Economic Reporter :
The Institute of Chartered Accountants of Bangladesh awarded different publicly listed organisations and NGOs at a ceremony on Thursday.
A total of 24 banks, non-banking financial institutions (NBFIs), insurance companies and non-governmental organisations (NGOs) won the 15th ICAB National Award for their best presented annual reports 2014. Also seven organizations won the certificates of merit.
Finance Minister AMA Muhith handed over the ICAB National Award to the recipients as the chief guest at the ceremony arranged by the Institution of Chartered Accountants of Bangladesh (ICAB) at Bangabandhu International Convention Centre in the capital. Commerce Minister Tofail Ahmed, MP also graced the occasion as Special Guest.
AMA Muhith said credible information in financial statements and reports is prerequisite for development of business of the country. ICAB have to play very crucial role in ensuring credible information which would benefit the users of the financial statements, he added. Accountants should be equipped with update knowledge about accounting and auditing standards. They must ensure the compliance of these standards in the financials, he further said.
The finance minister said, Tofail Ahmed said the Best Corporate Reports would have surely reflected the accountability of the corporate management and credible financial information, which would create the corporate environment more congenial to foreign and local investment. It would develop the economy of the country, he further said.
The award-giving ceremony was addressed, among others, Masih Malik Chowdhury FCA, President of the ICAB, and Abbas Uddin Khan FCA, Chairman of the Review Committee for Published Accounts and Reports, ICAB.
Masih Malik Chowdhury said that the awards recognize discloser in the Annual Report related for preparing and presenting Annual Accounts and Reports, rather than evaluate their performance. Thus the Best Published Accounts Winners do not mean the Top Performers, he added.
ICAB’s endeavor is to create awareness in the corporate sector about the value of timely publishing audited Financial Statements, he said.
To establish transparency and accountability in the corporate world reporting on time is the premier threshold to ensure optimum use of resources, which will bring in success to the business and again safeguard the interest of the stakeholders in the long run, he further said.
The award was given in nine separate categories for preparing and publishing their annual reports 2014. ICAB gives the award annually since 2001.
Abbas Uddin Khan FCA said that the Review Committee of ICAB diligently evaluated and assessed the Annual Reports of 2014 of the organizations objectively with the disclosures, information particularly within the framework of International Accounting Standards and IFRS as applied by the entities in the preparation of their financial statements and reports.
It is pertinent to mention here that organizations adjudged as 1st, 2nd and 3rd are having the best of the best Annual Reports for the financial year 2014 were also nominated for SAFA forum in recognition of their excellence and meaningful reporting, he added. I can proudly share here that this year, Bangladeshi entities secured 10 distinct awards including overall Winner and 6 merit certificates under 9 categories in the SAFA Best Published Award competition 2014, he further said.
The Institute of Chartered Accountants of Bangladesh awarded different publicly listed organisations and NGOs at a ceremony on Thursday.
A total of 24 banks, non-banking financial institutions (NBFIs), insurance companies and non-governmental organisations (NGOs) won the 15th ICAB National Award for their best presented annual reports 2014. Also seven organizations won the certificates of merit.
Finance Minister AMA Muhith handed over the ICAB National Award to the recipients as the chief guest at the ceremony arranged by the Institution of Chartered Accountants of Bangladesh (ICAB) at Bangabandhu International Convention Centre in the capital. Commerce Minister Tofail Ahmed, MP also graced the occasion as Special Guest.
AMA Muhith said credible information in financial statements and reports is prerequisite for development of business of the country. ICAB have to play very crucial role in ensuring credible information which would benefit the users of the financial statements, he added. Accountants should be equipped with update knowledge about accounting and auditing standards. They must ensure the compliance of these standards in the financials, he further said.
The finance minister said, Tofail Ahmed said the Best Corporate Reports would have surely reflected the accountability of the corporate management and credible financial information, which would create the corporate environment more congenial to foreign and local investment. It would develop the economy of the country, he further said.
The award-giving ceremony was addressed, among others, Masih Malik Chowdhury FCA, President of the ICAB, and Abbas Uddin Khan FCA, Chairman of the Review Committee for Published Accounts and Reports, ICAB.
Masih Malik Chowdhury said that the awards recognize discloser in the Annual Report related for preparing and presenting Annual Accounts and Reports, rather than evaluate their performance. Thus the Best Published Accounts Winners do not mean the Top Performers, he added.
ICAB’s endeavor is to create awareness in the corporate sector about the value of timely publishing audited Financial Statements, he said.
To establish transparency and accountability in the corporate world reporting on time is the premier threshold to ensure optimum use of resources, which will bring in success to the business and again safeguard the interest of the stakeholders in the long run, he further said.
The award was given in nine separate categories for preparing and publishing their annual reports 2014. ICAB gives the award annually since 2001.
Abbas Uddin Khan FCA said that the Review Committee of ICAB diligently evaluated and assessed the Annual Reports of 2014 of the organizations objectively with the disclosures, information particularly within the framework of International Accounting Standards and IFRS as applied by the entities in the preparation of their financial statements and reports.
It is pertinent to mention here that organizations adjudged as 1st, 2nd and 3rd are having the best of the best Annual Reports for the financial year 2014 were also nominated for SAFA forum in recognition of their excellence and meaningful reporting, he added. I can proudly share here that this year, Bangladeshi entities secured 10 distinct awards including overall Winner and 6 merit certificates under 9 categories in the SAFA Best Published Award competition 2014, he further said.
