Chartered Accountants can contribute in prevention of illegal transactions and tax evasion practices. Central Bank and the other Government Departments should use the Accountancy Profession as a whole to prevent public interest by means of appropriate presentation, measurement and disclosure of the Financial Instruments for the ultimate development of the nation.
As chief guest Md Yunusur Rahman, Secretary, Bank and Financial Institutions Division, Ministry of Finance, Government of the People’s Republic of Bangladesh said this at an ICAB Conference.
The Institute of Chartered Accountants of Bangladesh (ICAB) orgainsed the members’ conference on BFRS 9: Financial Instruments – An Overview and Key Changes from Current Standard and Requirements at its Auditorium, CA Bhaban in the city on Thursday, 28 April 2016. ICAB President Kamrul Abedin FCA delivered the welcome address while Ferdous Ahmed Khan FCA, Partner, OCTOKHAN, Chartered Accountants conducted the conference as the Session Chairman. The conference paper was presented by Muhammad Mehedi Hasan FCA, Partner, Rahman Rahman Huq, Chartered Accountants.
Yunusur said that such conference would definitely benefit the accountants who are particularly dealing with various Financial Instruments in Banking and Financial Institutions.
The financial sector of Bangladesh is growing at a very realistic pace towards the achievement of the Vision 2021 of the government and Bangladesh would become Mid-Income group country by 2021, he hope.
To keep pace with the global changes, Bangladesh Government, in particular the Ministry of Finance and Central Bank have always remained alert and issues necessary guidelines based on the developments and amendments of the International Financial Reporting Standards, related Laws and Regulations, he further said.
The Accountancy Profession has always been working for the protection of public interest by their intellectual services on conforming to the compliance of the International Financial Reporting Standards, Laws and Regulations pronounced by the various regulators from time to time, he added. He also said that the Accountancy Profession helps expand the controlling system over the cross border transactions to protect the interest of the related parties. Ladies and Gentlemen,
I would like to note that, the Central Bank has issued several directives / guidance in relation with the Financial Instruments in order to ensure appropriate presentation, measurement and disclosure thereof. I know still there are some gaps between the Central bank directives and the Standards adopted by the ICAB but I believe over the period all stakeholders including the Central Bank, Banks, Financial Institutions and the others will have a set of standard/ guidance which will reduce the arbitrations among them.
The technical matters relevant to the Standard and the Accounting and Auditing Profession needs to be taken under consideration to be strategic and aligned with the International Standards, he went on.
ICAB President Kamrul Abedin FCA said BFRS 9 is one of the important financial reporting standards especially it has significance for Banks and other Financial Institutions.
It is basically the adopted version of IFRS 9, which is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB), he added. It will replace the earlier BFRS for financial instruments, BAS 39, when it becomes effective in 2018. As a result of the financial crisis of 2008, the IASB decided to revise their accounting standards for financial instruments to address perceived deficiencies which were believed to have contributed to the magnitude of the crisis with an eventual goal of reporting all financial instruments at fair value, he described.
He said, the members of ICAB have knowledge and capability to understand and implement the requirement of Financial Reporting Standards in Bangladesh.