Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh

ICABICAB NEWS BULLETINApril 2015

Number 306

ISSN 1993-5366

ommerce Minister Tofail Ahmed, MP inaugurated the renovated Central Library of the Institute of Chartered

Accountants of Bangladesh at a program in CA Bhaban on Monday, 20 April 2015.

ICAB President Masih Malik Chowdhury FCA apprised the Minister about the Institute’s activities and recent progress in professional education, training, quality assurance, professional conducts & ethics in a meeting at ICAB Council Hall. ICAB Vice Presidents AF Nesaruddin FCA, Kamrul Abedin FCA, Nasim Anwar FCA, Council Member & Past Presidents and high officials of ICAB were also present.

The Minister said, trade and business has

increased many folds where the role of CAs is

having enormous importance. CAs having

professional efficiency and capability could

ensure transparency and accountability in our

trade and commerce, he expected.

The government has taken initiatives to bring

diversifications in export basket. It has laid

emphasis on five items like IT, leather,

pharmaceuticals, jute and furniture to increase

export volume for earning more foreign

currencies, Mr. Tofail added.

ICAB has Library possesses a total number of

20500 copies of books, manuals, reference

books, journals, periodicals and research

materials, etc which are available for the

students & its Members.

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Commerce Minister Inaugurated...

ICAN delegates visited ICAB

“CAs’ Role is Significant in Increasing Public...

President’s Communi-cation April 2015

Workshops and Trainings organized...

CPD Seminar on ‘Implica-tion of Accounting...

ICAB President sent Condolence to ICAN...

2nd CPD seminar on ‘Bangladesh Accounting...

Members’ Achievement - Congratulations

Nasir Uddin Ahmed participated in Career...

Campus News

Shahadat Hossain in BIBM Seminar

Congratulations

Members’ Conference on Domestic Credit...

Pohela Boishakh observed

A. Qasem & Co. becomes Member Firm of Ernst...

ICAB President attended BICM & DMTCL...

ICAB holds Advisory Committee Meeting

ICAB to review Textbooks of Business...

Schedule of Trainings and Workshops in May

Commerce Minister inaugurated Renovated Central Library of ICAB

Commerce Minister Tofail Ahmed, MP unveiled the plaque of the renovated Central Library of ICAB while ICAB President Masih Malik Chowdhury FCA, Vice Presidents AF Nesaruddin FCA, Kamrul Abedin FCA and Council Member & Past President Md Abdus Salam FCA accompanied the Minister

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April 2015 No. 306

ICAB Members (Chartered Accountants) can be the Members of the Institute of Chartered Accountants in England & Wales (ICAEW) after passing three papers in ICAEW Advanced Stage. They have the opportunity to apply for UK practicing certificate also. ICAB Member (Chartered Accountant) also can be member of the Institute of Certified Public Accountant in Ireland (CPA Ireland) under a Mutual Recognition Agreement (MRA) the minster was told.

ICAB is the prime Institute of the country for regulating and promoting the profession of accountancy in Bangladesh, statutorily empowered by the Bangladesh Chartered Accountants Order 1973 (Presidential Order No. 2, People’s Republic of Bangladesh). ICAB is relentlessly working to maintain integrity, ensure transparency and accountability.

ICAB has affiliation with International accounting bodies like International Federation of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA) and South Asian

Federation of Accountants (SAFA). In recent years, ICAB had been highly appreciated by IFAC for its continued commitment and compliance with Statement of Membership Obligations (SMOs).

Solely ICAB is empowered for the development and publication of Bangladesh Financial Reporting Standards (BFRS), Bangladesh Accounting Standards (BAS) and BFRS for SMEs under an agreement with the International Financial Reporting Standards (IFRS) Foundation. Besides, The Institute is

working closely with the Government agencies, OCAG, Regulatory Bodies, the World Bank, ADB and other stakeholders like Business Communities, Central Bank, MRA, BSEC, Bankers, and NGOs etc.

ICAB President expressed his gratitude for continuous support & cooperation from the Government, in particular from the Ministry of Commerce, Ministry of Finance, Ministry of Law, Justice and Parliamentary Affairs, other regulatory bodies and stakeholders to ICAB’s efforts towards sustainable development of the economy.

ICAN Delegates visited ICAB

Shortly after inaugurating the ICAB Library Commerce Minister Tofail Ahmed, MP was briefed about ICAB’s activities through viedo presentation at ICAB Council Hall

CA Push PENDRA Singh, Joint Director and Goma Raut, Joint Director of the Institute of Chartered Accountants of Nepal (ICAN) visited ICAB between 13 and 16 April as part of the mutual cooperation between ICAW and ICAB on different professional issues.

The ICAN delegates had several meetings with ICAB President, departmental heads to exchange their thoughts and ideas. They were also keen to learn about ICAB’s departmental activities as well as governance structure that cover Learning & Professional Development, Examinations, Investigation & Disciplinary matters, Press & Publications, Members Affairs, etc. The delegates also shared their responsibilities in ICAN with the ICAB

Officials. They made a courtesy call on President and Vice President (T&R).

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April 2015No. 306

CAB organized a Members’ Conference on Transfer Pricing (TP) Regulations in Bangladesh at its

auditorium on 23 April 2015. M. A. Mannan, MP, Hon’ble State Minister, Ministry of Finance and Ministry of Planning, GoB graced the occasion as the Chief Guest, Rupali Chowdhury, President, Foreign Investors Chamber of Commerce and Industry (FICCI), Bangladesh and Managing Director, Berger Paints Bangladesh Limited was present as the Special Guest. ICAB President Masih Malik Chowdhury FCA delivered the welcome speech, Past President Abul Khair Chowdhury FCA conducted the seminar as the Session Chairman and Senior Consultant, Hussains Business Consultants Ltd Mohammed Tofazzul Hussain FCA presented the Key-note paper in the seminar.

