January 2008 ISSN 1993-5366 ICABNews Bulletin...January 2008 to discuss issues related with the...

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January 2008

Monthly News briefing from the Institute of Chartered Accountants of Bangladesh

ICAB News BulletinNo. 220

Humayun Kabir Assumes Responsibility as President-ICAB for 2008

MEMBER OF:

International Federation ofAccountants (IFAC)

International AccountingStandards Board (IASB)

South Asian Federation ofAccountants (SAFA)

Confederation of Asianand Pacific Accountants(CAPA)

In This Issuep Humayun Kabir Assumes

Responsibility

as President-ICAB for 2008

p Meeting with the Ministry

of Commerce

p Farhad off to China for

CAPA Strategic Committee

and Task Force Meetings

p Meeting with ACCA

Officials

p Office Bearers of CRC-ICAB

Elected for 2008

p UK Chapter Management

Committee

p Council Meeting

p Meeting of the Taxation

and Corporate Laws

Committee (TCLC) of the

Council-ICAB

p CPE Seminar on 'Corporate

Governance and Reporting

by Listed Companies in

Bangladesh' held at Ctg

p President-ICAB Visits ICAB

Academic Campus

p Strategic Finance Article

featured as winning article

in IFAC’s 2007 Articles of

Merit Competition

p Nayeem Attends PAIB

Meeting and Award Giving

Ceremony at New Delhi

p President-ICAB

Visits CA Firms

ISSN 1993-5366

On January 01, 2008 Mr. M Farhad HussainFCA President ICAB for 2007 formallyhanded over the responsibility of the

presidency of the Institute to Mr. Md HumayunKabir FCA President-elect for the year 2008 in asimple ceremony organized by the employees of theInstitute. The Secretary–ICAB Mr. N I ChowdhuryFCA thanked both the outgoing and the incomingPresidents and expected that 2008 will be anothersuccessful year like 2007. Mr. Md Humayun KabirFCA newly elected President of ICAB for 2008spoke on the occasion and solicited cooperationfrom the employees like the previous years. Mr.Md. Syful Islam FCA, Ms Praveen Mahmud FCAand Mr. Nasim Anwar FCA newly elected VicePresidents ICAB for 2008 also spoke and solicitedcooperation from all. Mr. M Farhad Hussain FCAoutgoing President, Dr. Jamaluddin Ahmed FCAoutgoing Vice President–ICAB thanked theemployees for their devoted services to the Institute.Employees of the Institute were present on theoccasion.On assuming the presidency of the Institute for the

year 2008 Mr Md Humayun Kabir FCA gave stresson professional development and enhancement ofthe quality of the Chartered Accountancy educationand application and compliance of the accountingand auditing standards by the members of theInstitute.Mr Kabir said that the Institute of CharteredAccountants of Bangladesh was established for thepurpose of regulating the profession of theaccountants and matters connected therewith. Hegave utmost importance to the implementation ofthe vision and mission of the accountancyprofession to meet the challenges of globalization.Mr Kabir on assuming the office of the President-ICAB expressed determination to work in thefollowing areas to strengthen the profession and theInstitute.a) Quality Assurance, Monitoring and

Enforcement of the Code of Ethics;b) Training and Education both for members and

students;c) Examination;d) Public Relations ande) Institute's Administration.The officers and staff of ICAB assured fullcooperation to the President-ICAB.

Mr Md Humayun Kabir FCA speaking on assuming the office of the President-ICAB. Also seen Mr M Farhad Hussain FCA, IPP, DrJamaluddin Ahmed FCA, Past Vice President, Mr Md Syful Islam FCA, Ms Parveen Mahmud FCA, Mr Nasim Anwar FCA, VicePresidents-ICAB, Mr N I Chowdhury FCA, Secretary and Mr J C Biswas FCA, DOS-ICAB.

ICAB News Bulletin No. 220

January 2008 2

Mr Md Humayun Kabir FCA, President-ICAB photographed with office bearers of the Institute and Immediate Past President and Vice President. Secretary, DOS and otheremployees of ICAB are also seen.

