Bangladesh Bank governor Dr Atiur Rahman said Monday that the central
bank "is looking forward to the work of the Institute of Chartered
Accountants of Bangladesh (ICAB) towards full convergence of the local
accounting and auditing standards in financial and real sector with
the international best practice standards," reports UNB.
Addressing a session of 'Regional Standard-Setters (RSS) conference'
of chartered accounts in Dhaka on the day, he emphasised the need for
regional and international harmonisation and convergence of
accounting, auditing and financial reporting standards to help
flourish intra- and extra-regional investment and trade relationships.
South Asian Federation of Accountants (SAFA), an apex body of the
professionals in the member-countries of the South Asian Association
for Regional Cooperation (SAARC), The Institute of Chartered
Accountants of Bangladesh (ICAB) and International Accounting Standard
Board (IASB) arranged the conference at Sonargaon Hotel in the city.
SAFA president AN Raman, ICAB president Parveen Mahmud, IASB board
member Prabhakar Kalavencher and chairman of SAFA Accounting and
Auditing Standard Committee Reyaz Mihular also spoke at the inaugural
session of the conference.
Speaking as the chief guest, the Bangladesh Bank (BB) governor said
intra- and extra-regional trade will expand, in tandem with increasing
openness in investment relationships.
"Foreign investors will feel comfortable with joint venture and
lending relationships with their Bangladesh counterparts only when
they're satisfied about the completeness and transparency of financial
statements and disclosures of the local partners," he told the
conference.
In its emerging role as a significant hub of global growth, South
Asia, the BB governor noted, will need to attract a massive volume of
equity and loan investments.
"Intra regional cross border investments within South Asia will be
growing; and South Asian investments outside the region will also be
rising gradually with increasing openness," he observed.
"Bangladesh Bank is gradually imposing more demanding financial
reporting and the disclosure requirements for banks and financial
institutions in closer convergence with international best practice
standards," Dr Atiur said.
ICAB president Ms. Parveen Mahmud said the convergence with the IFRS
(International Financial Reporting System) is a major initiative for
almost all professional accounting institutes in the world.
She expressed the hope that the deliberations, made in the conference,
would give the participants an opportunity to update themselves on the
latest efforts of IASB and provide input to IASB on the practicability
to shape the future of financial accounting
bank "is looking forward to the work of the Institute of Chartered
Accountants of Bangladesh (ICAB) towards full convergence of the local
accounting and auditing standards in financial and real sector with
the international best practice standards," reports UNB.
Addressing a session of 'Regional Standard-Setters (RSS) conference'
of chartered accounts in Dhaka on the day, he emphasised the need for
regional and international harmonisation and convergence of
accounting, auditing and financial reporting standards to help
flourish intra- and extra-regional investment and trade relationships.
South Asian Federation of Accountants (SAFA), an apex body of the
professionals in the member-countries of the South Asian Association
for Regional Cooperation (SAARC), The Institute of Chartered
Accountants of Bangladesh (ICAB) and International Accounting Standard
Board (IASB) arranged the conference at Sonargaon Hotel in the city.
SAFA president AN Raman, ICAB president Parveen Mahmud, IASB board
member Prabhakar Kalavencher and chairman of SAFA Accounting and
Auditing Standard Committee Reyaz Mihular also spoke at the inaugural
session of the conference.
Speaking as the chief guest, the Bangladesh Bank (BB) governor said
intra- and extra-regional trade will expand, in tandem with increasing
openness in investment relationships.
"Foreign investors will feel comfortable with joint venture and
lending relationships with their Bangladesh counterparts only when
they're satisfied about the completeness and transparency of financial
statements and disclosures of the local partners," he told the
conference.
In its emerging role as a significant hub of global growth, South
Asia, the BB governor noted, will need to attract a massive volume of
equity and loan investments.
"Intra regional cross border investments within South Asia will be
growing; and South Asian investments outside the region will also be
rising gradually with increasing openness," he observed.
"Bangladesh Bank is gradually imposing more demanding financial
reporting and the disclosure requirements for banks and financial
institutions in closer convergence with international best practice
standards," Dr Atiur said.
ICAB president Ms. Parveen Mahmud said the convergence with the IFRS
(International Financial Reporting System) is a major initiative for
almost all professional accounting institutes in the world.
She expressed the hope that the deliberations, made in the conference,
would give the participants an opportunity to update themselves on the
latest efforts of IASB and provide input to IASB on the practicability
to shape the future of financial accounting
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