Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh

ICABICAB NEWS BULLETINMay 2014

Number 295

ISSN 1993-5366

peakers at a pre-budget discussion stressed the need for expanding tax net and proper allocation of budget in priority projects to

ensure desired economic growth.

They said this at the pre-budget discussion held at the Prothom Alo conference room in the city on 14 May 2014. The Institute of Chartered Accountants of Bangladesh (ICAB) and Bengali daily Prothom Alo organised the roundtable discussion with ICAB president Showkat Hossain FCA in the chair. Former ICAB president Humayun Kabir FCA moderated the discussion.

In his speech, former adviser to the caretaker government Akbar Ali Khan said that

unnecessary projects in the ADP create a burden on tax payers which ultimately affects the common and poor people.

Mr Khan further said that it is necessary to formulate proper guide lines to increase expected revenue. He also said that the problem related to the institutions incurring huge losses should be addressed with due care to turn those profitable.

He added that the economic growth of Bangladesh has been growing at about 6.0 per cent mainly due to the contribution of the lower section of people like migrant workers, readymade garment workers and microcredit borrowers and we have duty towards them and budget should reflect that.

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Proper allocation of budget... growth

ICAB-CRC Organizes CPD... Perspective’

ICAB team meets Addl. Secretary... of ICMAB

Workshop on ‘The Art of Leadership’ held

President’s Communi-cation May 2014

ICAB participates in ‘FRED’... Sri Lanka

Workshop on ‘Anti Money... Financing’ held

Country holds sustain-able... economic growth

Member’s Achievement

Campus News

Admission as Associate

Admission as Fellows

Permission to Start Practice

Permission to Join as Partner

Training for ICAB’s Professionals,... NAPD

ADB team visited ICAB

Meeting with RAJUK Chairman

New Office Bearers of DRC... ICAB President

We Mourn

ICAB team participates in SAFA... in Islamabad

Dhaka Regional Commit-tee holds 34th AGM

Proper allocation of budget in priority projects is necessary to ensure economic growth

ICAB-Prothom Alo pre-budget roundtable discussion

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A pre-budget (FY-2014-15) Round Table Discussion was jointly organised by ICAB and Prothom-alo at CA Bhaban, Kawran Bazar, Dhaka on 14 May 2014. Which was participated by (from L-R): ICAB-Secretary AKM Rahmat Ullah FCA, Council Member AF Nesaruddin FCA, Vice President Dewan Nurul Islam FCA, Member Council & Past President ICAB Md. Syful Islam FCA , Parveen Mahmud FCA, Former NBR Chairman Abdul Majid, Member Council & Past President ICAB Md. Humayun Kabir FCA, ICAB President Showkat Hossain FCA, Former Advisers to Caretaker Government Akbar Ali Khan and M Hafiz Uddin Khan, Feminist leader Salma Khan, Former NBR Member Faruk Khan, Member Council & Past President ICAB Abbas Uddin Khan FCA, Vice President ICAB Kamrul Abedin FCA, Director (Technical) ICAB Mahbub Ahmed Siddique FCA, Joint Editor Prothom Alo, Abdul Quayum and Former DCCI President, Sabur Khan.

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May 2014 No. 295

ICAB President Showkat Hossain FCA in

his welcome speech said that ICAB earlier

submitted its budget proposals regarding

VAT & Tax to the National Board of

Revenue (NBR). ICAB’s proposals were

made with a view to increase government

revenue, avoid contradictory provisions &

loopholes of existing laws, encourage

investment and discourage siphoning of

capital outside Bangladesh reduce tax rate

on organizations like SMEs that are

creating more job opportunities, control

tax return submission by NGOs and

verification of submitted financial reports.

The proposals emphasized mainly on

three areas; increase of revenue, removal

of procedural flaws and ensuring social

justice. ICAB’s proposals covered 58 areas

on Tax policies and 37 areas on VAT

policies of the government, he said.

Former NBR (National Board of Revenue)

chairman Abdul Majid said the allocation

of ADP in the upcoming budget is Tk 790

billion and the revised ADP of the last

fiscal is Tk. 600 billion. The ADP allocation

should be based on the revised ADP

budget.

He suggested the government to target

an aggressive revenue budget in order to

bring various sectors, individuals and

levels in the tax net which is yet to be

covered. Considering the tax-GDP ratio in

Bangladesh, it can be said that there is

flow of money in the economy but

interestingly the government is not

receiving the tax.

Former adviser to the caretaker

government M Hafiz Uddin Khan said

there are many projects in the ADP which

are unnecessary vis-a-vis many priority

projects are not supported with adequate

funds. He said that there should be

comprehensive action plan to control

expenditure of government particularly

on luxury expenditures. He also

emphasized on the centralised system of

budget preparation.

Former NBR member Faruk Ahmed Khan

said the tax-GDP ratio is very poor in

Bangladesh, compared to those of the

neighbouring countries. The government

has set a reasonable revenue collection

target of Tk. 1,490 billion in the upcoming

budget which is praiseworthy. He

suggested skill development of the tax

personnel to become successful in

revenue collection. Mr Ahmed however,

said the high corporate tax discourages

foreign direct investment in the country.

Former DCCI (Dhaka Chamber of

Commerce and Industry) president Sabur

Khan demanded there should be

incentive in the budget for those who will

create more employment.

Abbas Uddin Khan FCA, Council Member

and Past President, ICAB said that

employment generation through

industrialization is very important. For that,

a comprehensive industrial policy is

required. Government should ensure

proper value of agricultural products of

the farmers so that they could benefit

from it. Citing other country’s examples, he

said government should have policy to

purchase a certain level of agro-products

from the farmers directly and to create

greater market for the products. About

ADP, he said that, more allocation is

required to the projects that yield greater

benefit to the people.

Md. Humayun Kabir FCA, Council

Member-ICAB moderated the discussion.

He said, ICAB-Prothom Alo organize the

discussion every year as part of their social

and moral responsibility. The national

budget relates to the interest of all the

people of the country, so allocation of the

budget should be aimed to benefit the

wider population, he said. He further said

this year Budget has emphasized on large

scale revenue target and NBR have the

responsibility to fulfill that aim. It is

important that the revenue expenditure

should clearly address the interest of the

people and the public welfare. He also

gave opinion about the size of the budget

and ADP.

Parveen Mahmud FCA, Past

President-ICAB said despite massive

debacle that hit the world economy,

Bangladesh kept resilience as the wheel of

the Private sector was on the right track.

She said that lack of institutional

capability, poor governance and problem

in implementation process deter the

development of the country. She said we

should strengthen the family planning

program, introduce labors safety

especially for the female workers. About

labor safety, she said Bima scheme could

protect the right of the labors but there is

little institutional support in these areas.

Md. Syful Islam FCA, Past President and

Council Member-ICAB emphasized on

service sector for creating more

employment opportunities and

mentioned that this sector alone provides

53% employment of the country. He said

that government should set a target to

increase more employment through

facilitating the service sectors.

Kamrul Abedin FCA said provision of

making black money to white should be

avoided. About bank’s performance, he

said, policy is needed to revitalize the

nationalized banks.

Dewan Nurul Islam FCA, Vice

President-ICAB said at present private

investment in our country is facing a

setback. Citing examples, he said proper

steps should be taken to increase the

investment. Emphasized on institutional

capacity, he said some incentives should

be proposed in the Budget to encourage

long term investment in the capital

market.

A F Nesaruddin FCA, Council Member-ICAB

said that revenue will not increase though

expanding tax net. This is because, NBR did

not propose for the increase of tax net after

surveying ground reality of taxpayers, he

said. NBR may have some limitations, but it

can engage private firm for surveying, he

further said and added that harassments to

tax payers should not occur. Mr. Nesaruddin

also remarked on foreign currency loan and

its effect.

