ICMAB arranged a Webinar on “Accounting Framework and Standards for Statutory Public Authorities: Bangladesh Perspective.”

ICMAB organized a Webinar on “Accounting Framework and Standards for Statutory Public Authorities: Bangladesh Perspective” on November 09, 2023, at 6:00 p.m. Dr. Md. Hamid Ullah Bhuiyan, Chairman of the Financial Reporting Council (FRC), graced the occasion as the Chief Guest, while Mr. Abul Kalam Azad, Deputy Comptroller and Auditor General (Senior), graced the Webinar as Special Guest. Mr. Md. Abdur Rahman Khan FCMA, President, ICMAB and Additional Secretary, Finance Division, Ministry of Finance, delivered the presidential speech in the webinar.

Mr. M Anwarul Karim, FCA, CPA (USA), CFE, Executive Director, Standard Setting Division, Financial Reporting Council (FRC), presented the Technical Paper as a Resource Person. The resource person delivered a comprehensive presentation on the Accounting Framework and Standards for Statutory Public Authorities. He presents the Preparation of Financial Statements for SPAs in accordance with the FRC-issued Financial Reporting Framework (FRF) and Standards, its benefits, and challenges in implementation. He added that FRC issued framework and standards for accounting & financial reporting of some 250 SPAs.  He also discussed the five levels of the Financial Reporting Framework for Statutory Public Authorities (SPAs) and the reasons behind the five-level steps. The presentation was very insightful. The participants highly appreciated the delivery.

ICMAB President Mr. Abdur Rahman Khan FCMA discussed the justification for developing an accounting framework and standards for SPAs. As a high government official and a professional accountant, he briefly discussed the implication of the Accounting Framework for SPAs in different entities, which was very beneficial for the participants. At the end of the presentation, he made some insightful and complimentary comments about the Accounting Framework of SPAs. He also suggested appointing professional accountants in different statutory public authorities to establish good governance. FRC Chairman Dr. Md. Hamid Ullah Bhuiyan offered his precious comment on the topic. He also participated in question-answer sessions and clarified some questions raised by the participants. Mr. Abul Kalam Azad, Deputy Comptroller and Auditor General (Senior) discussed different facets of the accounting frameworks of SPAs. He also talked about the collaboration and teamwork among FRC, CAG and ICMAB for the implementation of the framework for SPAs. He thanked the FRC for developing the accounting framework for SPAs and thanked ICMAB for arranging the webinar.

 

Mr. Md. Zasim Uddin FCMA, Executive Director and Company Secretary of Infrastructure Investment Facilitation Company (IIFC), moderated the webinar while Mr. Kausar Alam FCMA, Secretary, ICMAB concluded the webinar with a vote of thanks. Senior and Mid-level officials of the C&AG office,FRC and a good number of Fellow & Associate members of ICMAB attended the webinar in an enthusiastic manner.