As the Chief Guest, Mr. Mannan, MP said that the country has progressed in agriculture sector and industrial sector and inflow of foreign remittance is increasing. These were contributing sectors to our Gross Domestic Product (GDP). CAs could play a greater role to increase the revenues from those sectors, he added. He further said, today our main problem is mistrust and you (CAs) could help to regain the trust in the financial sectors. The Minister said that we expected constructive criticism from CAs and added that before fully adopting TP regulation, the government would hold dialogues with the stakeholders including ICAB.

FICCI Bangladesh President Rupali Chowdhury laid stress on adequate dialogues on Transfer Pricing (TP) before enacting the relevant laws. She also said that anyone may have some misconceptions about TP and a dialogue is more effective to have proper idea about TP regulations specially in measuring Arm’s length pricing. FICCI is always ready to hold a dialogue, she added.

Drawing some background of TP concept in business, Mr. Masih Malik Chowdhury FCA said that TP could be used as tool to manipulate the profit of

MNCs but proper knowledge of tax authority and relevant guidance could reduce the level of tax avoidance through TP. He also mentioned that ICAB has organized a number of trainings & workshops on TP to make it well conversant to its members about it. It would continue, he added.

Describing the transactions and facts that lead to a TP situation and the relevant laws in Bangladesh, the keynote speaker Mohammed Tofazzul Hussain FCA said, TP regulations in Bangladesh including pricing method, record keeping, reporting obligation, assessment and penalties should be more practical. He also said that the full-fledged implementation of the TP law would need extensive preparations of

taxmen. An aggressive TP policy might create a negative impression among the foreign companies, he further cautioned.

The Keynote speaker suggested that the tax authority could create TP cell which would handle tax files of the taxpayers involved in international transactions. TP cell officials would determine the prices and send a report to the circle office to complete assessment on the basis of decision by the TP official concerned, he added.

The Session Chairman by his natural instinct, conducted the session and shared his knowledge on TP before the audiences in an eloquent manner.

With concluding remarks, Vice President Kamrul Abedin FCA thanked the seminar participants.

“CAs’ Role is Significant in Increasing Public Revenue”M. A. Mannan, MP, Hon’ble State Minister, Ministry of Finance and Ministry of Planning, GoB stated at a Members’ Conference

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A partial view of the audience

M. A. Mannan, MP, Hon’ble State Minister, Ministry of Finance and Ministry of Planning, GoB speakes at a Members’ Conference organized by ICAB on 23 April 2015

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April 2015 No. 306

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Dear Fellow Members,

Assalamu Alaikum and Greetings to you all,

April 2015, as always has brought for us Bangla New year 1422. An occasion to celebrate our glorious traditions, culture & heritage as always. We have exchanged warm greetings with all the members and the employees of ICAB on this very day. The whole Nation celebrated Pohela Boishakh in deep fervor & festivity within our custom & tradition. The occasion is not only a celebration but is more of our renewed pledge towards a newer national perspective, leading to a proactive and vibrant ICAB.

As President of the regulator, leading & guiding it while promoting the image of the Chartered Accountancy profession are in my ambit of actions. To make our dream ICAB, in one year tenure of Presidency is not possible. However, I firmly believe that to leave behind a foot

track to be followed by my successors would be very encouraging steps towards our destined ICAB. Again these would help our profession to reach a newer height of excellence & dignity.

Not being workoholic, I always appreciate getting jobs done in time under pressure. In fact, I want to get these done in right time as per Strategic Plan 2015 envisaged for that matters. I have set goals, actions & the committees with that in mind. Persons leading to reach the goals are very efficient & having demonstrated capability. My enormous gratitude is again noted to the Council for reposing upon me the onus of Presidency 2015. I feel confident about their cooperative ability and dedication. I also look ahead with sense of pride to harness the result of these actions in first 3 months. I also prefer innovation in jobs that lead to success and make distinction between leader and the ones to follow him. ICAB needs innovation to match real world scenario. In the competitive global perspective ICAB is quite well advanced. The pace of advancement needs to be faster & steady to further it ahead. My attachment to the Institute since 1981 as member is my passion emanating from belonging. As a Professional I can dream to build ICAB to prosper ahead at a yet faster pace.

President’sCommunication

April 2015

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April 2015No. 306

Now, I am updating you about our activities in the month of April, 2015.

Activities in the Month-April: Commerce Minister Inaugurated Modernized Central Library of ICABHonb'le Commerce Minister Tofail Ahmed, MP inaugurated the modernized and renovated Central Library of ICAB at CA Bhaban on 20 April 2015. After the inauguration of library, a video projection on ICAB was presented. I appraised the Minister about the Institute’s activities and recent progress in the areas of professional education, training, quality assurance, professional conducts & ethics, etc. During this time ICAB Vice Presidents AF Nesaruddin FCA, Kamrul Abedin FCA, Nasim Anwar FCA, Council Members were present.

I expressed my gratitude for the continuous support & cooperation from the Government, in particular from the Ministry of Commerce, Ministry of Finance, Ministry of Law, Justice and Parliamentary affairs, other regulatory bodies and stakeholders to ICAB’s efforts towards sustainable development of the economy of the country. It is mentionable that the event was extensively covered by the electronic & print media.

Members’ Conference on Transfer Pricing Regulations in BangladeshAs part of regular activities, ICAB organized Members’ Conference on 'Transfer Pricing Regulations in Bangladesh’ at its auditorium on 23 April 2015 where M. A. Mannan, MP, Hon’ble State Minister, Ministry of Finance and Ministry of Planning, GoB was present as the Chief Guest and Rupali Chowdhury, President-FICCI Bangladesh and Managing Director, Berger Paints Bangladesh Limited was present as the Special Guest.