Salma Khan, feminist leader spoke about

gender related issues and women’s

education. He said that in the budget

there should be allocation to address the

gender related issues with due

importance.

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May 2014No. 295

Workshop on ‘The Art of Leadership’ held

ICAB-CRC Organizes CPD Seminar on ‘Harmonization of Financial Reporting and Audit Practices: Bangladesh Perspective’

ICAB team meets Addl. Secretary (IIT), MoC on Transformation of Name of ICMAB

he Chittagong Regional Committee of ICAB organized Continuous Professional Development (CPD) Seminar on

‘Harmonization of Financial Reporting and Audit Practices: Bangladesh Perspective’ at its Conference Hall on 31 May 2014. ICAB President Showkat Hossain FCA graced the occasion as Chief Guest. Dr. Mohammad Ayub Islam, Professor, Department of Accounting & Information Systems, University of Chittagong moderated the seminar as Session Chairman.

Anwaruddin Chowdhury, Council Member and Past President-ICAB presented the valuable Key-note Paper in the seminar. A total number of 72 ICAB Members attended the seminar.

A two member ICAB team comprising of

Vice President-ICAB Kamrul Abedin FCA

and Masih Malik Chowdhury FCA met with

Monoj Kumar Roy, Additional Secretary

(IIT) of Ministry of Commerce, GoB at

letter’s office on 11 May 2014 and

discussed on the ICAB Representative’s

comment in the meeting held on 21 April

2014 in Ministry of Commerce which was

not properly recorded in the minutes. ICAB

Team requested Additional Secretary for

record the ICAB Representative’s opinion

in the said meeting. Roy assured to amend

the minutes properly in this regard.

The Ministry of Commerce, GoB held a

meeting on 21 April 2014 regarding

‘Transformation and Amendment of

ICMAB Ordinance 1977 into Bangla’ where

ICAB Representative Masih Malik

Chowdhury FCA, Member Council –ICAB

were present. They opposed the change of

the existing name ‘Institute of Cost and

Management Accountants of Bangladesh’

into new name ‘Institute of Chartered

Management Accountants of Bangladesh’

with their logical points.

ICAB Representative citing some relevant

examples in our neighboring countries

like India SAID if the name of ICMAB is

changed, it will create confusion between

the two professions.

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The Institute of Chartered Accountants of Bangladesh (ICAB) organized a two day long workshop on ‘The Art of Leadership’ for its Member from 24-25 May, 2014. A total number of 30 participants took part in the workshop. Showkat Hossain FCA, President-ICAB inaugurated the workshop. So far under the Workshop on ‘The Art of Leadership’ organized by the Institute in several batches, total number of 130 ICAB Members has successfully completed this workshop.

Md. Humayun Kabir FCA, Dewan Nurul Islam FCA, Muhammed Farhad Hussain FCA and Gopal Chandra Ghosh FCA were the in house resource persons of the workshop. Md. Moinul Islam from ACI Limited and Md. Masud Khan from Surma Lafarge Cement Limited were also the resource persons of the workshop.

The areas of the workshop covered communication skills, develop public speaking skills, leadership basics, interviewing skills, posture & gesture, expectations from a Finance Manager, Managerial Leadership in 21st Century, progression Career.

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May 2014 No. 295

Dear Fellow Members,

Assalamu Alaikum and Greetings to you all.

Like every year, historic May Day is observed in commemoration of the struggle by workers at Chicago in the USA to establish the rights of eight-hour working day and with renewed pledge to uphold the rights of working class.

I extend my sincere wishes and congratulations to all our stakeholders a great May Day, as it is a celebration of the spirit, rights and solidarity of workers and employees. I would like to see all stakeholders of the Institute smile, cherish and prosper in harmony, as I understand, ultimately this happiness will reflect and bear upon the quality of services to be offered to our Members, Students, and other Associates of the Profession.

I take this opportunity to update you on some major activities accomplished and initiatives we have undertaken during May 2014.

Major Activities in May 2014

SAFA Events and RSS Conference in Islamabad

A 5-Member ICAB Delegation headed by myself participated in the 32nd SAFA Board Meeting, 78th SAFA Assembly, different Committees & Task Force meetings, Award Ceremony for SAFA Best Presented Annual Report Awards and SAARC Anniversary Awards for Corporate Governance Disclosures and Regional Standards Setters (RSS) Conference from 2 to 4 May 2014 at Islamabad, Pakistan.

SAFA Committees and Task Force Meetings

Following 07 SAFA Committees and Task Force meetings were held on 2 May 2014 at Hotel Serena, Islamabad and ICAB nominated concerned Committee/Task Force Members attended in the respective meetings:

• SAFA Committee on International Affairs;

• SAFA Committee for Improvement in Transparency, Accountability & Governance(ITAG);

• SAFA Committee on Governmental and Public Sector Enterprises Accounting

• SAFA Committee on Education, Training and CPD;

• SAFA Committee on Professional Accountants in Business (PAIB);

• SAFA Committee on Small & Medium Practices Committee (SMP)

• SAFA Task Force to develop Strategy to Combat Corruption in SAARC Region;

32nd SAFA Board & 78th SAFA Assembly

As President ICAB and Board Member SAFA, I led the ICAB delegation in the 32nd SAFA Board and & 78th SAFA Assembly meeting held at Hotel Serena, Islamabad on 3rd May 2014. In the Board & Assembly meeting, I raised different issues for strengthening the activities of SAFA including suggestion on professional matters which were given due weight by the SAFA Board.

President’sCommunication

May 2014

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May 2014No. 295

SAFA BPA & SAARC Anniversary Award for CG

ICMA Pakistan hosted the Award Giving Ceremony for SAFA BPA Awards and SAARC Anniversary Awards for Corporate Governance Disclosures 2012 on 3 May 2014 evening at Hotel Serena, Islamabad. Representatives of SAARC countries including Bangladeshi Award winning companies were present in the occasion and received their awards. I am very happy to inform that Bangladeshi companies achieved highest awards including overall winners in this competition.

Regional Standard Setters’ Conference

Organized by ICMA Pakistan, Standard Setters from India, Pakistan, Bangladesh, Sri Lanka participated in the Annual Regional Standard Setters (RSS) Conference on 4 May 2014 at Hotel Serena, Islamabad under the aegis of SAFA. As per invitation, I participated in the Panel Discussion on ‘Requirement of Implementing an Accounting Standard for Micro Entities in the SAFA Region’ and presented Bangladesh perspective on this topic. Md. Abdus Salam FCA, Immediate Past President ICAB participated in another Panel discussion on ‘Implications of implementing the IFRS 13’. All the presentations focused on the current status of each country's effort to adopt IFRSs, the challenges they face and the steps taken by countries affiliated to the South Asian Federation of Accountants (SAFA) for adoption of these International Standards.

Other members of the ICAB delegates were Vice President Nasim Anwar FCA, Past Presidents Abbas Uddin Khan FCA & Md. Abdus Salam FCA and Council Member Masih Malik Chowdhury FCA.

ADB Team Visits ICAB

A 4-Member Asian Development Bank (ADB) Team visited ICAB on 5 May 2014 and discussed about the recent development of ICAB after ROSC Report published by the World Bank in 2003. Vice President Kamrul Abedin FCA led the ICAB team in the meeting. Vice President ICAB briefed the meeting that since the introduction of ROSC Report, ICAB has made tremendous advancement in the field of education, quality assurance, standards and Investigation & Disciplinary

matters etc. ICAB has signed MOU and MRA with ICAEW and CPA Ireland. It has strong ties with World Bank. ICAB has also signed MoU with the Office of the Comptroller and Auditor General (OCAG). ICAB provides training to Bangladesh Bank, National Board of Revenue, some regulatory bodies and Non-Government Organizations on regular basis. As a Regulatory body, ICAB is very much proactive to take disciplinary action against the guilty CA firms. Its investigation and Disciplinary Committee is giving highest priority in the matter of allegation against any member or CA Firms. ADB team appreciated ICAB’s efforts on above developments since 2003. I hope that future relationship between two organizations will be strengthened through this visit.

