being fully aligned, icab expects effective and meaningful ... plcs do not have a professional...

Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh (ICAB)

ICABICAB NEWS BULLETINMarch 2019Number 352

ISSN 1993-5366

he alignment of role of the Institute of Chartered Accountants of Bangladesh (ICAB) with the Financial Reporting

Council (FRC) is the sine qua non to promote transparency and integrity in financial sector, and to make the FRC more effective and functional, the discussants told in a conference held on 28 March 2019 at CA Bhaban in the city. The discussants also laid emphasis on increase of the audit fees which is the lowest in this region, to encourage the proper audit report.

The Members’ Conference on ‘Bangladesh: policy review on Financial Reporting Act (2015)’ was organized by ICAB. Dr. Javed Siddiqui, Senior Lecturer, Accounting, Alliance Manchester Business School, University of Manchester, UK, presented the Key Note paper in the conference. C. Q. K. Mustaq Ahmed, Chairman, Financial Reporting Council (FRC) was present as the Chief Guest while A. K. Gulam Kibria FCA, Partner, G Kibria & Co., Chartered

Accountants and Past President-ICAB was the Session Chairman. Hundreds of Chartered Accountants attended the conference.

The Chairman of FRC C. Q. K. Mustaq Ahmed, said the government has introduced Financial Reporting Act (FRA) to restore the people’s confidence on regulatory bodies who are the responsible to bring discipline in the financial sector through protecting the interest of people. The economy of the country is expanding and the modes of financial transactions are becoming diversified. In this aspect, the chartered accountants have the skills to establish control over all the financial systems, he added. The Government wants not to control the chartered accountants rather it wants to monitor the public interest entities and the financial organisations through the auditors, the Chairman of the watchdog body said. Replying to a question regarding FRA, he said, FRC is interacting with the different stakeholders and in the

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Being Fully Aligned, ICAB... Role of FRCProgram on International Women’s Day 2019President’s Communi-cation March 2019Courtesy Call on Executive Chairman, BIDACourtesy Call on Governor, BBCourtesy Call on Secretary... CommerceICMA, Australia CEO Met President, ICABReception Accorded to Newly Qualified CAsMeeting of Members in PractieICAB Observed Independence DayCampus NewsMember’s AchievementParveen Mahmud Honored... Awards’Seminar on Sustainable Development... WorldTraining on ‘Advance Level... 6th BatchA Workshop on IAS-16 for CA Students at CtgAnwaruddin Chowdhury Participated... IndiaCRC Met ICAB PresidentPresident Visited Allotted... Office-ICAB Reception to Newly Qualified Member in CtgCRC Picnic in ThailandICAB, WIL-Female Forum... Women’s Day ICAB Advisory Committee MeetingICAB Press Conference

Being Fully Aligned, ICAB Expects Effective and Meaningful Role of FRC

Speakers told at ICAB Members’ Conference

course of time, to make the law more practical, the Finance Ministry may bring amendment in the law. Government may revisit the law, he hinted.

The preparers of the financial statements play an important role in the financial reporting –they should be made accountable for any wrong and misleading reporting. Reasonable and respectable audit fee is a critical issue in ensuring quality audit, said AF Nesaruddin, President-ICAB. The President also pointed out three observations in FRA; formation of FRC, non-auditors like CIMA and CMA brought under the purview of the Act, and the provision of punishment. He urged the government to look into the matters to make FRC more practical in our country perspective.

Dr. Javed Siddiqui, said FRC may face some potential problems with expertise, resulting from the lack of presence of Chartered Accountants in its core functional areas. The Ministry of Finance might consider revising the existing formation of the FRC board so that the right balance between competence and independence can be achieved, he added. Alternatively, the ex-officio members (from MoF, MoC, Bangladesh Bank, NBR, FBCCI, BSEC) can nominate professional

accountants who would represent these agencies in the board, the Bangladeshi origin UK professor suggested.

The keynote speaker described the present scenario of Audit profession in Bangladesh. He said, the implementation of IFRS and ISA is a challenge for many companies in Bangladesh. However, this is a mammoth task that will require significant resource commitments. The BSEC, even after 25 years of existence, still struggling to monitor the implementation of IFRS in listed public companies due to resource constraints, he added. The vast majority of accountants working in the PLCs do not have a professional accounting qualification, making implementation of IFRS difficult, he pointed out and said, if this remains unchanged, FRC inspections would not be very fruitful.

He also said, the FRC’s core functions do not include promoting standards and codes on corporate governance. Similar bodies around the world (like FRC in the UK) consider issuing codes on corporate governance (for companies) and stewardship (for investors) as one of their major functions, he added.

2

March 2019 No. 352






FROM THE DESK OF CHAIRMAN – EDITORIAL BOARD

Dear Fellow Members,

Assalamu alaikum and greetings to you all.

The ‘Monthly News Bulletin’ of ICAB is the epitome of happenings of the Institute. The aim of this endeavor is to let all know the unfolding of various initiatives taken by ICAB toward development of our beloved profession. A wide variety of events took place in the month of March 2018. ICAB delegates held a series of meetings with Executive Chairman, BIDA, Governor, Bangladesh Bank, Secretary, Ministry of Commerce. This type of endeavor to improve relationship with the different stakeholders will enhance the credibility of ICAB to a new height.

On 15 March ICAB Women in Leadership (WIL) Committee organised a panel discussion on the celebration of International Women’s Day 2019 at ICAB. This year the theme was #BallanceforBetter. A number of shining personalities shared their success stories to encourage the youngsters. International Women’s Day is not only a Day. It is a focal point in the movement for women’s right. We want a gender neutral environment for a better Bangladesh, better world.

Apart from these, ICAB training wing, ICPE, has followed a busiest schedule in March in organizing a couple of trainings and workshops. Such events will also upsurge in the coming days to keep pace with the developments in the professional arena.

March 26 is our great Independence Day and National Day. Remembering the very day, I convey my heartfelt felicitation to all my fellow members. The historic independence day is a glorious day for our nation. On this solemn day I pay my deep homage to the martyrs who laid their lives to the great liberation war of 1971 and deep respect from the core of my heart for the valiant freedom fighters. I pray to Almighty Allah for the salvation of the departed souls.

As a team, the Editorial Board alongwith the working group continues to deliver tireless effort for bringing out world class publications and within reasonable time. We solicit your suggestion for the betterment of the Bulletin. I firmly believe that any combined effort can yield better output.

With warmest regards to you all.

Dr. Md. Abu Sayed Khan FCA

course of time, to make the law more practical, the Finance Ministry may bring amendment in the law. Government may revisit the law, he hinted.






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March 2019No. 352






alance is not a women's issue, it's a business issue. The race is on for the gender-balanced

boardroom, a gender-balanced government, gender-balanced media coverage, a gender-balance of employees, more gender-balance in wealth, gender-balanced sports coverage, etc. Gender balance is essential for economies and communities to thrive.

The collective action and shared responsibility for driving a gender-balanced world is the key. International Women's Day is a global day celebrating the social, economic, cultural and political achievements of women - while also marking a call to action for accelerating gender balance. The speakers said at a program to celebrate International Women’s Day 2019 at CA Baban on 15 March 2019. All the speakers shared their path breaking stories of becoming a women achiever and leader in their own profession. In the program the youngsters of newly qualified female chartered accountants were congratulated by the committee of Women in Leadership of ICAB.

The discussion on IWD2019 was organized by the Institute of Chartered Accountants of Bangladesh (ICAB) on 15 March 2019 with the concentration on theme #IWD2019 #BalanceforBetter.

