Number 327 ICAB Organized SAFA Regional CFO Director of Lafarge Surma Cement in session two. In the session the Panelists were Prof. Lakshman Ravendra Watawala FCA, FCMA, …

Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh

ICABICAB NEWS BULLETINJanuary 2017

Number 327

ISSN 1993-5366

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ICAB Organized SAFA Regional CFO Conference 2017 in Dhaka

Hon’ble President His Excellency Md. Abdul Hamid inaugurated the conference

ICAB organized SAFA Regional CFO Conference

ICAB and CIPFA sign MoU to... in Bangladesh

ASM Nayeem Appointed as SAFA President

President’s Communica-tion January 2017

SAFA Awards Financial Outfits... Disclosure 2015

Permission to Start Practice

DU and ICAB sign MoU to allow... AIS students

Courtesy Call on Senior Secretary, MoC

Meeting with Minister, Housing... Works Ministry

Members’ Achievement

CRC-ICAB organized a Seminar... BFRS/IFRS-13’

DRC Distributed Blankets among poor

A F Nesaruddin in live TV talk show

Campus News

SAFA Quiz and Elocution Contest – 2017

JnU and ICAB sign MoU to allow... AIS students

Accountancy Age Report

Courtesy Call on BB Governor

Meeting with BSEC Chairman

Meeting with C&AG

Felicitation

Adeeb Hossain Khan Takes Over Charge of President

ICAB President met Finance Minister

SAFA Board Meeting in Dhaka

Hon'ble President, People’s Republic of Bangladesh His Excellency Md. Abdul Hamid, addressing as Chief Guest in the inaugural session of SAFA Regional CFO Conference 2017 in Dhaka.

am very impressed to know that a good number of professionals from SAARC countries along with distinguished Chairman

of International Accounting Standard Board (IASB) and Chief Executive of International Federation of Accountants (IFAC) have joined this important SAFA Conference. I believe that this conference will surely be enriched by presenting their papers, discussions, deliberations and exchanging and sharing latest knowledge and technology among themselves”.

His Excellency Md. Abdul Hamid, Hon’ble President, People’s Republic of Bangladesh said these in his inaugural speech at the SAFA Regional Conference 2017 as the Chief Guest on 28 January 2017 at the Pan Pacific Sonargaon, Dhaka while A H M Mustafa Kamal, MP, Hon’ble Planning Minster, GoB was present as Special Guest. Fayezul Choudhury, Chief Executive Officer, International Federation of Accountants (IFAC) presented the Keynote paper on ‘Navigating Through Digital Transformation Towards Better Accountability’ in the conference. Hans Hoogervorst, Chairman, International Accounting Standards Board

(IASB) and Hedayetullah Al Mamoon, ndc, Senior Secretary, Ministry of Commerce, GoB were present as Guests of Honor. SAFA President ASM Nayeem FCA, ICAB President Adeeb Hossain Khan FCA and SAFA Conference Organising Committee Chairman Muhammed Farhad Hussain FCA also spoke on the occasion.

The President said as quoted “As you all know that the main challenge of this region is poverty. The members of SAARC countries are fighting against this menace to free their people from the curse of poverty. The governments of this region have taken various initiatives and strategies in this regard to eradicate this burning issue. I believe that concerted efforts are imperative to address this issue both from public and private corner. With the span of time, corporate culture has been emerged as an important driving force to boost and expand economy along with government venture. Huge investment has been made in the economy both from domestic and international sources for attaining sustainable development. As the vanguard of accountancy, I believe, the Chartered

I

Accountants of this region have the opportunity to ensure transparency and accountability in financial management and good governance. I hope, SAFA Regional CFO Conference will open a window of opportunity to share and exchange professional knowledge among the Accountants and its bodies. I, once again, extend my sincere thanks and appreciations to the esteemed participants of professional accountants from home and abroad for their collective endeavour. I wish you all a good health, happiness and prosperity in the days to come.

With these words, Ladies and Gentlemen, I formally declare the SAFA Regional CFO Conference 2017 Open”.

The Institute of Chartered Accountants of Bangladesh (ICAB) organized South Asian Federation of Accountants (SAFA) Regional CFO Conference 2017 on the theme of Navigating Through Digital Transformation Towards Better Accountability’.

ICAB President Adeeb Hossain Khan said that innovation and transformation are two of the key principles that guide

society and businesses. Citing example of US General Motors and Hilton Hotels, he said these companies may have their controversies and the valuations may be disputed, but the fact remains that digitalization of these companies is rapidly and irreversibly changing the society and the business.

The leadership of this country has correctly given digitalization its due importance in our path of progress, he added.

SAFA President ASM Nayeem FCA said that CFO needs to deal with dilemma while there is a conflict of interest situation. But whatever the challenges and difficulties in the digital transformation, the South Asian countries have been experiencing every year an accelerated pace of economic development which creates new opportunities in sustainable manner. Professional accountants, especially CFOs, are expected to play a vital role in the age of digital transformation.

Conference Organising Committee Chairman Muhammed Farhad Hussain said that Digital transformation is the

profound and accelerating transformation of business activities, processes, competencies and models to fully leverage the changes and opportunities of digital technologies and their impact across the society in a strategic and prioritized way. He added that accountability means the obligation of any individual or organization to account for its activities, accept responsibilities for those and to disclose the results in a transparent manner.

Professional accountants, especially CFOs play a leadership role in their respective organizations in this age of digitalization and transformation, he said . Also businesses are continually faced with demands for increasing transparency and accountability. This can lead to conflict of interest situations which finance professionals may face and need to resolve, he further stated.

The keynote speaker said the intersection of technology and accountability is vital for the future of not just CFOs, but the businesses or organizations, shareholders and investors and ultimately, the global economy.

Highlighting three key themes, the keynote speaker Fayezul Choudhury said that the role of the CFO continues to change and evolve, technology helps CFO be more transparent and accountable. Clarifying the Accountability, he said it is vital to building trust, and that trust has been more important in the global economy. He demonstrated the conference paper before the audiences came here across the South Asian region.

Referring the McKinsey Global Survey on the role of CFOs, he said, “CFOs are finding new demands such as digitizing critical business activities and managing cybercrime, in addition to traditional finance duties. More than half of CFOs reported that their companies’ risk, regulatory compliance, and M&A transactions and execution report all are depended directly to them, and nearly 40% of CFOs are responsible for information technology”.

To succeed, business thinking, management and reporting everything are depended on broader information sets and quicker, more sophisticated ways of analyzing the material information for effective

decision-making, he stated.

