ICAB organised a Members’ Conference on ‘The Conceptual Framework for Financial Reporting as issued by the International Accounting Standards Board (IASB)’ on Friday, 20 July 2018
Currently people are suffering from lack of trust in business arena. the main objective of Financial Reporting Council(FRC) IS to restore the people’s confidence. If the gatekeepers are dishonest, distrust will prevail in every sectors.
The Institute of Chartered Accountants of Bangladesh (ICAB) organised a Members’ Conference on ‘The Conceptual Framework for Financial Reporting as issued by the International Accounting Standards Board (IASB)’ on Friday, 20 July 2018 at ICAB Auditorium where C. Q. K. Mustaq Ahmed, Chairman of Financial Reporting Council (FRC) Bangladesh was the Chief Guest.
The Conceptual Framework sets out the fundamental concepts for financial reporting that provide useful information for stakeholders. It also assists companies in developing accounting policies and helps stakeholders to understand and interpret the Standards. This intensive discussion along with panel remarks on conceptual framework will add value to the knowledge of the users.
The FRC Chairman said that the council may hire expertise from abroad to bring discipline in the financial sector of the country. It will not take decision of its own, it will work upon participation of different stakeholders who are making representation in the Financial Reporting Council(FRC). ICAB is relentlessly working to make abreast its members of updates of accounting and auditing standards made by relevant authority, he observed.
ICAB President Dewan Nurul Islam FCA delivered welcome speech while Mahmudul Hasan Khusru FCA, Member Council and Vice President ICAB moderated the conference.
Snehasish Barua FCA, Partner, Snehasish Mahmud & Co.- Chartered Accountants presented the Key Note paper. Sabbir Ahmed FCA, Partner, Hoda Vasi Chowdhury & Co, Md. Rokonuzzaman FCA, Partner, ACNABIN, Sk. Md. Tarikul Islam FCA, Director, Audit & Advisory, Hoda Vasi Chowdhury & Co, Md. Sk. Ashik Iqbal ACA, CPA and Wasequl Huq Reagan ACA, Partner, Mahfel Huq & Co were the panelists of the discussion.
ICAB President Dewan Nurul Islam said that due to lack of clarity and exclusion of some of important concepts, the existing framework for financial reporting which is issued by International Accounting Standard Board(IASB) is largely criticized. It is required to change time to time for further improvement. The definition of assets and liabilities carry the significant effects and very useful for the users, he added.
The paper presenter discussed the different aspect of financial reporting framework and the changes required for improvement. He discussed in detailed the concepts of financial and physical capital, its maintenance and determination of profits as well as capital maintenance adjustment. The IASB decided that updating the discussion of capital and capital maintenance could have delayed the completion of framework significantly.
Create Date : 22/07/2018