The president ICAB Md Md HumayunKabir FCA met with Secretary Ministry ofCommerce, GoB, Mr Feroz Ahmed on 29January 2008 to discuss issues related withthe draft Financial Reporting Act 2007 andthe Twinning Project sponsored by theWorld Bank. The Secretary-MOC said thatthe finalization of the draft FRA 2007 isstill under consideration of the governmentand the matter will be given the final nod

by the Ministry of Finance. The President-ICAB in course ofdiscussion suggested to the Secretary-MOC that the Financial Reporting Councilif implemented will be a very importantstatute and in its present shape will beoverslaping and duplication as ICAB itselfis mandated to function as an oversightbody by regulating the profession of theaccuntants. Therefore, the government maykindly consult the business community and

other stakeholders and regulatory bodies ofthe country before giving the draft FRA-2007 final shape.Regarding the full contents of theAgreement signed between the MOC andthe ICAEW. Mr Md. Syful Islam FCA, MsParveen Mahmud FCA and Mr NasimAnwar FCA Vice Presidents–ICAB and MrN I Chowdhury FCA Secretary-ICABaccompanied the President. n

Meeting with the Ministry of Commerce

Seen in the picture are (5th from left) Mr Feroz Ahmed, Secretary, Ministry of Commerce GoB (4th from left), Mr Md Humayun Kabir FCA, President-ICAB (left to right), MrNasim Anwar FCA, Mr Md Syful Islam FCA, Ms Parveen Mahmud FCA, Vice Presidents-ICAB. (right to left) Mr N I Chowdhury FCA, Secretary-ICAB and Mr M Farhad HussainFCA, Immediate Past President-ICAB and ASM Nayeem FCA, Member Council & Past President-ICAB.


January 2008 3

Mr M Farhad Hussain FCA (standing 6th from left) Immediate Past President-ICAB seen with CAPA President Mr Kamalesh Vikamsey FCA (5th from left) and members ofthe CAPA Execom who met at Kunming, China recently.

Mr. M Farhad Hussain FCA, MemberCouncil, Immediate Past President-ICABand Board Member of CAPA participatedin Strategic Committee and Task ForceMeetings on January 24-25 in Kunming,China. The Chinese Institute of CPAshosted the meetings for three daysincluding Strategic Committee Meeting,Fee Review Task Force Meeting andGovernance Task Force Meetings wereheld and representatives from CAPAmember countries attended.

Farhad off to China for CAPA Strategic Committeeand Task Force Meetings

On January 29, 2008 Ms. Sarah Sim,International Development Manager ofAssociation of Certified CharteredAccountants (ACCA) along with Ms MunaRashid of the British Council, Dhakavisited the ICAB office and had a meetingwith the President ICAB regarding mutual

recognition of the professional

qualifications imparted by the ICAB and

ACCA. Both ICAB and the ACCA

explained their respective ground realities

and kept the doors open for future

discussion.

Mr Md Humayun Kabir FCA, President-ICAB (3rd from left) Mr Md Syful Islam FCA (3rd from right), Mr NasimAnwar FCA (extreme right), Mr ASM Nayeem FCA, Member Council & Past President-ICAB, (2nd from right), MrN I Chowdhury FCA, Secretary (extreme left), Ms Sarah Sim International Development Managet of ACCA (4thfrom left) and Ms Muna Rashid of the British Council Dhaka (2nd from right).

Meeting with ACCA Officials


January 2008 4

Mr Shekhar Ranjan Kar FCA qualified asChartered Accountant from the Institute ofChartered Accountants of Bangladesh in1996. He was born in 1963 at Comilla. Hepassed B.Com (Hons) in Accounting fromComilla Victoria Govt. College under theUniversity of Chittagong in 1983 andpassed M.Com in Accounting in 1984 andstood first class first. He participated in agood number of professional training

courses, workshops, seminars, etc. Atpresent he is working with BSRM Groupof Companies as Chief Accountant.Mr Md Mahfuzur Rahman Bhuiyan FCAwas born in Sitakunda under Chittagongdistrict. He obtained his B.Com (Hons) andMaster Degree in Accounting from theUniversity of Chittagong and qualified as aChartered Accountant from the Institute ofChartered Accountants of Bangladesh

(ICAB) in 1998. Mr Mahfuz served asQualified Assistant in Aziz Halim KhairChowdhury, Chartered Accountants. Heserved in Partex Beverage Limited, aconcern of PARTEX Group, and BOCBangladesh Limited, member of LindeAG, as Manager Accounts for around sixyears. Presently he is working as ChiefFinance Officer of PHP Group a localconglomerate. n

Office Bearers of CRC-ICABElected for 2008

Mr Shekhar Ranjan Kar FCA was elected Chairman and MrMd Mahfuzur Rahman Bhuiyan FCA Honorary Secretary ofthe Chittagong Regional Committee-ICAB for the year 2008.The other members of CRC are, Ms Yesmin Sabder Ali FCA,Mr Moddassar Ahmed Siddique FCA and Mr Subrata KumarBhowmick FCA.