Rasheda K. Chowdhury, Former Adviser, Caretaker Government of Bangladesh and Aroma Dutta, Member of Parliament, Government of Bangladesh graced the occasion as the Guests of Honor.

AF Nesaruddin FCA, President-ICAB delivered address of welcome while the opening remarks was made by Parveen Mahmud FCA, Chairman, Women in Leadership Committee (WIL) & Past President-ICAB. Country’s established Women entrepreneurs and women top executives took part in Panel Discussion: Encouraging and Influencing Young Minds to Dream. They told their success stories.

Rasheda K. Chowdhury, said in our country 80 percent of women are the victims of harassment in their own house. Women’s participation in works has been increased, however, their participation in decision making process do not increase proportionately, she further said. Ethical values and perception towards women are discouraging the women to participate in decision making process even it is not possible in their own house. Path towards women is not easy, many hurdles will come in forth, however, you have to overcome all these challenges. You should make your own path to break the glass celling and raise your voice to

show the ways for your next generation, she added.

Aroma Dutta,, said Chartered Accountants are the instrumental in doing the job of accounting and auditing. They are doing these with outmost sincerity and honestly. It is encouraging that females are coming in this profession, it is appreciable. We all together to work for building the nation balance for better through paving the way for women’s participation in the economy.

Mahzabin Ferdous Sharna, Head of Brand and Corporate Communication, IPDC, Shumona Sharmin, Feature Editor, The Prothom Alo, Sheela R. Rahman, Consultant, Corporate Governance Advisory Services, South Asia, IFC, Maliha Malik Quadir, MD, Shohoz. Com, Hla Shing Nue, Executive Director, Bolipara Nari Kalyan Somity (BNKS), Tootli Rahman, Entrepreneur & Fashion Designer, Brigadier General Razia Khanam (Retired) were the panelists of the discussion. Zareen Mahmud Hosein FCA moderated the discussion and Shama Rukh Alam FCA summed up the session. Anika Sultana FCA, Member, DRC-ICAB extended the vote of thanks. ICAB Council Members Maria Howlader FCA also spoke on the occasion.

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Program on International Women’s Day 2019course of time, to make the law more practical, the Finance Ministry may bring amendment in the law. Government may revisit the law, he hinted.






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March 2019 No. 352

Dear Fellow MembersAssalamu Alaikum, greetings to you all. The month of March reminisced the massacre committed by the then Pakistani rulers that always sadden us profoundly. The aftermath was the declaration of Independence of Bangladesh (the then east Pakistan) on the day of 26 March 1971. People had to go through nine months long nightmare, a bloody war to become independent from Pakistani occupation. To achieve independence, several known and unknown men and women sacrificed their lives. What remains with us, are their memories, words of wisdom and dreams. The day curved a niche in deep of hearts of people. Every year we celebrate 26th March as our Independence Day. On this very day different organizations and cultural groups chalk out different programs to celebrate the day in befitting manner. This year we celebrated the Day by hoisting national flag at CA Bhaban in early morning and placed floral wreath at the National Mausoleum at Savar to show deep respect to our valiant freedom fighters. Several council members, DRC members and members of the Institute enthusiastically joined us. Having deep rooted the spirit of Independence, we urged all members of this fraternity to hold the flagship of CA profession at the top of dignity and professionalism. Now, let me give a brief on major activities undertaken during the month of March 2019: 28 March 2019, the Members’ Conference on ‘Bangladesh: policy review on Financial Reporting Act (2015)’ was organized by ICAB. Dr. Javed Siddiqui, Senior Lecturer, Accounting, Alliance Manchester Business School, University of Manchester, UK., presented the Key Note paper in the conference. Mr. C. Q. K. Mustaq Ahmed, Chairman, Financial Reporting Council

(FRC) was present as the Chief Guest while Mr. A. K. Gulam Kibria FCA, Partner, G Kibria & Co., Chartered Accountants and Past President-ICAB was the Session Chairman. Hundreds of Chartered Accountants attended the conference. In my speech I pointed out our observations on three provisions of the Financial Reporting Act (FRA); formation of FRC Board, non-auditors like CIMA and CMA brought under the purview of the Act, and the provision of punishment. I discussed some other aspects of FRA and assured full support to FRC in its endeavor. Dr. Javed Siddiqui, Bangladeshi origin UK professor very precisely, described the present scenario of audit profession in Bangladesh. He discussed FRA comparing with the similar acts in other countries and placed some recommendations, which were lauded by the audience. For the first time in history of ICAB and as bold and encouraging step on 24 March 2019, Press Conference on ‘thoughts of chartered accountants regarding next national budget’ was organized at CA Bhaban. I delivered opening remarks and Mr. Md Humayun Kabir FCA, Chairman, Taxation and Corporate Laws committee (TCLC) presented the keynote paper on income tax, VAT and customs policies. Council Member Mr. Mohammed Forkan Uddin FCA, the member of the committee Snehasish Barua FCA and ICAB Secretary Major General Muhammad Imrul Quayes, ndc, psc (retd) also spoke in the event. Among others, ICAB Vice Presidents Mr. N K A Mobin FCA and Mr. Md. Moniruzzaman FCA, Council Member & Past Presidents Mr. Nasir Uddin Ahmed FCA, Council Members Dr. Md. Abu Sayed Khan FCA, Ms. Maria Howlader FCA and Taxation and Corporate Laws Committee Member Ms. Rakesh Saha FCA were present. We responded questions raised by journalists and reporters from media and it was a very

lively session. The conference got huge media coverage in main stream newspapers and electronic media of the country. 10 March 2019, we paid a courtesy call on Mr. Md. Mofizul Islam, Secretary, Ministry of Commerce, GoB at Bangladesh Secretariat. Vice Presidents Mr. N K A Mobin FCA, Dr. Md. Salim Uddin FCA, Mr. Md. Moniruzzaman FCA and Council Member Mr. Muhammad Farooq FCA and Secretary Major General Muhammad Imrul Quayes ndc, psc (Retd) accompanied me in the meeting. We invited him and he blocked his diary to visit ICAB on 13 April 2019 to attend as the Chief Guest of a members’ conference. He also expressed his happiness to visit ICAB, one of the vital organs of the Ministry of Commerce. 19 March 2019, a team of ICAB paid a courtesy call on Mr. Kazi M Aminul Islam, Executive Chairman, Bangladesh Investment Development Authority (BIDA) at his office. Led by me, the other members of the team were Vice Presidents Mr. N K A Mobin FCA, Dr. Md. Salim Uddin FCA, Mr. Md. Moniruzzaman FCA and Council Members Mr. Muhammad Farooq FCA, Mr. Mohammed Forkan Uddin FCA, Fellow Member Mr. Ahmed Raihan Shamsi FCA and Secretary Major General Muhammad Imrul Quayes ndc, psc (Retd) discussed some professional matters. 12 March 2019, we paid a courtesy call on Mr. Fazle Kabir, Governor, Bangladesh Bank at his office and discussed different professional issues. Vice Presidents Mr. N K A Mobin FCA, Dr. Md. Salim Uddin FCA, Mr.Md. Moniruzzaman FCA and Council Members Mr.Muhammad Farooq FCA, Mr.Mohammed Forkan Uddin FCA and Secretary Major General Muhammad Imrul Quayes ndc, psc (Retd) were present in the meeting.15 March 2019, The discussion was organized to celebrate International Women’s Day 2019 at CA Bhaban. In the program the youngsters of newly qualified female chartered accountants were also congratulated by the committee of Women in Leadership of ICAB. The program was graced by Ms. Rasheda K. Chowdhury, Former Adviser, Caretaker Government of Bangladesh and Ms. Aroma Dutta, Member of Parliament, Government of Bangladesh. I delivered address of welcome while the opening remarks was made by Ms. Parveen Mahmud FCA, Chairman, Women in Leadership Committee (WIL) & Past President-ICAB. Country’s established Women entrepreneurs and women top