Training on Public Sector Financial Management

ICAB organized another 4 batches Training (5th to 8th batches) on ‘Public Procurement Rules (Advance Level from the Audit Perspective) and Public Financial Management (Treasury Rules, General Financial Rules, Budget etc.)’ from 6 to 8 May 2014 and from 12 to 15 May 2014 for ICAB Members, partly qualified Students and Representatives from Audit Firms under the World Bank financed Project titled ‘Promoting Public Private Partnership for Improved Quality Audit & Assurance’. National Academy for Planning and Development (NAPD) in Dhaka provide this training and in total 120 participants (30 participants in each batch) attended in the training program and received certificates from the President ICAB. The aim of this training is to enhance the capacity of the professionals at individual as well as at firm’s level attached with the opportunities in Public Sector like; Consultancy, Audit, Review, Investigations and staff Appointments etc.

Meeting with MOC Additional Secretary on Transformation and Amendment of ICMAB Ordinance 1977 into Bangla

A two Member ICAB Team comprising of Vice President-ICAB Kamrul Abedin FCA and Masih Malik Chowdhury FCA met with Monoj Kumar Roy, Additional Secretary (IIT) of Ministry of Commerce, GoB in his office on 11 May 2014 and discussed on the ICAB Representative’s comment in the

meeting held on 21 April 2014 in Ministry of Commerce which was not properly recorded in the minutes. ICAB Team requested Additional Secretary for record the ICAB Representative’s opinion properly in the said meeting. Roy assured to amend the minutes properly in this regard.

I can share with you here that Ministry of Commerce organized a meeting on 21 April 2014 regarding ‘Transformation and Amendment of ICMAB Ordinance 1977 into Bangla’ where ICAB Representative Masih Malik Chowdhury FCA, Member Council –ICAB opposed to change the existing name ‘Institute of Cost and Management Accountants of Bangladesh’ into new name ‘Institute of Chartered Management Accountants of Bangladesh’ which will create confusion among in the country. ICAB Representative had also spoken in the meeting that a Court case was filed against the proposal for the name of ‘Institute of Chartered Management Accountants of India’ in place of ‘Institute of Cost Accountants of India’ and finally the name was fixed as ‘Institute of Cost Accountants of India’, with the verdict of the Court. We hope that Govt. will reconsider the proposal before change the existing name of ICMAB.

ICAB and Daily Prothom Alo Organized Pre-Budget Round Table Conference

On the eve of the announcement of the National Budget 2014-15, the Institute of Chartered Accountants of Bangladesh (ICAB) and the Daily Prothom Alo, national Bengali daily newspaper jointly organized a Pre-Budget Roundtable discussion on 14 May 2014 at Prothom Alo Conference Room, CA Bhaban, Dhaka.

Under my Chairmanship, Chartered Accountants, Economists, Budget Analysts, former Advisers of the Caretaker government, Journalists and Prominent Members of the ICAB participated in the discussion. Md. Humayun Kabir FCA, Council Members & Past President ICAB moderated the discussion in the meeting.

Speakers at pre-budget discussion put some suggestions on some areas like Government’s Borrowing, Budget Deficit, ADP, Inflation, Investment, use of Foreign Loans, introduction of Sovereign Bonds and said to make the budget people

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friendly, these suggestions, their thoughts, should have been reflected in the up-coming budget. The Members and Past Presidents of ICAB highlighted some benchmark suggestions of their proposals such as widening the VAT net with inclusion of Joint Venture associations, branches and liaison offices of foreign companies, exemption of VAT to facilitate commercial import needed for the country while, imposing VAT on the import of software, etc.

On Tax policies, they tried to draw attention of the government on some underpinning features including ways to increase the Government Revenue, means to remove complexities and contradictions to mitigate legal procedure, ensuring Transparency in the application of Law, justification of ADR in resolving the conflict in Tax issues, encouraging investment and hinder the outflow of capital from the country; implementation of the policies on reduced rate of Tax on the organizations adding value to the economy as well as SMEs of the country.

CPD Seminar on ‘An Analysis of Macroeconomic Performance of Bangladesh’

A CPD Seminar on ‘An Analysis of Macroeconomic Performance of Bangladesh’ was held in ICAB Auditorium, Dhaka on 15 May 2014. Moazzem Hossain, Editor of the Financial Express, graced the occasion as the Chief Guest while Anwaruddin Chowhdury FCA, Member Council & Past President ICAB conducted the Seminar as Session Chairman. Md. Shahadat Hossain FCA, Council Member and Partner, Shahadat Rashid & Co., Chartered Accountants presented the keynote paper.

Chief Guest in his speech urged that investment GDP ratio should be raised up to 32% to attain Bangladesh in a middle income status by 2021. In my Address of Welcome I opined that inclusive growth implies a direct link between macro and micro determinants of growth, and captures the importance of structural transformation for economic diversification and competition. Md. Shahadat Hossain FCA in his presentation emphasized to reduce the poverty through capacity building of SMEs and

more employment. Good number of members attended in the seminar and many of them participated in the floor discussion.

34th AGM of Dhaka Regional Committee

34th Annual General Meeting of Dhaka Regional Committee (DRC) of ICAB was held on 17 May 2014 at ICAB Auditorium, CA Bhaban, Dhaka. Hon’ble Past Presidents, Council members and large numbers of DRC Members were attended in the DRC AGM. Mohammad Khairul Alam FCA (Enrl-972) and Md. Yasin Miah FCA (Enrl-1001) have been elected as Chairman and Secretary respectively for the year 2014. Other members of DRC Office Bearers are Md. Fokrul Islam FCA (Enrl # 890), Md. Eftekhar Ali FCA (Enrl-910), Md. Selim Reza FCA (Enrl-939), Mizanur Rahman FCA (Enrl-940), Mohammed Sabir Ahmed FCA (Enrl # 949), Md. Zakaria FCA (Enrl-967) and Md. Monzur Alam FCA (Enrl-993). New DRC Office Bearers for 2014 introduced themselves in the AGM and announced their commitment to work for betterment of the members and the profession in the coming year at large.

FRED Conference and CAPA Sri Lanka Events

A two member ICAB delegates, headed by me participated in the ‘Financial Reporting for Economic Development (FRED)’ Conference from 19 to 21 May 2014 at Negombo, Sri Lanka. IFAC, the World Bank and CAPA organized this Conference in association with CA Sri Lanka.

As per invitation of FRED Conference Organizer, I presented a technical paper titled “PAO’s view on the profession’s ability to Self-regulate” at the Breakout Session D: Ethics and the professional accountant – An Asian perspective on 21 September 2014. I am happy to share with you that my presentation was highly appreciated by the participants. Another ICAB delegate Anwaruddin Chowdhury FCA, Member Council & Past President ICAB and Director CAPA Board participated in the CAPA Board, CAPA Public Sector Financial Management (PSFM) Committee and CAPA AGM from 22 to 23 May 2014 at Negombo, Sri Lanka. It was suggested in the PSFM Committee meeting that the Professional Accountancy Organizations (PAO) working

with donors in Bangladesh would provide a good case study.

Leadership Training for ICAB Members

4th Batch Training on ‘The Art of Leadership’ was held from 24 to 25 May 2014 at Training Room, CA Bhaban, Dhaka. Total 35 young ICAB Members participated in the training program to improve their professional quality & leadership and 5 Trainers both from ICAB members & others including Vice President Dewan Nurul Islam FCA, Council Members Muhammed Farhad Hussain FCA, Md. Humayun Kabir FCA, Gopal Chandra Ghosh FCA and Moinul Islam, General Manager, Human Resources, ACI Ltd conducted this training.

