Ruhul Quddus Auditorium. Mr.

A.H.M. Kamal ACMA, Vice President & Head of

HR Operations and performance Management,

Human Resources Division, IFIC Bank Limited

70


and Mr. Md. Nawshad Pervez, General Manager-

HR Division, Square Hospitals Ltd. were the

Resource Persons of the program. A good number

of students of the Institute were present and

actively participated in the program.

1st Meeting of Dhaka Branch

Advisory Committee-2015

The 1st Meeting of Dhaka Branch Advisory

Committee-2015 was held on May 30, 2015 at

5:p.m. in the Council Room of the Institute. Mr.

Md. Ishaque FCMA, Chairman of the Dhaka Branch

Advisory Committee presided over the meeting.

The participants discussed various issues and

advised 30th DBC on many aspects.

DBC Foundation Ceremony

DBC organized its Foundation Ceremony on May

30, 2015 in the ICMAB Ruhul Quddus Auditorium,

Nilkhet, Dhaka. Mr. S.M. Zahir Uddin Haider FCMA,

Chairman of DBC presided over the program.

Mr. Rafiq Ahmad FCMA, Past President and one

of the founder members of the Institute was

present as the Guest of honor. Mr. Md. Ishque

FCMA, Past President of the Institute and the

Founder Chairman of DBC and Mr. A. S. M.

Shaykhul Islam FCMA, President of the Institute

were present as guests. A large number of Past

DBC Chairmen, Members and guests joined the

program enthusiastically. All the past Chairmen

shared their experiences. The program included

Cultural Show where Mr. Rafiq Ahmad FCMA, Mr.

Mohammad Jalaluddin Khan FCMA and Mr. S.M.

Zahir Uddin Haider FCMA also performed. The

program was concluded by a fellowship dinner.

Seminar on “Organizational

Development: A Capacity Building

Approach”

DBC organized a Seminar with CPD credit on

“Organizational Development: A Capacity Building

Approach” for CMAs on June 16, 2015 at ICMA

Bhaban, Nilkhet, Dhaka. The Discussion Session

was presided over by DBC Chairman Mr. S.M.

Zahir Uddin Haider FCMA. Mr. Shawkat Hossain

FCMA, Managing Director, BD Venture Limited

was present as the Session Chairman. Mr. Naba

Krishna Muni FCMA, Director, Organizational

Capacity Building, USAID’S ACME Activity in

Bangladesh were the Resource Persons of the

program. A good number of members were

present and actively participated in the discussion

seminar.

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DBC’s Knowledge Sharing Session

on “Excelling Your Excel &

PowerPoint”

DBC organized a 4 day training program on

“Excelling Your Excel & PowerPoint” for ICMAB

Students on June 20, 2015 at ICMA Bhaban. Excel

Automation Expert Professional Trainer Mr. Md.

Nazmul Muneer conducted the session as the

Resource Person. A good number of students of

the Institute were present and actively participated

in the program.

Condolence Meeting, Millad and

Do’a Mahfil held for Late Mr. A.K.

M. Shah Alam Khan FCMA (F-

0483) & Mr. Md. Rezaul Hoque

FCMA (F-0768)

DBC arranged a Condolence Meeting and Do’a

Mahfil on June 20, 2015 at ICMAB’s DBC Floor on

the sad demise of late A.K. M. Shah Alam Khan

FCMA (F-0483) & late Md. Rezaul Hoque FCMA (F-

0768). Family members of late A.K. M. Shah Alam

Khan FCMA & late Md. Rezaul Hoque FCMA (F-

0768) were also attended the condolence program.

President of the Institute, Council Members of the

Institutes & DBC Chairman & other Councilors of

the Dhaka Branch Council spoke on the occasion.

Finally, a Millad and Do’a Mahfil followed by Iftar

was arranged and a Munajat was offered for the

salvation of the departed soul of the deceased

members.

Discussion Program on

“Integration of Professional

Accounting Bodies in Canada-

Sharing of ideas”

DBC organized a discussion Program on

“Integration of Professional Accounting Bodies

in Canada-Sharing of ideas” for CMAs on July 01,

2015 at ICMA Bhaban. Dr. Kanchan Kumar Purohit

FCMA, Professor, Accounting, Audit & Information

Technology, Conestoga College, Institute of

Technology & Advanced Learning, Canada (Former

Professor, Department of Accounting, University

of Chittagong) conducted the session as the

Resource Person. A good number of members

were present and actively participated in the

discussion session.

Discussion Session on “Business

Ethics & Role of Professional

Accountants - Guideline of the

Holy Qur’an” and “Iftar & Do’a

Mahfil-2015”

DBC organized a Discussion Session on “Business

Ethics & Role of Professional Accountants -

Guideline of the Holy Qur’an” and “Iftar & Do’a

Mahfil-2015”on July 03, 2015 at ICMA Bhaban,

Nilkhet, Dhaka. Dr. Manzur Elahi, an Islamic Scholar

was present in the program as the key Resource

Person. Among others Institute’s President, Vice-

President, Council Members and Past Presidents

of ICMAB, Past Chairmen, current office bearers

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and other council members of DBC and a large

member of fellow and associate members of ICMAB

were present on the occasion. Finally, Do’a Mahfil

followed by Iftar Party was arranged and a Munajat

was offered. A large number of members & students

of the Institute were present in the program.

Two Days Workshop on MIS &

Reporting

DBC organized a 2 day Long Workshop on “MIS &

Reporting” for ICMAB Students on July 03 & 04, 2015

at ICMA Bhaban.Mr. Zillur Rahman FCMA & Ms.

Susmita Parvin ACMA, Chairmen of Dhaka Branch

Knowledge Sharing & Study Circle Committee &

Dhaka Branch Students Affairs Committee-2015

jointly hosted the program. Mr. Md. Saifur

Rahman ACMA, Bangladesh Project Support

Professional Lead, LM Ericsson Bangladesh spoke


number of students of the Institute were present

and actively participated in the program.

DBC’s Training Program on

“Income Tax, VAT & Customs

Duty”

Five-day long training programs on “Income

Tax, VAT & Customs” were organized by the DBC

at ICMA Bhaban, Nilkhet, Dhaka. Three training

sessions were held on July 26-30, August 09-13

& August 30 to September 03, 2015. Ten technical

sessions on Tax, Customs & VAT were conducted

in each of the three training program. Resource

persons of the training program were Mr. Ranjan

Kumar Bhowmik FCMA, Commissioner of Taxes,

NBR, Mr. Mohammed Zakir Hossain, Additional

Commissioner, NBR, Mr. Md. Abdur Rahman

Khan FCMA, Deputy Secretary, Finance Division,

Ministry of Finance , Mr. Khaled Mohammed Abu

Hossain, Additional Commissioner, NBR, Mr. A. K.

M. Mahbubur Rahman, Additional Commissioner,

NBR, , Mr. Kamrul Hoque Maruf ACMA, Joint

Director, Central Intelligence Cell, NBR, Mr. Md.

Mashiur Rahaman ACMA, Deputy Director, NBR

& Mr. Ahsan Habib, Additional Commissioner of

Taxes , NBR. Large number corporate executives

including ICMAB members attended the training

programs.

Reception to the Newly Qualified

CMAs

DBC organized a reception to the newly qualified

Cost and Management Accountants (qualified

in April, 2015 Exam) on August 01, 2015 at Euro

Asiano Restaurant, Ramna Park, Ramna, Dhaka.

Mr. S.M. Zahir Uddin Haider FCMA, Chairman of

DBC presided over the program, while Mr. Md.

Abdur Rahman Khan FCMA, Secretary of the

73


Institute was present as the Guest of Honour.

33 newly qualified CMAs attended the program

along with their family members. They shared

their experience, feeling and expections with the

audiences. DBC awarded a memento and a small

souvenir to all the new CMA family members as

a token of recognition and appreciation. A good

numbers of members including past president,

National Council members and Dhaka Branch

Council members attended the program which

ended with a fellowship dinner.

Knowledge Sharing Session on

“Change Your Life at Your Will”

DBC organized a Knowledge Sharing Session

on “Change Your Life at Your Will” for CMAs on

August 05, 2015 at room # 701 of ICMA Bhaban,

Nilkhet, Dhaka. Mr. Abdul Alim Munshi FCMA,

Chief Financial Officer, Fiber@Home Ltd. spoke


number of members were present and actively

participated in the discussion session.

Eid-Reunion, Cultural Night and

Fellowship Dinner

DBC organized “ Eid-Reunion, Cultural Night

and Fellowship Dinner” on August 07, 2015 in

the ICMAB Ruhul Quddus Auditorium, Nilkhet,

Dhaka. Mr. S.M. Zahir Uddin Haider FCMA,

Chairman of DBC presided over the program.

Mr. A. S. M. Shaykhul Islam FCMA, President of

the Institute was present as the Guest of honor.

Mr. Mohammad Alamgir FCMA, Chairman, DBC

Seminar & Conference Committee 2015 offered

the welcome address. A large number of Past

DBC Chairmen, Members and guests joined the

program enthusiastically. Mr. Zillur Rahman FCMA,

Chairman of Dhaka Branch Knowledge Sharing

& Study Circle Committee-2015 conducted the

program. DBC Vice Chairman Mr. Md. Mushfiqur

Rahman FCMA offered the vote of thanks. The

program was followed by colourful Cultural Show

and fellowship dinner.

Workshop on “Internship Report

Writing”

DBC organized a Workshop on “Internship Report

Writing” for recently qualified CMAs on August

11, 2015 at ICMA Bhaban, Nilkhet, Dhaka. Mr.

Nikhil Chandra Shil FCMA, Assistant Professor,

East West University conducted the session as

the Resource Person. A good number of newly

qualified CMAs of the Institute were present and

actively participated in the program.

Workshop on “Finance

Leadership”

DBC organized a Workshop on “Finance

Leadership” for CMAs on August 12, 2015 at ICMA

Bhaban, Nilkhet, Dhaka. Mr. Mohammad Nizam

Uddin FCMA, Head of Business Finance, Group

Function at Ericsson Head Office, Stockholm,

Sweden was present as the Resource Person. A

good number of members and students were

present and actively participated in the workshop.