Drawing some background of TP concept in business, I informed the seminar through my brief speech that TP could be used as tool to manipulate the profit of MNCs. Proper knowledge of tax authority and relevant guidance could reduce the level of tax avoidance, I cautioned.

As the Chief Guest, Mr. Mannan, MP said that CAs can play a greater role to increase the revenues from agriculture and industrial sectors and contribute to

our GDP. The Minister reiterated his expectation for constructive criticism from CAs. He also assured that before adopting the TP regulation, the government should hold dialogues with the stakeholders including ICAB.

FICCI Bangladesh President Rupali Chowdhury stressed for adequate dialogues on Transfer Pricing (TP) before the enactment of relevant laws with stakeholders. The keynote paper presenter described the transactions and facts that lead to a TP situation and the relevant laws in Bangladesh in his deliberation. Learned session Chairman Past President AK Chowdhury FCA by his natural instinct, conducted the session and shared his knowledge on TP in a lively manner. With concluding remarks, Vice President Kamrul Abedin FCA thanked the seminar participants & dignitaries.

Advisory Committee MeetingUnder the chairmanship of ICAB’s Past President Abdul Hafiz Choudhury FCA the 2nd Advisory Committee 2015 Meeting of ICAB was held at Meghna, Pan Pacific Sonargaon Hotel on 23 April 2015. It was attended by ICAB past presidents and council members.

I shared my activities in last three months and sought guidance from experienced & veteran past presidents & council members to implement the 2015 Strategic Plan for further advancement of the CA profession.

Workshop on Transfer Pricing Regulations and PracticeICAB Center for Professional Excellence (ICPE) organized 2 day long workshops on "Transfer Pricing Regulations & Practice” ICAB Auditorium on 4 & 18 April 2015 for ICAB members.

Md. Sabbir Ahmed, Joint Director, National Board of Revenue (NBR) & Coordinator, Central Intelligence Cell and Sabbir Ahmed FCA, Partner, Hoda Vasi Chowdhury & Co. Chartered Accountants were the resource persons. I inaugurated the workshop on 04 April. I was also present at the concluding sessions of both workshops. The participants were awarded certificates from me as President.

Workshop on Code of Ethics for Professional Accountants Another workshop on" Code of Ethics for Professional Accountants" was held at

ICAB Auditorium on 17 April 2015. Resource persons were ICAB Fellows Gopal Chandra Ghosh, Md. Rokonuzzaman and Md. Harun Mahmud.

Training on Advanced Excel and Financial Modeling An intensive training on "Advanced Excel and Financial modeling" held from 14 March to 11 April 2015 at ICAB Training room was organized to make members well conversant about advance IT knowledge in trade and finance. A total number of 24 participants participated in the training. More trainings on Advanced Excel and Financial Modeling will be orgainsed in future. Resources persons of the training were Md. Anowar Hossain Fakir and A. Z. M. Akhlaqur Rahman from Robi Axiata Limited.

Another members’ Conference on Domestic Credit Rating – Operation and Effectiveness in Bangladesh was held at ICAB Auditorium on 30 April. N K A Mobin FCA, Managing Director & CEO, Emerging Credit Rating Ltd was the keynote speaker. Our distinguished Past President AKM Rafiqul Islam FCA conducted the seminar as session chairman.

Credit Rating is a new phenomenon in the our country. The paper presented has tried to cover the roles and functions of Domestic Credit Rating Agencies (DCRAs) in Bangladesh. Definition of credit rating and its benefits, methodology followed by DCRAs, context of Basel II and current practices were put in the paper. The recommendations made in it were much practical in the context of our country. I hope members gathered professional wisdom from this seminar.

ICAB to review textbooks of business studies group in HSC & SCC levelsA meeting between Education Secretary Md. Nazrul Islam Khan and ICAB President Masih Malik Chowdhury FCA was held at Pan Pacific Sonargaon Hotel, Dhaka on 27 April 2015. We discussed on study curriculum in Business Studies Group in SSC & HSC levels under National Curriculum and Textbooks Board (NCTB). The Secretary requested me for the involvement of ICAB for reviewing and updating textbooks under SSC and HSC academic syllabuses. I readily agreed

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April 2015 No. 306

with this proposal. I informed the Secretary that it is required to form a 6 members working group or committee involving high officials from the Ministry alongside ICAB members to further proceed on the proposal. The Secretary admired the idea and assured me all cooperation from the Ministry of Education in this regard.

Among others the meeting was attended by Vice President AF Nesaruddin FCA and Council Member Gopal Chandra Ghosh FCA, ICAB Sr. Deputy Director (PC) Syful Islam ACA & Sr. Deputy Director (LPD) Sayma Banu.

ICAN delegates visited ICABAs part SAFA arrangement to strengthen the mutual cooperation between the SAFA countries regarding different professional issues two ICAN delegates, CA Push PENDRA Singh, Join Director and Goma Raut, Joint Director visited ICAB between 13 and 16 April. They had several meetings with officials & courtesy calls on me, our Vice Presidents. They interacted with ICAB men with their thoughts and ideas.

Condolence to ICAN for Earthquake victimsOn behalf of the Council I offered my sympathy and condolence to Narendra Bhattarai, President of the Institute of Chartered Accountants of Nepal (ICAN) off to the members of the Institute and the people of Nepal specially who were the victim of massive earthquake on 25 April 2015. The tremor left over 6 thousand Nepalese killed. It also left a vast trail of devastation that the country had ever experienced.

Participation in inaugural program of renovated IDRA officeICAB has good relation with government’s other regulatory bodies. As token of this good relation with IDRA, I was invited to the inaugural program of IDRA renovated office where Finance Minister Abul Maal Abdul Muhith, MP was present as Chief Guest. The program became more sophisticated with the presence of the Finance Minister and I was really happy for being part of this event. I made a welcome address to the participants invited by IDRA amidst dignitaries.