executives took part in Panel Discussion. Ms. Zareen Mahmud Hosein FCA conducted the discussion. Ms . Anika Sultana FCA, Member, DRC-ICAB extended the vote of thanks. ICAB Council Member Maria Howlader FCA was also present in the program. 20 March 2019, ICAB held its Advisory Committee Meeting of the Council. The meeting was chaired by Mr. M J Abedin FCA, Past President-ICAB. I gave a short presentation about the activities of ICAB and the strategic plan during my tenure. Past Presidents present appreciated the program. 02 March 2019, eight day-long training program on ‘Advance Level Certificate Course IFRS and IAS’ - 6th Batch has started from and the session of the training is going on successfully in every Saturday. A total number of 50 participants are participating in the program.21 March 2019, the smiling faces of the youngster newly qualified Chartered Accountants were accorded a gala Reception by the Institute. DRC joined ICAB team to organize the event. I along with Vice Presidents Mr. NKA Mobin FCA, Mr. Moniruzzaman FCA, Council Members Dr. Abu Sayed Khan FCA, Mr. Md. Shahadat Hossain FCA and Mr. Gopal Chandra Ghosh FCA were present in the occasion. 09 March 2019, the meeting of Members in Practice was held at CA Bhaban. I chaired the meeting. About 54 representatives of audit firms participated in the meeting encompassed with some underpinning issues in relation to audit profession and the profession at large were discussed in the meeting with spontaneous participation by the members present. 05 March 2019, Professor Janek Ratnatunga, CEO of Institute of Certified Management Accountants, Australia and Mr. Mohammad Sazzad Hassan, Regional Director of ICMA Australia, Bangladesh met me at CA Bhaban. They placed an offer to ICAB for easy pathway membership of CMA, Australia. Meetings of Council and Standing & Non-standing Committees and Sub-committeesThe following meetings of the Council, Standing and Non-Standing Committees and Sub-committees of ICAB were held during the month of March 2019:Standing Committees:- 1st Meeting of the Investigation &

Disciplinary Committee (IDC) was held on 12 March 2019 at 5:00 pm.

- 3rd Meeting of the Council was held on 18 March 2019 at 5:00 pm.

- 2nd Meeting of the Investigation & Disciplinary Committee (IDC) was held on 30 March 2019 at 4:00 pm.

Non-standing Committees:- 1st Meeting of International & Regional

Affairs Committee (IRAC) was held on 03 March 2019 at 5:30 pm.

- 3rd Meeting of the Taxation and Corporate Laws Committee (TCLC) was held on 4 March 2019 at 6:00 pm.

- 2nd Meeting of the Regulators & Trade Bodies Coordination Committee (RTBCC) was held on 5 March 2019 at 5:30 pm.

- 1st Meeting of the Media & Branding Committee was held on 10 March 2019 at 6:00 pm.

- 2nd Meeting of Committee on Professional Accountants in Business (PAIB) was held on 10 March 2019 at 6:30 pm.

- 2nd Meeting of the Membership Development and Mutual Collaboration Committee was held on 13 March 2019 at 4:30 pm.

- 2nd Meeting of the Committee for Amendment of CA Order, Bye-Laws and FRA was held on 13 March 2019 at 5:30 pm.

- 2nd Meeting of the Editorial Board (EB) was held on 19 March 2019 at 5:00 pm.

- 4th Meeting of the Taxation and Corporate Laws Committee (TCLC) was held on 20 March 2019 at 4:30 pm.

- 2nd Meeting of the Small & Medium Practitioners Committee (SMP) was held on 25 March 2019 at 5:30 pm.

- 2nd Meeting of the Members Issues, Services & Welfare Committee (MSWC) was held on 27 March 2019 at 6:00 pm.

- 2nd Meeting of the ICAB Management Reforms, Project Development & Capacity Building was held on 31 March 2019 at 5:30 pm.

Standing and Non-Standing Sub-committees:- 1st Meeting of the 11 Members Articled

Students (ASC) Sub-committee was held on 02 March 2019 at 5:00 pm.

Wish you all the best.

A F NesaruddinPresident

President’sCommunication

March 2019

FROM THE DESK OF CHAIRMAN – EDITORIAL BOARD

Dear Fellow Members,

Assalamu alaikum and greetings to you all.

The ‘Monthly News Bulletin’ of ICAB is the epitome of happenings of the Institute. The aim of this endeavor is to let all know the unfolding of various initiatives taken by ICAB toward development of our beloved profession. A wide variety of events took place in the month of March 2018. ICAB delegates held a series of meetings with Executive Chairman, BIDA, Governor, Bangladesh Bank, Secretary, Ministry of Commerce. This type of endeavor to improve relationship with the different stakeholders will enhance the credibility of ICAB to a new height.

On 15 March ICAB Women in Leadership (WIL) Committee organised a panel discussion on the celebration of International Women’s Day 2019 at ICAB. This year the theme was #BallanceforBetter. A number of shining personalities shared their success stories to encourage the youngsters. International Women’s Day is not only a Day. It is a focal point in the movement for women’s right. We want a gender neutral environment for a better Bangladesh, better world.

Apart from these, ICAB training wing, ICPE, has followed a busiest schedule in March in organizing a couple of trainings and workshops. Such events will also upsurge in the coming days to keep pace with the developments in the professional arena.

March 26 is our great Independence Day and National Day. Remembering the very day, I convey my heartfelt felicitation to all my fellow members. The historic independence day is a glorious day for our nation. On this solemn day I pay my deep homage to the martyrs who laid their lives to the great liberation war of 1971 and deep respect from the core of my heart for the valiant freedom fighters. I pray to Almighty Allah for the salvation of the departed souls.

As a team, the Editorial Board alongwith the working group continues to deliver tireless effort for bringing out world class publications and within reasonable time. We solicit your suggestion for the betterment of the Bulletin. I firmly believe that any combined effort can yield better output.

With warmest regards to you all.

Dr. Md. Abu Sayed Khan FCA

5

March 2019No. 352

Dear Fellow MembersAssalamu Alaikum, greetings to you all. The month of March reminisced the massacre committed by the then Pakistani rulers that always sadden us profoundly. The aftermath was the declaration of Independence of Bangladesh (the then east Pakistan) on the day of 26 March 1971. People had to go through nine months long nightmare, a bloody war to become independent from Pakistani occupation. To achieve independence, several known and unknown men and women sacrificed their lives. What remains with us, are their memories, words of wisdom and dreams. The day curved a niche in deep of hearts of people. Every year we celebrate 26th March as our Independence Day. On this very day different organizations and cultural groups chalk out different programs to celebrate the day in befitting manner. This year we celebrated the Day by hoisting national flag at CA Bhaban in early morning and placed floral wreath at the National Mausoleum at Savar to show deep respect to our valiant freedom fighters. Several council members, DRC members and members of the Institute enthusiastically joined us. Having deep rooted the spirit of Independence, we urged all members of this fraternity to hold the flagship of CA profession at the top of dignity and professionalism. Now, let me give a brief on major activities undertaken during the month of March 2019: 28 March 2019, the Members’ Conference on ‘Bangladesh: policy review on Financial Reporting Act (2015)’ was organized by ICAB. Dr. Javed Siddiqui, Senior Lecturer, Accounting, Alliance Manchester Business School, University of Manchester, UK., presented the Key Note paper in the conference. Mr. C. Q. K. Mustaq Ahmed, Chairman, Financial Reporting Council