Workshop on ‘Anti-Money Laundering and Terrorist Financing’

Jointly organized by the World Bank, Bangladesh Bank and ICAB, a Workshop on ‘Anti-Money Laundering and Terrorist Financing’ was held in ICAB from 27 to 29 May 2014 in ICAB Training Room, Dhaka. Inaugurating the Workshop on 27 May 2014, I focused on the compliance requirements of Professional Accountants on AML/CFT Issues and their role, specially practicing Accountants for preventing Money Laundering in the country. Some important topics like overview of AML/CFT & Relevance with Accountants, Money Laundering Prevention Act 2012 & Anti-Terrorism Act 2009 (Amendment in 2013) were discussed in the Workshop. Marilyne Landry, AML/CFT Expert of World Bank conducted the Workshop. 100 ICAB Members under two batches and ICAB Senior Officers participated in the Workshop and received Certificates from the President ICAB. The aim of the Workshop was to build awareness among the Members and Officials of ICAB about the Money Laundering and Terrorist Financing cases regarding National and International perspective and I hope that participants will be benefited from this workshop.

CPD Seminar in Chittagong

The Chittagong Regional Committee (CRC) of ICAB organized a CPD Seminar on ‘Harmonization of Financial Reporting and Audit Practices: Bangladesh Perspective’ at its Conference Hall on 31 May 2014. I was present in the Seminar as the Chief Guest

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where Dr. Mohammad Ayub Islam, Professor, Department of Accounting & Information Systems, University of Chittagong moderated the seminar as Session Chairman. Anwaruddin Chowdhury, Council Member and Past President-ICAB presented the Key-note Paper. Good number of ICAB members under Chittagong region attended the seminar and many of them took part in the discussion.

Other important activities of this month

ICAEW ACA Advanced Stage Coaching Classes

ICAEW ACA Advanced Stage Coaching Classes have been started since 30 May 2013 and it will be ended on 17 July 2014. ICAB Members registered under ICAEW are taking part in these classes and 3 ICAB Tutors trained by ICAEW are taking in the ICAEW ACA Advanced Stage classes. As ICAB is now the Learning Partner and Recognized Tuition Provider of ICAEW, they confirmed us that they will send a UK Tutor to ICAB for provide training to ICAB members registered with ICAEW. Accordingly, we are expecting that William Gary Leyshon, a Kaplan Financial Representative will visit Bangladesh and conduct ICAEW Advanced Stage Classes (Revision Phase Case Study Paper) for students from 15 to 17 July 2014.

Meeting with Chairman RAJUK

A 5-Member ICAB team led by Abbas Uddin Khan FCA made a courtesy call with G. M. Jainal Abedin Bhuiya, Chairman, RAJUK in his office on 11 May 2014. They discussed various development issues including allocation of land for ICAB Academic Campus at Uttara, Dhaka. Chairman assured ICAB team to look after this matter on priority basis. Other members of ICAB team were Member Council & Past Presidents Md. Syful Islam FCA & Md. Abdus Salam FCA, Fellow Member Ajit Kumar Paul FCA and ICAB Secretary AKM Rahmatullah FCA.

Meeting with new DRC Office Bearers

Newly elected Office Bearers of Dhaka Regional Committee (DRC)-ICAB headed by Mohammad Khairul Alam FCA paid a courtesy call on me at ICAB Office, Dhaka on 27 May 2014 and discussed various professional issues. Among others the

outgoing DRC Chairman Md. Fokrul Islam FCA and ICAB Secretary AKM Rahmat Ullah FCA were present during the meeting. I congratulated new DRC Office Bearers and hope that they will successfully discharge their professional responsibility for the betterment of members and the profession.

Md. Rayhan Mirza FCA and Ashoke Kumar Saha FCA pass away

I was deeply shocked and saddened to hear the news of the death of Md. Rayhan Mirza FCA (Enrol-1024), expired on 02 May 2014 in Sudan (Inna Lillahe......Rajeun). I, on behalf of the Council and its members express profound grief on his demise and pay heartfelt tribute to the departed soul. In my condolence message as President ICAB, I expressed my deepest sympathy to the family members and prayed to Almighty Allah(SWT) for the eternal peace of the departed soul.

I was also deeply saddened to learn about the demise of Ashoke Kumar Saha FCA (Enrol-677), Partner, G Kibria & Co., Chartered Accountants died on 30 May 2014. On behalf of Council-ICAB and its Members, I expressed my deepest sorrow at the demise of Ashoke Kumar Saha FCA and prayed for the eternal peace of the departed soul and give the strength & courage to bereaved family members to bear this irreparable loss.

Meetings of Council and Standing & Non-standing Committees

The following meetings of the Council, Standing and Non-standing Committees and Sub-committees of ICAB were held during the month of May 2014:

- Meeting of 11-Member Council Committee on FRA Issues was held on 26 May 2014 at 7.00 pm

- Meeting of 11-Member Council Committee on FRA Issues was held on 28 May 2014 at 7.00 pm

- Meeting of 11-Member Council Committee on FRA Issues was held on 31 May 2014 at 1.00 pm

Standing Committees:

- Meeting of Examination Sub-Committee was held on 6 May 2014.

- Meeting of 6-Member Sub-Committee for Articled Students Committee of Council-ICAB was held on 7 May 2014 at 6.30 PM

- 1st Meeting of QAB Sub-Committee was held on 18 May 2014 at 5.30 PM

- 3rd Meeting for 2014 of Investigation and Disciplinary Committee (IDC) of Council –ICAB was held on 24 May 2014 at 5.00 PM

- 3rd Meeting for 2014 of the Executive Committee of Council-ICAB was held on 25 May 2014 at 5.30 PM

- 3rd Meeting for 2014 of the Real Estate Committee (REC) of Council-ICAB was held on 27 May 2014 at 4.00 PM

- 2nd Meeting of QAB Sub-Committee was held on 28 May 2014 at 5.00 PM

Non-Standing Committees:

- Meeting of 5-Member Sub-Committee for Land Issue was held on 10 May 2014 at 4.30 PM

- 3rd Meeting for 2014 of Information and Communication Technology Committee (ICTC) of Council-ICAB was held on 11 May 2014 at 5.30 PM

- Meeting with LGSP Auditors was held on 12 May 2014 at 4.00 PM

- 2nd Meeting of Review Committee for Published Accounts & Reports (RCPAR) of Council-ICAB was held on 22 May 2014 at 6.00 PM

- 2nd Meeting for 2014 of Editorial Board of Council-ICAB was held on 26 May 2014 at 7.00 PM

- Meeting of Member Services and Welfare Committee (MSWC) of Council-ICAB was held on 31 May 2014 at 5.30 PM

Thanks and best regards!

Showkat Hossain FCA PresidentMay 2014

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CAB President Showkat Hossain FCA and Member Council and Past President ICAB, Anwaruddin Chowdhury, partici-

pated in the CAPA-World Bank organised and CA Sri Lanka sponsored Conference on Financial Reporting for Economic Development (FRED) held in Negombo, Sri Lanka from 19-21 May. Anwaruddin Chowdhury, Director CAPA Board and Bangladesh Representative on CAPA PSFM Committee, participated in the CAPA Board and Directors (only) meeting and the PSFMC meeting on 22-23 May 2014. With two keynote addresses, five plenary and four breakout sessions, the Confer-ence featured more than 30 speakers from local, regional, and international organisa-tions around the world. The Conference, first of its kind in Asia, also attracted 200 participants from over 20 countries.