Participation in BICM & DMTCL Directors meetings I participated in the Board of Directors meeting of Bangladesh Institute of Capital Market on 1 April at BICM Conference and the Academic Committee meeting of BICM at the same venue on 26 April. Besides, on 16 April I also participated in the Board of Directors meeting of Dhaka Mass Transit Company Limited (DMTCL) at Provasi Kalyan Bhaban which was presided over by M. A. N. Siddique, Secretary, Road Transport and Highways Division under Ministry of Road Transport and Bridges, GoB.

ICAB’s representation in BIBM seminarI was invited to Bangladesh Institute of Bank Management organised a seminar on Costing, Accessibility and Environment Aspects of Annual Report of Banks in Bangladesh to be one of the discussants at the program on 30 April. Due to my busy schedule, I could not attend. However, I nominated ICAB Council Member & Past VP Md. Shahadat Hossain FCA to participate in the seminar on my behalf. Mr Hossain has made eloquent address in the event.

Pohela Boishakh observedEmployees of the Institute of Chartered Accountants of Bangladesh (ICAB) observed Bengali New Year ‘Pohela Boishakh 1422’ on 15 April 2015 at ICAB office. This reflects our glorious culture and traditions wherein ICAB is a part. A cake to mark the occasion was cut amidst large gatherings fostering the cohesiveness to culture vivid in ICAB. Our Vice President Kamrul Abedin FCA also accompanied me to this occasion.

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 April 2015:

4-Member Articled Students Sub-Committee Meeting was held on 05 April 2015 at 6.00 pm

ICT Sub-Committee Meeting was held on 08 April 2015 at 6.00 pm

2nd Meeting Renovation of 7th Floor, CA Bhaban Sub-Committee was held on 18 April 2015 at 6.00 pm

The Meeting of 3 Members Sub-Committee to SAFA regarding Virtual Knowledge & Training Centre for Financial Reporting was held on 20 April 2015 at 5.30 pm

9-Member Articled Students Sub-Committee Meeting was held on 27 April 2015 at 6.00 pm

Standing Committees: 3rd Meeting of the Investigation &

Disciplinary Committee was held on 18 April 2015 at 11.00 am.

3rd Meeting of the Technical & Research Committee was held on 18 April 2015

7th Council Meeting was held on 21 April 2015 at 5.00 pm.

4th Executive Committee Meeting was held on 22 April 2015 at 5.00 pm.

Meeting of the Board of Studies was held on 25 April 2015 at 5:00pm.

Non-standing Committees: 2nd Meeting of the Committee for

Amendment of CA Order & Bye-Laws was held on 05 April 2015 at 6.00 pm.

3rd Editorial Board (EB) Meeting was held on 16 April 2015 at 5.30 pm.

Members Services & Welfare Committee Meeting was held.

4th Meeting of the Advisory Committee was held on 23 April 2015 at 7.30 pm.

4th Meeting of the Information & Communication Technology Committee was held on 26 April 2015 at 6.00 pm.

2nd Meeting of the Real Estate Committee was held on 29 April 2015 at 5.00 pm.

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April 2015No. 306

Workshop on Transfer Pricing Regulations and Practice

CAB Center for Professional Excellence (ICPE) organized workshop on "Transfer Pricing

Regulations & Practice” at ICAB Auditorium on 4 & 18 April 2015. A total number of 80 members participated in the workshop.

Md. Sabbir Ahmed, Joint Director, National Board of Revenue (NBR) & Coordinator, Central Intelligence Cell and Sabbir Ahmed FCA, Partner, Hoda Vasi Chowdhury & Co.Chartered Accountants were the resource persons for the workshop. Vice President (E&T) inaugurated the workshop. The workshop covered very important areas like, TP Concept and TP regulations, etc.

Workshop on 04 April was inaugurated by ICAB President Masih Malik Chowdhury FCA and the workshop on 18 April was inaugurated by ICAB Vice President AF Nesaruddin FCA.

At the end of the workshop ICAB President awarded certificates to the participants.

Workshop on Code of Ethics for Professional Accountants "ICAB Center for Professional Excellence" (ICPE), organized a day long workshop on" Code of Ethics for Professional Accountants" at ICAB Auditorium on 17 April 2015.

The workshop comprised of 3 parts; General Application of the Code, Professional Accountants in Public Practice, and Professional Accountants in Business.

Resource persons were Mr. Gopal Chandra Ghosh FCA, FCMA, Md. Rokonuzzaman FCA and Md. Harun Mahmud FCA. Thirty five Chartered Accountants participated in the workshop.

President-ICAB awarded certificates to the participants.

Training on Advanced Excel and Financial Modeling ICAB Center for Professional Excellence organized an intensive training on "Advanced Excel and Financial Modeling "from 14 March to 11 April 2015 at ICAB Training Room. A total of 24 participants participated in the Training.

ICAB President Masih Malik Chowdhury FCA inaugurated the training. He also awarded the certificates to the participants at the closing session Council Members Dewan Nurul Islam FCA and Gopal Chandra Ghosh FCA were also present.

Resources persons of the training were Md. Anowar Hossain Fakir and A. Z. M. Akhlaqur Rahman from Robi Axiata Limited.

Workshops and Trainings organized by ICPE in April

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A view of the participants in Training on Advanced Excel and Financial Modeling

Harun Mahmud FCA receiving certificate from ICAB President Masih Malik Chowdhury FCA after the completion of Workshop on Transfer Pricing Regulations and Practice on 4 April 2015

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April 2015 No. 306

CAB Chittagong Regional Committee organized a CPD Seminar on Implication of Accounting Information

for Stock Market in Bangladesh in its Conference Hall on 4 April 2015.