(FRC) was present as the Chief Guest while Mr. A. K. Gulam Kibria FCA, Partner, G Kibria & Co., Chartered Accountants and Past President-ICAB was the Session Chairman. Hundreds of Chartered Accountants attended the conference. In my speech I pointed out our observations on three provisions of the Financial Reporting Act (FRA); formation of FRC Board, non-auditors like CIMA and CMA brought under the purview of the Act, and the provision of punishment. I discussed some other aspects of FRA and assured full support to FRC in its endeavor. Dr. Javed Siddiqui, Bangladeshi origin UK professor very precisely, described the present scenario of audit profession in Bangladesh. He discussed FRA comparing with the similar acts in other countries and placed some recommendations, which were lauded by the audience. For the first time in history of ICAB and as bold and encouraging step on 24 March 2019, Press Conference on ‘thoughts of chartered accountants regarding next national budget’ was organized at CA Bhaban. I delivered opening remarks and Mr. Md Humayun Kabir FCA, Chairman, Taxation and Corporate Laws committee (TCLC) presented the keynote paper on income tax, VAT and customs policies. Council Member Mr. Mohammed Forkan Uddin FCA, the member of the committee Snehasish Barua FCA and ICAB Secretary Major General Muhammad Imrul Quayes, ndc, psc (retd) also spoke in the event. Among others, ICAB Vice Presidents Mr. N K A Mobin FCA and Mr. Md. Moniruzzaman FCA, Council Member & Past Presidents Mr. Nasir Uddin Ahmed FCA, Council Members Dr. Md. Abu Sayed Khan FCA, Ms. Maria Howlader FCA and Taxation and Corporate Laws Committee Member Ms. Rakesh Saha FCA were present. We responded questions raised by journalists and reporters from media and it was a very

lively session. The conference got huge media coverage in main stream newspapers and electronic media of the country. 10 March 2019, we paid a courtesy call on Mr. Md. Mofizul Islam, Secretary, Ministry of Commerce, GoB at Bangladesh Secretariat. Vice Presidents Mr. N K A Mobin FCA, Dr. Md. Salim Uddin FCA, Mr. Md. Moniruzzaman FCA and Council Member Mr. Muhammad Farooq FCA and Secretary Major General Muhammad Imrul Quayes ndc, psc (Retd) accompanied me in the meeting. We invited him and he blocked his diary to visit ICAB on 13 April 2019 to attend as the Chief Guest of a members’ conference. He also expressed his happiness to visit ICAB, one of the vital organs of the Ministry of Commerce. 19 March 2019, a team of ICAB paid a courtesy call on Mr. Kazi M Aminul Islam, Executive Chairman, Bangladesh Investment Development Authority (BIDA) at his office. Led by me, the other members of the team were Vice Presidents Mr. N K A Mobin FCA, Dr. Md. Salim Uddin FCA, Mr. Md. Moniruzzaman FCA and Council Members Mr. Muhammad Farooq FCA, Mr. Mohammed Forkan Uddin FCA, Fellow Member Mr. Ahmed Raihan Shamsi FCA and Secretary Major General Muhammad Imrul Quayes ndc, psc (Retd) discussed some professional matters. 12 March 2019, we paid a courtesy call on Mr. Fazle Kabir, Governor, Bangladesh Bank at his office and discussed different professional issues. Vice Presidents Mr. N K A Mobin FCA, Dr. Md. Salim Uddin FCA, Mr.Md. Moniruzzaman FCA and Council Members Mr.Muhammad Farooq FCA, Mr.Mohammed Forkan Uddin FCA and Secretary Major General Muhammad Imrul Quayes ndc, psc (Retd) were present in the meeting.15 March 2019, The discussion was organized to celebrate International Women’s Day 2019 at CA Bhaban. In the program the youngsters of newly qualified female chartered accountants were also congratulated by the committee of Women in Leadership of ICAB. The program was graced by Ms. Rasheda K. Chowdhury, Former Adviser, Caretaker Government of Bangladesh and Ms. Aroma Dutta, Member of Parliament, Government of Bangladesh. I delivered address of welcome while the opening remarks was made by Ms. Parveen Mahmud FCA, Chairman, Women in Leadership Committee (WIL) & Past President-ICAB. Country’s established Women entrepreneurs and women top

executives took part in Panel Discussion. Ms. Zareen Mahmud Hosein FCA conducted the discussion. Ms . Anika Sultana FCA, Member, DRC-ICAB extended the vote of thanks. ICAB Council Member Maria Howlader FCA was also present in the program. 20 March 2019, ICAB held its Advisory Committee Meeting of the Council. The meeting was chaired by Mr. M J Abedin FCA, Past President-ICAB. I gave a short presentation about the activities of ICAB and the strategic plan during my tenure. Past Presidents present appreciated the program. 02 March 2019, eight day-long training program on ‘Advance Level Certificate Course IFRS and IAS’ - 6th Batch has started from and the session of the training is going on successfully in every Saturday. A total number of 50 participants are participating in the program.21 March 2019, the smiling faces of the youngster newly qualified Chartered Accountants were accorded a gala Reception by the Institute. DRC joined ICAB team to organize the event. I along with Vice Presidents Mr. NKA Mobin FCA, Mr. Moniruzzaman FCA, Council Members Dr. Abu Sayed Khan FCA, Mr. Md. Shahadat Hossain FCA and Mr. Gopal Chandra Ghosh FCA were present in the occasion. 09 March 2019, the meeting of Members in Practice was held at CA Bhaban. I chaired the meeting. About 54 representatives of audit firms participated in the meeting encompassed with some underpinning issues in relation to audit profession and the profession at large were discussed in the meeting with spontaneous participation by the members present. 05 March 2019, Professor Janek Ratnatunga, CEO of Institute of Certified Management Accountants, Australia and Mr. Mohammad Sazzad Hassan, Regional Director of ICMA Australia, Bangladesh met me at CA Bhaban. They placed an offer to ICAB for easy pathway membership of CMA, Australia. Meetings of Council and Standing & Non-standing Committees and Sub-committeesThe following meetings of the Council, Standing and Non-Standing Committees and Sub-committees of ICAB were held during the month of March 2019:Standing Committees:- 1st Meeting of the Investigation &

Disciplinary Committee (IDC) was held on 12 March 2019 at 5:00 pm.

- 3rd Meeting of the Council was held on 18 March 2019 at 5:00 pm.

- 2nd Meeting of the Investigation & Disciplinary Committee (IDC) was held on 30 March 2019 at 4:00 pm.

Non-standing Committees:- 1st Meeting of International & Regional

Affairs Committee (IRAC) was held on 03 March 2019 at 5:30 pm.

- 3rd Meeting of the Taxation and Corporate Laws Committee (TCLC) was held on 4 March 2019 at 6:00 pm.

- 2nd Meeting of the Regulators & Trade Bodies Coordination Committee (RTBCC) was held on 5 March 2019 at 5:30 pm.

- 1st Meeting of the Media & Branding Committee was held on 10 March 2019 at 6:00 pm.

- 2nd Meeting of Committee on Professional Accountants in Business (PAIB) was held on 10 March 2019 at 6:30 pm.