Mr Shekhar Ranjan Kar FCA

Ms Yesmin Sabder Ali FCA Mr Moddassar Ahmed Siddique FCA Mr Subrata Kumar Bhowmick FCA

Mr Md Mahfuzur Rahman Bhuiyan FCA

UK ChapterManagementCommittee

The following office bearers of the UKChapter Management Committee wereelected on 20th January 2008 for thetenure 2008.Mr. Hossain Ahmed FCA, ChairmanMr. Mujibur Rahman FCA SecretaryMr. AKM Fazlur Rahman FCA MemberMr Mamoon Rahman FCA MemberMr AHM Shaukat Hussain FCA Member

Meetings held in January 2008

Council MeetingThe 1st Meeting of the Council of the ICAB was held on January 08, 2008 under theChairmanship of the President-ICAB Mr. Md Humayun Kabir FCA. The meetingtransacted a number of important agenda.

Meeting of the Taxation and Corporate LawsCommittee (TCLC) of the Council-ICAB

A meeting of the Taxation and Corporate Laws Committee (TCLC) of the Council-ICABwas held on January 29, 2008 under the Chairmanship of Mr. M J Abedin FCA MemberCouncil and Chairman of the Committee to finalize the ICAB recommendations on theensuing national budget for the year 2008-2009 as requested by the National Board ofRevenue. The recommendations were finalized and sent to the National Board ofRevenue for consideration.


January 2008 5

The Chittagong Regional Committee ofthe Institute of Chartered Accountants ofBangladesh recently organized a CPEseminar on “Corporate Governance andReporting” by Listed Companies inBangladesh for members of ChittagongRegion in the Conference Hall of ICAB,Chittagong Regional Office, Chittagong.Mr. Nasiruddin Ahmed Chowdhury,President, Chittagong Stock Exchange(CSE) was the Chief Guest. The keynotepaper was presented by Mr Md SalimUddin FCA, FCMA, MBA, AssociateProfessor, Department of Accounting,University of Chittagong. Mr A KChowdhury FCA, Past President, ICAB,Managing & Fiscal Partner, Hoda VasiChowdhury & Co., Chartered Accountantswas the Session Chairman. Mr ShowkatHossain FCA, Member Council, ICAB &Partner, Hoda Vasi Chowdhury & Co., was

present as Special Guest. The address ofwelcome was read by Mr Shekhar RanjanKar FCA, Chairman, Chittagong RegionalCommittee, ICAB and vote of thanks wasgiven by Mr Md Mahfuzur RahmanBhuiyan FCA, Honorary Secretary, CRC-ICAB. The seminar was attended by a largenumber of members of Chittagong Regionand many of them participated in the floordiscussions.There was a lively presentation of theseminar paper. The Session Chairmanstressed that Corporate Governance andreporting by listed companies are twointer-related issues. Reflection of theprinciples of Corporate Governance incorporate reporting can make a reporttransparent and fair and can be aninstrument to safeguard the interest ofshareholders stakeholders, and investors.

CPE Seminar on 'Corporate Governance and Reporting’ by Listed Companies in Bangladesh' held at Ctg

Mr Nasiruddin Ahmed Chowdhury, President, CSE, Chief Guest (3rd from right) and (right to left) Mr Showkat Hussain FCA, Member Council-ICAB, Special Guest, Mr A KChowdhury FCA, Past President-ICAB, Session Chairman, Mr Salim Uddin FCA, Paper Presenter and Mr Shekhar Ranjan Kar FCA, Chairman, CRC-ICAB.

ARTICLES WA N T E D

We are inviting articles from our

valued members for publishing

in the Quarterly Journal "The

Bangladesh Accountant” on the

following topics:

• Capital Market

• Banking, Finance

• Taxation

• Audit Practices

(Local & International)

• Public Finance

• Any other topic of interest to

our readers

Atttrctive honorarium will be

paid for the published articles.


January 2008 6

Mr Md Humayun Kabir FCA, President-ICAB speaking to the students at the ICAB Academic Campus at Panthapath, Ms Parveen Mahmud FCA, Vice President-ICAB (3rdfrom right), Mr N I Chowdhury FCA (2nd from left), Mr J C Biswas FCA (2nd from left) along with other officials of ICAB seen.