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DBC Outbound Workshop on

“Leadership Excellence”

Two-day workshop on “Leadership Excellence”

was organized by the DBC at CCDB HOPE

Foundation, Ashalia, Savar, Dhaka on August 14 &

15, 2015. Resource persons of the programs was

Mr. Jishu Tarafder, a renowned Leadership Trainer,

Motivational Presenter and Corporate Coach. A

Large number of ICMAB members participated

this unique and very attractive training program.


“Advanced Use of Excel”


on “Advanced Use of Excel” for CMAs on August

27, 2015 at ICMA Bhaban. A good number of

members were present and actively participated

in the session.

Inauguration Ceremony of DBC

Indoor Games Competition-2015

DBC organized “Inauguration of DBC Indoor Games

Competition-2015” for its members and spouses

at the Member’s corner, ICMA Bhaban, Dhaka. Mr.

Jamal Ahmed Choudhury FCMA & Mr. Md. Abdur

Rahman Khan FCMA, Vice President & Secretary

of the Institute respectively jointly inaugurated

the inaugural ceremony of the competition on

August 30, 2015. They were accompanied by DBC

Chairman Mr. S.M. Zahir Uddin Haider FCMA.

A large number of members along with Mr.

Md. Mushfiqur Rahman FCMA & Mr. S.M. Afjal

Uddin FCMA, Vice Chairman & Secretary of DBC

respectively were also present in the occasion. A

few games particularly the Billiard, Carom, Table

Tennis and Card Game were inaugurated during

that occasion.

Certificate Distribution Ceremony

of DBC Leadership Excellence 2015

DBC organized “Certificate Distribution Ceremony

of DBC Leadership Excellence 2015” at ICMA

Bhaban on August 30, 2015. Mr. S.M. Zahir

Uddin Haider FCMA, Chairman of DBC presided

over the program. DBC Professional Grooming &

75


Counseling Committee Chairman Mr. Mohammad

Golam Sabur FCMA, gave the welcome address

and conducted the program. Mr. Jamal Ahmed

Choudhury FCMA, Mr. Md. Abdur Rahman Khan

FCMA & Prof. Dr. Swapan Kumar Bala FCMA, Vice

President, Secretary & Treasure of the Institute

respectively were present in the program as the

Guests and distributed Certificates among the

participants. Mr. Md. Mushfiqur Rahman FCMA,

Vice Chairman of DBC offered the Vote of thanks.

A large number of members of the Institute were

present in the program.

DBC Outbound Workshop on

“Leadership with Emotional

Intelligence!”

DBC organized a two-day workshop on

“Leadership with Emotional Intelligence!” at

Hotel Sea Palace, Cox’s Bazar during October 09

& 10, 2015. Resource persons of the program

were Mr. Moinuddin Chowdhury, Lead Visionary

& Chief Executive Officer, Society for Leadership

Skills Development (SLSD) & Ms. Humaira Afreen,

Freelance HRD Consultant, Society for Leadership

Skills Development (SLSD). A Large number of

ICMAB members participated in the training

program. Prof. Dr. Swapan Kumar Bala FCMA,

Treasurer of the Institute joined the program as

the Guest of honour.

ICMAB Students Orientation

Program

DBC organized “Orientation Program (July-

December 2015 session)” for the newly admitted

students of ICMAB at the ICMAB Ruhul Quddus

Auditorium on October 29, 2015.

The program was divided in two parts. One part

was inaugural session and other one was technical

session (Education system & Examination

system). Mr. Jamal Ahmed Choudhury FCMA, Vice

President & Chairman, Education Committee of

the Institute was present as the Guest of Honor

and Mr. Md. Kausar Alam FCMA, Group CFO of

Rahimafrooz (Bangladesh Ltd.) was present as

the special guest in the 1st part. Mr. Mohammad

Alamgir FCMA, Chairman of DBC Seminar &

Conference Committee presided over the session

and offered welcome address. Mr. Md. Kausar

Alam showed a roadmap to the new students.

Mr. Jamal Ahmed Choudhury FCMA, focused on

education and examination support from the

Institute and also the path to other International

professional qualifications through CMA.

76


The second part was technical session where

Mr. Arif Khan FCMA, Honorable Vice President &

Chairman, Examination Committee was present

as the Guest of Honor and Mr. Md. Abdur Rahman

Khan FCMA, Secretary of ICMAB & Mr. Md.

Maksudur Rahman FCMA, Director of EDISON

Group was present as the special guests. Mr.

S.M. Zahir Uddin Haider FCMA, Chairman of Dhaka

Branch Council presided over the 2nd session.

Mr. Arif Khan FCMA in his speech appreciated

the focused role of Cost and Management

Accountants for the economic development of the

country. He advised the students to pursue the

CMA education with dedication and sincerity.

Mr. Zillur Rahman FCMA F-0749 gave a power point

Presentation on CMA education and profession.

Ms. Susmita parvin ACMA A-1097 conducted the

program & DBC Vice Chairman Mr. Md. Mushfiqur

Rahman FCMA offered vote of thanks.

Prayer (Do’a) for ICMAB’s Founder

President Late Ruhul Quddus &

for Syed Ahsan Habib

DBC organized a Prayer (Do’a) for ICMAB’s Founder

President Late Ruhul Quddus (F-001) & for Syed

Ahsan Habib (F-0505) on November 05, 2015

at DBC Floor, ICMAB, Dhaka. DBC Chairman Mr.

S.M. Zahir Uddin Haider FCMA presided over the

program and gave a brief overview of the checkered

life-sketch of the founder President and pioneer

of CMA profession Mr. Ruhul Quddus. Institute’s

President Mr. A.S.M. Shaykhul Islam, FCMA was

present in the program as the principal speaker.

Among others, Past Presidents of the Institute

Mr. Rafiq Ahmad FCMA & Prof. Mamtaz Uddin

Ahmed FCMA, Secretary of the Institute Mr. Md.

Abdur Rahman Khan FCMA spoke on the different

aspects of dedication of Mr. Ruhul Quddus FCMA

& Syed Ahsan Habib. Council Members and

Past Presidents of ICMAB, current office bearers

and other council members of DBC and a large

member of fellow and associate members and

officials of the Institute attended and prayed for

the salvation of the departed souls.

2 day Long workshop on SAP

DBC organized a 2 day Long Workshop on “SAP”

for ICMAB Students on November 11 & 12, 2015 at

ICMA Bhaban, Dhaka. Mr. S.M. Zahir Uddin Haider

FCMA, Chairman of DBC presided over the program.

Mr. A.S.M. Shaykhul Islam FCMA, President of the

Institute Present in the program as the Guest

of Honor. Mr. Zillur Rahman FCMA Chairman of

Dhaka Branch Knowledge Sharing & Study Circle

Committee gave the well come address and

77


conducted the program, while Mr. Mohammed

Salim FCMA, Past President, ICMAB, Mr. Arif Khan

FCMA, Vice-President of ICMAB, Mr. Md. Shafiqul

Alam FCMA, Group CFO & Company Secretary,

Superstar Group, Mr. Md. Rajib Imran, Director,

Exzatech Solutions Ltd. and Mr. Subhajyoty

Ganguly, Managing Director, Exzatech Solutions

Ltd. spoke on the session as the special Guests.

A good number of students of the Institute were

present and actively participated in the program.


“Public Financial Management

Umbrella: Government Fund Flow

& Accounting System”


on “Public Financial Management Umbrella:

Government Fund Flow & Accounting System”

for CMAs on November 12, 2015 at ICMA Bhaban,

Nilkhet, Dhaka. Mr. S.M. Zahir Uddin Haider FCMA,

Chairman of DBC presided over the Program.

Mr. A.S.M. Shaykhul Islam FCMA, President of

the Institute was present as Guest of Honor.

Professor Dr. M. Harunur Rashid, Chairman,

BAC International- Collaborative Partner, Derby

University, UK and Mr. Mohammad Ruhul Quddus

ACMA Accounts Specialist, The World Bank, Dhaka

was present as Session Chairman & Resource

person of the program. Mr. Mohammad Alamgir

FCMA, Chairman of Dhaka Branch Seminar &

Conference Committee offered the welcome

address and introduced the Resource Person.

Mr. Mohammad Golam Sabur FCMA, Chairman

of Dhaka Branch Professional Grooming &

Counseling Committee-2015 conducted the

program and offered the vote of thanks. A good

number of members were present and actively

participated in the session.

In Remembrance of Late Biswajit

Roy FCMA (F-0327)

DBC arranged In Remembrance of Late Biswajit

Roy FCMA (F-0327) on November 14, 2015 at

ICMAB’s DBC Floor, Dhaka. Mr. A.S.M. Shaykhul

Islam FCMA, President of the Institute, Past

President Mr. Rafiq Ahamad FCMA, Fellow

member of the Institute, DBC Chairman Mr. S.M.

Zahir Uddin Haider FCMA spoke on the occasion.

Finally, a Millad and Do’a Mahfil were arranged

and a Munajat was offered for the salvation of the

departed souls of the deceased member.


“Multiply your Capital in the

Capital Market”

DBC organized a Knowledge Sharing Session on

“Multiply your Capital in the Capital Market” for

CMAs on November 28, 2015 at ICMA Bhaban,

Dhaka. Mr. S.M. Zahir Uddin Haider FCMA,

Chairman of DBC presided over the Program.

Professor Dr. Swapan Kumar Bala FCMA, Managing

Director, Dhaka Stock Exchange Ltd., Mr. Md.

Mahbub Hossain Mazumdar FCMA Chief Executive

Officer, AFC Capital Ltd. (Merchant Bank), and Mr.

Mohammed Rahmat Pasha CEO, BRAC EPL Stock

Brokerage Ltd. were present as Session Chairman,

Commentator & Resource person of the program.

Mr. Mohammad Alamgir FCMA, Chairman of

Dhaka Branch Seminar & Conference Committee

offered the welcome address and introduced the

Resource Person. Mr. Mohammad Golam Sabur

FCMA, Chairman of Dhaka Branch Professional

Grooming & Counseling Committee-2015

conducted the program. DBC Vice-Chairman Mr.


thanks. A good number of members were present

and actively participated in the session.