SAFA, an Apex Body of SAARC formed in 1984, is a forum of p r o f e s s i o n a l a c c o u n t a n c y bodies in the SAARC Region for promoting the accounting profession regionally and internationally. Currently it is comprising of Accountancy Bodies in India, Pakistan, Nepal, Bangladesh and Sri Lanka. Bhutan, Maldives & Afghanistan are the observers of SAFA. Its mission is to bring the accounting bodies together at a common platform and facilitate professional cooperation in the areas of education, training, technical and ethical standards in accountancy profession.

The full day conference have been designed with beginning of inaugural session and thereafter three (03) technical sessions followed by valedictory session in the evening.

In session one technical paper on Evolving Business Environment: Challenging Role of the CFOs, was presented by Akhter Matin Chaudhury FCA, Chairman & Managing Director, Nuvista Pharma Ltd. In the session, the Panelists were Khalilullah Shaikh FCA, VP, Institute of Chartered Accountants of Pakistan (ICAP), Heshana Kuruppu, Council Member, CA Sri Lanka, Anwaruddin Chowdhury FCA, Council Member and Past President-ICAB, CMA Manas Kumar Thakur, President, Institute of Cost Accountants of India, Zahidul Islam Malita FCA, Finance Director of Unilever Bangladesh Limited and Abdul Kader Joaddar FCA, Chief Financial Officer of MetLife Bangladesh.

Technical paper on Conflict of Interest Situations: Addressing the Dilemma was presented by Masud Khan, Finance Director of Lafarge Surma Cement in session two. In the session the Panelists were Prof. Lakshman Ravendra Watawala FCA, FCMA, FCMA(UK), CGMA, FCPM, President, CMA Sri Lanka, Adeeb Hossain Khan FCA, President of the Institute of Chartered Accountants of Bangladesh (ICAB), Arif Khan FCMA, President of the Institute of Cost & Management Accountants of Bangladesh (ICMAB), AKM Aftabul Islam FCA, Director, Bangladesh Bank, Gillian Fawcett, Head of Governments Faculty of CIPFA, UK and Abrar A Anwar, CEO of Standard Chartered Bank Bangladesh.

Discussion on Emerging Regulatory Regime and panel discussion on

Financial Reporting: Country Perspective was held in session three. In the session the Panelists were Lasantha Wickremasinghe, President, CA Sri Lanka, Anisur Ur Rehman, VP, the Institute of Cost and Management Accountants of Pakistan (ICMAP), CA. Debashis Mitra, Central Council Member, The Institute of Chartered Accountants of India (ICAI), Md. Humayun Kabir FCA, Council Member and Past President, ICAB, Representatives from the Institute of Chartered Accountants of Nepal (ICAN), Afghanistan, Bhutan and Maldives.

In the evening Valedictory Session teahnical paper on Accelerated Pace of Economic Development in a Digital Age: Opportunities and the Way

Forward was presented by Ahmed Raihan Shamsi, FCA, Chief Executive Officer, Accenture Communications Infrastructure Solutions Ltd. In the session the Panelists were Saber Hossain Chowdhury, MP, President, Inter-Parliamentary Union, Ian Ball Chairman, CIPFA International, Masud Ahmed, Comptroller and Auditor General of Bangladesh, CA. Sanjay Agarwal, Central Council Member, the Institute of Chartered Accountants of India (ICAI) and Suraiya Zannath Khan FCA, Lead Financial Management Specialist in the Governance Global Practice of the World Bank. Dr. Mashiur Rahman, Economic Adviser to Prime Minister was present as the Chief Guest in Valedictory Session.

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January 2017 No. 327

















A H M Mustafa Kamal FCA, MP, Planning Minister, GoB addressing as Special Guest.

Hedayetullah Al Mamoon, ndc, Senior Secretary, Ministry of Commerce, GoB addressing as Guest of Honor.

Fayezul Choudhury, CEO, IFAC presenting the Key-note paper. Hans Hoogervorst, Chairman, IASB delivering speech.













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Adeeb Hossain Khan FCA, President-ICAB addresing the Conference. ASM Nayeem FCA, SAFA President delivering speech.

M Farhad Hussain FCA, Chairman, Organizing Committee, SAFA Regional CFO Conference 2017 delivering address of welcome.






Partial view of Cultural Programme

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Dr. Mashiur Rahman, Economic Adviser to PM addressing in Valedictory Session

Saber Hossain Chowdhury, MP, President, Inter-Paliamentary Union addressing in Valedictory Session

Paper Presenter at Valedictory Session Paper Presenter at Technical Session-I

Paper Presenter at Technical Session-II Panelists at Technical Session-III

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January 2017No. 327

ASM Nayeem FCA has been appointed as the President of South Asian Federation of Accountants (SAFA) for the year 2017 w.e.f. 1st January 2017. He was the Vice-President of SAFA in 2016.

SAFA, an Apex Body of SAARC formed in 1984, is a forum of professional accountancy bodies in the SAARC Region. The Institute of Chartered Accountants of India (ICAI) hosts SAFA Permanent Secretariat in New Delhi.

Mr. Nayeem is the Past President of the Institute of Chartered Accountants of Bangladesh (ICAB) and also a Council Member of the Institute since 1998. Presently, he is a Partner of ACNABIN Chartered Accountants (an Independent member firm of Baker Tilly International). Mr. Nayeem is a Board Director of a number of private and joint venture companies in Bangladesh. He is a former Director of Chittagong Stock Exchange Ltd., Republic Insurance Company Ltd., Sonali

Bank Ltd. and Agrani Bank Ltd. He is also a former Chairman of Bangladesh Shipping Agents Association and Port Users Forum of Bangladesh.

Besides, Suvod Kumar Karn FCA, Past President of The Institute of Chartered Accountants of Nepal (ICAN) has been appointed as Vice-President of SAFA for the year 2017.

Mahbub Ahmed Siddique FCA, Director (Technical) of ICAB, has been appointed as the Executive Secretary of SAFA for the year 2017.

ASM Nayeem Appointed as SAFA President

ASM Nayeem FCA





























ICAB and CIPFA sign MoU to Strengthen Public Financial Management in Bangladesh

he Institute of Chartered Accountants of Bangladesh (ICAB) and the Chartered Institute of

Public Finance and Accountancy (CIPFA), UK signed a Memorandum of Understanding (MoU) to help strengthen public financial management in Bangladesh.

The Chartered Institute of Public Finance and Accountancy (CIPFA) is one of the leading professional accountancy bodies in the UK and the only one which specialises in the public sector financial management. It is responsible for the education and training of professional accountants and for their regulation through setting and monitoring of professional standards.

The MoU outlines the future relationship of cooperation and collaboration between the two institutes which seeks to build confidence and capacity, enhancing governance processes in public sector institutions.

The signing ceremony took place at the Hotel Pan Pacific Sonargaon, Dhaka with Ian Ball, CIPFA International Chairman and ICAB President Adeeb Hossain Khan FCA on 28 January 2017.