- 2nd Meeting of the Membership Development and Mutual Collaboration Committee was held on 13 March 2019 at 4:30 pm.

- 2nd Meeting of the Committee for Amendment of CA Order, Bye-Laws and FRA was held on 13 March 2019 at 5:30 pm.

- 2nd Meeting of the Editorial Board (EB) was held on 19 March 2019 at 5:00 pm.

- 4th Meeting of the Taxation and Corporate Laws Committee (TCLC) was held on 20 March 2019 at 4:30 pm.

- 2nd Meeting of the Small & Medium Practitioners Committee (SMP) was held on 25 March 2019 at 5:30 pm.

- 2nd Meeting of the Members Issues, Services & Welfare Committee (MSWC) was held on 27 March 2019 at 6:00 pm.

- 2nd Meeting of the ICAB Management Reforms, Project Development & Capacity Building was held on 31 March 2019 at 5:30 pm.

Standing and Non-Standing Sub-committees:- 1st Meeting of the 11 Members Articled

Students (ASC) Sub-committee was held on 02 March 2019 at 5:00 pm.

Wish you all the best.

A F NesaruddinPresident

6

March 2019 No. 352

team of ICAB paid a courtesy call on Kazi M Aminul Islam, Executive Chairman, Bangladesh Investment Development Authority (BIDA) on 19 March 2019 at

his office. Led by A F Nesaruddin FCA, President-ICAB, the other members of the team were Vice Presidents N K A Mobin FCA, Dr. Md. Salim Uddin FCA, Md. Moniruzzaman FCA and Council Members Muhammad Farooq FCA, Mohammed Forkan Uddin FCA, Fellow Member Ahmed Raihan Shamsi FCA and Secretary Major General Muhammad Imrul Quayes ndc, psc (Retd), discussed the professional matters. They also conveyed their concerns about the foreign accountants and auditors who are working in the country and for them government spent huge amount of money. BIDA Chairman assured that he will extend his cooperation in this regard. Mr. Islam also requests ICAB to provide Knowledge based cooperation to BIDA for organising workshops and seminars.

Courtesy Call on Executive Chairman, BIDA

A

ICMA, Australia CEO Met President, ICAB

rofessor Janek Ratnatunga, CEO of Institute of Certified Management Accountants, Australia and Mohammad Sazzad Hassan, CMA (Aus), Regional

Director of ICMA Australia, Bangladesh met AF Nesaruddin FCA, President, ICAB to discuss professional issues including recognition of ICAB members by ICMA, Australia.

It has placed an offer to ICAB for easy pathway membership of CMA, Australia. According to the offer, ICAB members who have five years’ relevant experience are eligible to take part in seven days’ qualifying workshop on Strategic Cost Management (3 Days) and Strategic Business Analysis (4 Days) to become CMA Australia. ICMA Australia would charge a fee for their membership too.

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Courtesy Call on Secretary, Ministry of Commerce

team of ICAB paid a courtesy call on Md. Mofizul Islam, Secretary, Ministry of Commerce, GoB on 10 March 2019 at Bangladesh Secretariat. The team was Led by A F

Nesaruddin FCA, President-ICAB. Other members of the team were Vice Presidents N K A Mobin FCA, Dr. Md. Salim Uddin FCA, Md. Moniruzzaman FCA, Council Member Muhammad Farooq FCA and Secretary Major General Muhammad Imrul Quayes ndc, psc (Retd). They discussed professional matters and updated the Secretary about ongoing activities of the Institute. The secretary assured ICAB for his cooperation to carry out the vested responsibilities of ICAB in order to ensure accountability and transparency in financial sector.

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Courtesy Call on Governor, Bangladesh Bank

CAB delegates paid a courtesy call on Fazle Kabir, Governor, Bangladesh Bank on 12 March 2019 at his office. The delegates discussed different professional

issues.

Vice Presidents N K A Mobin FCA, Dr. Md. Salim Uddin FCA, Md. Moniruzzaman FCA and Council Members Muhammad Farooq FCA, Mohammed Forkan Uddin FCA and Secretary Major General Muhammad Imrul Quayes ndc, psc (Retd) were present in the meeting.

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he meeting of Members in Practice was held at CA Bhaban on 9 March 2019. AF

Nesaruddin, President-ICAB chaired the meeting where about 54 representatives of audit firms participated in. The meeting was encompassed with the underpinning issues include IFRS, ISA and New Audit Report, FRC’s expectation on audit working papers, quality and special audit of banks and NBFIs, implementation of audit fees and audit opportunities in Bangladesh. The meeting mainly discussed the issues relating to LGSP local government audit activities and the irregularities reported in last LGSP audit.

Meeting of Members in Practice

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he smiling faces, among others were the newly qualified Chartered Accountants at a

program ‘Reception & Way-forward organized by the Institute of Chartered Accountants of

Bangladesh (ICAB) on 21 March 2018 at CA Bhaban, Dhaka.

ICAB President AF Nesaruddin FCA, Vice President NKA Mobin FCA, Md. Moniruzzaman FCA, Council Members

Dr. Abu Sayed Khan FCA, Md. Shahadat Hossain FCA and Gopal Chandra Ghosh FCA were present in the occasion. They also shared their storeis on how to succeed in career.

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Reception Accorded to Newly Qualified CAs

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ICAB Academic Campus NewsThe regular pre-examination classes for Certificate Level (Evening Shift, 2nd Batch, Sections: A-F) which commenced on 13 December 2018 at ICAB-Academic Campus, had been closed on 05 March 2019. There were 329 students joining with 61 teachers in the course. All students remained there as fresh candidates for the Examination Session: May-June 2019.

Meanwhile, Day Time Classes for Certificate Level (2nd Batch) has been started from 09 March 2019 at ICAB- Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar C/A, Dhaka-1215. By issuing a- special notice, all practicing members of the Institute entitled to train articled students have been requested to kindly notify their students and allow them to attend at day shift classes as per schedule in the interest of the CA profession.

On the other hand, the another regular session for the students of Certificate, Professional and Advanced Levels have been begun from 09 March 2019 at ICAB-Academic Campus.

As a result, the cumulative number of participated students in the classes of ICAB under new curriculum has come to 16047, till March 31, 2019.

The New session of Evening Shift Classes for Certificate Level (3rd Batch) is going to commence on Tuesday, 11 June 2019 at ICAB- Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar C/A, Dhaka-1215. A Notice has already been issued in this regard and all the concerned

students are advised to enroll for the classes by 27 May 2019, and join the session accordingly.

Furthermore, 8- Fridays' scheduled a- short course on English Language, to enhance the skills & capacities of English Language for the CA students and enable them to locate perfectly into professional communications which started from 26 January 2019 at 3:00pm to 6:00pm for the CA students at ICAB-Academic Campus under the guidance of Bangladesh Chartered Accountancy Chatra Parishad (BCACP) & financed by the Dhaka Regional Committee (DRC)-ICAB, had been concluded on 15 March. Now its next batch yet to be announced soon.

Besides, a-Discussion Meeting on "Certain Exam Papers" with the faculties of Professional and Advanced Levels held on 20 March 2019 at 6:00pm in ICAB-Mini Conference Room. The office bearers, past presidents and members' council of ICAB, were also invited to the session. The Vice president (E&T)-ICAB, Mr N K A Mobin FCA attained and splendid the session. The esteemed team shared very closely and discovered the areas which are required to improve with a view to make good results for the CA old stream failed students.