78


PHOTO GALLERY

DBC’s 2 day Long Workshop on “SAP” on November 11 & 12, 2015

Prayer (Do’a) for ICMAB’s Founder President Late

Ruhul Quddus

Knowledge Sharing Session on “Public Financial Management Umbrella: Government Fund Flow

& Accounting System” on November 12, 2015

Knowledge Sharing Session on “Multiply your Capital in the Capital

Market” on November 28, 2015

79


CHITTAGONG BRANCH COUNCIL

Eid-E-Miladunnabi (SM) observed

by CBC of ICMAB

CBC celebrated the holy Eid-e-Miladunabi (SM)

and offered Doa Mahfil on 16th January, 2015 at

CMA Bhaban, Agrabad, Chittagong. The members

who attended in the program discussed on the

holy life of the great Prophet Hazrat Muhammad

(SM) and the ideals and teachings of Islam. The

discussion was followed by a Milad Mahfil with

due religious fervor, festivity and solemnity. Hafez

Mowlana Md. Ismail led the Munajat seeking

the blessings of Almighty Allah for peace and

prosperity of the CMA family & Muslim Ummah.

Doa was also offered for the soul of the ICMA

members & Muslim Ummah who were previously

deceased.

CBC Observed Shaheed Dibash &

International Mother Language

Day

CBC observed Amor Ekushey February &

International Mother Language Day on Saturday

the 21st February, 2015. Mr. Mohammed

Monoarul Hoque FCMA, Chairman, Chittagong

Branch Council and Chittagong based Fellow and

Associate Members participated in Provat Ferry

towards Chittagong Central Shaheed Minar and

presented Flower Bouquets to commemorate the

contribution of the brave language patriots who

sacrificed their lives for the Bangla language. The

program ended with a discussion session on the

great day of 21st February & international mother

language day.

CBC Cruise-2014 at Karnafully to

Kutubdia Channel.

CBC for the first time arranged a day long Cruise

for its members, their spouses, children and

parents which covered Karnafully, Chandragona

& Outer Anchorage of Kutubdia Channel on 27th

February, 2015. The program started at 8.30 a.m.

from Chittagong Boat Club, Patenga and ended at

6.00 p.m. at the same place. CBC hired a luxury

Cruise ship operated by Western Cruise. The cruise

gave the best view of the marvelous landscape,

the wave of bay and sunset in the Bay of Bengal

with other natural sceneries. Mr. Jamal Ahmed

Choudhury FCMA, Vice- President and his spouse

enjoyed the Cruise along with CMA family (based

in Chittagong Cruise participants whole heartedly

praised Mr. Mohammed Monoarul Hoque FCMA

, Chairman, & Mr. Golam Kibria ACMA, Secretary,

CBC for arranging such a nice program. .

Students Orientation Program in

Chittagong

The Students Orientation Program of Foundation

Level for January-June, 2015 session of Chittagong

Branch of ICMAB was held on 7th March 2015 at

CMA Bhaban, Chittagong. Mr. Abu Sayed Md.

Shaykhul Islam, FCMA, President, ICMAB was

80


present on the occasion as Chief Guest. Mr. Md.

Abdur Rahman Khan, FCMA, Secretary & Prof.

Dr. Swapan Kumar Bala, FCMA, Treasurer ICMAB

was present as Special Guests. Mr. A. K. M.

Delwer Hussain, FCMA, Past President & Mr. Md.

Mamunur Rashid, FCMA member of the National

Council was also present in the occasion. The

function was presided over by Mr. Mohammed

Monoarul Hoque, FCMA, Chairman, CBC where large

numbers of Chittagong based members including

past president Mr. Mohammed Mohiuddin FCMA

and students overwhelmingly participated in the

program.

Reception program of Office

Bearers & Members of the 15th

Council

A program on reception to the Office Bearers of

National Council and discussion on professional

matters was held on 7th March’ 2015 at CMA

Bhaban, Chittagong. In the welcome speech, Mr.

Mohammed Monoarul Hoque, FCMA Chairman,

CBC congratulated the newly elected office

bearers and raised a number of issues regarding

the development of CMA profession in general and

Chittagong Branch in particular. A large number of

fellow & associate members of Chittagong Region

also actively took part in the discussion and made

their valuable suggestion for the development of

CMA profession. Mr. A S M Shaykhul Islam, FCMA ,

President, ICMAB expressed his gratefulness to all

the Fellow and Associate Members to elect him as

the President of the Institute and assured his all-

out support and co-operation to the Chittagong

Branch.

CPD on “Value Based

Management : an approach to

maximize shareholder value”

CBC organized CPD on 28th March’ 2015 on “Value

Based Management: an approach to maximize

shareholder value” at CMA Bhaban, Chittagong.

Mr. Emon Kalyan Chowdhury, Assistant Professor,

Premier University, Chittagong presented the

paper. Mr. Mohammed Mohiuddin, Past President

ICMAB & Managing Director, Island Securities

Ltd. attended the Program as Session Chairman.

The Program was presided over by the Chairman

of CBC Mr. Mohammed Nazmul Hoque, FCMA.

A good number of Chittagong based Fellows

and Associates members actively took part in a

discussion & Q&A session on the program.

CBC Observed Pahela

Baishak-1422 & CMA Family

Night-2015

CBC has celebrated Pahela Baishak-1422 &

CMA Family Night-2015 on April 17, 2015 at

81


CMA Bhaban,, Chittagong. The Program started

with the various programs including children’s

memory test, art competition, game for spouses

and members. Prizes were distributed among the

winners after every event. CBC past Chairman Mr.

Md. Rafiqul Alam, FCMA and two local renowned

artists perform in this occasion. The Cultural

program was followed by a delicious Baishaki

dinner.

Discussion on Professional

Matters with the President, ICMAB

CBC arranged a discussion program on 23rd May,

2015 with Chittagong based members of the

Institute. President, ICMAB was present in the

program as Chief Guest. Mr. M. Mohiuddin, FCMA

Past President, ICMAB attended the Program as

Guest of honor. Address of welcome was given by

Mr. Mohammed Nazmul Hoque, FCMA, Chairman,

CBC. A good number of Fellow & Associate

members of Chittagong region of the Institute

attended the discussion program. The Chief Guest

in his speech assured that he will extend all kind

of support and cooperation for the development &

welfare of Chittagong Branch.

CPD Program on “Financial

Reporting Practices & Role of

Accountants”

CBC organized a CPD Program on 23rd May

2015 on “Financial Reporting Practices & Role

of Accountants” at CMA Bhaban, Chittagong. Mr.

Mohammed Nazmul Hoque, FCMA Chairman,

Chittagong Branch Council of ICMAB presided over

the Program. Mr. A.S.M. Shaykhul Islam, FCMA

President, ICMA Bangladesh was present on the

occasion as chief guest. Mr. Ahmed Dawood, FCA,

FCMA Past chairman, CBC & CRO, Chittagong Stock

Exchange Ltd. presented the paper. The ICMAB

president congratulated the Chittagong Branch

Council for its outstanding initiatives for the

professional development & thereby upholding

the image of the institute. Mr. Md. Shaifur Rahman

Mazmumder, FCA, FCMA, Executive Director,

Meenhar Group of Industries was present in the

program as the Session Chairman.

CPD Program on “Proposed

National Budget 2015-2016”

CBC organized a CPD Program on the topic of

“Proposed National Budget 2015-2016” on

13th June 2015 at CMA Bhaban, Chittagong. Mr.

Mohammed Nazmul Hoque, FCMA Chairman, CBC

presided over the Program. Mr. Muzaffar Ahmed,

FCS, FCMA, Past President, ICMAB and President &

CEO of Credit Rating Information and Services Ltd

was present on the occasion as Chief Guest while

Prof. Dr. Swapan Kumar Bala, FCMA, Treasurer,

ICMA Bangladesh & Managing Director, Dhaka

Stock Exchange Ltd. was present in the program

as Special Guest. Mr. Mohammed Monoarul

Hoque FCMA Past Chairman, CBC & Director

Finance, Asian University for Women, Chittagong

presented the paper on the occasion.

Mr. Md. Shaifur Rahman Mazmumder FCA, FCMA

was present as the discussant and Mr. Mohammed

Mohiuddin FCMA Past President, ICMAB attended

the program as Session Chairman.

82


CPD Program on “Foreign Trade

Funding, Opportunities, Rules &

Regulations” & Iftar Mahfil.

CBC organized a CPD Program on 11th July, 2015

on “Foreign Trade Funding, Opportunities, Rules &

Regulations” at Melange Restaurant, Chittagong.

Mr. Mohammed Nazmul Hoque, FCMA Chairman,

Chittagong Branch Council of ICMAB presided over

the Program. Mr. Mohammad Roshangir, Deputy

Managing Director & Zonal Head, Bank Asia

Limited, Chittagong attended the occasion as Chief

Guest. Mr. Imtiaz Alam, ACA, FCMA, Ex-Chairman,

CBC presented the paper. Prof. Dr. Saleh Jahur,

Department of Finance & Banking, University

of Chittagong was present in the program as

discussant. Prof. Dr. Md. Salim Uddin, FCA, FCMA

attended the program as Session Chairman. The

program was conducted by CBC Secretary, Qazi

Meraz Uddin Arif, FCMA, and vote of thanks was

offerred by Mr. Mohammed Nurul Huda Siddiquee,

FCMA, Vice Chairman, CBC.

Projection Meeting on CMA

Profession held on August-31,

2015 at Premier University,

Chittagong

CBC arranged a Projection Meeting on CMA

Profession at Premier University, Chittagong on

August 31, 2015. Mr. M. Moinul Haque, Assistant

Dean, Faculty of Business Studies was present

in the program as Session Chairman. Prof.

Dr. Moazzam Hossain, Chairman, Finance &

Accounting Department, Mr. Sujit Kumar Biswas,

Chairman, Management Department, Ms. Sadia

Akter, Chairman, Marketing Department was

present as special guest. The Program was

presided by Mr. Mohammed Nazmul Hoque,

FCMA Chairman, Chittagong Branch Council while

address of welcome was given by CBC Secretary,

Qazi Meraz Uddin Arif, FCMA.

Mr. Nikhil Chandra Shil, FCMA, Associate

Professor, Department of Business Studies, East

West University was the Key note speaker of the

program. He presented the paper in a sophisticated

way that students of BBA/MBA get a pathway of

their carrier and can make a well thought decision

about their future.