Mohammed Mohiuddin FCMA, Director Chittagong Stock Exchange Ltd and Managing Director, Island Securities Limited graced the occasion as the Chief Guest and Md. Shaifur Rahman Mazumdar FCA, FCMA Ex-Chairman of ICAB-CRC and Managing Director, Meenhar Securities Limited conducted the seminar as Session Chairman.

Dr. Mohammad Saleh Jahur, Professor, Accounting & Finance, Department of Finance and Banking, University of Chittagong presented the keynote paper in the seminar.

In the paper the key presenter said that stock market of any country contributes

to the development of economy through the mobilization of funds. General investors should invest their hard earned money in the market by knowing true and actual information about the companies, their financial statements and records of profit-loss accounting he cautioned.

ICAB being member of IASB has accepted most of the accounting standards and IFRS in order to ensure the flow of relevant information to all market participants and other stakeholders to use, the paper presenter said.

This CRC organized 2nd CPD seminar on ‘Bangladesh Accounting Standards (BAS)-12: Income Taxes’ at its conference hall on 25 April. Showkat Hossain FCA, Council Member & Past President-ICAB graced the occasion as Chief Guest while Dr. Md. Salim Uddin FCA, FCMA Professor, University of

Chittagong conducted the seminar as Session Chairman.

Mohammad Saif Uddin CISA, FCA, Chairman, ICAB-CRC & Director and Branch In-charge, Rahman Rahman Huq, CA presented the key-note paper in the seminar. A large number of ICAB members in this region attended the seminar.

CPD Seminar on ‘Implication of Accounting Information for Stock Market in Bangladesh’ held at Chittagong

CPD Seminar on ‘Bangladesh Accounting Standards (BAS)-12: Income Taxes’ held

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ICAB President sent Condolence to ICAN

for Earthquake victimsOn behalf of the Council, ICAB President Masih Malik Chowdhury FCA sent a letter of sympathy and condolence to Narendra Bhattarai, President of the Institute of Chartered Accountants of Nepal (ICAN). He prayed for the safety of the members of the Institute and the people of Nepal specially who were the victim of massive earthquake of 25 April 2015. The severe TREMOR left over several thousands Nepalese including tourists dead and a vast trail of devastation.

In the letter ICAB President said that he was deeply shocked to learn about the loss of lives in the devastating earthquake of Nepal. He also prayed to Almighty Allah for the eternal peace of the departed souls and to bear the irreparable loss of the family members & relatives and early recovery of the people who were injured or victimised.

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April 2015No. 306

Abdul Hamid promoted as Additional Managing Director & CFO in Eastland Insurance Co. Ltd.

Abdul Hamid, FCA (Enrl No. 1014) has been promoted as Additional Managing Director & CFO in Eastland Insurance Co. Ltd. a first generation non-life listed company. Prior to it he worked in Eastland as Deputy Managing Director & CFO from March, 2012 to 31st December, 2014. Mr. Hamid obtained his Masters with Honours in Accounting under University of Dhaka. Mr. Hamid is a Chartered

Accountant in profession. He is also the member fo ‘The Institute of Internal Auditors (USA). Mr. Hamid has participated in various trainings, seminars & workshops at home and abroad.

Mustafizur Rahman New Director and Chairman of Audit Committee of Reliance Finance Limited

Md. Mustafizur Rahman (Enrl No. 218) has been appointed as the Director of the Reliance Finance Limited (A Concern of S. Alam Group). He has been elected as the Chairman of Audit Committee of the Board. Mr. Rahman is the Managing Partner of Rahman Mostafa Alam & Co., Chartered Accountants (An Independent Member Firm of INPACT Asia

Pacific). Mr. Rahman was Council Member for 9 years and Vice President of ICAB for 3 years.

Salim Uddin Awarded PhDMd. Salim Uddin FCA (Enrl No. 710), FCMA, Professor of Accounting Department of Chittagong University and a Director of Rupali Bank Ltd achieved Ph.D Degree recently from the Chittagong University. He was awarded the degree for his research titled “Application of International Financial Reporting

Standards (IFRS) in Bangladesh” under the supervision of Professor Dr. Monzur Morshed Mahmud, former member of University Grant Commission (UGC). In the same research area, Mr. Salim also obtained Diploma Degree (CIFRS) from the UK organized by Ministry of Commerce of Bangladesh Govt. and funded by World Bank. He is both professional Chartered Accountant (FCA) and Cost & Management Accountant (FCMA) as a fellow member of ICAB and ICMAB respectively. He also completed MBA with distinction from the University of Brussels, Belgium. More than 60 articles of Mr. Salim, were published in different national and international conferences & journals. He is the son of eminent educationist Late Alhaz Fakir Ahmed Master of Doulatpur village, Fatikchari, Chittagong.

Golam Mustafa promoted as Executive General Manager & CFO of Uttara Bank LimitedMd. Golam Mustafa, FCA (Enrl No. 1055) has recently been promoted as Executive General Manager &

CFO of Uttara Bank Limited. Prior to this he was serving as General Manager & CFO since his joining in 2010.

Members’ Achievement - Congratulations

Nasir Uddin Ahmed, FCA, FCS, Council Member & Past President-ICAB and Partner MABS & J Partners, Chartered Accountants attended the Career Orientation Talk Show of American International University - Bangladesh (AIUB) as a Resource Speaker recently held at AIUB campus.

Mr. Nasir had taken the opportunity to promote Chartered Accountancy profession in the programme through his deliberation and tried to motivate business graduates to choose CA studying as their education through enrollment with CA firm. He replied to various questions from attendees.

Nasir Uddin Ahmed participated in Career Orientation Program of AIUB Source: Provided by the individual

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April 2015 No. 306

ICAB Academic Campus NewsThe Classes of Professional Stage-Knowledge Level (11th Batch, Sections: F & G), Application Level (10th Batch, Sections: A -C) and Advanced Stage (9th Batch, Section: D) have started at ICAB Academic Campus from 01 March for Examination Session: May-June 2015 and will end on 28 May 2015. A total number of 447 students enrolled for the classes and 96 dedicated faculties are engaged for deliberation of lectures in the classes for the Session: March-May 2015.