Gillian Fawcett, CIPFA Head of Governments Faculty and ICAB Vice Presidents Mostafa Kamal FCA, Md. Mahamud Hosain FCA and Council Members M Farhad Hussain FCA, Md. Humayun Kabir FCA, Muhammad Farooq FCA, AF Nesaruddin FCA, Dewan Nurul Islam FCA, Md. Shahadat Hossain FCA, Mahmudul Hasan Khusru FCA, Immediate Past President Kamrul Abedin FCA, Past President Md. Abdus Salam FCA, Secretary AKM Rahmat Ullah FCA and Director(Technical) Mahbub Ahmed Siddique FCA were also present.

Adeeb Hossain Khan, President of ICAB, said that “An efficient system of public financial management is crucial to

a sustainable economy and we are looking forward to sharing expertise and experience with CIPFA in order to better serve our country and improve outcomes for the citizens of Bangladesh.”

CIPFA Representative said, “We are very excited at the opportunity to forge closer ties between CIPFA and ICAB. By working together we hope to support and strengthen good public financial management in Bangladesh.

“Through this closer collaboration, CIPFA will offer advice and advocacy to ensure that the public sector in Bangladesh is contributing to the economic development of the country.”

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Dear Fellow Members,

Assalamu Alaikum and greetings to

you all,

A good beginning is important for a

successful end. In that respect, we

started the year well with SAFA BPA

Awards, SAFA Regional CFO

Conference 2017, along with a host of

other programmes like SAFA Quiz

Competition, MoU signing with

CIPFA, SAFA Board and Committee

Meetings in January. Most

importantly, the gracious presence of

Hon'ble President People's Republic

of Bangladesh added special

significance to the conference. My

gratitude to all who were involved in

the organising of the events.

Let me now share a summary of the

main events which took place during

the month of January 2017.

SAFA Regional CFO Conference 2017 in Dhaka; Hon’ble President Mr. Md. Abdul Hamid inaugurates: We were extremely delighted that Mr.

Md. Abdul Hamid, Hon’ble President,

People’s Republic of Bangladesh

inaugurated the SAFA Regional

Conference 2017 as the Chief Guest

on 28 January 2017 at the Pan Pacific

Sonargaon, Dhaka, while Mr. A H M

Mustafa Kamal, MP, Hon’ble Planning

Minster, GoB was present as Special

Guest. Fayezul Choudhury, Chief

Executive Officer, International

Federation of Accountants (IFAC)

presented the Keynote paper on

‘Navigating Through Digital

Transformation Towards Better

Accountability’. Mr.Hans Hoogervorst,

Chairman, International Accounting

Standards Board (IASB) and

Mr.Hedayetullah Al Mamoon, ndc,

Senior Secretary, Ministry of

Commerce, GoB were present as

Guests of Honor. Also distinguished

guests of SAFA member bodies,

eminent professionals across the

South Asia Region participated in the

programme. The full day conference

started with the inaugural session

followed by three technical sessions,

and ended by the valedictory session

in the evening.

In session (I), the technical paper on

Evolving Business Environment:

Challenging Role of the CFOs was

presented by Mr.Akhter Matin

Chaudhury FCA, Chairman &

Managing Director, Nuvista Pharma

Ltd.

In session (II), the technical paper on

Conflict of Interest Situations:

Addressing the Dilemma was

presented by Mr.Masud Khan,

Finance Director of Lafarge Surma

Cement.

In session (III), the panel discussion

was held on the Emerging Regulatory

Regime and Financial Reporting:

Country perspective.

In the evening Valedictory Session

technical paper on Accelerated Pace

of Economic Development in a Digital

Age: Opportunities and the Way

Forward was presented by Mr. Ahmed

Raihan Shamsi, FCA, Chief Executive

Officer, Accenture Communications

Infrastructure Solutions Ltd. Dr.

Mashiur Rahman, Economic Adviser

to Prime Minister was present as the

Chief Guest in Valedictory Session.

SAFA Best Presented Annual Reports: This year the Institute of

Chartered Accountants of Bangladesh

(ICAB) hosted the SAFA Best

Presented Annual Report (BPA)

Awards & SAARC Anniversary

Awards for Corporate Governance

Disclosures Ceremony 2015 on 27

January 2017. Mr. Abul Maal Abdul

Muhith, MP, Hon’ble Minister, Ministry

of Finance, GoB handed over the

prizes among the winners as the Chief

Guest while Mr. Fazle Kabir,

Governor, Bangladesh Bank was

present as Special Guest. I delivered

welcome speech. SAFA President Mr.

ASM Nayeem FCA was also present

on the occasion.

SAFA Quiz and Elocution Contest: Another unique event that took place

beside SAFA Conference was SAFA

Quiz and Elocution Contest. SAFA

Committee on Education, Training

and CPD took initiatives for organizing

SAFA Quiz and Elocution Contest

amongst the students of SAFA

member bodies. This was the first of

its kind and was organized at ICAB

Auditorium. Contestants from the

Institute of Chartered Accountants of

Bangladesh (ICAB), The Institute of

Cost and Management Accountants

of Bangladesh (ICMAB), The Institute

of Chartered Accountants of India

(ICAI) and The Institute of Chartered

Accountants of Sri Lanka (ICASL)

participated in the event.

Representatives from SAFA


and CPD played the role of judges.

IASB Chairman Mr. Hans

Hoogervorst, SAFA President Mr.

ASM Nayeem FCA and I, along with

ICAB Council Members, SAFA

delegates and CA students, were

present and enjoyed the programme.

At the end of the contests Mr. Hans

Hoogervorst, Chairman IASB

distributed trophies among the

winners.

MoU between ICAB and CIPFA: Another significant event, in the side

line of SAFA Conference was signing

MoU between ICAB and CIPFA, UK.

The Chartered Institute of Public

Finance and Accountancy (CIPFA) is

one of the leading professional

accountancy bodies in the UK. Under

this MoU, ICAB members will be able

to become CIPFA Members subject to

meeting certain criteria.

MoU between DU and ICAB: It is a

matter of great satisfaction that ICAB

and AIS Department of Dhaka

University signed a Memorandum of

Understanding (MoU) on 30 January

2017. Under this MoU, the students of

AIS Dept. will be exempted from

sitting for certain papers in ICAB

exams subject to fulfilling certain

criteria.

In the presence of DU Vice Chancellor

Dr. AAMS Arefin Siddique as Chief

Guest the signing ceremony took

place at the Nabab Nawab Ali

Chowdhury Senate Bhaban.

MoU between JnU and ICAB: The

Signing Ceremony of the

Memorandum of Understanding

(MoU) between ICAB and the

Jagannath University (JnU) took place

on 25 January 2017. Under this

arrangement ICAB would allow

certain exemptions for the students of

the Department of Accounting and

Information Systems (AIS), JnU.