Showkat Hossain FCA, President-ICAB acted as one of the panelists of breakout session D: Ethics and professional accountant – An Asian perspective in conference on 21 May 2014. Emphasizing on compliance of ethical requirements in present scenario, good practices and recent reforms taken place in this region, Mr. Showkat shared his views. Anwaruddin Chowdhury most actively participated throughout the FRED conference that was segmented into five plenary sessions; Financial Report-ing Supply Chain: Who is Accountable for What?, Financial Reporting in the

Public Sector, Accoun-tancy Profession in Asia: The State of Play, Beyond financial reporting: Is Integrated Reporting the answer? and four break-out sessions; Ensuring quality corporate financial reporting, Corporate governance, internal control and risk manage-ment, Education and the development of needed skills and Ethics, The professional accountant-An Asian perspective. Among the participants Mr. Anwaruddin raised many relevant questions in each session which the Chairmen of the sessions

heard patiently and gave answers before the audience. Anwaruddin Chowdhury also actively participated in CAPA Public Sector Financial Management Committee Meeting on 22 May and CAPA Board and

Directors (only) meeting on 23 May 2014.The members of the committee discussed about Strategic activities, FRED Conference, next PSFMC Meetings and associated events. They had gone thorough discussion and a strategic plan to attract and retaining finance profes-sionals in public service, ‘Academia’ stakeholder to provide idea of public sector specialization, need to influence behavior to attract and retain qualified accounting professionals and training public sector officials in financial reporting, etc. It was suggested that the PAO working with donors in Bangladesh would provide a good case study. There was also a request from the members of the meeting to provide an introductory section to the document so as to assist the initial drafting of the case study. They approached the World Bank and the ADB representatives presented here to collect

I

ICAB Participates in ‘FRED’ Conference and CAPA Events in Negombo, Sri Lanka

Anwaruddin Chowdhury second from left in front row seen in a group photo of CAPA full Board during Annual General Meeting held on 23 May 2014 in Negombo, Sri Lanka.

Anwaruddin Chowdhury seen (extreme right) in CAPA Public Sector Financial Management Committee Meeting held on 22 May 2014 in Negombo, Sri Lanka.

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May 2014No. 295

CAB, the World Bank and the Bangladesh Bank jointly organized a series of workshops on ‘Anti Money

Laundering and Terrorist Financing’ at ICAB’s Auditorium on 27, 28 and 29 May,2014. The Officials of the Institute participated in the workshop on 27 May and the Members of the Institute participated on 28 and 29 May where ICAB President, Vice Presidents and Council Members were also present. A total number of 100 ICAB Members and

25 ICAB officials took part in the workshop.

The main areas of the workshop were Overview of FATF Recommendations, ML/FT vulnerabilities in the accounting and TCSP sector, Overview of AML/CFT law and obligation in Bangladesh.

Resource Persons of the Workshop were Ms. Marilyne Landry, AML/CFT Expert, The World Bank,Dhaka, Ms. Priyani Malik,Financial Sector Specialist,Financial

Market Integrity(FFSFI),Financial and Private Sector development, The World Bank,Dhaka and Kamal Hossain, CAMS Joint director, BFIU, Bangladesh Bank. The Workshop was ended with the certificate giving session. The Workshops were organized with a view to build awareness among the Members and Officials of ICAB about the Money Laundering and terrorist Financing cases regarding National and Internatioanal perspective.

I

Workshop on ‘Anti Money Laundering andTerrorist Financing’ held

any available empirical evidence/statistics on the number of finance professionals in public sector on a country‐by‐country basis and to consider collecting PAOs, perhaps using some base data from IFAC and the statistics should include technicians. The meeting had passed an Action Plan in this regard.The members emphasized on committee’s consideration to align the next FRED Conference with the CAPA Conference to be held in October 2015 in Seoul, Korea and the focused area of the conference would be on public sector that could benefit less developed countries as well. It was decided that a strategy would be taken to align both conferences for all parties to achieve a win‐win outcome. All the CAPA events were concluded on 23 May 2014.

Anwaruddin Chowdhury speaking at CAPA Board and Directors (only) Meeting held on 23 May 2014 in Negombo, Sri Lanka.

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May 2014 No. 295

Country holds sustainable position in economic growthSpeakers at ICAB seminar

angladesh holds sustainable

position in economic growth in

consideration of Macroeconomic

Performance. However, due to increased

globalisation of the economy, the country

is facing a number of challenges and

therefore, it is urgent need to identify

these challenges with view to ensure

continuation of the growth performance.

The ratio of investment-GDP (gross

domestic product) should be increased

for Bangladesh to attain a middle income

status by 2021. Currently the

investment-GDP ratio is around 25 per

cent and it should be increased to at least

32 per cent to attain that goal. Speakers

said these at seminar on ‘An analysis on

Macroeconomic performance of

Bangladesh’ organized by the Institute of

Chartered Accountants of Bangladesh at

CA Bhaban on Thursday, 15 May 2014.

Moazzem Hossain, Editor of the Financial

Express was present as the Chief Guest.

ICAB President Showkat Hossain FCA

delivered the welcome speech while

Council Member and Past President

Anwaruddin Chowdhury FCA moderated

the program as Session Chairman. ICAB

Council Member Md Shahadat Hossain

FCA presented the key-note paper in the

seminar.

Speaking as the chief guest, Moazzem

Hossain said Bangladesh now needs to

raise investment to attain its economic

goals.

He said attaining a middle-income

country status by 2021 would be a great

challenge for Bangladesh, if it fails to

attract substantial amount of investment.

He said currently the investment-GDP

ratio is around 25 per cent, adding it

should be at least 32 per cent to reach

that goal.

The FE Editor urged the professional

accountants to carry out detailed study

on the size of the shadow economy.

He said Bangladesh has some strategic

advantages over its competing nations to

grow at a faster pace.

He also said the economic growth over

the last two decades was significant. The

country should have been advanced

more, as it has a number of advantages

like a large working population

accompanied by cheap labour.

The land productivity should be

enhanced to raise food production, he

added.

Showkat Hossain said that in

consideration of Macroeconomic

Performance, evident shows that

Bangladesh holds the sustainable position

in economic growth as the GDP growth

rate is on an average 5% to 6.5%. He

further said that on the policy side, a good

record on growth seems to have

benefited from impressive macro stability.

Inflation hasn’t touched double digits for

almost two decades, while public and

external debt situation is fairly

comfortable, he added.

Describing improvement in health sector,

education sector and social protection of

the poor, the ICAB president said,

Bangladesh has surpassed most low

income countries (LDCs) in this regards.

However, to achieve the desire growth,

the country is facing some challenges and

therefore, it is urgent need to identify the

challenges to ensure further development

in economic infrastructure, good

governance, improved and competent

financial sectors, export competitiveness,

effective education and health system,

employment and workforce with gender

equality, advancement of science and

technology, demography and

environmental sanctuary, balanced

urbanization and better agriculture

management, etc.

He said, inclusive growth implies a direct

link between the macro and micro

determinants of growth and captures the

importance of structural transformation

for economic diversification and

competition. To ensure a sustainable

economic growth the government should

B

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May 2014No. 295

have to take a strategic Financial

Management Policy, Mr Showkat further

added.

He said, special care for capacity building

of small and medium enterprises (SMEs)

in the emerging trade order is necessary

for substantial poverty reduction.

The government's unnecessary

development activities should be avoided

in the national budget as it leads to

widening deficit financing and raising the

volume of debts significantly, said the

keynote paper Md Shahadat Hossain FCA.

He said such types of government

expenses help raising the volume of

interest payments each year, and it grows

fast.

The paper noted that unnecessary

development projects taken by the

government create inflationary pressure

in the country, which erodes the

purchasing power of the middle- and

limited-income bracket people.

However, to keep the inflation within the

tolerable range through controlling the

demand-driven inflation, the central bank

should bring down the annual money and

credit growth at a reasonable rate, he

added.

The keynote speaker said the programme

for social safety may be continued with a

larger form to eradicate poverty and

ensure food security.

The keynote presenter elaborated the

country’s macro performance and the

development of economy in his paper. He

forwarded some recommendations to

attain desire growth in macroeconomic

level performance.

