Staff Reporter :
The Insurance companies in Bangladesh are preparing their financial statements in accordance with Insurance Act (1938) and Rules (1958) which are not fully compliant with the International Financial Reporting Standards (IFRS). Therefore, the insurance companies are facing a setback and cannot grow further.
Speakers expressed these opinions at a webinar on ”IFRS 17 Insurance Contracts” organized by the Institute of Chartered Accountants of Bangladesh (ICAB) on Thursday.
Sheikh Mohammad Salim Ullah, Secretary, Financial Institutions Division Ministry of Finance, GoB graced the occasion as the chief guest. Dr. Md. Hamid Ullah Bhuiyan, Chairman, Financial Reporting Council (FRC) joined the webinar as special guest. ICAB President Md. Shahadat Hossain FCA delivered address of welcome. Ala Uddin FCA, Chief Financial Officer (CFO) Metlife Bangladesh American Life Insurance Company and Mohammad Redwanur Rahman FCA, Partner, Rahman Mustafiz Haq & Co., Chartered Accountants were the panel speakers.