New SAFA President: It is indeed a

great pleasure for all of us that Mr.

ASM Nayeem FCA has been

appointed as the President of South

Asian Federation of Accountants

(SAFA) for the year 2017. He was the

Vice-President of SAFA in 2016. I

congratulate Mr. Nayeem and believe

that he will take SAFA to new heights.

Training programme on IS Audit: In

President’sCommunicationJanuary 2017

January ICAB started a six month long

training programme on "Certificate

Course on Information System Audit

(IS Audit)". A total of 45 participants

from various national, multinational

companies are participating in the

training.

A workshop on “Changes in Lease

Accounting under IFRS 16: Leases”

was held on 14 January at ICAB

Center for Professional Excellence

(7th floor). Mr. Abu Kibria ACA (ICAB)

& CA (Australia) was the resource

person.

Meeting with different ministries and other regulatory bodies: I along

with the Council Member & Past

President Mr. Muhammed Farhad

Hussain FCA paid a courtesy call on

Mr. Abul Maal Abdul Muhith, MP, Minister, Ministry of Finance, GoB

at Bangladesh Secretariat on 25

January. We updated him on

upcoming SAFA events to be held in

Dhaka. The Minister cordially

accepted our invitation to grace the

SAFA BPA Awards and SAARC

Anniversary Awards ceremony as the

Chief Guest.

A team of ICAB led by me paid a

courtesy call on Bangladesh Bank Governor Mr. Fazle Kabir on 11

January at latter's office. We

discussed the development of ICAB

regarding training and education and

invited him to be present in the

occasion of SAFA BPA Award as

Special Guest.

An ICAB delegation led by me paid a

courtesy call on Mr. Hedayetullah Al Mamoon, ndc, Senior Secretary, Ministry of Commerce,

GoB at Bangladesh Secretariat on

22 January. We also discussed

various professional matters with

him.

Another ICAB delegation led by me

held a meeting with BSEC Chairman Professor Dr. M. Khairul Hossain at

his Office on 12 January. The

discussion included professional

matters as well as upcoming SAFA

events.

We paid a courtesy call on

Comptroller and Auditor General (C&AG) Bangladesh Mr. Masud Ahmed at his Office on 18 January.

We invited C&AG to be one of the

panelists in Valedictory Session of

SAFA Regional CFO Conference

which he accepted gladly.

SAFA Board Meeting in Dhaka: Delegates from SAFA Member

Bodies participated in its 46th Board

Meeting and 83 SAFA Assembly

meeting held on 29 January at ICAB

Council Hall. ICAB Council Member

and Past President Mr. ASM

Nayeem FCA officially assumed the

Office of President SAFA for the year

2017.

Meetings of Council and Standing & Non-standing Committees and Sub-committees

The following meetings of the Council

and Organizing Committee of the SAFA

International Conference 2017 were

held during the month of January:

Standing Committees:

- 1st Council Meeting was held

on 11 January 2017 at 5:00

pm.

- 2nd Council Meeting was held


pm.

Organizing Committee of the SAFA International Conference 2017:

- 3rd Meeting of Organizing

Committee of the SAFA

International Conference 2017

was held on 3 January 2017 at

5:30 pm.

- Souvenir Sub-committee

Meeting of SAFA Regional

CFO Conference 2017 was

held on 5 January 2017 at 5:30

pm.

- 5th Meeting of Organizing

Committee of SAFA


was held on 9 January at 5:00

pm.


Committee of SAFA



pm.

- 2nd Meeting of 610 Member

Cultural Sub-committee of the

Organizing Committee of

SAFA International Conference

2017 was held on 23 January

2017 at 5:30 pm.

- SAFA Committee Meetings

was held on 27 January 2017

at 9:30 am to 12:30 pm.

With best wishes

Adeeb Hossain Khan FCAPresident-ICAB

7

January 2017No. 327



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8




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outh Asian Federation of Accountants (SAFA) distributed awards for best presented annual

report (BPA) awards and SAARC Anniversary Awards for Corporate Governance Disclosure to the listed and non listed entities in SAARC countries in 13 different categories including banks, non-banking financial institutions (NBFIs), insurance companies, manufacturing, financial service, ICT and non-governmental organisations (NGOs) for their best presented annual reports 2015. This year SAFA introduced a new award category ‘Excellence in Integrated Reporting’. A total of 46 entities won the Awards. In addition 41 organizations and entities won the certificates of merit.

This year the Institute of Chartered Accountants of Bangladesh (ICAB) hosted the SAFA Best Presented Annual Report (BPA) Awards & SAARC Anniversary Awards for Corporate Governance Disclosures Ceremony 2015 on 27 January 2017 at Ball Room at the Pan Pacific Sonargaon, Dhaka. Abul Maal Abdul Muhith, MP, Hon’ble Minister, Ministry of Finance, GoB handed over the prizes among the winners as the Chief Guest while Fazle Kabir, Governor, Bangladesh Bank was present as Special Guest. ICAB President Adeeb Hossain Khan FCA delivered welcome speech. SAFA President ASM Nayem FCA was also present on the occasion.

Presidents of different CA Institutes & Heads of different organizations in SAARC countries, delegates from IFAC, CAPA and the ICAB Council Members, Past Presidents, distinguished members and eminent citizens attended the program.

SAFA is an Apex Body of SAARC formed in 1984, a forum of professional accountancy bodies in the SAARC Region. Following SAFA Evaluation Criteria, SAFA Committee for Improvement in Transparency, Accountability and Governance headed by Lasantha Wickremasinghe, ICA Sri Lanka evaluated

the annual reports of the entities nominated from SAFA Member Bodies. B a n g l a d e s h i Organizations who won 1st, 2nd and 3rd prize of ICAB National Awards 2015 took part in the SAFA BPA competition and SAARC Anniversary Award 2015. In last year, the Institute of Chartered Accountants of Pakistan(ICAP) hosted the event in Lahore.

The Finance Minister said that transparency and accountability in financial management of the entities are now the prime concern of the government. SAFA and ICAB are both jointly giving priority in their activities to ensure better accountability in the organisations' functions. Through BPA awards for best presented annual reports, entities are being tremendously encouraged in maintaining transparent features of their accounts and reports, which would definitely leave good impact on business and trade of the country, he hoped.

Bangladesh Bank Governor Fazle Kabir said that Bangladesh will reach middle income country by 2021. To achieve this goal lots of investment is required. To enhance the investment flow from both home and abroad, the quality Annual Reports and good accounting are required, he added.

Muhammed Farhad Hussain FCA, Chairman, SAFA Regional CFO

Conference Organizing Committee said the wining companies would continue their best performance in the Award Competition for Best Presented Annual Report in coming days. Transparency and Accountability are the foundation of financial statements. SAFA is encouraging the entities to prepare financial statements in accordance with the International Accounting Standards through building trust and cooperation between the organizations through this Award, he said.