Class Orientation of ICMAB,

Chittagong Branch

The class orientation program of Knowledge &

Business Level for July-December, 2015 session,

of Chittagong Branch of the Institute of Cost and

83


Management Accountants of Bangladesh (ICMAB)

was held on 6th October 2015 at CMA Bhaban,

Agrabad, Chittagong. Mr. Mohammed Nazmul

Hoque, FCMA, Chairman, CBC presided over the

Orientation Program. Mr. Abu Sayed Md. Shaykhul

Islam, FCMA, President, ICMAB was present in

the occasion as Chief Guest & Mr. M. Abul Kalam

Mazumder, FCMA, Prof. Mamtaz Uddin Ahmed,

FCMA, Mr. A. K. M. Delwer Hussain, FCMA & Mr.

Mohammed Salim, FCMA, past presidents of

ICMAB were present as Special Guests.

CPD Program on “CIMA Strategic

Case Study - Preparation &

Procedure

CBC organized a CPD program on “CIMA Strategic

Case Study - Preparation & Procedure” on

Thursday 08th October 2015, at 6.30 pm at CMA

Bhaban, Agrabad, Chittagong. Chairman, CBC

presided over the Program and Mr. Zillur Rahman,

FCMA, Chairman, Wisdom for Welfare Foundation,

Dhaka presented the paper. Prof. Dr. Swapan

Kumar Bala, FCMA, Treasurer, ICMAB attended

the program as Chief Guest while Mr. S. M. Zahir

Uddin Haider, FCMA, Chairman, DBC attended the

program as Special Guest.

CPD Program on “Financial

Reporting Act-2015”

CBC organized a Continuing Professional

Development (CPD) Program on “Financial

Reporting Act-2015” on 14th November, 2015

at CMA Bhaban, Chittagong. The paper was

presented by Mr. Ahmad Dawood FCA, FCMA

Mr. Md. Shaifur Rahman Mazumdar FCA, FCMA

conducted the program as Session Chairman.

The paper presenter described various aspects

of Financial Reporting Act-2015 in his paper and

gave suggestions for improving active role of

professional Accountants.

84


PHOTO GALLERY

CPD Program on Foreign Trade Funding, Opportunities

on July 11, 2015

CBC observed Pahela Baisakh-1422

Discussion Session on Professional Matters on March 07, 2015

Inauguration of Center for Cost Audit and Management Consultancy at Chittagong on October 06, 2015

85


KHULNA BRANCH COUNCIL

Do’a Mahofil

A Do’a and Milad Mahofil was arranged by

Khulna Branch Council for the eternal peace of

the departed soul of Md. Mokbul Ahmed, FCMA,

the immediate past Chairman of Khulna Branch

Council, on 29 January, 2015. All members, Officers,

Staff & Students participated in the occasion.

Homage to the Martyrs of

Language Movement

ICMAB Khulna Branch observed the “Amor

Ekushey” & International Mother Language day

on 21st February, 2015. To observe the occasion

the members of the Khulna region, officials and

students of Khulna Branch participated in the

probhat Feri towards Shahid Minar, located at

Khulna Hadis Park and presented flowers bouquet

to commemorate the contribution of the brave

martyrs who sacrificed their lives for our mother

language.

Student Orientation Program

ICMAB, Khulna Branch arranged an Orientation

Program for newly admitted Students of January-

June 2015 session held on 27 February, 2015 at

CMA Bhaban, Khulna. Prof. Kalipada Mozumder,

Principal, Azam Khan Govt. Commerce College,

Khulna was present in the occasion as special

guest. The function was presided over by Mr. Md.

Alauddin Akanda FCMA, Chairman, Khulna Branch

Council. A good number of members as well as

newly admitted students and senior students

attended the program.

KBC Family Day-2015

KBC arranged Family Day-2015 on February 27,

2015 at CMA Bhaban, Khulna. A good number of

Fellow and Associate Members of Khulna along

with their spouses and children were present in

the program.

Annual Picnic 2015 of ICMAB

Khulna Branch

ICMAB Khulna Branch arranged its day-

long colorful Annual Picnic ‘’Expedition

Sundarban-2015’’ by a luxurious ship on 20 March

2015. Fellow and Associate Members, Employees,

Students of Khulna region and their Families

joined the Picnic. About 150 participants attended

the program.

Seminar on CMA Profession and

Career Development

A seminar on CMA profession and career

86


development held on June 10, 2015 at CMA

Bhaban, Khulna. Mr. Naba Krishna Muni, FCMA,

spoke in the seminar as a resource parson. Mr.

Ratan Kumar Debnath, FCMA, Chaired on the

occasion. Fellow and associate members, huge

number of the students attended in the seminar.

Ifter and Do’a Mahfil

KBC arranged an Ifter and Do’a Mahfil on June 26,

2015 at CMA Bhaban, Khulna. On the occasion

doa was made for the development of the CMA

profession as well as the Country and the Nation.

Mr. Ratan Kumar Debnath, FCMA, Chairman KBC,

Fellow and Associate members of Khulna Branch,

Principal and all departmental head of Azam

Khan Govt. Com. College, officer and staff and a

good number of students of Khulna Branch were

present in the program.

Seminar on CMA Profession and

Career Development

KBC organized a seminar on CMA Profession and

Career development on 26/08/2015 at Commerce

faculty of Govt. Brajalal University College,

Daulatpur, Khulna. About 300 students attended

and took part in the discussion. Prof. Md. Shafiul

Azam, Head of Management Department and

Prof. Rabiul Islam spoke in the meeting. Mr.

Ratan Kumar Debnath, FCMA Chairman, KBC, Mr.

S. M. Zakir Hossain, ACMA, Secretary, KBC also

spoke about ICMAB. Mr. Ashok Kumar Debnath,

FCMA Vice-Chairman, KBC and Mr. Md. Alauddin

Akanda, FCMA, Advisor were also present on the

occasion.

Seminar on Organizational

Development – A Capacity Building

Approach

ICMAB Khulna Branch arranged a seminar on

Organizational Development – A Capacity Building

Approach on 3 September, 2015 at CMA Bhaban,

Khulna at 7:00pm. Mr. Ratan Kumar Debnath

FCMA, Chairman, KBC was present in the seminar

as Chairperson, Mr. Naba Krishna Muni FCMA

was present in the seminar as Resource Person.

Mr. Md. Alauddin Akanda FCMA, Advisor ICMAB

Khulna Branch, Mr. Ashok Kumar Debnath FCMA,

Vice-President, Mr. S. M. Zakir Hossain ACMA,

Secretary, Mr. Sheikh Ziaul Islam, ACMA, Treasurer

KBC and Mr. Abdul Motaleb ACMA and a good

number of Fellow & Associate members and

students attended the seminar.

87


Orientation Program

ICMAB, Khulna Branch Council arranged an

Orientation Program for newly admitted Students

of July-December 2015 session was held on 21

November 2015 at CMA Bhaban, Sonadanga

Khulna. The function was presided over by Mr.

Ratan Kumar Debnath FCMA, Chairman, Khulna

Branch Council of ICMAB. Mr. Mohammed Salim

FCMA, Past-President and Council Member of

ICMAB was present in the occasion as Chief Guest

and Prof. Md. Mizanur Rahman, Principal, Azam

Khan Govt. Commerce College attend the function

as special Guest. Mr. Chancal Kumar Saha FCMA

past Chairman of KBC, Mr. Ashok Kumar Debnath

FCMA Vice-Chairman, Mr. S.M. Zakir Hossain

ACMA Secretary, Mr. Sheikh Ziaul Islam ACMA

Treasurer of KBC and Mr. Alauddin Akanda FCMA

Adviser of Khulna Branch were presents the

program.

A good number

of Khulna based

fellow and associate

members as well

as newly admitted

students and senior

students attended the

program.

Views exchange meeting with

Past President & Khulna Branch

Council Members

Khulna Branch Council (KBC) arranged a views

Exchange meeting with Mr. Mohammed Salim

FCMA, Past President & Council Member of

ICMAB National Council on 21 November 2015 at

CMA Bhaban, Sonadanga, Khulna. In the meeting

the Members of Khulna Branch council informed

different problems of Khulna branch to Mr. Salim

and he listen to the problems very patiently and

assure them to solve this very soon. They also

discuss about the CMA Profession in different

issue and new syllabus curriculum. Mr. Ratan

Kumar Debnath FCMA, Chairman, KBC was

present along with his councilors.

88


ICMAB CANADA CHAPTER

Annual Picnic 2015

Canada Chapter of ICMAB organized Picnic 2015 on

8 August 2015 Adams Park Toronto. The day long

program contained various colorful program. Most

of the members including their family residing in

Toronto participated in the picnic.

CPD Program on SAP and Chapter

Night 2015

21 Nov 2015 Chapter Night was organized at

the Party Centre at Massey Square in Toronto

Scarborough area. The colorful program was

participated by most of the members residing in

Toronto.

Besides the above programs Canada Chapter

organized a CPD program on SAP financial

module. CPD was conducted by Mr. Nayeem Ali

Kadre ACMA.

In addition to that ICMAB National Council Member

Mr. AKM Delwer Hossain FCMA visited Toronto

along with Chairman and Deputy Managing

Director of Rupali Bank Ltd. Chapter organized an

open discussion program at a Local Restaurant.

ICMAB UK CHAPTER

Social Event by ICMAB UK Chapter

Council

ICMAB UK Chapter Council recently organized a

social event where most of the members residing

in and around London participated.

Regular Meetings on Profession

Matters

ICMAB UK Chapter Council arranged regular

meetings to share opportunities and experience

both formally and informally.

89


Audited Annual Accounts

The Annual Accounts of the Institute for the year ended June 30, 2015 has been presented in this report.

As you will find, total revenue receipt is Tk. 1005.46 lakh as against Tk. 961.57 lakh of prior year. Our grant

from government has increased by Tk. 35.50 lakh in 2015-16 fiscal year. Donation received from different

organizations for Renovation & External Elevation works for ICMA Bhaban Tk. 70.02 lakh has been directly

added with the general fund of the Institute. Income from subscription and fees from students has increased

by 82.87 lakh mainly due to higher enrollment of students in this period. The expenses related to Seminar &

Conference has reduced to Tk. 100.22 lakh from Tk. 122.97 lakh of previous period.

