Business Desk :
The Institute of Chartered Accountants of Bangladesh (ICAB) organized a Members’ Conference on ‘The Conceptual Framework for Financial Reporting as issued by the International Accounting Standards Board (IASB)’ on Friday at ICAB Auditorium, said a press release.
C. Q. K. Mustaq Ahmed, Chairman of Financial Reporting Council (FRC) Bangladesh graced the programme as the Chief Guest.
The participants in their speech said the Conceptual Framework sets out the fundamental concepts for financial reporting that provide useful information for stakeholders. It also assists companies in developing accounting policies and helps stakeholders to understand and interpret the Standards. This intensive discussion along with panel remarks on conceptual framework will add value to the knowledge of the users.
The FRC Chairman, in his speech, said that the council might hire expertise from abroad to bring discipline in the financial sector of the country. It will not take decision of its own; it will work upon participation of different stakeholders who are making representation in the Financial Reporting Council (FRC).
ICAB is relentlessly working to make abreast its members of updates of accounting and auditing standards made by relevant authority, he observed.
ICAB President Dewan Nurul Islam FCA delivered welcome speech while Mahmudul Hasan Khusru FCA, Member Council and Vice President ICAB moderated the conference.
Snehasish Barua FCA, Partner, Snehasish Mahmud and Co.- Chartered Accountants presented the Key Note paper. Sabbir Ahmed FCA, Partner, Hoda Vasi Chowdhury and Co, Md. Rokonuzzaman FCA, Partner, ACNABIN, Sk. Md. Tarikul Islam FCA, Director, Audit and Advisory, Hoda Vasi Chowdhury and Co, Md. Sk. Ashik Iqbal ACA, CPA and Wasequl Huq Reagan ACA, Partner, Mahfel Huq and Co. were the panelists of the discussion.
ICAB President Dewan Nurul Islam said that due to lack of clarity and exclusion of some of important concepts, the existing framework for financial reporting which is issued by International Accounting Standard Board(IASB) is largely criticized.
It is required to change time to time for further improvement. The definition of assets and liabilities carry the significant effects and very useful for the users, he added.
The Institute of Chartered Accountants of Bangladesh (ICAB) organized a Members’ Conference on ‘The Conceptual Framework for Financial Reporting as issued by the International Accounting Standards Board (IASB)’ on Friday at ICAB Auditorium, said a press release.
C. Q. K. Mustaq Ahmed, Chairman of Financial Reporting Council (FRC) Bangladesh graced the programme as the Chief Guest.
The participants in their speech said the Conceptual Framework sets out the fundamental concepts for financial reporting that provide useful information for stakeholders. It also assists companies in developing accounting policies and helps stakeholders to understand and interpret the Standards. This intensive discussion along with panel remarks on conceptual framework will add value to the knowledge of the users.
The FRC Chairman, in his speech, said that the council might hire expertise from abroad to bring discipline in the financial sector of the country. It will not take decision of its own; it will work upon participation of different stakeholders who are making representation in the Financial Reporting Council (FRC).
ICAB is relentlessly working to make abreast its members of updates of accounting and auditing standards made by relevant authority, he observed.
ICAB President Dewan Nurul Islam FCA delivered welcome speech while Mahmudul Hasan Khusru FCA, Member Council and Vice President ICAB moderated the conference.
Snehasish Barua FCA, Partner, Snehasish Mahmud and Co.- Chartered Accountants presented the Key Note paper. Sabbir Ahmed FCA, Partner, Hoda Vasi Chowdhury and Co, Md. Rokonuzzaman FCA, Partner, ACNABIN, Sk. Md. Tarikul Islam FCA, Director, Audit and Advisory, Hoda Vasi Chowdhury and Co, Md. Sk. Ashik Iqbal ACA, CPA and Wasequl Huq Reagan ACA, Partner, Mahfel Huq and Co. were the panelists of the discussion.
ICAB President Dewan Nurul Islam said that due to lack of clarity and exclusion of some of important concepts, the existing framework for financial reporting which is issued by International Accounting Standard Board(IASB) is largely criticized.
It is required to change time to time for further improvement. The definition of assets and liabilities carry the significant effects and very useful for the users, he added.