SAFA President ASM Nayeem FCA said definitely the wining companies have performed excellence in their BPA Reports. Promoting transparence through communication with proper information in annual report is the prime criteria for selecting the wining entities of the awards, he added. Annual Report is the key element of good governance and strong governance is meant to fight corruptions heavily, he further said.

ICAB President Adeeb Hossain Khan FCA said less information in Annual Report leads to less scrutinity and less questions. SAFA is relentlessly working for promoting

international best practices in accounting with adequate information in Annual Report. The accounting encompasses ICT is much capable of fighting corruption, he added.

Among the Bangladeshi entities, in private sector banks category Prime bank limited

is joint winner and United Commercial Bank limited jointly first runner up while IDLC Finance Limited and LankaBangla Finance Limited are joint winner in financial service sector. Uddipon is joint winner while BRAC is first runner up and Sajida Foundation joint second runner up

in NGOs Sector. IDLC Finance Limited is the winner while Prime Bank limited is first runner up in SAARC Anniversary Award for Corporate Governance, and Infrastructure Development Company Limited (IDCOL) is the joint winner in public sector entities.

In clockwise, Bangladesh Bank Governor Fazle Kabir, IASB Chairman Hans Hoogervorst, IFAC Chief Executive Officer Fayezul Choudhury, SAFA President ASM Nayeem FCA, ICAB President Adeeb Hossain Khan FCA and SAFA Regional CFO Conference Organising Committee Chairman M Farhad Hussain FCA were seen speaking in the ceremony.







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pm.






2017 at 5:30 pm.



at 9:30 am to 12:30 pm.

With best wishes


9

January 2017No. 327



you all,
















































in the evening.







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on the occasion.































winners.




















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SAFA Awards Financial Outfits in SAARC Countries for Best Presented Annual Reports and SAARC Anniversary Awards for Corporate Governance Disclosure 2015













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pm.






2017 at 5:30 pm.



at 9:30 am to 12:30 pm.

With best wishes


10


















Category specific winners from the SAARC countries Sector Country Company Sector Rank

Private Sector Banks (including Co-operative Banks)

Bangladesh Prime Bank Limited Joint WinnerSri Lanka Commercial Bank of Ceylon PLC Joint Winner Bangladesh United Commercial Bank Ltd. Joint First Runner-upSri Lanka Hatton National Bank PLC Joint First Runner-upSri Lanka Sampath Bank PLC Second Runner-up

Public Sector Banking institutions Sri Lanka Bank of Ceylon WinnerSri Lanka People's Bank First Runner-upSri Lanka National Savings Bank Second Runner-up

Insurance SectorSri Lanka HNB Assurance PLC WinnerSri Lanka Union Assurance PLC First Runner-upSri Lanka Asian Alliance Insurance PLC Second Runner-up

Financial Services Sector

Bangladesh LankaBangla Finance Limited Joint WinnerBangladesh IDLC Finance Limited Joint WinnerSri Lanka L B Finance PLC First Runner-UpSri Lanka People's Leasing & Finance PLC Second Runner-Up

Manufacturing Sector

Pakistan Fauji Fertilizer Company Limited WinnerSri Lanka CIC Holdings PLC First Runner-UPIndia ACC Limited Joint Second Runner-UpPakistan Maple Leaf Cement Limited Joint Second Runner-Up

Communication and Information Technology Sector

India Mindtree Limited WinnerSri Lanka Sri Lanka Telecom PLC First Runner-Up


11

January 2017No. 327

















Sector Country Company Sector Rank

Non-Governmental Organizations Non-Governmental Organizations(including NPOs)

Bangladesh Uddipan Joint Winner Pakistan The Citizens Foundation Joint WinnerBangladesh BRAC First Runner-UpBangladesh Sajida Foundation Joint Second Runner-UpSri Lanka The Association of Accounting

Technicians of Sri LankaJoint Second Runner-Up

Agricultural SectorSri Lanka Watawala Plantations PLC WinnerSri Lanka Kelani Valley Plantations PLC First Runner-UpSri Lanka Talawakelle Tea Estates PLC Second Runner-Up

SAARC Anniversary Award for Corporate Governance

Bangladesh IDLC Finance Limited WinnerBangladesh Prime Bank Limited First Runner-UpSri Lanka Commercial Bank of Ceylon PLC Second Runner-Up

Public Sector Entities

Bangladesh Infrastructure Development Company Limited (IDCOL)

Joint Winner

Pakistan Oil and Gas Development Company Limited

Joint Winner

Pakistan Pakisatan Petroleum Limited First Runner-Up

Diversified Holdings

Pakistan Crescent Steel and Allied Products Limited

Winner

Sri Lanka John Keells Holdings PLC Joint First Runner-UpSri Lanka Hayleys PLC Joint First Runner-UpSri Lanka Diesel & Motor Engineering PLC Second Runner-Up

Integrated ReportingSri Lanka Diesel & Motor Engineering PLC WinnerSri Lanka Mercantile Investments & Finance PLC First Runner-UpSri Lanka L B Finance PLC Second Runner-Up

Service Sector (Excluding Financial Services & Communication &IT Sector)

Sri Lanka Aitken Spence Hotel Holdings PLC Joint WinnerPakistan K-Electric Limited Joint Winner Sri Lanka John Keells Hotels PLC First Runner-UpSri Lanka Hayleys Advantis Limited Second Runner-Up

Permission to Start PracticeThe following members have been permitted to Start Practice as Public Accountants with effect from the date mentioned against their respective names:

Name Effective DateMBM Lutful Hadee FCA (1006) 01 November 2016ProprietorHadee Lutful & Co.Chartered AccountantsHouse #77 (2nd Floor)Road#04, Block# CBanani, Dhaka-1213

Mohammad Al Maruf Khan FCA (667) 16 November 2016PartnerHowladar Yunus & Co.Chartered AccountantsHouse #14 (4th Floor)Road # 16A, Gulshan-1Dhaka-1212

Sultan Moheuddin ACA (1530) 20 November 2016PartnerG. Kibria & Co.Chartered AccountantsSadharan Bima Sadan (5th Floor)24-25, Motijheel Com. AreaDhaka-1000

AKM Monirul Haque ACA (1135) 28 December 2016ProprietorHaque Monirul & Co.Chartered Accountants22 Dilkusha Com. AreaDhaka-1000

Wasequl Huq Reagan ACA (1517) 28 December 2016PartnerMahfel Huq & Co.Chartered AccountantsBGIC Tower (4th Floor)34, Topkhana RoadDhaka-1000


12


DU and ICAB sign MoU to Allow Subjects Waiver for AIS StudentsThe Institute of Chartered Accountants of Bangladesh (ICAB) and AIS Department of the University of Dhaka signed a Memorandum of Understanding (MoU) on 30 January 2017 to allow exemption on subjects of Knowledge Level of ICAB examination to the students of Department of Accounting and Information Systems (AIS) of the University of Dhaka subject to fulfilling certain criteria.