On 13 January 2008 Mr Md.HumayunKabir FCA President –ICAB along withMs. Parveen Mahmud FCA, VicePresident-ICAB, Mr. N I Chowdhury FCA,Secretary-ICAB and Mr. J C Biswas FCA,Director of Studies ICAB visited theAcademic Campus of the Institute and metthe students of PE-I level. Duringinteraction with the students the followingissues/points were raised and the studentswere advised to build up their career inAccountancy Profession in line with the

basic issues highlighted in the discussion. The issues stressed were to improveproficiency in:1. English Language2. IT Knowledge 3. Accounting/ Auditing Standards The following issues/points were raised bythe Students of PE-I level: 1. Study Manuals on information

Technology & Taxation-I2. Suggested Answers on Auditing

Information Technology, FinancialAccounting Cost Accounting

3. Keeping ICAB Library open on Friday4. Reducing the time deadline for

eligibility to appear for the PE-1examination (existing time deadline forappearing on the PE-1 Examination iscompletion of 01 year from the date ofregistration)

5. Practical Computer Training /Computer center

6. Use of OHP (Over Head Multi MediaProjector) in each classroom.

7. Increase of allowances duringArticleship period.

President-ICAB Visits ICAB Academic Campus

An article that appeared in theApril 2006 issue of StrategicFinance, “Finding the Right

Mix” by Kip Krumwiede and ShannonCharles is featured as the winning article inthe International Federation ofAccountants (IFAC’s ) 2007 edition ofArticles of Merit.IFAC’s 2007 edition of Articles of Meritfeatures award winning articles selected byIFAC’s Professional Accountants inBusiness Committee as part of its annualArticles of Merit award program. The 2007

publication includes articles on matchingmanagement practices to organizationalstrategy, board processes and the quality ofdecision making, key client accountmanagement, environmental managementaccounting and evaluating the return oninformation technology investments. Three of 10 articles from editions ofStrategic Finance were featured in the 2007edition of Articles of Merit. In addition tothe winning article, the other two articlesfeatured were, “Six Levels of FinancialKnowledge” by George Manners and

“Second Wave Benefits of XBRL” by

Brian McGuire, Scott Okesson and Liv

Watson from the August and December

2006 editions of Strategic Finance.

The Articles of Merit booklet can be found

on IFAC’s website at www.ifac.org/ store/

Professional Accountants in Business/

Articles of Merit-2007 Competition. The

articles featured in the booklet from

Strategic Finance can be found on archived

files under the publications section on

IMA’s website. n

Strategic finance article featured as winner article in IFAC’s2007 Articles of Merit Competition

This is for kind information of the honourable members of the Institute that the second edition of the book"Teaching of the Final Revelation" authored by the senior most member of the Institute. Mr. MufazzalHussain Chowdhury FCA (Enrl: 5) has been published recently. The book has been highly praised by thereaders and appreciated as a 'masterpiece' work on religion in English by a Bangladeshi author. The firstedition of the book published in the year 2004 has already by exhausted.

The members of the Institute will be pleased to know that the author of the book has desired to deposit thesale proceeds of the book into the "ICAB PRESIDENT SCHOLARSHIP FUND". The honourablemembers of the Institute are therefore requested to purchase the book, at its printed price of Taka 330/- inBangladesh and US$ 10/- abroad and participate in this noble venture.

The book is available at the ICAB Secretariat for sale. Members interested may please contact the undersigned& purchase the book on payment.

N I Chowdhury FCASecretary-ICAB

ALL MEMBERS OF ICAB


January 2008 7

CIRCULAR

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF BANGLADESH

1/1/ICAB(15)2008 31 January 2008

Mr. ASM Nayeem FCA,Member Council-ICAB atten-ded a SAFA Committee

meeting on Professional Accountants InBusiness (PAIB), held on 12th January2008 at the premises of Institute of Costand works Accountants of India (ICWAI)at Delhi. He also attended the awardsgiving ceremony for Best PresentedAccounts and Corporate GovernanceAwards 2006 held on the same dateorganized by the ICWAI during thevaledictory session of the Global Summiton Management Accounting. A meeting of SAFA Committee onImprovement, Transparency, Accoun-tability and Governance was held on 13December 2007 at the WIRC of ICA India,Mumbai to announce the names of winners

i n

various categories of the Best PresentedAccounts.A number of organizations fromBangladesh participated in the AwardGiving Ceremony with their presentedAccounts.From Non Banking Financial Sector Prime

Finance and Investment Ltd. Bangladeshreceived the award of runner up. In theNPOs / NGOs sector BRAC occupied 1stposition and received the awardceremonially.In the Banking Sector, Prime Bank Ltd.and Dutch Bangla Bank Ltd, from NonBanking Financial Sector, IndustrialDevelopment Leasing Company ofBangladesh Ltd (IDLC) and fromManufacturing Sector SquarePharmaceuticals Ltd received the meritcertificates.Palli Karma Sahayak Foundation (PKSF)from Hospitality, Health, Transport,Shipping and Services sector, SajidaFoundation from NPOs/NGOs sector andAgrani Bank received Award from Publicsector Entities. n