The net surplus of income over Expenditure in this year stood at Tk. 117.24 lakh against last years’ surplus of

Tk. 109.08 lakh.

Acknowledgement

The Council gratefully acknowledges and keep on record the co-operation, sincere assistance and support

received from the esteemed members of the Institute. The Council also acknowledges the services, the time

and energy given by the members of the different Committees and Sub-Committees in discharging their

responsibilities and duties.

The Council expresses gratitude to the Government nominees in the Council for their continued support,

assistance and guidance. It also has words of appreciation for the Branch Councils of Dhaka, Chittagong,

Khulna, UK, KSA and Canada Chapter for their brilliant activities and also for co-operation extended to the

National Council.

We recall with appreciation the persistent support we have received from different ministries particularly

the Ministry of Commerce, Finance, Industries, Planning, Law, ICT; BSEC, DSE, CSE, CAG, RJSC, NBR and other

Government agencies we have interacted with. The council would like to express gratitude to each of them.

The Council is indebted to the authority of the Govt. Victoria College for their co-operation and assistance

in allowing the Institute to conduct Coaching Classes and Examinations in its premises. The Council also

indebted to different educational institutes such as Eden Mohila College, Dhaka, Brazalal College, Khulna,

Daffodil University, Dhaka, American International University of Bangladesh, Dhaka and Premier University,

Chittagong for their all out cooperation for the development of CMA profession. The Council is indebted to the

print & electronic media for their wide coverage of the Institute’s activities.

There is no denying the fact that, as always, this year too, the officials of the Institute have carried out the

entrusted jobs and deserve appreciation. Some of them have given extra ordinary effort under great pressure.

The Council hopes that they will keep up their style of performance.

ACCOUNTS AND OTHERS

Md. Abdur Rahman Khan FCMA Secretary

ASM Shaykhul Islam FCMAPresident

90


AnNexure 1

LIST OF STANDING COMITTEES

Executive Committee Mr. A S M Shaykhul Islam FCMA F-0192 Chairman

Mr. Arif Khan FCMA F-0304 Member

Mr. Md. Abdur Rahman Khan FCMA F-0305 Member

Prof. Dr. Swapan Kumar Bala FCMA F-0328 Member

Mr. Mohammed Salim FCMA F-0218 Member

Executive Director/Director Secretary

Education Committee Mr. Jamal Ahmed Choudhury FCMA F-0411 Chairman


Mr. M. Abul Kalam Mazumdar FCMA F-0103 Member

Prof. Mamtaz Uddin Ahmed FCMA F-0191 Member

Mr. Md. Mamunur Rashid FCMA F-0314 Member

Deputy Director (Edn.) Secretary

Examination Committee Mr. Arif Khan FCMA F-0304 Chairman

Mr. Muzaffar Ahmed FCMA F-0038 Member

Mr. A. K. M. Delwer Hussain FCMA F-0215 Member

Mr. Mohammed Salim FCMA F-0218 Member

Mr. A R M Nazmus Sakib Ministry of Finance Member

Additional Director (Exam.) Secretary

Research & Development CommitteeMr. A S M Shaykhul Islam FCMA F-0192 Chairman

Mr. Arif Khan FCMA F-0304 Member


Mr. Muzaffar Ahmed FCMA F-0038 Member

Mr. Md. Munirul Islam FCMA F-0412 Member

Mr. Md. Enamul Hoque Ministry of Industries Member

Additional Director (RPCA) Secretary

Disciplinary CommitteeMr. A S M Shaykhul Islam FCMA F-0192 Chairman

Mr. Jamal Ahmed Choudhury FCMA F-0411 Member


Mr. Md. Shawkat Ali Waresi Ministry of Commerce Member

Executive Director/Director Secretary

91


DETAILS OF OTHER COMMITTEES

Name of the Committees Chairman Vice Chairman

Professional Development and

Advisory CommitteeMr. Muzaffar Ahmed FCMA Mr. M.A. Matin FCMA

Seminar & Conference Committee Mr. Mohammed Salim FCMA Mr. Md. Abdur Rahman Khan FCMA

Taxation Committee Mr. Ranjan Kumar Bhowmik FCMA Mr. Abdul Matin Patwary FCMA

Ordinance, Regulation and

Corporate Laws Review CommitteeMr. Md. Ishaque FCMA Prof. Dr. Swapan Kumar Bala FCMA

Journal and Publication Committee Mr. Naba Krishna Muni FCMA Mr. R Tareque Moudud FCMA

Corporate Award and Branding

CommitteeProf. Mamtaz Uddin Ahmed FCMA Mr. Md. Mostaqur Rahman FCMA

Cost Audit and Professional Service

Cell CommitteeMr. M. Abul Kalam Mazumdar FCMA Mr. Md. Mumlook Hossain FCMA

Cost Accounting and Financial

Reporting Standards CommitteeMr. M. Abul Kalam Mazumdar FCMA Mr. Md. Maminul Islam FCMA

Student Affairs Committee Mr. Jamal Ahmed Choudhury FCMA Mr. Md. Abdur Rahman Khan FCMA

Academic Advisory Committee Mr. Muzaffar Ahmed FCMA Mr. Mohammed Salim FCMA

Placement Committee Mr. Md. Kausar Alam FCMA Mr. A.K.M. Zakaria Hossain FCMA

Welfare Committee Mr. Md. Akhteruzzaman FCMA Mr. Maruf-Ul- Azam FCMA

ICT Committee Prof. Dr. Md. Abdul Hannan Mia FCMA Mr. Md. Faruque Sikder FCMA

Public Relations Committee Mr. A. K. M. Delwer Hussain FCMA Mr. Akram Ahmad Numan FCMA

Infrastructure Development

CommitteeMr. Md. Ruhul Amin FCMA Mr. Morshed Ahmed FCMA

Training Committee Mr. Mohammad Ali Nawaz FCMA Mr. Md. Maksudur Rahman FCMA

Internal Audit and Compliance

CommitteeMr. Shawkat Hossain FCMA Mr. Md. Fakhrul Islam FCMA

Global Affairs Advisory Committee Mr. A.F.M. Amir Hossain FCMA Mr. Md. Munirul Islam FCMA

SAFA and International Relations

Committee

Mr. Abu Sayed Md. Shaykhul Islam

FCMAMr. Md. Mamunur Rashid FCMA

International Recognition and

Accreditation CommitteeMr. Arif Khan FCMA Mr. R Tareque Moudud FCMA

Committee for Branch Affairs Mr. Mohammed Mohiuddin FCMA Mr. Md. Habibul Kabir FCMA

Governance and Administrative

AffairsMr. Md. Abdur Rahman Khan FCMA Mr. Md. Shafiqul Islam Talukder FCMA

AnNexure 2

92


OFFICE BEARERS OF BRANCH AND CHAPTER COUNCILS

Dhaka Branch

Name of the Members Mem. No. PositionMr. S. M. Zahir Uddin Haider FCMA F-0498 Chairman

Mr. Md. Mushfiqur Rahman FCMA F-0491 Vice-Chairman

Mr. S. M. Afjal Uddin FCMA F-0660 Secretary

Mr. Monjur Md. Shaiful Azam FCMA F-0537 Treasurer

Chittagong Branch

Name of the Members Mem. No. PositionMr. Mohammed Nazmul Hoque FCMA F-0521 Chairman

Mr. Mohammed Nurul Huda Siddiquee FCMA F-0658 Vice-Chairman

Qazi Meraz Uddin Arif FCMA F-0554 Secretary

Mr. Md. Anisuzzaman ACMA A-0867 Treasurer

Khulna Branch

Name of the Members Mem. No. PositionMr. Ratan Kumar Debnath FCMA F-0265 Chairman

Mr. Ashok Kumar Debnath FCMA F-0289 Vice-Chairman

Mr. S. M. Zakir Hossain ACMA A-0804 Secretary

Sheikh Ziaul Islam ACMA A-0885 Treasurer

Canada Chapter

Name of the Members Mem. No. PositionMr. Munir A H M ACMA A-0902 Chairman

Mr. Md. Mamunur Rashid ACMA A-0647 Vice-Chairman

Mr. Muhammad Maniruzzaman FCMA F-0614 Secretary

Mr. Md. Ghulam Faruk ACMA A-0405 Treasurer

UK Chapter

Name of the Members Mem. No. PositionMr. A.K.M. Golam Morshed FCMA F-0386 Chairman

Mr. Md. Mahbubur Rahman FCMA F-0255 Vice-Chairman

Mr. Md. Kamal Uddin FCMA F-0763 Secretary

Sufian Mohammad Anisul Hoque ACMA A-0604 Treasurer

KSA ChapterName of the Members Mem. No. Position

Mr. Md. Safiullah FCMA F-0254 Chairman

Mr. Muhammad Emdad Ullah FCA, FCMA F-0276 Vice-Chairman

Mr. Md. Abul Hossain Bhuiyan FCMA F-0136 Secretary

Mr. Mohammad Ashraful Alam FCMA F-0597 Treasurer

AnNexure 3

93


ATTENDANCE RECORDS OF COUNCILORS

Council Meeting

Name of the Councilors Meetings AttendedMr. Abu Sayed Md. Shaykhul Islam FCMA 6

Mr. Arif Khan FCMA 3

Mr. Jamal Ahmed Choudhury FCMA 5

Mr. Md. Abdur Rahman Khan FCMA 5

Prof. Dr. Swapan Kumar Bala FCMA 6

Mr. Muzaffar Ahmed FCMA 5

Mr. M. Abul Kalam Mazumdar FCMA 5

Prof. Mamtaz Uddin Ahmed FCMA 4

Mr. A. K. M. Delwer Hussain FCMA 5

Mr. Mohammed Salim FCMA 6

Mr. Md. Mamunur Rashid FCMA 5

Mr. Md. Munirul Islam FCMA 6

Mr. Md. Shawkat Ali Waresi 6

Mr. A R M Nazmus Sakib 5

Mr. Sushen Chandra Das/Mr. Md. Enamul Hoque 3+1

Mr. Md. Aminul Islam Khan 2

Executive Committee

Executive Committee Members Meetings AttendedMr. A S M Shaykhul Islam FCMA 6

Mr. Arif Khan FCMA 3


Prof. Dr. Swapan Kumar Bala FCMA 5


Education Committee

Education Committee Members Meetings AttendedMr. Jamal Ahmed Choudhury FCMA 5


Mr. M. Abul Kalam Mazumdar FCMA 3

Prof. Mamtaz Uddin Ahmed FCMA 4

Mr. Md. Mamunur Rashid FCMA -

AnNexure 4

94


ATTENDANCE RECORDS OF COUNCILORS

Examination Committee

Examination Committee Members Meetings AttendedMr. Arif Khan FCMA 11

Mr. Muzaffar Ahmed FCMA 5

Mr. A. K. M. Delwer Hussain FCMA 3


Mr. A R M Nazmus Sakib 7

Research & Development Committee

Research & Development Committee Members Meetings AttendedMr. A S M Shaykhul Islam FCMA 1