Under this MoU, the students will be eligible for exemption in the subjects of Accounting, Business and Finance, Management Information, Business and Commercial Law and IT Knowledge.

In the presence of the University of Dhaka Vice Chancellor Dr. AAMS Arefin Siddique as Chief Guest, the signing ceremony took place at the Nabab Nawab Ali Chowdhury Senate Bhaban, with ICAB President Adeeb Hossain Khan FCA and the University’s Treasurer Prof. Dr. Md. Kamal Uddin signing the MoU. Mr. Arefin Siddique said this MoU will help to build career in Chartered Accountancy. Stressing on culture of accountability in society, he said under

the dynamic leadership of chartered accountants, proper utilization of wealth and its accountability would be ensured. Every professional should have the responsibility to ensure accountability in every sphere of life, he stated. He said, I believe this signing of MoU is the foundation for realisation among the students about accountability which would lead them to success in career.

ICAB President Adeeb Hossain Khan FCA said that learning partnership with the University of Dhaka is the long awaited

initiative which takes DU students one step closer to Chartered Accountancy qualification. He urged the students of AIS department to make best use of this opportunity. Professor Mamtaz Uddin Ahmed and ICAB Council Member Mahmudul Hasan Khusru FCA delivered inspirational speech for the aspiring CA students.

Among others spoke on the occasion were, DU Treasurer Dr. Md. Kamal Uddin, AIS department Chairman Professor Abdul Hakim and Professor Dr. Mahfuzul Hoque.

Courtesy Call on Senior Secretary, Ministry of Commerce

An ICAB delegation including ICAB President Adeeb Hossain Khan FCA, Vice President Mostafa Kamal FCA, Council Member & Past President Muhammed Farhad Hussain FCA, Secretary-ICAB AKM Rahmat Ullah FCA paid a courtesy call on Hedayetullah Al Mamoon, ndc, Senior Secretary, Ministry of Commerce, GoB at Bangladesh Secretariat on 22 January 2017.

Meeting with Minister, Housing & Public Works

MinistryICAB team led by its President Adeeb Hossain Khan FCA met Engineer Mosharraf Hossain, Minister, Ministry of Housing & Public Works, GoB on 8 January at latter's office, to discuss the land issues and other matters relating to CA profession.

The other members of the team were ICAB Vice President Md. Mahamud Hosain FCA, Council Member and Past President ASM Nayeem FCA, Past President AK Chowdhury FCA and Senior Fellow Member Ajit Kumar Paul FCA.

13

January 2017No. 327

Dr. Md Salim Uddin FCA (Enrolment No. 710) has recently been reappointed by the Government as Director of Rupali Bank Ltd for second term.

Mr. Salim Uddin is also a fellow member of the Chartered Institute of Public Finance and Accountancy (CIPFA), UK. Now he is a faculty member of in the Department of Accounting, University of Chittagong.

He worked as Independent Director of Premier Bank Ltd, and also worked as Director and Chairman of audit committee of Chittagong Stock Exchange Ltd.

He went to Belgium to study MBA at the University of Brussels and obtained his MBA degree with the grade of distinction.

Members’ AchievementMd. Salim Uddin Reappointed Director

of the Board, Rupali Bank Ltd.

Dr. Md Salim Uddin FCA

AKM Rahmat Ullah FCA (Enrolment No. 719) has become member of the Chartered Institute of Public Finance and Accountancy (CIPFA), UK recently. Mr. Rahmat Ullah, is a Fellow Member and the Secretary of ICAB. He did his Masters in Accounting from the University of Dhaka in 1981. He was qualified as Chartered Accountant in 1997. He has wide range of professional experiences with different renowned organizations in various capacities including the Central Bank of Bangladesh.

He conducted many Professional Trainings as Resource Person and also been accredited with many Professional Trainings at home and abroad. He performed as reviewer of Journal of Bangladesh Bank Training Academy (BBTA).

AKM Rahmat Ullah Becomes Member of CIPFA, UK

AKM Rahmat Ullah FCA

CRC-ICAB Organized Seminar on ‘Fair Value-How to Measure and Accounted as per

BFRS/IFRS-13’Chittagong Regional Committee (CRC) of ICAB organised a Seminar on ‘Fair Value-How to Measure and Accounted as per BFRS/IFRS-13’ on 21 January 2017 at the Conference Hall of ICAB-Chittagong Regional Office, Chittagong.

Mohammad Saif Uddin MBA, CISA, FCA, Director & Branch In-charge, Rahman Rahman Huq and Mohammad Arif ACA, ACMA, Chief Financial Officer, BSRM Steels Limited have jointly presented the Keynote paper. A panel discussion was held thereafter.

A F Nesaruddin in live TV talk show

DRC Distributed Blankets among PoorThe Dhaka Regional Committee of ICAB distributed warm clothes among the cold hit distressed people in Bishwambarpur Upazila, Sunamganj on 6 January 2017.Besides, 18 January 2017 ICAB Secretary AKM Rahmat Ullah FCA, Director (Technical) Mahbub Ahmed Siddique FCA along with DRC Chairman Muhammad Aminul Hoque FCA posed for photograph shortly before the team left the Institute with warm clothes for Lalmonirhat. Co-ordinated by Sparkle, DRC-ICAB also distributed warm clothes among the poor at Mogolhat Union, Lalmonirhat.

A F Nesaruddin FCA, Council Member-ICAB participated in live TV talk show aired on DBC Channel on 8 January 2017. He spoke about FRA, capital market, etc.

14


ICAB Academic Campus NewsThe Pre-examination Classes for

Professional Stage-Knowledge Level

(15th Batch, Sections: A-I) which were

started from 06 December 2016 for

Examination Session: May-June 2017,

will now be concluded on 27 February

2017.There are 436 students joining

with 114 teachers for the Class Session:

December 2016-February 2017.

As a result, the cumulative number of

participated students of ICAB under new

curriculum has risen to 12,480, till

January 31, 2017.

The regular classes for the students of

Professional Stage-Application Level

(14th Batch) & Advanced Stage (13th

Batch) would commence from Tuesday,

01 March 2017 at ICAB Academic

Campus, 51-53, Kazi Nazrul Islam

Avenue, Kawran Bazar Commercial

Area, Dhaka-1215. A Notice has

already been issued in this matter and

all the concerned students are advised

to enroll the classes by 23 February

2017, and adhere the session

accordingly.