The cumulative number of enrolled students under ICAB’s new curriculum has reached to 8,511 uptil April 27, 2015.

71 students of Advanced Stage have enrolled for the programme on Case Study which has commenced from 06 March 2015 and to end on 30 April 2015.

On the other hand, the Special Classes of Professional Stage (Knowledge & Application Levels) have already started from 15 April at Academic Campus and these 2 courses will end by 30 May 2015.

Meanwhile, a-Students’ Feed-Back Session was organised on 11 April

2015 at ICAB Auditorium. The session was chaired by Masih Malik Chowdhury FCA, President of ICAB and moderated by A F Nesaruddin FCA, Vice President (E&T), ICAB.

For the first time, ICAB has arranged such program for the students to openly exchange their views, ideas regarding education and Academic Campus.

The President welcomed all the students and sought their full support and cooperation to maintain better Academic environment at the Campus. He also stated that the proposals which were made in this session will be communicated with the respective Committees of ICAB for proper implementation . He also appreciated the students’ feedback about their education and academic campus and said some proposals the students made, were more pragmatic.

The President suggested that students should give their best efforts to the study for successful completion of CA Course.

The Vice President (E&T)-ICAB, A F Nesaruddin FCA said that students are our professions basic resources; today’s students will become the

members of the Institute as well as the leader of the profession in future. He encouraged all the students to feel free for their submissions and constructive opinions about the academic campus, ongoing education and examination matters which may help to improve the quality of lectures in the class room.

The Vice President (E&T) also expressed his happiness about the number of attendance and highly appreciated the students for their active and spontaneous participation in the classes. He agreed to arrange more discussion sessions with students in future. He advised students for creating awareness among the students for being regular in the classes. He thanked the students for their thoughtful comments.

The Programme and Session have been organised by the Additional Director & Team at ICAB Academic Campus under the supervision of the Vice President (Education & Training)-ICAB, Mr. A F Nesaruddin FCA with the consent and guidance of the Chairman of Board of Studies-ICAB, ABM Azizuddin FCA, Vice Chairman Md Abdus Salam FCA and President Masih Malik Chowdhury FCA.

Resource Persons: ICAB Academic Campus (Session: March-May 2015 )Name of Resource Persons(Sections- F & G of PS-KL-11th Batch)

Mr Mohammed Tofazzul Hussain FCAMr Mohammad Aminul Hoque FCAMr Md Kishlur Rahman ACAMr Obaidur Rahman FCAMr Md Humayan Kabir FCAMr Mahmudur Rahman ACA Mr Chitta Ranjan Halder FCA

Mr Dipok Kumar Roy ACA Mr Md Akber Hossain Khan ACA Mr Sujan Kumar Saha ACAMr. Ruhul Amin ACA Mr Faruq Ibn Hossain ACA Mr Zafar Ullah Khan FCAMr Shibly Ahmed FCAMr Muhammad Shariful Islam Shiplu FCAMr G M Latiful Quader FCA

Mr Md Abdullah-Al-Amin ACAMr Nazmul Hussain Siddique Mr Mohammad Shibbir Hossain FCAMr Shah Md Mohin Uddin ACA Mr Md Shihabur Reza ACAMr Mostak Ahmmed FCAMr Md Abdul Ahad ACA Mr Sajib Sarkar ACA Mr Md Abdur Razzaque ACA

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April 2015No. 306

Campus News Cont’d

Source: ICAB Campus

Announcement(Classes of Next Session)

The New Session (June-August 2015)

for the Students of Professional

Stage-Knowledge Level (12th Batch)

will start from Monday, 01 June 2015

at ICAB Academic Campus. A Notice

has already been issued in this

matter, and all concerned students

are advised to enroll the classes by 10

May 2015 at ICAB Academic Campus.

Shahadat Hossain in BIBM

SeminarBangladesh Institute of Bank Management organised a seminar on Costing, Accessibility and Environment Aspects of Annual Report of Banks in Bangladesh at its auditorium on 30 April where ICAB Council Member Md. Shahadat Hossain FCA participated in the seminar as one of the discussants on behalf of ICAB President Masih Malik Chowdhury FCA. His eloquent address kept the audience in keen attention.

Mr Md Shahariar Ahmed ACA Ms Mashruna Alam Chowdhury ACAMr Mohammad Monowar Hossain ACAMr K S Omar Faruk ACA Mr Md Sayduzzaman Tuhin ACA Mr Khairul Basher FCAMr Abdullah-Al-Mamun FCAMr Md Jasim Uddin ACAMr Miltan Bepari ACAMr Abdulla-Al-Mahmud FCAProfessor Dr ASM Hossain Tayiab FCA

Name of Resource Persons(Sections- A-C of PS-AL-10th Batch)

Mr Mohammed Tofazzul Hussain FCAMr Abdullah-Al-Mamun FCAMr Anwaruddin Chowdhury FCA(GT) Mr Obaidur Rahman FCAMr Mohammad Redwanur Rahman FCAMr Anup Kumar Sarker ACAMr Dewan Nurul Islam FCAMr Md Kahir Mahmud FCA Mr Masud Khan FCA-India (GT)Mr Shaheduzzaman Choudhury FCAMr Mohammad Imtiaz Khan FCAMr K M Atiqul Islam ACAMr Mahmudul Hasan Khusru FCAMr Abdul Khalek FCA (VATportion) Mr Md Amirul Islam FCAMr. Sheikh Noor Mohammad Mr Abdulla-Al-Mahmud FCAMr Md Masud Parvej 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 Md Akbar Hossain FCAMr Mohammed Forkan Uddin FCAMr Mohammad Abdul Ohab Miah FCA (VAT portion)Mr Md Din Islam Miah FCAMr Mohammed Sabir Ahmed FCADr Jakerul Abedin

