Financial Reporting Council (FRC), Bangladesh has recently developed guidance and framework for various Public Enterprises (PEs) and Statutory Public Authorities (SPAs) including local authorities in Bangladesh. Therefore, Bangladesh has been making significant strides in aligning its accounting framework with international standards. Our accounting practices in line with global norms, are made easier for investors to understand and engage with public authorities.
Experts came up with these views at a webinar on Accounting Framework and Standards for Statutory Public Authorities: Bangladesh Perspective was jointly organized by the Institute of Chartered Accountants of Bangladesh (ICAB) and The Financial Reporting Council, Bangladesh on 11 September 2023 evening.
Mohammad Muslim Chowdhury, Former Comptroller and Auditor General of Bangladesh joined the seminar as the chief guest. Professor Dr. Md. Hamid Ullah Bhuiyan, Chairman, Financial Reporting Council (FRC), Finance Division, Ministry of Finance, GoB was a special guest. As Session Chairman, Nasir Uddin Ahmed FCA, Council Member & Past President-ICAB moderated the entire session while M Anwarul Karim FCA, CPA (USA), Executive Director-Standard Setting Division, Financial Reporting Council (FRC) presented a keynote paper. ICAB President Md. Moniruzzaman FCA delivered address of welcome while ICAB’s Chief Executive Officer (CEO), Shubhashish Bose, also spoke on the occasion.
ICAB President Md. Moniruzzaman FCA said, the guidance which is developed by FRC, contains five formats for five levels of the Financial Reporting Framework applicable for Statutory Public Authorities (SPAs). All Public Enterprises should follow level 1, accrual basis IPSAS, he said adding, in the case of statutory public authority which is large should follow accrual basis IPSAS and medium or small entities should follow relevant standards depending on revenue or gross receipts as applicable.
Keynote presenter M Anwarul Karim FCA, highlighted the salient features of FRC’s guidance and framework for various Public Enterprises (PEs) and Statutory Public Authorities (SPAs) including familiarity with the cash vs modified accrual Basis (MAB), levels of Financial Reporting Framework for Statutory Public Authorities (SPAs), elements of Financial Statements, benefits of moving from Cash Basis to modified Accrual Basis, Balance sheet as a part of the Financial Statements, maintaining fixed asset register and incorporating assets in financial statements, financial assets accounting, liabilities accounting and preparation of financial statements, etc.