He noted that in the government

accounting system, there is no

reconciliation between accumulated

budget deficit and the amount of

government debt which is essential to

confirm both the balances.

He said apart from this, there remain lots

of anomalies such as difference between

balance of government debt as per record

of ministry and record of the Bangladesh

Bank (BB), balance between Bangladesh

Railway and BB and so on.

"Due to non-reconciliation of those

differences, frauds and errors may remain

undiscovered," the keynote speaker

observed.

"To ensure the transparency and

accountability, these issues may be

resolved with the assistance of

professional accountants."

He said the overall budget size may be

kept within BDT 2,500 billion i.e.

maximum 15 per cent over the previous

year's budget.

Nehal Ahmed promoted as Additional Managing Director

Nehal Ahmed FCA (Enrl-609), has been promoted as Additional Managing Director w.e.f April 16 2014. Mr Ahmed joined International Leasing and Financial Services Limited (ILFSL) in 2003 and has been holding di�erent key positions in the company since then. Prior to this promotion, he had been serving as Deputy Managing Director.

Bachelor (Honours) and Masters in Economics from University of Dhaka, Mr. Ahmed is a Fellow Chartered Accountant of the Institute of Chartered Accountants of Bangladesh (ICAB). He is also a Fellow of the Institute of Personnel Management (IPM) and the Bangladesh Society for Human Resources Management (BSHRM). Mr. Ahmed is a life member of the Dhaka University Economics Department Alumni Association (DUEDAA).

Ahmad Dawood Appointed as Chief Regulatory Officer

Ahmad Dawood FCA, FCMA

(Enrl-902), has been appointed as

the first Chief Regulatory Officer

(CRO) of Chittagong Stock

Exchange (CSE). CRO is the top

boss of regulatory affairs division

(RAD) of a stock exchange. Upon

demutualization of stock

exchanges in Bangladesh in late

2013, the exchanges’ regulatory

functions have been separated

from its commercial functions to enforce a strong SRO model

in line with the international standard. The CRO heads the

regulatory functions while the CEO heads the commercial

function of the bourse. Prior to this appointment, Dawood

served various key positions in CSE including CFO and

Company Secretary. Earlier he had worked as Manager at the

KPMG International.

Member’s Achievement

Nehal Ahmed FCA Ahmad Dawood FCA, FCMA

12

May 2014 No. 295

Name of Resource Persons(Sections- F & G of PS-KL-9th Batch)

Mr Md Kishlur Rahman ACAMr Md Al-Amin Siddiki ACAMr Obaidur Rahman FCA Mr Md Humayun Kabir ACAMr Md Abdur Razzaque ACAMr Md Mahbubul Haque ACA Mr Mahmudur Rahman ACA Mr Sujan Kumar Saha ACA Mr Zafar Ullah Khan FCAMr Shibly Ahmed FCAMr Muhammad Shariful Islam Shiplu FCAProf. Dr ASM Hossain Tayiab FCAMr Md Abdullah-Al-Amin ACA Mr Mohammad Shibbir Hossain ACA Mr Mohammad Aminul Hoque ACAMr Mostak Ahmmed ACAMr Sajib Sarkar ACA Mr Chitta Ranjan Halder FCA Ms Mashruna A. Chowdhury ACAMr Mohammad Monowar Hossain ACA Mr K S Omar Faruk ACA Mr Khairul Basher FCA Mr Abdullah-Al-Mamun FCAMr Md Jasim Uddin ACAMr Mohyminul Islam Miltan Bepari ACAMr Md Anisur Rahman Mr Abdulla-Al-Mahmud FCA

Name of Resource Persons(Sections- A-C of PS-AL-8th Batch)Mr Mohammed Tofazzul Hussain FCAMr Abdullah-Al-Mamun ACAMr Anwaruddin Chowdhury FCA (GT)Mr Obaidur Rahman FCAMr Mohammad Redwanur Rahman FCAMr Md Abdur Rouf FCA Mr Dewan Nurul Islam FCAMr Masud Khan FCA-IndiaMr Md Kahir Mahmood FCA Mr Shaheduzzaman Choudhury FCAMr Md Shafiqul Alam FCAMr Mohammad Imtiaz Khan ACAMr Ranjan Kumar Bhowmik FCMAMr Abdul Khalek FCA (VAT-Portion) Mr Md Amirul Islam FCAMr Abdulla-Al-Mahmud FCAMr Md Parvej Ahmed ACA Mr Md Mahsudur Rahman FCAMr Mustaq Ahammed FCAMr Gopal Chandra Ghosh FCAMr Sabbir Ahmed FCAMr AH Mostafa Kamal KhanMr Md Shafiqul Alam FCA Mr Sayeed Ahmed FCAMr Masud Khan FCA-India Mr Mohammed Forkan Uddin FCAMr Mohammad Abdul Ohab Miah FCA (VAT Portion)Mr Md Akbar Hossain FCAMr Md Din Islam Miah FCAMr Mohammed Sabir Ahmed FCA

Dr Jakerul Abedin Mr Shamim -Al-Mamun ACAMr Mohammad Abdul Matin Mr Md Fokrul Islam FCAMr MAKH Hasif Sowdagar FCA Mr Md Saiful Islam ACA Mr Md Mahamud Hosain FCA Mr Muraheb Malik Chowdhury ACAMr Shaheduzzaman Choudhury FCAMr Shahriar Istiaq Halim ACAMr Bibhuti Bhushan Biswas ACAMr Anup Kumar Mukherjee ACAMr Zakir Hossain FCAMr Mahmudul Hasan Khusru FCAMr Md Reajul Islam FCA (VAT Portion) Mr Imtiaz Lutful Baset FCAMr Md Selim Reza FCAProf. Dr ASM Hossain Tayiab FCAMr Palash Mollick

Name of Resource Persons(Sections- D of PS-AS -7th Batch)Mr Gopal Chandra Ghosh FCAMr Mohammad Mehdi Hasan FCAMr Mohammed Forkan Uddin FCAMr Anwaruddin Chowdhury FCA(GT) Mr Sabbir Ahmed FCAMr Snehasish Barua FCAMr Syed Md Enamul Kabir FCA Mr Md Kishlur Rahman ACAMr Masud Khan FCA-India (GT)Mr Sayeed Ahmed FCAMr Mahbub Ahmed Siddique FCA Mr Dewan Nurul Islam FCA FCAMr Gopal Chandra Ghosh FCA

Visiting Faculties(for Ongoing Session)

Name of Visiting FacultiesMr Dewan Nurul Islam FCAMr. ABM Azizuddin FCAMr Anwaruddin Chowdhury FCAMr Md Syful Islam FCA, FCMAMr Md Abdus Salam FCAMr Gopal Chandra Ghosh FCA,FCMAMr Masud Khan FCA-IndiaMr Ranjan Kumar Bhowmik FCMAMr Abdul Khalek FCAMr Md Amirul Islam FCAMr Sabbir Ahmed FCA (E-770) Mr Mohammad Mehdi Hasan FCA Mr A H Mostafa Kamal Khan Dr. Jakerul Abedin

ICAB Academic Campus NewsThe Pre-Examination Evening Coaching Classes of Professional Stage-Knowledge Level (9th Batch, Sections: VI &VII, No. of Students 173), Application Level (8th Batch, Sections: I-III, # 256 Students) and

Advanced Stage (7th Batch, Section: I, # 52 Students) which were started from 01 March (PS-KL) & 12 March 2014 (PS-AL &AS) for Examination Session: May-June 2014 at ICAB Academic Campus, and will now be concluded on 30 May 2014.There are 481 students for the Class Session of March-May 2014.

As a result, the cumulative number of participated students of ICAB new curriculum has been come to 6,641 till May 25, 2014.

Mean while, a- programme on Case Study for Advanced students started from 14 March 2014 and ended on 17 May 2014 at ICAB Academic Campus. There are 52 students in this session.

