The Institute of Chartered Accountants of Bangladesh (ICAB) and the International Financial Reporting Standards (IFRS) Foundation have signed an agreement which empowers only ICAB in Bangladesh for supplying of data for development and publication of Bangladesh Financial Reporting Standards (BFRS), Bangladesh Accounting Standards (BAS) and BFRS for SMEs.
Under this agreement, ICAB has got the copyright license to publish both in print and online electronic editions of BFRS, BAS and BFRS for SMEs using IFRS, IAS and IFRS for SMEs as issued by the International Accounting Standards Boards (IASB) and to distribute English language version of these standards in Bangladesh. In accordance with the terms of this agreement ICAB has entered into formal collaboration with the IFRS Foundation and has committed to a convergence path towards the full adoption of IFRS.
It is noted that as per rule 12(2) of the Bangladesh Securities and Exchange Commission Rule 1987, the financial statements of an issuer of a listed security shall be prepared in accordance with the requirements laid down in the Schedule and the International Accounting Standards as adopted by the ICAB.
Showkat Hossain FCA, President ICAB and Ms. Yael Almog, Executive Director of IFRS Foundation signed this agreement on 30 September 2014 in London, UK on behalf of their respective organizations. Vice-Chairman, International Accounting Standard Board (IASB) Ian Mackintosh, Project Manager, Translation, Adoption & Copyright of IFRS Anna Hemmant, ICAB Director Technical Mahbub Ahmed Siddique FCA and other Executives of IFRS Foundation were present during the signing ceremony in London.