Special Supplement

ICAB, ICMAB produce expert accountants to contribute in dev: Sattar

Published : 09 Nov 2019 09:03 PM | Updated : 27 Nov 2020 11:47 AM

Institutes like ICAB and ICMAB are producing professional accountants with the objectives to contribute in the country's development, said Abdus Sattar Sarker FCA, FCMA, Chairman, Dhaka Branch Council of the Institute of Cost & Management Accountants of Bangladesh (ICMAB) in an exclusive interview with daily Bangladesh Post.
He said cost & management accountants can play big role in management decision. They can set benchmarking, cost accumulation and keep a huge contribution that's why the demand of Accountants is too high.
Replying to some queries Mr. Sarker explained the latest development of accounting profession in the country, its excellence, demand, supply and role of professional accountants in the corporate management of the companies.
The excerpts of his interview is produced here.
Bangladesh Post: Would you please tell us, over the years, what professional excellence has taken place in the country's accounting profession?
Satter Sarkar: The accounting practice that presently exists in the country and the professional institutions now playing the roles, I must say standard of them is very much adequate. We are adopting all International Accounting Standard (IAS) in our country. Now, International Financial Reporting Standard (IFRS) also has come into operation. And when these standards are being followed then automatically a transparency comes over there, because when you give the disclosure it must be evident and fact based. Then another thing which is very much related is good governance. Professional Accountants in Bangladesh are occupying a good position. Among the average high income group, accountants are in good position.
Bangladesh Post: What role you expect from the government in this connection?
Satter Sarkar: The government has a very important thing to do for professional accountants. The government can involve the expert accountants to analysis the costs effectiveness, cost reduction etc. in the large infrastructure development projects of the country because they are experts in this field, they also can find out the avoidable expenses. They also can play big role in management decision, also can analyze why the companies turn loosing. They can set benchmarking, cost accumulation and keep a huge contribution that's why the demand of Accountants is too high. Lot of students comes to study accountancy but the drop-out rate is remarkable, so productivity is very low.
Another limitation that we are to overcome is the capturing worldwide market; our professional accountants must be prepared so that they can face global competitiveness maintaining that level of standard.
We observe ‘International Accounting Day’ in every year, as we are not only the book keepers, we are the management accountants, mean we are the decision makers, as we contribute to the nation so it needs to be focused. On the day, we hold discussion together with students, teachers, members, so these are the objectives to observe the day.
Bangladesh Post: As a senior Accountant what support you expect from the government side to further development of accountancy in the country?
Satter Sarkar: Well, we have 1500 members and 25,000 students here with ICMAB, we are continuously engaged in doing professional development activities. It means to work on how to do cost reduction or ensure good governance, we are holding seminar on financial
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reporting, assessing the gap in perfect financial analysis. We are contributing mostly in private sector companies as well as in the public sector.
As regulator, government has many roles to play. They canto take the expert services from the management accountants may be in construction, infrastructure development even in proper utilization of human resources. The biggest side to contribute by accountants is Tax, VAT, because they understand better over or under payment of tax or VAT.
Bangladesh Post: What about global market of accountants of Bangladesh?
Satter Sarkar: Now we have many members of ICMAB working in abroad and there is also huge demand. On the other hand, I must mention that time has come to analyze that many accountants are coming here from abroad, but it is not clear what roles of them in this connection. The salary standard of accountants in Bangladesh is higher that the neighboring countries. So, foreign accountants are interested to come here. Our professional accountants are getting prepared for their overseas employment but I must say that the demand of our own country is not being fulfilled yet with the available number of professional accountants.