Meanwhile, the "Teachers’ Discussion Session" with the faculties of Certificate, Professional and Advanced Levels held on 23 March 2019 at ICAB-Academic Campus. There were 78 faculties invited and among them 52 participated in the session. The teachers exchanged their views, ideas, thoughts and problems regarding on-going

education and examination matters for further improvement to support the students’ overall growth and achievement with the office bearers of the Institute for strengthening of the quality of the students as well as the CA Profession.

The session was Chaired by Mr. N K A Mobin FCA [Vice President (E&T)-ICAB, where the President of ICAB, Mr A F Nesaruddin FCA joined on special invitation as Chief Guest and also initiated as moderator to the addressees.

The Chair of the meeting welcomed all the teachers and sought their full support and cooperation to discharge his responsibilities for betterment of CA profession. He emphasized that teachers' valuable input and advise will guide to take care in a positive and acceptable directions. He also requested the teachers to openly exchange their views, ideas, thoughts and come up with constructive suggestions to improve the position of students in the exam and glory for the profession.

The Chief Guest expressed that pass rate of CA profession has to be required to increase and fulfilling in the accounting relationship- perception of the country. He also depicted that the entire profession is structured on a combined set up of students, teachers, questions setters and examiners. The institute shall accept suggestions from all stakeholders to tackle the challenges facing by the profession. He appraised for creating awareness to students, to ensure regular attendance in the class. He expected that the new professional should be taken responsibility of the profession. He added that teachers are providing effort to develop students’ quality and also to motivate them toward studies for successful completion of their examinations. The Institute demands quality input of output to meet-up with the requirements of ICAEW learning process and environment. It is indeed that the demands of the profession today to produce world class members for the institute to tackle the challenges of global competitions. He finally requested teachers to place suggestions and find out the means and ways how to improve and could take special care to the students.

Then Mr. A F Nesaruddin FCA, President-ICAB opened the meeting as moderator, by request of the Chair, and thereafter the teachers conferred speech and sited for discussions and proposals.

ICAB Observed Independence Day

The Moderator replied to the questioners and said that we should try to increase the passing rate. He opined to develop the back-logged students to success. He recognized the past leaders for their contributions and to promote the profession. He also added that the brilliant teachers are now in our teaching profession. He impressed and appreciated to the reasonable proposals and at last, agreed to take all issues for proper implementation as outcome, and advised to and from the concerned officials shortly. He finally thanked upon the teachers for liability the noble services to the Institute and making the basic resources for the profession.

The Chairman felt satisfaction for a good number of attendance and admired to the

teachers for spontaneous opinions in the session. At last, the session ended with exchanging thanks and good wishes to and from the chair.

Besides, the refurbishments of ICAB-Academic Campus at 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215, have mostly done, and the rest of works would be completed by April 2019.

The above Programme and Session have been organised by the Additional Director, Academic Campus and a team, under the supervision of the Vice President (Education & Training)-ICAB, N K A Mobin FCA, with the guidance and consent of the Chairman, Board of Studies-ICAB, ABM Azizuddin FCA & President of ICAB, A F Nesaruddin FCA.

ICAB sought withdrawal of a new provision of paying 10 per cent disputed tax in advance 'in each stage' if any taxpayer wants to make an appeal to the High Court. The existing provision in VAT Law 1991 to pay advance tax at the said rate 'in any stage' should remain unchanged.

Relying to query ICAB President Nesaruddin said ICAB has an automated system (Digital Identification of Audit Repot) to check any fake audit report through the website of the Institute. A panel has been formed to take punitive measures against any ICAB member who prepares doctored audit report, he added. About the corporate tax rate, he said tax rates in South Asian countries, including India, hover between 15 percent and 30 percent. So the corporate tax should be reduced to attract foreign investment. It would not be possible to create enough jobs and accelerate economic growth without higher foreign and local investment. We have to increase both revenue collection and investment, he added.

Mr. Nesaruddin said, only 16 lakh out of Bangladesh's total population of 16 crore pay income tax. It is essential to increase the number of taxpayers and the amount of income tax as we head towards becoming a middle-income country. He suggested digitalisation of the revenue administration, saying the scope of tax evasion is low in digital era. Tax reform is the need of the hour,” he added, saying that there is fear among people about the tax administration. Subsequently, it is necessary for the government to take steps to increase transparency, modernise the tax administration and

reduce the hassle of taxpayers.

Mr Kabir said it is not true that corporate tax cut would affect revenue collection; rather it helps increase collection in the long run, making contribution to the national economy. "It's untrue that the revenue board would be losing a significant amount of tax following the cut in corporate tax rates made effective last year," he said in reply to media queries. Figures and analyses show tax collection from corporate bodies rather increased this year, reflecting that rational tax rates encourage taxpayers, he added.

Press ConferenceFrom back page

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Announcement(Classes of Next Session)

The New Session of Evening Shift Classes for Certificate Level (3rd Batch) will start from Tuesday, 11 June 2019 at ICAB- Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215. A Notice has been issued in this matter and all the concerned students are advised to enroll for the classes by 27 May 2019, and attend the session accordingly.

Source: ICAB Campus















Member’s AchievementAl Amin Redwanur Rahman, ACA (Enroll: 1723) has qualified from ICMAB in December 2018 exam session being the first person to complete the final level under their new curriculum. He has also qualified ICAEW final level exams in November 2018 exam session. In Addition, Mr. Redwan qualified from CIMA, UK in August 2016. He joined in CIMA and ICAEW through ICAB member pathway program. Mr. Redwan become member of the institute in August 2015 and currently serving as Senior Manager, Assurance in A. Qasem & Co. Chartered Accountants.

Al Amin Redwanur Rahman ACA

News in BriefDSE market capitalization loses BDT 277.17 Billion in March 2019. The prime bourse fell as its benchmark DSEX index lost 231 points last month. Source: Dhaka Tribune, 31st March 2019The country's overall natural gas supply crossed the 3,200 million cubic feet mark a day boosted by the imports of liquefied natural gas (LNG). Source: The Financial Express, 24th March 2019National Board of Revenue is set to launch a special drive to review the expenditure of public and private entities, including companies, to check their compliance related to tax deduction at source (TDS), a member of NBR’s taskforce on TDS monitoring told. Source: New Age, 31st March 2019Dhaka Stock Exchange is assessing the V-Next Platform, a wholly-owned subsidiary of SZSE, to build an ecosystem across the China-Bangladesh to integrate financial intermediary services, institutional investors and projects, DSE officials said. Source: New Age, 30th March 2019






Parveen Mahmud FCA, Chairman UCEP- Bangladesh and Past President of the Institute of Chartered Accountants of Bangladesh (ICAB) has been honoured with the ‘Ananya Top Ten Awards 2018’ in Management and Development category (gvbweK Rxeb e`‡ji Ac~e© KvwiMi) in this year.

Every year since 1993, Ananya Magazine has recognised and honoured ten women for their remarkable contribution in their respected fields. Ananya Top Ten Awards 2018 ceremony was held on 23 March 2019 at Bangladesh National Museum Central Auditorium, Dhaka.

Tasmima Hossain, Editor, The Ananya presided the program Member of Parliament and renowned actor, Suborna Mustafa, and Former State Minister of the Ministry of Public Administration, Ismat Ara Sadique presented the awards as the Chief Guest and Special Guest respectively.

Parveen Mahmud Honored ‘Ananya Top Ten Awards’

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Opportunity for ICAB Members/Practicing CA Firms

This is for information to all the ICAB Members / Practicing CA Firms who are looking for prospective Partners/ Qualified Assistants/ Qualified Directors and also who are interested to join with any Practicing CA Firm may kindly contact in writing with Secretary-ICAB, Major General Muhammad Imrul Quayes, ndc, psc (Retd).

