President's Communication: February - 2018
Asalamu Alaikum and greetings to you all.
The month of February comes with passion, which was ignited way back in 21 February 1952 for the establishment of ‘Bangla’ as State language through sacrifice of lives. Later, the spirit of language movement turned into movement for Independence of Bangladesh in 1971. So, the 21st February has a great significance and it is the epoch-making day in our history. The Institute has gone throughout the month with a series of events including courtesy calls by ICAB delegations on FRC Chairman, Chairman of BIDA, Chairman of BSEC and Governor of Bangladesh Bank, the Ministers in different portfolios and as usual a number of training programmes, seminars and workshops. As we are aware of new draft on ‘Companies Act 2016’, my Council colleagues are relentlessly working on the draft to make the law more effective in our country’s perspective. They are also recurrently attending the meetings, summoned by the Ministry of Commerce. No doubt, we are putting our best efforts in this regard to uphold common interest of the people. We are committed to harness every opportunity for the development of our beloved profession.
Dear members of this fraternity, you have already been informed about the formation of standing & non-standing committees of ICAB. I urged upon all the Chairmen and Members of these committees to extend mutual support and cooperation for smooth functioning of these committees. We are proud that you have greater responsibilities to lead the Institute into new height of excellence. We hope your attachment would benefit the Institute.
Let me update you about some major activities of the Institute that took place in the month of February 2018.
Members’ Conference on Corporate Transparency and Sustainability Reporting was organized on 26 February 2018 at ICAB Auditorium. The topic was very pertinent as we live in a world of multiple dimensions, where a variety of resources and relationships contribute to understanding the full story of an organization’s impacts and value creation. Mere appreciation of the connectivity between these resources and relationships would not unearth the full picture. That’s why corporate reporting is essential which is seen through a broader lens that brings into focus sustainability information together with other considerations.
To understand the greater aspect of corporate reporting and sustainability, ICAB organized this conference where Dr. Aditi Haldar, Director and Ms. Rubina Sen, Senior Coordinator, Global Reporting Initiative (GRI), South Asia jointly presented the Technical Paper titled ‘Corporate Transparency and Sustainability Reporting’. I delivered the welcome address while Mr. Anwaruddin Chowdhury FCA, Member Council & Past President-ICAB moderated the session. Ms. Parveen Mahmud FCA, Member Council & Past President-ICAB conducted the session as Session Chairman. My special thanks to the learned paper presenters, the moderator, the session chairman for their finest efforts for making the event a success.
A courtesy call on Mr. Fazle Kabir, Governor, Bangladesh Bank was made by ICAB team led by me at his office on 4 February 2018.The other members of the delegation were Vice President Mr. Md. Mahamud Hosain FCA, Members Council & Past Presidents Mr. ASM Nayeem FCA, Mr. Muhammed Farhad Hussain FCA, and ICAB Secretary Major General Mr. Muhammad Imrul Quayes ndc, psc (Retd). The meeting discussed about some professional issues like formation of a joint working group, mutual workshops and training, arrangement of Bangladesh Bank involvements in ICAB’s disciplinary action process, etc.
Meeting with Mr. Shubhashish Bose, Secretary, Ministry of Commerce, GoB was held at his office on 19 February 2018 where I led the ICAB team comprising Vice Presidents Mr. Mahmudul Hasan Khusru FCA, Mr. Md. Mahamud Hosain FCA, Mr. AKM Kamrul Islam FCA, Partner, Islam Aftab Kamrul & Co., Chartered Accountants, Mr. Ajit Kumar Paul FCA, Additional Secretary, GoB and ICAB Secretary Maj Gen Mr. Muhammad Imrul Quayes ndc, psc (Retd). In the meeting, we primarily discussed the ongoing activities of ICAB and current professional issues.
Two separate meetings with FRC Chairman Mr. CQK Mustaq Ahmed, Chairman, Financial Reporting Council (FRC) were held at his office on 4 &15 February 2018to discuss mutual professional issues including recruitment process of high officials of FRC, structural development of FRC and its functions.