Mr. Arif Khan FCMA -


Mr. Muzaffar Ahmed FCMA -

Mr. Md. Munirul Islam FCMA 1

Mr. Sushen Chandra Das/ Mr. Enamul Hoque 1

Other Committee Meetings held till November 24, 2015

Name of the Committee Number of Meetings HeldProfessional Development & Advisory Committee -

Journal and Publication Committee 3

Seminar and Conference Committee 4

Corporate Award and Branding Committee 1

Ordinance, Regulation and Corporate Laws Review Committee 3

Taxation Committee 3

Cost Audit and Professional Service Cell 1

Cost Accounting and Financial Reporting Standards Committee 5

Academic Advisory Committee 1

Placement Committee 1

Student Affairs Committee -

Welfare Committee 4

ICT Committee 1

Infrastructure Development Committee -

Training Committee -

International Recognition and Accreditation Committee -

Committee for Branch Affairs -

Governess and Administrative Affairs Committee 2

AnNexure 4

95


AUDITED ACCOUNTS FOR THE YEAR

ENDEDJUNE 30, 2015

96


Report on the Financial

Statements

We have audited the accompanying Financial

Statements of The Institute of Cost and

Management Accountants of Bangladesh

(ICMAB), which comprise the Balance Sheet as

at June 30, 2015 and the Statement of Income

and Expenditure and Statement of Cash Flows

for the year ended on that date, and a summary

of significant accounting policies and other

explanatory information.

Management’s Responsibility for

the Financial Statements

Management is responsible for the preparation

and fair presentation of these financial

statements in accordance with Bangladesh

Financial Reporting Standards (BFRS) and for such

internal control as management determines is

necessary to enable the preparation of financial

statements that are free from material

misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on

these financial statements based on our audit.

We conducted our audit in accordance with

Bangladesh Standards on Auditing (BSA). These

standards require that we comply with ethical

requirements and plan and perform the audit

to obtain reasonable assurance about whether

the financial statements are free from material

misstatement.

An audit involves performing procedures to obtain

audit evidence about the amounts and disclosures

in the financial statements. The procedures

selected depend on the auditors’ judgment,

including the assessment of the risks of material

misstatement of the financial statements,

whether due to fraud or error. In making those

risk assessments, we consider internal control

relevant to the entity’s preparation and fair

presentation of the financial statements in order

to design audit procedures that are appropriate

in the circumstances, but not for the purpose

of expressing an opinion on the effectiveness

of the entity’s internal control. An audit also

includes evaluating the appropriateness of

accounting policies used and the reasonableness

of accounting estimates made by management,

as well as evaluating the overall presentation of

the financial statements.

We believe that the audit evidence we have

obtained is sufficient and appropriate to provide a

basis for our audit opinion.

OPINION

In our opinion, the financial statements referred to

above give a true and fair view of the state of the

affairs of the Institute as of June 30, 2015 and of

the results of its performance and cash flows for

the year then ended.

Auditors’ Report to the Members of The Institute of Cost and

Management Accountants of Bangladesh (ICMAB)

Auditors report

97


We also report that:

a) we have obtained all the information and explanations which to the best of our knowledge and

belief were necessary for the purpose of our audit and made due verification thereof;

b) in our opinion, proper books of account as required have been kept by the Institute so far as it

appeared from our examination of those books; and

c) the Balance Sheet, Statement of Income and Expenditure and Statement of Cash Flows dealt with

by the report are in agreement with the books of account.

(J. U. Ahmed & Co.)

Chartered Accountants

Dated: November 10, 2015

Dhaka

Auditors report

98


THE INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF BANGLADESH

ICMA BHABAN, NILKHET, DHAKA

Balance Sheet

As at June 30, 2015

30-06-2015 30-06-2014

Taka Taka

Notes

Property, Plant and equipment 4 52,526,491 49,872,464

Bangladesh Institute of Capital Market (BICM) 5 500,000 500,000

Work in progress 6 5,325,000 -

58,351,491 50,372,464 Current Assets

Cash and bank balances 7 15,092,879 18,308,944

Investment for Gratuity 8 40,147,045 33,822,478

Short term investments (FDR) 9 117,563,316 106,608,607

Advances, deposits and pre-payments 10 3,394,695 3,794,101

Receivables and other debit balances 11 3,787,040 1,392,921

Inventories 12 540,905 652,515

180,525,880 164,579,566 Current Liabilities

Security deposits 268,149 263,149

Library caution money 730,998 719,998

Payables and accruals 13 5,933,224 3,887,320

Receipts in advance 14 281,263 67,843

7,213,634 4,938,310

Net Current Assets 173,312,246 159,641,256

Capital Employed 231,663,737 210,013,720

Financed by

General Fund 15 207,165,227 188,438,030

Provision for Gratuity 16 24,323,510 21,400,690

Scholarship Fund 17 175,000 175,000

231,663,737 210,013,720

The annexed notes 1 to 35 from an integral part of these financial statements.

Treasurer Secretary President

Place: Dhaka

Date: November 10, 2015

(J.U. Ahmed & Co.)


BALANCE SHEET

T

99


STATEMENT OF INCOME AND EXPENDITURE



Statement of Income and Expenditure

For the year ended June 30, 2015

Notes 2014-2015 2013-2014

Taka Taka

A. Income

Fees from members 18 3,452,200 3,596,055

Subscriptions and fees from students 19 58,389,580 50,102,980

Government grant 20 14,700,000 14,500,000

Interest income 21 15,049,559 15,743,980

Rental income 22 702,966 629,418

Income from InfoTech Center (Net) 23 (37,131) (2,300)

Other income 24 8,288,856 11,587,019

100,546,030 96,157,152

B. Expenditure

Employee cost 25 33,851,155 32,818,705

Occupancy cost 26 8,330,272 5,931,520

General and Administrative expense 27 10,768,972 8,551,052

Students education expense 28 10,508,967 10,782,106

Examination expense 29 5,689,710 6,736,242

Post Qualifying Education expense 30 1,679,789 1,588,111

Members Activity expense 31 1,401,000 1,247,000

Seminar and Conference expense 32 10,022,322 12,297,601

Research and Development expense 33 755,475 158,926

Journal Publication expense 34 1,893,815 1,110,673

Depreciation 35 3,920,245 4,027,159

88,821,722 85,249,095

C. Surplus of income over expenditure for the 11,724,308 10,908,057

year transferred to General Fund (A-B)

The annexed notes 1 to 35 from an integral part of these financial statements.

Treasurer Secretary President

Place: Dhaka


(J.U. Ahmed & Co.)


T

100


STATEMENT OF CASH FLOWS



Statement of Cash Flows


2014-2015 2013-2014

Particulars Taka Taka

Cash flows from Operating Activities

Surplus of Income over Expenditure for the year 11,724,308 10,908,057

Depreciation 3,920,245 4,027,159

Provision for Gratuity 2,922,820 2,950,992

Change in working Capital

Investment for Gratuity (6,324,567) (6,221,695)

Short term investment (10,954,709) (11,470,119)

Advance, deposits & prepayments 399,406 (585,251)

Receivables (2,394,119) 3,182,003

Inventories 111,610 381,044

Payables & accruals 2,045,904 (1,398,331)

Receipts in advance 213,420 (174,001)

Library caution money 11,000 27,000

Security deposits 5,000 (50,999)

Net Cash flows from Operating Activities 1,680,318 1,575,859

Cash flows from Investing Activities

Acquisition of property, plant and equipment (6,574,272) (2,094,808)

Capital Work in progress (5,325,000) -

Net Cash flows from Investing Activities (11,899,272) (2,094,808)

Cash flows from Financing Activities

Donated Fund 7,002,889 -

Net cash flows from Financing Activities 7,002,889 -

Net decrease in cash and bank balances (3,216,065) (518,949)

Cash and bank balances at the beginning of the year 18,308,944 18,827,893

Cash and bank balances at the end of the year 15,092,879 18,308,944

The annexed notes 1 to 35 from an integral part of these financial statement.

Treasurer SecretaryPresident

Place: Dhaka


(J.U. Ahmed & Co.)


101




Notes to the Accounts


1. Reporting entity


Accountants of Bangladesh (ICMAB) is the national

body of the Cost and Management Accountants

of Bangladesh. The Institute is a statutory

organization constituted by the Government of

Bangladesh under the Cost and Management

Accountants Ordinance, 1977 (Ordinance No.

LIII of 1977) and is regulated under the Cost and

Management Accountants Regulations, 1980

(As amended up to date). The Institute is an

autonomous professional body under the Ministry

of Commerce and is the only institute dedicated to

Cost and Management Accounting education and

research in Bangladesh.

2. Principal Activities

The Institute’s mission is to develop, equip and

promote Cost and Management Accounting

profession by maintaining highest professional

standards of its members in order to enable them

to provide better services to the society.

The Institute is also entrusted with the formulation

and implementation of National Accounting as

well as Cost Accounting Standards and takes

other necessary steps with a view to regulating

the Cost and Management Accounting profession

commensurate with global standards with the

ultimate objective of developing Bangladesh’s

human and natural resources to ensure common

welfare and to enrich shared future.

3. Summary of Significant

Accounting Policies

The accounting policies set out below will be

applied consistently to all periods presented in

these financial statements.

3.1 Accounting basis and

convention

The accounts have been prepared, consistently

applying Generally Accepted Accounting Principles

(GAAP) under the historical cost convention.

3.2 Property, plant and equipment

3.2.1 Recognition and

Measurement

The cost of an item of property, plant and

equipment (fixed assets) is recognized as an asset,

if and only if it is probable that future economic

benefits associated with the item will flow to the

entity and the cost of the item can be measured

reliably.