Mr Shamim -Al-Mamun ACAMr Mohammad Abdul Matin Mr Md Fokrul Islam FCAMr MAKH Hasif Sowdagar FCA Mr Md Al-Amin Siddiki ACA Mr Md Mahamud Hosain FCAMr Muraheb Malik Chowdhury ACAMr Shaheduzzaman Choudhury FCAMr Shahriar Istiaq Halim FCAMr Bibhuti Bhushan Biswas FCAMr Anup Kumar Mukherjee FCAMr Zakir Hossain FCAMr Ranjan Kumar Bhowmik FCMAMr Md Reajul Islam FCA (VATportion) Mr Imtiaz Lutful Baset FCAMr Md Selim Reza FCAMr Syed Mohammed Kowser Hossain Professor Dr ASM Hossain Tayiab FCAMr Palash Mollick

Name of Resource Persons(Sections- D of AS-9th Batch)

Mr Gopal Chandra Ghosh FCAMr Mohammad Mehdi Hasan FCAMr Mohammed Forkan Uddin FCAMr Anwaruddin Chowdhury FCA(GT) Mr Sabbir Ahmed FCAMr Snehsish Barua FCAMr Abdullah-Al-Mamun FCAMr. Ajit Kumar Paul FCA Mr Md Kishlur Rahman ACAMr Sk. Md Tarikul Islam ACAMr Masud Khan FCA-India (GT)Mr Sayeed Ahmed FCA

Visiting Faculties(for Ongoing Session)

Name of Visiting FacultiesMr. Masih Malik Chowdhury FCAMr. A F Nesaruddin FCAMr. ABM Azizuddin FCAMr. Anwaruddin Chowdhury FCAMr. Md Syful Islam FCAMr. Md Abdus Salam FCAMr. Gopal Chandra Ghosh FCA

Mr. Dewan Nurul Islam FCAMr. Masud Khan FCA-IndiaMr. Abdul Khalek FCAMr. Md Amirul Islam FCAMr. Sabbir Ahmed FCA (E-770) Mr. Mohammad Mehdi Hasan FCA Mr. Ajit Kumar Paul FCADr. Jakerul Abedin Mr. Md Jehad UddinMr. Syed Mohammed Kowser HossainMr. Sheikh Noor Mohammad Mr. A H Mostafa Kamal Khan

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April 2015 No. 306

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

Name Effective Date

Mr. Mohammad Sakib ACA (1705) 31 March 2015Audit ManagerRPG Crouch Chapman LLP62 Wilson StreetLondonEC2A 2BU

Admission as FellowsThe following members have been admitted as Fellows of the Institute with effect from the dates mentioned against respective names:

Name Effective Date

Mr. Md. Anwar Hossain FCA (1097) 25 March 2015PartnerAkhter Abbas Khan & Co.Chartered Accountants67/4, Kakrail (3rd floor)Pioneer RoadDhaka-1000

Mr. Md. Fuad Uddin Khan FCA (1138) 14 September 2014DirectorSneshasish Mahmud & Co.Chartered AccountantsHouse # 10 (3rd floor)Road # 9Block # JBaridharaDhaka

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

Name Effective Date

Mr. Md. Aminul Islam FCA (1104) 18 January 2015PartnerKazi Zahir Khan & Co.,Chartered Accountants67/4, Kakrail (Pioneer Road)Dhaka-1000

Name Effective Date

Mr. Md. Nasir Uddin FCA (1449) 04 February 2015ProprietorNU Ahmed & Co.Chartered AccountantsFlat-2, House-25Road-4Sector-3UttaraDhaka-1230

Mr. Kamrul Hasan Siddiqui ACA (1706) 19 April 2015Management AccountantKenpark Bangladesh Apparel (Pvt.) Ltd.Plot # 69/85Karnaphuli Export Processing ZonesChittagong

Mr. Sultan Moheuddin ACA (1530) 22 April 2015PartnerM A Fazal & Co.Chartered Accountants29, Bangabandhu Avenue (2nd Floor)Dhaka-1000

Permission to Join as PartnerMr. Md. Aminul Islam FCA (1104) has been permitted to form partnership and continue practice under the name and style of:

Name Effective DateM/s. Kazi Zahir Khan & Co. 18 January 2015Chartered Accountants67/4, Kakrail (Pioneer Road)Dhaka-1000

The other partners of the Firm: Mr. Kazi Zahirul Kabir FCA (68), Mr. Md. Nurul Hossain Khan FCA (240) and Mr. Abdulla-Al-Mahmud FCA (915).

Mr. Sultan Moheuddin ACA (1530) has been permitted to form partnership and continue practice under the name and style of:

Name Effective Date

M/s M A Fazal & Co. 22 April 2015Chartered Accountants29, Bangabandhu Avenue (2nd Floor)Dhaka-1000

The other partner of the Firm: Mr. Md. Abul Basher FCA (840).

Congratulations

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April 2015No. 306

Employees of the Institute of Chartered Accountants of Bangladesh (ICAB) observed Bangla New Year ‘Pahela

Boishakh 1422’ on 15 April 2015. ICAB President Masih Malik Chowdhury FCA, Vice President Kamrul Abedin

FCA and Secretary AKM Rahmat Ullah FCA were also present amongst the employees of the Institute. Visiting officials of ICAN also participated and exchanged their views about Bangla New Year

in their country context. ICAB President celebrated the occasion. Mr. Chowdhury in his brief speech expressed his view that such gatherings would foster the cooperation and cohesiveness in the work place. Vice President Mr. Kamrul Abedin said that such occasion brings colour to Bangali lives every year. Through observing this occasion, the employees can also feel the actual taste and tradition of our culture, he added.

