ICMAB President’s Message

Dr. Md. Salim Uddin FCMA

President, ICMAB

 

ICMAB President’s Message

As the 38th President of the Institute of Cost and Management Accountants of Bangladesh (ICMAB), I would like to express sincere gratitude to all our members for entrusting us with the responsibility to take our Institute to its new height. We are committed to take all the necessary initiatives for further strengthening our Profession through multi-faceted interventions to lead the industrialization process of Bangladesh.

Although the global economy was recovering rapidly from the effects of the COVID-19 pandemic, the war in Ukraine posed a setback to the ongoing recovery process. Global commodity prices have significantly increased and economic activities become sluggish due to war-induced supply chain disruption. For combating such unexpected inflation, the USA Federal Reserve Bank substantially increased the interest rate and as a result, import-dependent countries around the world are facing a serious Dollar crisis to meet their import bills. Bangladeshi Taka has been depreciated by 26% in this process. Countries like Bangladesh require to fight fiercely to tackle the adverse effect of these triple shocks in their respective economies.

The role of a Cost & Management Accountant (CMA) in these contexts becomes even more important to assist businesses and industries in taking the right decision for crisis management. In the competitive business environment, management has very little to do other than accept the market price. However, management could ensure the efficiency and effectiveness of business operations in the achievement of desired growth of the business in such a situation. The CMAs with proper business acumen are continuously assisting the management through forward-looking data analysis and forecast. CMAs are also producing numerous internal reports as and when necessary for both operational and financial purposes considering both qualitative and quantifiable factors.

CMAs with specialized knowledge and skills are performing the role of a business partner by providing forward-looking information for strategic business decisions. In addition to the proven management accounting tools and techniques, CMAs are to adopt modern technologies that are being evolved with the development of the 4th Industrial Revolution, e.g., artificial intelligence (AI), blockchain, and internet of things (IoT) that are being widely used in the Financial Technology (Fintech) services and digitalization of business models that are rapidly transforming the workplaces.

The Vision of the Institute of the Cost and Management Accountants of Bangladesh (ICMAB) is fully aligned with the vision of the father of the Nation Bangabandhu Sheikh Mujibur Rahman and his competent daughter, Honorable Prime Minister Sheikh Hasina, to help Bangladesh become an industrialized nation. The professional knowledge and skill of CMAs will assist Bangladesh to meet our SDG targets by 2030 and become a developed and smart Bangladesh by 2041. To achieve the rapid growth of Bangladesh economy through industrialization, the country requires competent cost and management accounting professionals and ICMAB is fully committed to producing such professional accountants from its very inception.

Finally, I would urge our respected members to positively contribute to the transition process of Bangladesh from an emerging to a developed nation employing their professional skills and experiences, which are an invaluable hidden treasure for our society at large.

 

Dr. Md. Salim Uddin FCMA
               FCA, CPFA (UK), MBA, PhD

 

10,835 Views