Property, plant and equipment have been

accounted for at cost less accumulated

depreciation. Cost includes expenditure that is

directly attributable to the acquisition of the items.

notes to the accounts

102


Subsequent cost of enhancement of an existing asset is recognized as a separate asset, only when it

is probable that future economic benefits associated with the item can be measured reliably. All other

repair and maintenance are charged to the income statement during the accounting period in which they

are incurred.

3.2.2 Depreciation on fixed assets

Depreciation on fixed assets has been charged on straight line method. Full year’s depreciation has

been charged on the assets acquired during first half of the accounting year, while no depreciation has

been charged on the assets acquired during the second half of the accounting year as well as on assets

disposed off.

ii) Depreciation/amortization has been calculated at the following rates:

Types of Assets Rate of depreciation/amortization (%)

Leasehold land in Dhaka 3.33%

Leasehold land in Chittagong, Khulna and Rajshahi 1.00%

Building:

i) Main building

ii) Prayer hall

iii) Garage/temporary shed

2.50%

10%

20%

Office equipment:

i) Computer

ii) Other office equipment

30%

15%

Furniture and fixtures 10%

Library books 10%

Motor car 25%


103



3.3 Inventory valuation

Inventory has been valued at cost.

3.4 Government Grant

The grant received from the Government of

Bangladesh has been recognized as income

and shown in the Statement of Income and

Expenditure as the grant was allowed to meet

revenue deficit.

3.5 Revenue recognition

a) Subscription and fees from members have

been accounted for on accrual basis.

b) Subscription and fees from students have

been accounted for on cash basis.

c) Interest on bank deposits has been accounted

for on accrual basis.

3.6 General

i) Physical verification of Fixed Assets and

Inventory items as on June 30, 2015 of ICMAB

Head Office and Chittagong Branch office

were taken by a Joint Inventory Committee

comprising of members from Audit Firm and

the Institute.

ii) Figures have been rounded off to the nearest

Taka.

iii) Previous year’s figures have been rearranged,

wherever considered necessary, in order to

conform to current year’s presentation.

104


30-06-2015 30-06-2014

Taka Taka

4. Property, Plant and equipment

Balance as on July 01, 2014 110,688,924 108,594,116

Add: Purchased during the year 6,574,272 2,094,808

117,263,196 110,688,924

Less: Accumulated depreciation as on July 01, 2014 60,816,460 56,789,301

Depreciation during the year 3,920,245 4,027,159

64,736,705 60,816,460

Balance as on June 30, 2015 52,526,491 49,872,464

The details of above balance have been shown in Annexure-1 at page 111

5. Bangladesh Institute of Capital Market (BICM)

Contribution to Bangladesh Institute of Capital Market (BICM) 500,000 500,000

6. Capital Work in progress

Software development Work (ERP) 525,000 -

Dhaka Building renovation work 4,800,000 -

5,325,000 -

7. Cash and Bank Balances

Cash in hand 90,500 80,500

Balance with current deposits 892,009 225,575

Balance with saving deposits 192,771 2,624,842

Short term deposits 13,917,599 15,378,027

15,092,879 18,308,944

8. Investment for Gratuity

Fixed deposit with bank 35,184,685 31,927,380

Saving deposit with bank 4,962,360 1,895,098

40,147,045 33,822,478

9. Short term investments(FDR)

Fixed deposits with bank 117,288,256 106,358,960

Fixed deposits with bank (Scholarship Fund) 275,060 249,647

117,563,316 106,608,607

10. Advances, deposits and pre-payments

Advance against expenses 862,881 889,838

Advance against TA and DA 1,009,108 1,841,714

Deposits and pre-payments 1,522,706 1,062,549

3,394,695 3,794,101

11. Receivables

Receivable from members 3,787,040 1,392,921


105



30-06-2015 30-06-2014

Taka Taka

12. Inventories

Stock and store consumable 89,181 256,174

Saleable Stock

Dhaka 260,552 179,774

Chittagong 76,199 100,147

Rajshahi 36,278 39,144

Khulna 38,591 37,907

Comilla 40,104 39,369

540,905 652,515

13. Payables and accrualsAccrued expense

Employees cost 2,155,280 37,500

Occupancy cost 831,913 777,440

General & admin expense 151,879 166,109

Student education expense 2,584,000 2,281,649

Examination expense - 377,790

Seminar & conference - 73,454

5,723,072 3,713,942

Students scholarship 124,601 24,601

Other (Liabilities) 85,551 148,777

5,933,224 3,887,320

14. Receipts in advance

Fees for membership 56,140 26,140

Annual membership fees 225,123 41,703

281,263 67,843

15. General Fund

Balance as on July 01,2014 188,438,030 177,529,973

Add: Excess of Income over Expenditure for the year 11,724,308 10,908,057

200,162,338 188,438,030

Donation from other organization 7,002,889 -

207,165,227 188,438,030

16. Provision for Gratuity

Balance as on July 01,2014 21,400,690 18,449,698

Add: Provision made during the year 3,047,520 2,950,992

24,448,210 21,400,690

Less: Paid during the year 124,700 -

Balance as on June 30,2015 24,323,510 21,400,690

17. Scholarship Fund

Scholarship 175,000 175,000

106


2014-2015 2013-2014

Taka Taka

18. Fees from members

Admission fees 275,000 292,000

Annual membership fees 3,093,000 3,172,055

Fees from certificate of practice 84,200 132,000

3,452,200 3,596,055

19. Subscriptions and fees from students

Tuition fees 7,683,326 6,542,642

Admission fees 13,145,000 11,753,000

Registration fees 7,587,500 6,504,000

Correspondence course fees 13,610,774 10,360,078

Examination and exemption fees 10,256,560 10,198,000

Annual subscriptions 4,650,720 3,500,460

Library card fees 455,800 419,600

Identity card fees 379,600 340,000

Students welfare 189,700 168,800

Practical certificate fees 257,400 189,400

Testimonial fees 14,200 22,000

Internship fees 159,000 105,000

58,389,580 50,102,980

20. Government grant

Government grant 14,700,000 14,500,000

21. Interest income

Interest on FDR’s 14,212,014 14,682,686

Bank interest 837,545 1,061,294

15,049,559 15,743,980

22. Rental income

Auditorium rent 117,500 125,000

Class room rent 392,800 240,000

Space rent 192,666 264,418

702,966 629,418

23. Income from InfoTech Center (Net)

InfoTech total income 800 7,200

InfoTech total expense (37,931) (9,500)

(37,131) (2,300)


107



2014-2015 2013-2014

Taka Taka

24. Other Income

Advertisement Income(Journal,Member list ) - 55,000

Advertisement Income (Semi. & Conf., Sponsor etc.) 4,984,556 8,961,183

Sale of Journal - 1,440

Profit from sale of saleable items 1,588,606 1,345,227

Fees from seminar and conference 428,500 619,000

Income from photocopies 21,506 24,646

Fees from workshop, CPD program 340,770 -

Fine & late fees 729,820 519,065

Miscellaneous income 195,098 61,458

8,288,856 11,587,019

25. Employee cost

Salaries and allowances 24,368,412 24,430,522

Overtime 2,700,449 1,803,616

Dress and uniform 72,000 69,415

Gratuities 3,047,520 2,950,992

Bonus 2,274,653 2,130,617

Employer’s contribution to Provident Fund 1,121,630 1,138,864

Employees’ Income tax 54,379 79,109

Group insurance 212,112 215,570

33,851,155 32,818,705

26. Occupancy Cost

Rent, rates and taxes 339,646 395,551

Electricity, gas & water charges 2,441,502 2,222,499

Repairs and maintenance 3,823,941 2,083,314

Property insurance 97,980 116,051

Security and cleaning 1,627,203 1,114,105

8,330,272 5,931,520

108


2014-2015 2013-2014

Taka Taka

27. General & Administrative expense

Printing and stationery 1,788,483 1,791,248

Motor car expense 250,311 344,575

Traveling and conveyance 418,030 604,096

Postage, telephone and courier 1,897,003 1,721,262

Meeting expense 1,407,139 2,011,387

Advertisement 2,261,115 260,327

Audit fees 60,000 60,000

International relations 551,591 548,085

Legal and professional charges 177,780 49,050

Bank charges 69,253 52,154

Employees’ welfare 213,450 180,000

Generator fuel and maintenance 725,736 713,500

Training and development 156,391 26,752

Miscellaneous expense 792,690 188,616

10,768,972 8,551,052


i. Advertisement expense includes cost of rejoinder in three daily news paper twice for FRA (Financial Reporting Act).

ii. Miscellaneous expense includes contribition to the High Commission of Nepal in Bangladesh for relief to earthquake victims in

Nepal.

28. Students education expense

Honorarium to lecturers 7,698,710 7,862,844

Correspondence course expense 16,149 164,240

Printing and stationery 745,968 934,960

Advertisement expense 693,424 457,371


Meeting expense 551,352 665,764

Newspapers and periodicals 110,665 93,335

Admission test expense 19,360 30,860

Students welfare expense 246,245 81,500

Library Photocopy expense 14,850 22,350

Incentive awarded - 15,000

10,508,967 10,782,106

i. Students welfare expense includes cost of projection meeting with different private universities and colleges.