Pohela Boishakh observed

A. Qasem & Co. becomes Member Firm of Ernst & Young Global Ltd.A. Qasem & Co. (AQC), Chartered Accountants, has been awarded Member Firm status by Ernst & Young Global Limited (EYG), a UK company limited by guarantee, with effect from January 2015. This is the highest level of affiliation offered by EYG and AQC now becomes only the second firm of Chartered Accountants in Bangladesh to hold the status of Member Firm of the 4 largest global firms.

EYG is one of the “Big 4” firms in the world, providing assurance, advisory, tax and transaction advisory services in 150 countries with 190,000 people working through 700 offices worldwide for building a better working world.

ICAB President attended BICM & DMTCL Directors MeetingsICAB President Masih Malik Chowdhury FCA participated in the Board of Directors meeting of Bangladesh Institute of Capital Market on 1 April at BICM Conference. He also participated in Academic Committee meeting of BICM at the same venue on 26 April.

On 16 April Mr. Chowdhury participated in the Board of Directors meeting of Dhaka Mass Transit Company Limited (DMTCL) at Provasi Kalyan Bhaban in the city which was presided over by M. A. N. Siddique, Secretary, Road Transport and Highways Division under Ministry of Road Transport and Bridges, GoB.

CAB organised Members’ Conference on Domestic Credit Rating – Operation and Effectiveness in

Bangladesh at its auditorium on 30 April. ICAB Past President AKM Rafiqul Islam FCA conducted the seminar as session chairman. N K A Mobin FCA, FCS, CFC, Managing Director & CEO, Emerging Credit Rating Ltd presented the keynote paper in the seminars. A large number of ICAB members attended the seminar.

Members’ Conference on Domestic Credit Rating– Operation and Effectiveness in Bangladesh

I

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April 2015 No. 306

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: secretary@icab.org.bd, Website: www.icab.org.bd

Chittagong Regional Committee: Chairman Mr. Abdul Awal FCA, HBFC Building (3rd Floor), 1/D Agrabad Commercial Area, Chittagong, Bangladesh, Tel: +880-31-724674, Fax: 880-31-2523579, E-mail: icabctg@yahoo.comUK Chapter: Chairman Mr. AKM Fazlur Rahman FCA, 77, Valleyfield Road, Streatham, London SW 16 2HX UK, Tel: +44 20 86822905, Fax: +44 2087676097, E-mail: frahman101@aol.comNorth American Chapter: Chairman Mr. Md. Abdul Wahid FCA, 3244 Lawrence Avenue East, Scarborough ON MTH TA4, Ontario, Canada, Tel: +41 64395557, E-mail: awahid@ncn.ca

he Institute of Chartered Accountants of Bangladesh (ICAB) held its 2nd-2015 Advisory

Committee Meeting at the Meghna, Pan Pacific Sonargaon Hotel on Thursday, 23 April 2015. ICAB President Masih Malik Chowdhury FCA described the activities of ICAB vis-a-vis strategic plan in first 4 months. He also sought guidelines from the Past Presidents regarding further advancement of the Institute.

Abdul Hafiz Choudhury FCA, Past President was in the chair.

Speaking on his action plan, ICAB President informed that to ensure transparency and good governance in financial sector. ICAB is implementing practical IT based audit education and training he added. He stated that ICAB is trying to implement the IFAC and other compliance requirements

while giving highest importance on improvement of audit and assurance quality he further said.

ICAB holds Advisory Committee Meeting

T

A meeting between Education Secretary Md. Nazrul Islam Khan and ICAB President Masih Malik Chowdhury FCA was held at Pan Pacific Sonargaon Hotel, Dhaka on 27 April 2015. It discussed on study curriculum in Business Studies Group in SSC & HSC levels under National Curriculum and Textbooks Board (NCTB). The Secretary requested the ICAB President for more involvement of ICAB to review and update textbooks under SSC and HSC academic syllabuses in line with practical scenario.

ICAB President agreed with the proposal and informed the Secretary to form a 6-member committee involving high officials from the Ministry alongside ICAB members to proceed further on this proposal. The Secretary agreed with the thoughts, assured all out cooperation from the Ministry in this regard. Among others the meeting was attended by Vice President AF Nesaruddin FCA and Council Member Gopal Chandra Ghosh FCA, Senior Deputy Director (PC) Md. Saiful Islam ACA and Senior Deputy Director (LPD) Sayma Banu.

ICAB to review Textbooks of Business Studies in HSC & SCC Levels

The 2nd Advisory Committee meeting of the Institute of Chartered Accountants of Bangladesh (ICAB) attended by ICAB President Masih Malik Chowdhury FCA, Past Presidents and Council Members under the chairmanship of its Past President Abdul Hafiz Choudhury FCA held on Thursday, 23 April 2015 at Meghna in Hotel Pan Pacific Sonargaon, Dhaka.

Schedule of Trainings and Workshops in May & JuneThe tentative schedule of the ICPE organized Trainings and Workshops in May & June 2015 are furnished below:

Source: ICAB Centre for Professional Excellence (ICPE)

Sl. No. Title Date

1. Training on "Advanced Excel and Financial Modeling" (8th Session)

02-29 May 2015

2. Training on"Presentation Skills through Power Point Presentation"

09 May 2015

3. Workshop on "How to Maintain Quality in Audit and Assurance"

12-13 May 2015

4. Workshop on "The Art of Leadership"

15-16 May 2015

5. Workshop on "Import process, documentations and Financing"

23 May 2015

6. Workshop on "Transfer Pricing Regulations & Practice"

30 May 2015

7. Training Programme on "ERP Software (SAP -FI /CO)"

06 June-01 July 2015

8. Workshop on Implication of Labor Laws in Business

13 June 2015