I along with ICAB Vice Presidents Mr. Mahmudul Hasan Khusru FCA, Mr. Md. Mahamud Hosain FCA, Secretary Maj Gen Mr. Muhammad Imrul Quayes ndc, psc (Retd) and Director-Technical Mr. Mahbub Ahmed Siddique FCA attended the meetings.
A meeting with Mr. Kazi M Aminul Islam, Executive Chairman, Bangladesh Investment Development Authority (BIDA) was held at his office on 20 February 2018. I led the 3-member ICAB team where Vice President Mr. Mahmudul Hasan Khusru FCA, and Secretary Maj Gen Mr. Muhammad Imrul Quayes ndc, psc (Retd) were two other members. We discussed about mutual professional issues including the initiatives regarding ease of doing business undertaken by ICAB and upcoming joint events, etc.
Programmes on Language Movement like art competition and poetry recitation for children, and a discussion meeting were organized by Dhaka Regional Committee (DRC)-ICAB to observe the Omar Ekushey and the International Mother Language Day on 21 February 2018.
Chairman of DRC Mr. Md. Ali Akhter Rizvi FCA chaired the programme while I along with Mr. Md. Mahamud Hosain FCA, Council Members, grand-daughter of Dr. Mohammad Shahidullah, Writer Ms. Shanta Maria, DRC members and ICAB fellow members was present.
The speakers recalled the turbulent time of language movement in 1952 and urged upon all to build the nation with the spirit of the movement, which led the nation into independence in 1971 through liberation war.
A workshop on 'IFRS 15: Revenue from Contracts with Customers' was held on 3 February 2018 at the ICPE training room. The workshop was attended by 40 participants where ICAB Vice President Mr. Mahamud Hosain FCA, and Mr. Ashraf-Uz-Zaman Ali FCA were the Resource Persons.
Mr. Kazi Sanaul Hoq, Managing Director, Investment Corporation of Bangladesh (ICB) gave away the certificates to the participants as the Chief Guest. I along with Vice President Mr. Mahmudul Hasan Khusru FCA, Past President Mr. Md. Humayun Kabir FCA, Council Members Mr. Md. Shahadat Hossain FCA and Mr. Mostafa Kamal FCA also attended the programme.
Another workshop on the same topic was organised for the officials of Bangladesh Securities and Exchange Commission (BSEC) on 3 February 2018 in the evening at the same venue. Mr. Akhter Matin Chaudhury FCA, Chairman & Managing Director, Nuvista Pharma Limited awarded the certificates to the participants as the Chief Guest. Ms. Ruksana Chowdhury, Executive Director of BSEC was present as the Special Guest. ICAB Vice President Mr. Mahamud Hosain FCA and Mr. Muhammad Mehedi Hasan FCA were the Resource Persons in the workshop. I along with Vice President Mr. Mahmudul Hasan Khusru FCA, Mr. Md. Shahadat Hossain FCA, Mr. Mostafa Kamal FCA, ICAB Secretary Maj Gen Mr. Muhammad Imrul Quayes (retd.) was also present in the workshop.
Meetings of Council and Standing & Non-standing Committees and Sub-committees
The following meetings of the Council, Standing and Non-standing Committees and Sub-committees of ICAB were held during the month of February 2018:
- 1st Meeting of the Examination Committee was held on 22 February 2018 at 1:30 pm.
- 2ndMeeting of the Council was held on 22 February 2018 at 2:30 pm.
- 1st Meeting of the Taxation and Corporate Laws Committee (TCLC) was held on 25 February 2018 at 5:30 pm.
Standing and Non-standing Sub-committees:
- 1st Meeting of the Taxation and Corporate Laws Committee (TCLC) 7 Member Sub-Committee was held on 28 February 2018 at 6:00 pm.
With best wishes to you all.
Dewan Nurul Islam FCA