The Conversion Courses on ‘Accounting’ of Professional Stage–Knowledge Level (9th Batch) & Application (5th Batch) levels commenced form 04 April 2014 and closed on 02 May 2014 at Campus. There were 49 students for the Class Session of April-May 2014. The Conversion Courses completed students total number have reached at 1,274 (PS-KL,1138 + 136, PS-AL) up to 31 March 2014 at Campus.

On the other hand, a- new session of classes for the Students of Professional Stage-Knowledge Level (10th Batch) will begin from Sunday, 01 June 2014 at ICAB Academic Campus. A Notice has already been issued in this regard and all the concerned students are advised to join the classes as per schedule at Campus.

The Programme on the mentioned Levels of classes have been organized by the Additional Director at ICAB Academic Campus under the supervision of the Vice President (Education & Training)-ICAB, Mr. Dewan Nurul Islam FCA with the consent and guidance of the Chairman of Board of Studies-ICAB, Mr.ABM Azizuddin FCA & President- ICAB, Mr Showkat Hossian FCA.

Announcement(Next Session of Classes)

The New Session (June-August 2014) for the Students of Professional Stage-Knowledge Level (10th Batch) will commeknce from Sunday, 01 June 2014 at ICAB Academic Campus. A Notice has already been issued in this matter, and all the concerned students are advised to attend the classes as per schedule.at ICAB Academic Campus.

Resource Persons: ICAB Academic Campus (Session: March-May 2014)

13

May 2014No. 295

Admission as AssociateThe following member has been admitted as Associate of the Institute with effect from the date mention against his name:

Name Effective Date

Mr. Md. Jamal Uddin ACA (1660) 10 April 2014Deputy Manager (Audit & Consultancy)ACNABINChartered AccountantsBDBL Bhaban (13th floor),12 Kawran Bazar C/A, Dhaka-1215

Admission as FellowsThe following member has been admitted as Fellow of the Institute with effect from the date mention against his name:

Name Effective Date

Mr. Sayed Abul Hashem FCA (1093) 30 April 2014Chief Financial Officer (CFO)Shahjalal Islami Bank Ltd.Head Office2/B Gulshan South AvenueGulshan-1, Dhaka

Permission to Start PracticeThe following members have been permitted to Start Practice as Public Accountants with effect from the date mentioned against respective name:

Name Effective Date

Mr. Md. Shah Alam Mridha FCA (733) 16 April 2014PartnerM M Rahman & Co.Chartered AccountantsLandmark Sensation (Level 01)Hossain Housing Society17-18, Mirpur RoadShyamoli, Dhaka-1207

Ms. Oishee Labina Hussain ACA (1341) 21 April 2014PartnerHussain Farhad & Co.Chartered AccountantsHouse # 15, Road # 12, Block # FNiketon, Gulshan-1, Dhaka-1212

Ms. Esha Nabila Hussain ACA (1397) 21 April 2014PartnerHussain Farhad & Co.Chartered AccountantsHouse # 15, Road # 12, Block # FNiketon, Gulshan-1, Dhaka-1212

Mr. Sabbir Ahmed FCA (770) 04 May 2014PartnerHoda Vasi Chowdhury & Co.Chartered AccountantsBTMC Building, level 7 & 87-9 Kawran BazarDhaka-1215

Mr. Nurul Islam Chowdhury FCA (766) 25 May 2014PartnerAtik Khaled ChowdhuryChartered AccountantsHassan Court (1st Floor)23/1 Motijheel C/ADhaka-1000

Name Effective Date

Mr. Mohammad Ali Kawsar ACA (1290) 25 May 2014ProprietorMak & Co.Chartered AccountantsSuit-13 (4th floor),Rahmania International Complex28/1/C, Toyenbee Circular Road,MotijheelDhaka-1000

Permission to Join as PartnerMr. Md. Shah Alam Mridha FCA (733) has been permitted to form partnership and continue practice under the name and style of

Name Effective Date

M/s M. M. Rahman & Co. 16 April 2014Chartered AccountantsLandmark Sensation (Level 01)Hossain Housing Society17-18, Mirpur RoadShyamoliDhaka-1207

The other partners of the Firm: Mr. Md. Obaidur Rahman FCA (49) and Mr. Md. Rafiqul Islam Khan FCA (155).

Ms. Oishee Labina Hussain ACA (1341) and Ms. Esha Nabila Hussain ACA (1397) have been permitted to form partnership and continue practice under the name and style of

Name Effective Date

M/s Hussain Farhad & Co. 21 April 2014Chartered AccountantsHouse # 15, Road # 12, Block # FNiketon, Gulshan-1Dhaka-1212

The other partners of the Firm: Mr. Muhammed Farhad Hussain FCA (452), Mr. Ashraful Ameen FCA (513), Mr. A.K.M Fazlul Haque FCA (1090) and Mr. Md. Sayeedur Rahman FCA (149).

Mr. Sabbir Ahmed FCA (770) has been permitted to form partnership and continue practice under the name and style of

Name Effective Date

M/s. Hoda Vasi Chowdhury & Co. 04 May 2014Chartered AccountantsBTMC Building, Level 7 & 87-9 Kawran BazarDhaka-1215

The other partners of the Firm: Mr. A K Chowdhury FCA (52), Mr. Manzoor Alam FCA (132), Mr. Showkat Hossain FCA (137), Mr. M Munjurul Hassan FCA (450), Mr. A F Nesaruddin FCA (469) and Mr. M A Baree FCA (482).

Mr. Nurul Islam Chowdhury FCA (766) has been permitted to form partnership and continue practice under the name and style of

Name Effective Date

M/s Atik Khaled Chowdhury 25 May 2014Chartered AccountantsHassan Court (1st Floor)23/1, Motijheel C/ADhaka-1000

The other partners of the Firm: Mr. Md. Atikur Rahman FCA (715) and Mr. Khaled Nurul Kabir FCA (476).

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May 2014 No. 295

T

Training for ICAB’s Professionals, tomorrow’s Chartered Accountants and Representatives of CA firms at NAPD

ADB team visited ICABA team of Asian Development Bank (ADB) visited ICAB on 5 May 2014. They held a meeting with Vice President Kamrul Abedin FCA and high officials of ICAB to be conversant over the developments of the Institute since Rosc Report was introduced by World Bank in 2003. As per recommendations

of Rosc Report, the Government has taken initiatives to launch Financial Reporting Act (FRA) in 2007. Since the introduction of Rosc Report, ICAB has made tremendous advancement regarding its Education system,

activities of QAD and Investigation & Discipline department, etc.

ICAB has signed MOU and MRA with ICAEW and CPA Ireland respectively. It has strong ties with World Bank. ICAB’s certification is also accepted by leading international accounting bodies, the

Institute of Chartered Accountants of England and Wales (ICAEW).

In the country, it has MoU with the Office of the Comptroller and Auditor General (OCAG). ICAB provides training to Central

Bank of Bangladesh, National Board of Revenue and other regulatory bodies and Non-Government Organizations.

According to the signed MRA to attain the CPA Ireland membership, ICAB members have to complete and pass only 01 paper out of 17 papers of CPA Ireland examination.

As a regulatory body ICAB, is very much proactive to take action against the defaulter CA firms. Its investigation and Disciplinary Committee is giving highest priority in the matter of allegation against any member or CA Firms. The ICAB team headed by the Vice President elaborately discussed the progress of ICAB with the ADB Team.

