Not only banks, and non-banking financial institutions(NBFIs), but also insurance and all listed entities should follow the international financial reporting standards (IFRS) as updated in Bangladesh, speakers said at a conference on Saturday.
They also opined that there is no scope to avoid such global standards as practiced in other countries. If there is any dualism or contradiction of the country’s existing laws, rules and regulations, the government is required to be approached to resolve the problem.
The remarks were made at the Members’ Conference of the Institute of Chartered Accountants of Bangladesh (ICAB), styled ‘Changes in Accounting Standards Effective from 1 January 2019’ held at CA Bhaban in the city.
C. Q. K. Mustaq Ahmed, Chairman, Financial Reporting Council (FRC) attended the conference as the chief guest while Akhtar Sohel Kasem FCA, Council Member & Past President-ICAB and Senior Partner, A Qasem & Co. Chartered Accountants conducted the session as the Session Chairman.
Sabbir Ahmed FCA, Vice President-ICAB and Partner, Hoda Vasi Chowdhury & Co. Chartered Accountants presented the Key Note paper in the conference. ICAB President Muhammad Farooq FCA delivered address of welcome and Mohammed Forkan Uddin FCA, Vice President, ICAB offered vote of thanks.
FRC Chairman C. Q. K. Mustaq Ahmed said, everybody should obey and comply with the IFRS and its relevant changes in their organisations as applicable for ensuring transparency and accountability. The IFRS has already been made mandatory for listed entities and financial institutions.
Accountants specially the chartered accountants and the auditors have the role to ensure the full implementation of IFRS in Bangladesh, the accountants should keep in touch with the changes in IFRS, Mr. Ahmed said. He urged the stakeholders to abide by the rules and regulations and the existing laws of the land with a view to create business friendly environment.
ICAB organized this conference as part of its routine jobs to update its members and other stakeholders regarding the new standards and recent changes in the existing standards. Laying emphasis on the importance of the conference, ICAB President Muhammad Farooq FCA said, both the preparers and the auditors of financial statements have to be well conversant with the recent changes in IFRS.
He said, IFRS 16 “Leases” will affect primarily the accounting by lessees and will result in the recognition of almost all leases on balance sheet. Mentioning other changes of IFRS, he added that there are few amendments also made through Annual Improvements to IFRS Standards between 2015 to 2017.
Members should keep abreast with these changes of accounting and auditing standards as well for their own benefits in ever changing business environment of the world, he further added. Later, a floor discussion was opened for the members.