ICAB will act as a mediator to facilitate the process. Particulars of concerned Members/CA Firms will be kept confidential as far as possible.

seminar on Sustainable Development Goals titled ‘SDGs: A universal call for

transforming the World’ was held on 2 March 2019 at Crystal Ball Room of Hotel Agrabad, Chattogram. Prof. Dr. Md. Salim Uddin FCA, FCMA presented the key-note paper. Mohammad Muslim Chowdhury, Comptroller and Auditor General (CAG) of Bangladesh was the Chief Guest of the session. Showkat Hossan FCA, Past President-ICAB and Siddharta Barua FCA, Council member-ICAB were in the dais as a Session Chairman and Special Guest respectively. Representatives from Chittagong Taxes Bar Association (CTBA), Chittagong Chartered Taxes

Association (CCTA) and Senior Faculty members of Finance Department, University of Chittagong graced the occasion. A wonderful speech was

delivered by the Chief Guest Mohammad Muslim Chowdhury, Comptroller and Auditor General (CAG) of Bangladesh.

ASeminar on Sustainable Development Goal-SDG: A

Universal Call for Transforming the World

Training on ‘Advance Level Certificate Course on IFRS and IAS’- 6th Batch






Eight day -long training program on ‘Advance Level Certificate Course IFRS and IAS’ - 6th Batch has started from 2 March 2019 and the session of the training is going on successfully in every Saturday. A total number of 50 participants are participating in the program.

Resource persons of the training course are Sabbir Ahmed FCA, Snehasish Barua FCA, Mohammed Salahuddin Chowdhury FCA, Wasequl Huq Reagan FCA, Muhammad Aminul Hoque FCA, Sk. Md. Tarikul

Search for ProfessionalA reputed CA firm will recruit a Director. This position will lead to Partnership within 1-2 years.

Post qualification experience: 0-3 years; Age Limit: Under 30 years, ● Knowledge and understanding accounting and auditing standard and tax laws ● Strong communication skills in English etc. are required.

Contact for details: Secretary-ICAB,

A Workshop on IAS-16 for CA Students at Ctg

A workshop on IAS 16: Property, Plant & Equipment was held on 1 March 2019 at CRC Conference Hall for CA students. Kamrul Hasan Siddiqui ACA, Financial Controller, Kenpark Bangladesh Apparel Pvt. Limited conducted the workshop.

Islam FCA and Muhammad Mehedi Hasan FCA. Major General Muhammad Imrul Quayes ndc, psc (Retd), Secretary ICAB inaugurated the 1st session of the training and the resource person of the session was Sabbir Ahmed FCA.

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nwaruddin Chowdhury, Past President ICAB, Director Confederation of Asian and

Pacific Accountants (CAPA) Board and Member IFAC, IPSASB Consultative Advisory Group (CAG) participated in the CAPA Public Sector Financial Management Committee (PSFMC) Meeting and ICAI-CAPA Joint Roundtable Stakeholder's Forum held on 10‐11 March 2019 in New Delhi, India.

The Public Sector Financial Management Committee (PSFMC) Meeting - 10 March

This was the first outreach meeting of the PSFMC in India, though the committee has previously met in India in conjunction with CAPA Board and Members meetings. The PSFMC Chairman, Anwaruddin Chowdhury, presided over the meeting, which was attended by the Committee members (including CIPFA), CAPA President and representatives from AICPA, ACCA and Asian Development Bank (ADB).

The Meeting deliberated on the CAPA Strategic Activities -focused on Review of IFAC-CIPFA International Public Sector Accountability Index and Member Bodies Public Sector Activities; PAOs Engaging with the Public Sector-focused on detailed review and finalisation of the Publication highlighting the key Messages arising from the Public Sector Accountability Survey; Consideration of Future Initiatives in line with CAPA's Strategic Plan Towards 2025, including ideas for advocacy related and thought leadership materials; and modality for the India Public Sector Roundtable.

The Chair PSFMC, who is also a Member of the IPSASB CAG, shared

updates regarding IPSASB's Strategy and Work Plan for 2019-23, which was finally approved in Dec '18 IPSASB Meeting in KL and published in Feb '19, aimed at 'Delivering Global Standards-Inspiring Implementation'. This will Strengthen PFM globally through increasing adoption of accrual IPSAS. He apprised the meeting on eventual approval of the Social Benefits standard in Dec KL Meeting, published as IPSAS 42 in Jan'19.The meeting considered an opportunity for the PSFMC to join with the ADB and IPSAS Board in Manila in October, in which case the May PSFMC meeting in Sri Lanka would likely be revised.

The ICAI‐CAPA Joint Roundtable Stakeholder’s Meeting on Public Sector Financial Management (PSFM) - 11 March

This was the first time ICAI and CAPA had jointly held an event with a wide range of public sector stakeholders, to discuss Public Financial Management (PFM) issues in India. The objective of the Roundtable was to sensitize relevant stakeholders from the India public sector for moving towards improved financial reporting,

particularly adoption of "accruals" accounting and implementation of IPSAS. The Roundtable provided an apt platform to the participants, who are responsible for Government accounting in India, about the important role being played by CAPA through its PSFM Committee. Through sharing of Indian and international experiences, the Government authorities and other stakeholders learned of the PSFM issues and developed an insight on how best to deal with the challenges during the implementation process.

The Roundtable was inaugurated by the former C&AG of India, Shashi Kant Sharma and addressed by President ICAI, President CAPA and Chairman of CAPA PSFMC. In his Keynote address, Mr Sharma noted that high quality PFM, ensuring due accountability and transparency, was essential for consistent development of a country's economy, investment and growth. In his address, Anwaruddin Chowdhury, emphasized that PSFM has always been a top priority in CAPA's strategic agenda. The Committee aims to develop awareness and promote the significance, value

Anwaruddin Chowdhury Participated in CAPA Meeting and Associated Events in New Delhi, India

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Anwaruddin Chowdhury, Chair CAPA PSFMC seen at PSFMC meeting New Delhi, India.

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hattogram Regional Committee (CRC), Council members from Chattogram Prof. Dr.

Mohammad Salim Uddin FCA, Vice President (T & R) ICAB, Siddhartha Barua FCA and Past President Showkat Hossain FCA met A F Nesaruddin FCA, President of The Institute of Chartered Accountants of Bangladesh at Chattogram Boat Club on 29 March 2019. Major General Muhammad Imrul Quayes, ndc, psc (retd), Secretary of ICAB was present in the meeting. CRC discussed with the President and Secretary on many issues for the development and way forward of the profession in Chattogram.

Chattogram Regional Committee (CRC) Met ICAB President

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and benefits of high quality PSFM for ensuring financial discipline, transparency and accountability in the economic policy decisions of the Government and the broader public sector. The PSFMC identifies regional and country specific needs and develops relevant strategies to address the issues- enhancing levels of trust and confidence among citizens and stakeholders, and thereby serving the 'public interest'. He apprised the participants of CAPA Projects and Publications (including The 'Eight Key Elements of PFM Success' and The 'Attracting and Retaining of Finance Personnel in Public Sector').