Consuming the gist of Rosc Report, the ADB came up with 24 recommendations to develop the capital markets in the country. One of their recommendations is to introduce Financial Reporting Act. However, the ADB team is satisfied over the developments of ICAB since 2003. After the meeting , ICAB expects that the ADB will be flexible over FRA issue and change its stand for disbursement of loan in capital markets development.

and 7th & 8th batch on 12, 14 to 15 May 2014. Each batch comprised

of 30 participants received their Certificates from the President-ICAB

and the Director General, National Academy for Planning and

Development.

he Institute of Chartered Accountants of Bangladesh

(ICAB) arranged a 03-Day Knowledge Sharing Sessions

on the Public Financial Management (Treasury Rules,

Internal Controls, GFRs) for ICAB’s Professionals, tomorrow’s

Chartered Accountants and Representatives of CA firms

under the World Bank financed Project titled Promoting

Public Private Partnership (PPP) for Improved Audit Quality

Assurance at NAPD premises.

The National Academy for Planning and Development,

Ministry of Planning, GoB provided the training with a view to

enhance the capacity of the professionals at individual as well

as at firm’s level attached with the opportunities in Public

Sector like; Consultancy, Audit, Review, Investigations and staff

Appointments etc.

120 representatives from different CA Firms of ICAB

participated in the Training Program on Public Financial

Management (Treasury Rules, Internal Controls, GFRs) under this

Project. 5th & 6th Batch training was held on 06 to 08 May 2014

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May 2014No. 295

Meeting with RAJUK ChairmanA team of ICAB comprising Council Member and Past Presidents Abbus Uddin Khan FCA, Md. Syful Islam FCA, Md Abdus Salam FCA, Fellow

Member Ajit Kumar Paul and ICAB Secretary AKM Rahmat Ullah FCA met G. M. Jainal Abedin Bhuiya, Chairman, RAJUK at latter’s Office on 11 May 2014. They discussed with the Chairman about various development issues including allocation of land for ICAB Academic Campus at Uttara in the City.

New office bearers of Dhaka Regional Committee, ICAB paid a courtesy

call on ICAB President Showkat Hossain FCA at his office on 27 May 2014.

Earlier at a Annual General Meeting of DRC Mohammad Khairul Alam FCA

and Md. Yasin Miah FCA were elected as Chairman and Secretary

respectively for the year 2014. The new office bearers of DRC discussed

various professional issues with the President. Among others the

outgoing DRC Chairman Md. Fokrul Islam FCA and ICAB Secretary AKM

Rahmat Ullah FCA were present during the meeting.

ICAB President assured them about all out support from the ICAB to new

office bearers of DRC.

Mr. Ashoke Kumar Saha FCA (Enrolment No. 677),

Partner, G Kibria & Co., Chartered Accountants died on 30

May 2014. On behalf of the Council members of the

Institute, the President of ICAB expressed deep sorrow at

the demise of Mr. Saha and prayed for the salvation of his

departed soul and give the bereaved family the strength

and courage to bear the irreparable loss.

Mr. Md. Rayhan Mirza FCA (Enrolment No. 1024), died on 02 May 2014. (Innah Lillahe ... Rejeun). On behalf of the Council members of the Institute, the President of ICAB expressed deep sorrow at the demise of Mr. Mirza and prayed to Almighty Allah, the most merciful for salvation of his departed soul and give the bereaved family the strength and courage to bear the irreparable loss.

New Office Bearers of DRC Pay Courtesy Call on ICAB President

We Mourn

A meeting between ICAB President Showkat Hossain FCA and new office bearers of DRC at ICAB’s Mini Conference Room.

Ashoke Kumar Saha FCA Md. Rayhan Mirza FCA

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May 2014 No. 295

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

Chittagong: HBFC Building (3rd Floor), 1/D, Agrabad Com. Area, Chittagong, Bangladesh Tel: 880-31-724674 Fax: 880-31-813579 E-mail: icabctg@spctnet.comUK Chapter: Suite One, 2 Haydons Road, London SW19 1HL, United Kingdom Tel: 44-020 8544 1234 Fax: 44-020-8544 1400 E-mail: frahman101@aol.comNorth American Chapter: 5 Massey Square, Suite-2519, Toronto, Ontario M4C 5L6, Canada Tel: 416-686 6760 Fax: 416-916 1091 E-mail: shahed.sharfuddin@td.com

Dhaka Regional Committee holds 34th AGM

ICAB team participates in SAFA Board Meeting, SAFA BPA Awards giving ceremony, RSS Conference in Islamabad

CAB President Showkat Hossain FCA along with Vice President Nasim Anwar FCA, Past Presidents Abbas Uddin Khan

FCA, Md. Abdus Salam FCA and Council Member Masih Malik Chowdhury FCA participated in 32nd SAFA Board Meeting, 78th SAFA Assembly Meeting, different Committees & Task Force meetings, SAFA Best Presented Annual Report Awards and SAARC Anniversary Awards for Corporate Governance Disclosures Ceremony and Regional Standards Setters (RSS) Conference from 3 to 4 May 2014 at Islamabad, Pakistan.

In the Board meeting, ICAB team raised different issues for strengthening the activities of SAFA including suggestion on professional matters which were given due weight by the SAFA Board. In addition to the Board meeting, they also participated in meetings of different SAFA Committees on Governmental and Public Sector Enterprises Accounting, International Relations Committee, Committee on Professional Accountants in Business (PAIB), Committee for Improvement in Transparency, Accountability and Governance (ITAG), Small & Medium Practices Committee

(SMP) and Task Force to develop Strategy to Combat Corruption in SAARC Region.

Organized by ICMA Pakistan, Standard Setters from India, Pakistan, Bangladesh, Sri Lanka participated in the Annual RSS Conference on 4 May 2014 at Hotel Serena, Islamabad under the aegis of SAFA. Mr. Showkat Hossain FCA, President ICAB participated in the Panel Discussion on “Requirement of Implementing an Accounting Standard for Micro Entities in the SAFA Region” and Mr. Md. Abdus Salam FCA, Immediate Past President ICAB participated in the Panel discussion on the implications of implementing the IFRS 13. All the presentations focused on the current status of each country's effort to adopt International Financial Reporting Standards (IFRSs), the challenges they face and the steps taken by countries affiliated to the South Asian Federation of Accountants (SAFA) for adoption of these

International Standards. The Conference would help the International Accounting Standards Board to evaluate the progress made by countries in the region in moving to International Accounting Standards and generate valuable discussion on technical and other issues faced by countries in the region.

Award Giving Ceremony of SAFA BPA Awards and SAARC Anniversary Awards 2012 was also organized by ICMA Pakistan at same venue on 4 May 2014 evening. Bangladeshi enterprises scored better positions including overall winners in the competition.

I

T he 34thAnnual General Meeting of Dhaka Regional Committee (DRC) of the Institute of Chartered Accountants

of Bangladesh (ICAB) was held on 17thMay 2014 at ICAB Auditorium of the Institute. The meeting approved and adopted Financial Statements of DRC for the year 2012-2013. In the meeting Mohammad Khairul Alam FCA and Md. Yasin Miah FCA were elected as

Chairman and Secretary respectively for the year 2014.

Mohammad Khairul Alam, FCA was born in 1972. He completed his master in Management from National University. He became Associate member of the ICAB in 2007 and Fellow member in 2012. He has been working in different Standing and Other

Committees of ICAB. He visited many countries of the world like UK, Italy, Singapore, Dubai, Qatar, Saudi Arabia, Thailand etc. He has participated in many training, workshop & seminar at home and abroad. He has 17 years of professional experience.

Md. Yasin Miah FCA was born at Village-Manderpur, PS- Kasba and District Brahman Baria. He was qualified as a Chartered Accountant from the Institute of Chartered Accountants of Bangladesh (ICAB) in 2007. He has long experience in various organizations like BRAC, Gonoshasthaya Pharmaceuticals Ltd., Fu-Wang Group etc. Currently he is Chief Financial Officer of Global Insurance Limited.

Other members of DRC-ICAB are Md. Fokrul Islam FCA, Md. Eftekhar Ali FCA, Md. Selim Reza FCA, Mizanur Rahman FCA, Mohammed Sabir Ahmed FCA, Md. Zakaria FCA and Md Monzur Alam FCA.