Nayeem Attends PAIB Meeting and Award Giving Ceremony at New Delhi


January 2008 8

Published by the Editorial Board of the Council, The Institute of Chartered Accountants of Bangladesh (ICAB)100 Kazi Nazrul Islam Avenue, Dhaka 1215; Tel. 9117521, 9112672, 9115340 , 9137847 Fax: 880-02-8119399 E-mail: [email protected] Website: www.icab-bd.org

Chittagong: HBFC Building (3rd Floor), 1/D, Agrabad Com. Area, Chittagong, Bangladesh Tel: 880-31-724674 Fax: 880-31-813579 E-mail: [email protected] Chapter: Suite One, 2 Haydons Road, London SW19 1HL, United Kingdom Tel: 44-020 8544 1234 Fax: 44-020-8544 1400 E-mail:[email protected] American Chapter: 5 Massey Square, Suite-2519, Toronto, Ontario M4C 5L6, Canada Tel: 416-686 6760 Fax: 416-916 1091 E-mail: [email protected]

President-ICAB Visits CA Firms

During the month of January 2008the President-ICAB visited anumber of Chartered Accountant

Firms to know about the problems faced bythem in practicing as Public Accountantsand gather opinion on the present state ofaffairs of the accountancy profession inBangladesh. The President-ICAB visitedACNABIN on January 4, S F Ahmed &Co., on January 9, M J Abedin & Companyon January 15, Khan Wahab ShafiqueRahman & Co. on January 16 andHowladar Yunus & Co. on January 21,2008 all Chartered Accountant Firms anddiscussed with them issues relating to theexisting scenerio of the accountancyprofession. While visiting ACNABIN, some ArticledStudents met the President and werethrilled having the President-ICAB amongthem. The students were moved andexpressed the hope that the Institute willimprove further in various segments of the

accountancy profession during the tenureof Mr.Humayun Kabir FCA as President ofthe Institute. The students brought to the notice of thePresident that the technical services of theInstitute should be furthered strengthenedand that better quality teachers should beengaged to teach the technique of fullpledged application and compliance ofIFRS/IAS and ISA/IAPS in the preparationand audit of financial statements. Thestudents however, drew attention of thePresident-ICAB that they should beprovided with better and education friendlyenvironment and facilities while doingArticleship with C A Firms.During Firm visits the President hadinteraction with the partners of C A Firmswhich revealed that the Institute shouldenhance and strengthen the variousdepartments of Chartered Accountancyeducation and the technical services of theInstitute. Further the Institute should

increase communication with GovernmentAgencies/Ministries and may periodicallyorganize Press Conferences on nationallyimportant issues relating to theaccountancy profession and the economyof the country. It was suggested by thePracticing members that the Institute mayorganize Press Conferences after thedeclaration of the national budgets by theGovernment which will greatly consolidatethe image of the Institute.The practicing members who exchangedviews with the President-ICAB felt that theInstitute should give more emphasize onthe quality assurance principles of theaccountancy profession and if necessarythe procedure to grant practicing license tothe members of the Institute for practicingas Public Accountants should be furtherstreamlined and made more disciplinaryand if necessary the relevant bylaws mayalso be reviewed. n

From Wikipedia, the free encyclopedia(Redirected from International AccountingStandards)International Financial ReportingStandards (IFRS) are standards andinterpretations adopted by the InternationalAccounting Standards Board (IASB).Many of the standards forming part ofIFRS are known by the older name ofInternational Accounting Standards(IAS). IAS were issued between 1973 and2001 by the board of the InternationalAccounting Standards Committee (IASC).In April 2001 the IASB adopted all IASand continued their development, callingthe new standards IFRS.IASB current projectsConvergence projects with FASBGovernment grants

Joint ventures Impairment Income tax Investment properties Research and development Subsequent events Projects under researchDerecognition (Asset and/or liabilities) Financial instruments (replacement ofexisting standards -> Merge all 3standards) Intangible assets Liabilities and Equity Structure of IFRSIFRSs are considered a "principles-based"set of standards in that they establish broadrules as well as dictating specifictreatments.

International Financial ReportingStandards comprise:International Financial ReportingStandards (IFRS) - standards issued after2001 International Accounting Standards (IAS) -standards issued before 2001 Interpretations originated from theInternational Financial ReportingInterpretations Committee (IFRIC)-issuedafter 2001 Standing Interpretations Committee (SIC)- issued before 2001 There is also a Framework for thePreparation and Presentation of FinancialStatements which describes some of theprinciples underlying IFRS.

Source: Internet

International Financial Reporting Standards

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