On the other hand, day time classes for

Knowledge Level (1st Batch) are going

to be held from Sunday, 19 February

2017 at ICAB Academic Campus.

Within the month of January 2017, the

Hon'ble Vice President (E&T)-ICAB,

Mostafa Kamal FCA has visited the

ICAB Academic Campus on 14 & 20

January 2017, during the class-hour in

the evening shift and Fridays' session.

He met with the students and faculty

members, to know about the areas

needed to improve with a view to make

the campus environment, services and

activities more congenial for study. He

advised all the concerned for proper

implementation of the outcomes of his

visits as well.

Besides, the refurbishments of ICAB

Academic Campus at 51-53, Kazi Nazrul

Islam Avenue, Kawran Bazar

Commercial Area, Dhaka-1215, has

mostly been done, and the rest works of

mezzanine floor would be completed by

March 2017.

The Programme and Session have been

organised by the Additional Director &

Team at ICAB Academic Campus, under

the supervision of the Vice President

(Education & Training)-ICAB, Mostafa

Kamal FCA, with the guidance and

consent of the Chairman, Board of

Studies-ICAB, ABM Azizuddin FCA &

President of ICAB, Adeeb H. Khan

FCA.

Resource Persons: ICAB Academic Campus (December 2016-February 2017)Name of Resource Persons(Sections- A-L of PS-KL-15th Batch)

Abdullah Al Mamun FCA

Md Al- Amin Siddiki FCA

Kamruzzaman FCA

Kutub Uddin Ahmad FCA

Nirmol Chandra Sarker FCA

Md Ziaul Alam ACA

Shankar Chandra Karmaker FCA

Uttam Kumar Saha FCA

Md Mahamud Hosain FCA

Jone Kumer Gupta FCA

Md Amirul Islam FCA

Abdulla Al Mahmud FCA

Md Raghib Ahsan FCA

Gopal Chandra Ghosh FCA

Sajib Sarkar ACA

Faker Ahmed FCA

Md Farhad Husain Suman ACA

Sayeed Ahmed FCA

Muhammed Forkan Uddin FCA

Zakir Hossain FCA

Md Din Islam Miah FCA

Mohammad Abdul Matin

Mohammed Zakaria FCA

Muhammad Abu Hanif Meah ACA

Mohammad Redwanur Rahman FCA

Parymal Kumer Sarker ACA

Shaheduzzaman Choudhury FCA

Shahriar Istiaq Halim FCA

Mohammad Monowar Hossain ACA

K S Omar Faruk ACA

Mahmudul Hasan Khusru FCA

Md Mohiuddin Ahmed FCA

Shyamal Krishna Roy FCA

Abdullah Al Yousuf

Mohammed Ariful Hoque FCA

Md Fokrul Islam FCA

Shafiq Musharrof FCA

Shib Pada Dey FCA

G S Ashiqur Rahman Bhuyian FCA

Masud Parvez FCA

Amanat Ahmed ACA

Masud Khan FCA-India

Abdul Hamid FCA

Md Razib Hossain ACA

Snehasish Barua FCA

Yasin Miah FCA

Miltan Bepari ACA

Palash Mallik

Md Ebadat Hossain Bhuiyan FCA

Ajit Kumar Paul FCA (GT)

Sk. Md Tarikul Islam FCA

Anup Kumar Sarker ACA

Zoinul Abedin Sakil ACA

Md Mahedi Masud ACA

Md Lutfar Rahman FCA

Md Nasir Uddin ACA

Ranjan Kumar Bhowmik FCMA

Rakesh Saha FCA

Md Wahid Murad FCA

Tanvir Hasan FCA

Nazmul Hussain Siddique ACA

Shah Md Mohin Uddin ACA

Md Shihabur Reza ACA

Muhammad Aminul Hoque FCA

Md Saiful Hasan ACA

Mohammad Aslam FCA

Abu Kamal Mohammod Pasha ACA

S M Rahmatul Mujeeb FCA

Md Fuad Uddin Khan ACA

Abu Hena Mustafa Kamal ACA

Mahbub Alam ACA

Md Jashim Uddin Ahmed

Dr Jakerul Abedin

S M Ashfaqur Rahman ACA

MAKH Hasif Sowdagar FCA

Md Amran Hossan ACA

Obaidur Rahman FCA

Muhammad Kamruzzaman ACA

Chitta Ranjan Halder FCA

Ms Tasnuva Ahmed ACA

Ruhul Amin ACA

Sujan Kumar Saha ACA

Shibly Ahmed FCA

Shadhan Chandra Das FCA

Md Selim Reza FCA

Rajesh Kumar Yadav FCA

A.B.M. Ahasan Ullah

Afratul Kawsar ACA

Ms Naima Sultana ACA

Md Saifur Rahman ACA

Mohammad Ibrahim Khalil FCA

Md Akber Hossain Khan ACA

Md Boni Amin ACA

Ramdas Howlader ACA

Afzal Ahmed ACA

Rajesh Chandra Kuri ACA

Md Ali Akther Rezvi FCA

Md Shariful Islam ACA

Syed Mohammed Kowser Hossain

Dr ASM Hossain Tayiab FCA

AHM Ariful Islam ACA

Md Kishlur Rahman FCA

Mohammad Rostam Hosain FCA

Md Kamruzzaman ACA

Md Tareq Kamal ACA

Sarker Nahidul Islam ACA

AKM Mesbahul Karim ACA

Md Arshadul Kabir ACA

Md Reajul Islam FCA

Md Zakir Hossain

Badal Chandra Rajbangshi FCA

Mohammad Fakhrul Alam Patwary ACA

Md Anisur Rahman

Md Abdullah Al Amin ACA

Visiting Faculties(for Ongoing Session)

Name of Visiting FacultiesAdeeb H. Khan FCA

Mostafa Kamal FCA


Moddassar Ahmed Sidique FCA

ABM Azizuddin FCA

Anwaruddin Chowdhury FCA

A S M Nayeem FCA

Muhammed Farhad Hussain FCA

Md Humayun Kabir FCA

Md Syful Islam FCA

Md Abdus Salam FCA

Kamrul Abedin FCA


A F Nesaruddin FCA



Abdul Khalek FCA

Md Amirul Islam FCA

Md Akbar Hossain FCA

Sabbir Ahmed FCA (E-770)

Mohammad Mehedi Hasan FCA

Ajit Kumar Paul FCA

Md Abu Bakar FCA

Dr. Jakerul Abedin


Muhammed Asaduzzaman Nur

Abdullah Al Yousuf

Md Zakir Hossain

Md Jehad Uddin


A H Mostafa Kamal Khan

15

January 2017No. 327

Announcement(Classes of Next Session)

The New Session (March-May 2017)

for the Students of Professional

Stage-Applicaation Level (14th Batch)

and Advanced Stage (13th Batch) will

start from Tuesday, 01 March 2017 at

ICAB Academic Campus, 51-53, Kazi

Nazrul Islam Avenue, Kawran Bazar

Commercial Area, Dhaka-1215. A

Notice has already been issued in this

regard and all the concerned students

are advised to enroll the classes by 23

February 2017, and join the session

accordingly. On the other hand, day

time classes for Knowledge Level (1st

Batch) are going to be held from

Sunday, 19 February 2017 at ICAB

Academic Campus. By issuing

a-special notice, all practicing

members of the Institute entitled to

train articled students are requested

to kindly notify their students to enroll

the classes and kindly give

permission to the stdents to attend the

day shift classes within the schedule

in the interest of the Profession.