The Roundtable comprised of 4 Technical Sessions of 30 minutes duration (15 minutes Presentation and 15 minutes floor participation), and a two hour Panel Discussion. The Topics embraced Improving Financial Management in the Public Sector -the 8 Key Elements of PFM Success by CE CAPA; Overview of Government Accounting in India by CGA MoF; Implementing Accrual Accounting in the Public Sector: Issues and Challenges by DG C&AG; and

Reforms in Budgetary Process by Government of India by Member Secy of National Commission. The detailed Panel Discussion, comprising of Indian and international public sector experts (from the WB, the UK, Australia and Lithunia), focused on sharing of experiences in relation to PFM reforms and their journey in implementing accrual accounting and the

international public sector standards.

There were about 80 Roundtable participants astutely engrossed in learning and sharing of experiences- particularly about the "challenges and benefits" of Accrual accounting and IPSAS implementation, and of the laudable journey leading to "Conversion of Indian Railways Accounts from cash to Accruals basis".

Anwaruddin Chowdhury, Chair CAPA PSFMC seen delivering his speech at the Inaugural session of the ICAI-CAPA Pubic Sector Stakeholders Roundtable meeting.

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hahadat Khan Riyadh passed CA final exam (Advance Level) during Nov-Dec session 2018

and became qualified CA. A floral reception has given by the Chittagong Regional Committee (CRC) of ICAB to Shahadat Khan Riyadh ACA. Shahadat Khan Riyadh is also a member of The Cost and Management Accountants of Bangladesh. He is now working as a Manager at Abul Khair Group.

Reception to Newly Qualified Member in Ctg

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Members of Chattogram Region arranged annual picnic in Thailand from 15 March 2019 to 19 March 2019. This was for the first time ever the picnic was held outside the country. Around 45 members with their families participated in this tour. The tour was very enjoyable. They visited many beautiful places in Thailand including Pattaya, Bangkok etc.

CRC Picnic in Thailand

F Nesaruddin FCA President-ICAB visited the site of allotted land by Chattogram Development Authority

(CDA) for Chattogram Regional Office of ICAB. It is around 12.18Katha land (Plot # MU-03) located in Ananya Residential Area, Chattogram. Major General Muhammad Imrul Quayes, ndc, psc (retd), Secretary of ICAB, Showkat Hossain FCA-Past President of ICAB, Parven Mahmud FCA- Past President of ICAB, Prof. Dr. Md. Salim Uddin FCA-Vice President of ICAB, Siddhartha Barua FCA-Council member of ICAB, Mudassar Ahmed Siddique FCA- Past Vice President of ICAB also members of CRC alos visited the site.

President Visited Allotted Land by CDA for Chattogram Regional Office-ICAB

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CAB-Women In Leadership (WIL), Female Forum celebrated International Women’s Day 2019

#IWD2019 #BalanceforBetter at Crystal Ball Room, Hotel Agrabad, Chattogram on 30 March 2019. Waseqa Ayesha Khan MP was the Chief Guest of the Program. A F Nesaruddin FCA- President of ICAB and Showkat Hossain FCA- Past President ICAB also joined the program. Many distinguished female personalists tookpart in a panel discussion to encourage and influence young minds through sharing their inspirational path breaking stories. Around hundred of female CA students from different CA firms in Chattogram joined the program. All the female CAs in Chattogram, Council Members from Chattogram and Members of Chattogram Regional Committee (CRC) were present in the program.

ICAB, WIL-Female Forum Celebrated International Women’s Day

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ICAB Advisory Committee Meetinghe Institute of Chartered Accountants of Bangladesh (ICAB) held its Advisory

Committee Meeting of the Council at CA Bhaban on 20 March 2019. The meeting was chaired by M J Abedin FCA, Past President-ICAB, ICAB President A F Nesaruddin FCA gave a short presentation about the activities of

ICAB and the strategic plan during his tenure. He also sought guidelines and advices from the Past Presidents regarding further advancement of the Institute.

Demonstrating his action plan, ICAB President said to ensure transparency and good governance in financial sector,

ICAB is implementing practical IT based audit education and training, trying to implement the IFAC and other compliance requirements and giving highest importance on improvement of audit and assurance quality, and capacity building of the Institute. ICAB Council Members and Past Presidents were present in the meeting.

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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: +880-2-9125266, E-mail: [email protected], Website: www.icab.org.bd

he Institute of Chartered Accountants of Bangladesh (ICAB), at a press conference on

24 March 2019, suggested to reduce the corporate tax rate, encourage more foreign direct investment (FDI) and measures to increase the collection of taxes through NBR. They also suggested for widening the tax net, introduction of new tax slab and modernisation of tax administration. ICAB has placed its recommendations before the media at the time when the government is doing ground works preparations for next national budget 2019-2020.

Chartered Accountants urged the government to cut the corporate tax by 2 percentage points across the board to tempt both local and foreign investors with the view to pulling the country out of its stagnant investment scenario. Investors would be encouraged to invest more funds following such cut and help generating additional employment opportunities.

Corporate tax rate in Bangladesh is one of the highest in this region, contributing to flight of capital abroad. The apex body of accountants for the first time ever in its history organized the press conference and shared its thoughts on the National Budget 2019-20 before the media at CA Bhaban in the city.

ICAB President AF Nesaruddin delivered opening remarks while

taxation and corporate laws committee (TCLC) Chairman Md Humayun Kabir presented the keynote paper on income tax, VAT and customs policies. Taxation and Corporate Laws Committee Member Snehasish Barua FCA and ICAB Secretary Major General Muhammad Imrul Quayes, ndc, psc (retd) also spoke in the event.

Among others, ICAB Vice Presidents N K A Mobin FCA and Md. Moniruzzaman FCA, Council Member & Past Presidents Nasir Uddin Ahmed FCA, Council Members Dr. Md. Abu Sayed Khan FCA, Mohammed Forkan Uddin FCA and Maria Howlader FCA, Taxation and Corporate Laws Committee Member Rakesh Saha FCA and Director (Technical) Mahbub Ahmed Siddique FCA were present in the press conference. About 45 journalists from print and electronic media attended the conference.

ICAB members, said VAT rates for essential products should be determined cautiously if multiple rates are introduced in the new VAT law. Some six sectors contribute two-thirds of the aggregate VAT collection, so it will be illogical to bring down all existing VAT rates to 10 per cent from 15 per cent, they felt.

The ICAB also proposed to introduce a new tax slab at a rate of 5.0 per cent for an individual taxpayer and set the maximum slab at 25 per cent for them.

Currently, the tax slab for an individual taxpayer starts from 10 per cent and ends at a maximum of 30 per cent.

However, the ICAB members said effective tax rate stands at 39-40 per cent for taxpayers due to surcharge and other cash expenditure disallowances. To simplify tax rebate calculation process, the institute proposed the taxman to offer 15 per cent tax rebate directly on 25 per cent of income. It suggested analysing sector-wise GDP (gross domestic product) growth to compare revenue collection growth.

Even small and new entrepreneurs should be allowed to enjoy tax-free facility on their earnings up to Tk 5.0 million, it argued. ICAB also proposed to contact e-TIN (electronic taxpayer's identification number) holders to encourage them to submit tax returns.

On the new VAT law, the institute proposed increase in the VAT-free turnover limit to Tk 4.8 million to encourage small businesses. It also suggested raising the VAT-free ceiling of turnover tax to Tk 18 million and keeping the rate unchanged at 3.0 per cent. The ICAB members said chartered accountants are currently allowed to attend in hearing as taxpayers' representatives. But the provision is not incorporated into the new VAT law slated for implementation from July 01, they cited. They strongly demanded incorporating the provision in section 130 of the VAT Law 2012.

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ICAB Press Conference Thoughts of chartered accountants regarding next national budget

Recommended suggestions for increasing revenue collection through NBR

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