109



2014-2015 2013-2014

Taka Taka

29. Examination expense

Honorarium to examiners and question setters 1,964,725 2,392,220

Invigilation expense 2,039,468 1,904,097

Examination allowances to staff 955,990 1,194,420





5,689,710 6,736,242

30. Post Qualifying Education expense

Honorarium to Faculty Member 76,000 -

Entertainment 812,012 587,338



Meeting expense - 8,427


Gift and presentation 250,120 290,234

1,679,789 1,588,111

31. Members Activity expense

(Details in Annex-A, B & C)

Dhaka Branch Council 700,000 585,000

Chittagong Branch Council 605,000 552,000

Khulna Branch Council 96,000 110,000

1,401,000 1,247,000

32. Seminar and Conference expense

International 2,934,708 2,832,259

Local

Printing and stationery 1,521,640 1,682,415




Entertainment Expense 4,036,755 5,970,006

Gift and presentation 659,740 575,322

Cultural function & others 283,000 454,000

10,022,322 12,297,601

110


2014-2015 2013-2014

Taka Taka

33. Research and Development expense

Administrative expense 570,975 74,026

Cost Audit Committee/Implementation expense 184,500 84,900

755,475 158,926

Administrative expense includes cost of printing of Bangladesh Cost Accounting

Standards: Volume-01

34. Journal publication expense

Honorarium to script writers 57,801 23,870

Honorarium to editor 146,800 146,120

Printing and stationery 1,562,407 847,614



1,893,815 1,110,673

35. Depreciation

Depreciation on Building 1,412,665 1,412,665

Amortization on Land 51,096 51,096

Depreciation on Furniture & Fixture 592,311 559,209

Depreciation on Office equipment 1,716,375 1,863,1054

Depreciation on library books 147,798 141,085

3,920,245 4,027,159


111


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112




Statement of Budget Variance

or the year ended June 30, 2015

Note

2014-2015Revised

Budget

2014-2015Actual

VarianceFav.(Unfav)

% Fav(Unfav)

Taka Taka Taka

A. INCOME

Fees from members 18 3,427,200 3,452,200 25,000 0.73

Subscriptions and fees from students 19 62,145,793 58,389,580 (3,756,213) (6.04)

Government grant 20 14,700,000 14,700,000 - -

Interest income 21 10,746,800 15,049,559 4,302,759 40.04

Rent 22 685,906 702,966 17,060 2.49

Income from InfoTech center(Net) 23 (19,250) (37,131) (17,881) 92.89

Other income 24 7,460,942 8,288,856 827,914 11.10

99,147,391 100,546,030 1,398,639 1.41

B. EXPENDITURE

Employee costs 25 33,474,662 33,851,155 (376,493) (1.12)

Occupancy costs 26 9,277,062 8,330,272 946,790 10.21

General and Administration expense 27 12,216,223 10,768,972 1,447,251 11.85

Students Education expense 28 11,006,008 10,508,967 497,041 4.52

Examination expense 29 5,738,031 5,689,710 48,321 0.84

Post Qualifying Education expense 30 899,241 1,679,789 (780,548) (86.80)

Members Activity expense 31 1,271,000 1,401,000 (130,000) (10.23)

Seminar and Conference expense 32 10,507,366 10,022,322 485,044 4.62

Research and Development expense 33 902,400 755,475 146,925 16.28

Journal publication expense 34 1,959,843 1,893,815 66,028 3.37

Depreciation 35 3,879,700 3,920,245 (40,545) (1.05)

91,131,536 88,821,722 2,309,814 2.53

C. Surplus/(Deficit) A-B 8,015,855 11,724,308 3,708,453

D. Capital expenditure (Annexure-1) 3,920,245 6,574,272 (2,654,027)

E. Net Surplus/(Deficit) (C-D) 4,095,610 5,150,036 1,054,426

Statement of Budget Variance

113






Receipts & Payments Account


Annexure-A

2014-2015 2013-2014

Taka Taka

A. Receipts

Opening Balance:

Cash In Hand 41,355 22,035

Cash at Bank 112,798 265,573

154,153 287,608

Donation From ICMAB National Council 700,000 585,000

Less: Advance adjusted 359,500 544,500

340,500 40,500

Advance from ICMAB against next year Budget 709,500 359,500

Loan to DBC from ICMAB National Council - 1,000,000

Advance received 50,000 -

Loan from DBC’s office bearer 190,000 70,000

Subscription & other receipts for picnic 121,250 512,500

Subscription & other receipts DBC Fellowship Night 301,600 999,992

Training fees 3,545,500 2,559,900

Raffle Draw 404,100 384,750

Advertisement/sponsor 2,636,178 1,078,705

Rental Income 4,000 12,000

Bank Interest & others 4,013 1,689

7,966,141 6,979,036

8,460,794 7,307,144

114







Annexure-A

2014-2015 2013-2014

Taka Taka

B. PAYMENTS

DBC Fellowship Night 2,530,092 2,223,223

Training Course expenses (VAT & Tax etc.) 1,399,611 1,062,246

DBC Activities Expenses:

(Reception to NC, members family day, Art competition, etc. ) 1,189,010 946,995

Indoor Games 304,561 125,266

DBC Annual picnic 1,312,475 732,514

Sponsor & Incentive expense (ICMAB students & incentive to staff) 164,975 120,600

Loan refund to DBC Office Bearer - 70,000

Loan refund to ICMAB 200,000 1,000,000

Repairs & Maintenance & renovation work of DBC 263,001 205,083

Office expenses (Meeting & Stationary expenses) 509,086 452,115

E-mail, Dish, Postage and Internet Expenses 53,860 82,350

IFRS expenses 10,000 130,028

Misc. Expenses (Doa & Milad Mohfil) 23,000 -

Hall rent (DBC Night-2045) 100,000 -

Office Equipments 353,948 -

Bank Charge 3,565 2,571

8,417,184 7,152,991

C. Closing Balance:

Cash in Hand 32,746 41,355

Cash at Bank 10,864 112,798

43,610 154,153

8,460,794 7,307,144


115








Annexure-B

A. RECEIPTS 2014-2015 2013-2014

Taka Taka

Opening Balance:

Cash in Hand 9,867 4,655

Cash at Bank 90,005 2,661

99,872 7,316

Donation from ICMAB National Council 230,000 192,000

Special Grant from National Council(Seminar, CPD’s etc.) 400,000 360,000

Reimbusement from haed office 47,743 -

Fees from participants (Seminar, Conference & Fellowship night, etc.) 306,000 567,400

Grant for workshop on BCAS & Post Budget discussion - 81,845

Ralfe Draw (Picnic,CBC Fellowship night etc.) 160,700 -

Grant (Eid-E-Miladunnabi) - 17,000

Advertisement and Sponsor 909,250 991,413

Donation 65,000 56,500

Loan - 220,260

Bank interest 1,693 2,043

1,890,386 2,296,461

2,220,258 2,495,777

116







Annexure-B

2014-2015 2013-2014

Taka Taka

B. PAYMENTS

CPD activitis expenses 143,789 94,530

CBC Fellowship Night -2014 548,271 678,150

Seminar & Conference expenses 521,121 760,571

CBC Picnic 542,745 365,998

Workshop, CPD etc. 193,868 45,088

Loan refund - 220,260

Shaheed Dibash /Pahela Baishakh, etc. 123,442 112,278

Eid- E-Miladunnabi expenses 49,197 40,389

Meeting & other Expenses 44,670 77,155

Bank charge 1,427 1,486

2,168,530 2,395,905

C. Closing Balance:

Cash in Hand 6,461 9,867

Cash at Bank 45,267 90,005

51,728 99,872

2,220,258 2,495,777


117


khulna Branch Council



Khulna Branch Council



Annexure-C

2014-2015 2013-2014

Taka Taka

A. Receipts

Opening Balance:

Cash In Hand 2,785 196


4,022 1,433

Donation from ICMAB National Council 96,000 80,000

Special Fund from ICMAB National Council - 30,000

Loan from Office Bearer, KBC) - 15,445

96,000 125,445

100,022 126,878

B. PAYMENTS

Meeting Expenses 6,000 5,500

Printing & Stationary 3,500 4,000

Traveling & Conveyance 2,000 2,400

Annual Picnic & others 30,000 85,445

Entertainment Expenses 7,000 5,000

KBC Night 20,400 -

Loan refund to Office Bearer, KBC) 15,445 -

Memorial Day, etc. 3,000 5,010

Ifter Party, Doa & Milad Mhhfil 10,500 15,376

Miscellaneous expenses 587 125

98,432 122,856

C. Opening Balance:

Cash in Hand - 2,785


1,590 4,022

100,022 126,878

118

EXECUTIVES OF THEINSTITUTE

Mr. Nazmus SalehinDirector (Additional Charge)Cell: 01975-158512E-mail : [email protected]: 9615460, 9611799 Ext.: 12 & 14

Mirza Mostafa WalidAdditional Director (Exam.)Tell : 01972-101612E-mail : [email protected]: 9615460, 9611799 Ext. : 17

Mr. Md. Mizanur RahmanAdditional Director (RPCA)Cell : 01972-227909E-mail : [email protected]: 9615460, 9611799 Ext. : 29

Mr. Md. Suhrawardi Bhuiyan FCMADeputy Director Rajshahi Coaching CentreCell : 01978-274324E-mail : [email protected] : 0721-751092

Mr. Md. Shahadat HossainDeputy DirectorChittagong BranchCell : 01972-183535E-mail : [email protected] : 031-727638

Mr. Md. Abdul MalequeDeputy Director (Education)Cell : 01976-403422E-mail : [email protected]: 9615460, 9611799 Ext. : 22

Mr. Md. Abu HasanDeputy Director (A & F)Cell : 01972-414317E-mail : [email protected]: 9615460, 9611799 Ext. : 35

Mr. Md. Monirul Islam BhuiyanAssistant Director (Admin.)Cell : 01975-444494Tel: 9615460, 9611799 Ext. : 27

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Mr. Md. Iftekher Hossain PatwaryEngineerCell : 01716-792296Tel: 9615460, 9611799 Ext. : 27

Mr. Md. Rafiqul IslamAssistant Director (Library)Cell : 01976-509054E-mail : [email protected]: 9615460, 9611799 Ext. : 18

Mr. Mohammad Abdur Rahim MahmudAssistant Director (Admin.)Cell : 01975-012420E-mail : [email protected]: 9615460, 9611799 Ext. : 13

Mr. Masud AlamAssistant Director (Finance)Cell : 01976-793119Tel: 9615460, 9611799 Ext. : 16

Mr. Md. HanifComputer ProgrammerCell : 01970-367828E-mail : [email protected]: 9615460, 9611799 Ext. : 26

Mr. Md. Nayim-Uz-ZamanAssistant Director (Education)Cell : 01833-685399E-mail : [email protected]: 9615460, 9611799 Ext. : 24

Talukder Md. Rawfur Shahid (Dawn)Officer (Desk Officer for Members’ Affairs)Cell : 01975-177049E-mail : [email protected]: 9615460, 9611799 Ext. : 30 & 32

ICMAB Annual Report 2015icmab.org.bd/images/stories/annualreports/ICMAB... · ICMAB ANNUAL REPORT...

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