Source: ICAB Campus

Name of Resource Persons(Sections- A-L of PS-KL-15th Batch)

Abdullah Al Mamun FCA

Md Al- Amin Siddiki FCA

Kamruzzaman FCA

Kutub Uddin Ahmad FCA

Nirmol Chandra Sarker FCA

Md Ziaul Alam ACA

Shankar Chandra Karmaker FCA

Uttam Kumar Saha FCA


Jone Kumer Gupta FCA

Md Amirul Islam FCA

Abdulla Al Mahmud FCA

Md Raghib Ahsan FCA


Sajib Sarkar ACA

Faker Ahmed FCA

Md Farhad Husain Suman ACA

Sayeed Ahmed FCA

Muhammed Forkan Uddin FCA

Zakir Hossain FCA

Md Din Islam Miah FCA

Mohammad Abdul Matin

Mohammed Zakaria FCA

Muhammad Abu Hanif Meah ACA

Mohammad Redwanur Rahman FCA

Parymal Kumer Sarker ACA

Shaheduzzaman Choudhury FCA

Shahriar Istiaq Halim FCA

Mohammad Monowar Hossain ACA

K S Omar Faruk ACA


Md Mohiuddin Ahmed FCA

Shyamal Krishna Roy FCA

Abdullah Al Yousuf

Mohammed Ariful Hoque FCA

Md Fokrul Islam FCA

Shafiq Musharrof FCA

Shib Pada Dey FCA

G S Ashiqur Rahman Bhuyian FCA

Masud Parvez FCA

Amanat Ahmed ACA


Abdul Hamid FCA

Md Razib Hossain ACA

Snehasish Barua FCA

Yasin Miah FCA

Miltan Bepari ACA

Palash Mallik

Md Ebadat Hossain Bhuiyan FCA

Ajit Kumar Paul FCA (GT)

Sk. Md Tarikul Islam FCA

Anup Kumar Sarker ACA

Zoinul Abedin Sakil ACA

Md Mahedi Masud ACA

Md Lutfar Rahman FCA

Md Nasir Uddin ACA

Ranjan Kumar Bhowmik FCMA

Rakesh Saha FCA

Md Wahid Murad FCA

Tanvir Hasan FCA

Nazmul Hussain Siddique ACA

Shah Md Mohin Uddin ACA

Md Shihabur Reza ACA

Muhammad Aminul Hoque FCA

Md Saiful Hasan ACA

Mohammad Aslam FCA

Abu Kamal Mohammod Pasha ACA

S M Rahmatul Mujeeb FCA

Md Fuad Uddin Khan ACA

Abu Hena Mustafa Kamal ACA

Mahbub Alam ACA


Dr Jakerul Abedin

S M Ashfaqur Rahman ACA

MAKH Hasif Sowdagar FCA

Md Amran Hossan ACA

Obaidur Rahman FCA

Muhammad Kamruzzaman ACA

Chitta Ranjan Halder FCA

Ms Tasnuva Ahmed ACA

Ruhul Amin ACA

Sujan Kumar Saha ACA

Shibly Ahmed FCA

Shadhan Chandra Das FCA

Md Selim Reza FCA

Rajesh Kumar Yadav FCA

A.B.M. Ahasan Ullah

Afratul Kawsar ACA

Ms Naima Sultana ACA

Md Saifur Rahman ACA

Mohammad Ibrahim Khalil FCA

Md Akber Hossain Khan ACA

Md Boni Amin ACA

Ramdas Howlader ACA

Afzal Ahmed ACA

Rajesh Chandra Kuri ACA

Md Ali Akther Rezvi FCA

Md Shariful Islam ACA


Dr ASM Hossain Tayiab FCA

AHM Ariful Islam ACA

Md Kishlur Rahman FCA

Mohammad Rostam Hosain FCA

Md Kamruzzaman ACA

Md Tareq Kamal ACA

Sarker Nahidul Islam ACA

AKM Mesbahul Karim ACA

Md Arshadul Kabir ACA

Md Reajul Islam FCA

Md Zakir Hossain

Badal Chandra Rajbangshi FCA

Mohammad Fakhrul Alam Patwary ACA

Md Anisur Rahman

Md Abdullah Al Amin ACA

Visiting Faculties(for Ongoing Session)

Name of Visiting FacultiesAdeeb H. Khan FCA

Mostafa Kamal FCA


Moddassar Ahmed Sidique FCA

ABM Azizuddin FCA

Anwaruddin Chowdhury FCA

A S M Nayeem FCA

Muhammed Farhad Hussain FCA

Md Humayun Kabir FCA

Md Syful Islam FCA

Md Abdus Salam FCA

Kamrul Abedin FCA


A F Nesaruddin FCA



Abdul Khalek FCA

Md Amirul Islam FCA

Md Akbar Hossain FCA

Sabbir Ahmed FCA (E-770)

Mohammad Mehedi Hasan FCA

Ajit Kumar Paul FCA

Md Abu Bakar FCA

Dr. Jakerul Abedin


Muhammed Asaduzzaman Nur

Abdullah Al Yousuf

Md Zakir Hossain

Md Jehad Uddin


A H Mostafa Kamal Khan

16


SAFA Quiz and Elocution Contest – 2017

Contestants from the Institute of Chartered Accountants of Bangladesh (ICAB), The Institute of Cost and Management Accountants of Bangladesh (ICMAB), The Institute of Chartered Accountants of India(ICAI) and The Institute of Chartered Accountants of Sri Lanka (ICASL) participating in the SAFA Quiz and Elocution Contest 2017.

Winners and Judges of SAFA Quiz and Elocution Contest-2017 along with IASB Chairman Hans Hoogervorst, SAFA President ASM Nayeem FCA and ICAB President Adeeb Hossain Khan FCA pose for photograph.

Sami Mymoon Akash and Aurpa Saha from ICAB, bagged 1st Runner-up and 2nd Runner-up respectively in Elocution Contest, are seen among others in the picture.

AFA Committee on Education, Training and CPD took initiatives for organizing SAFA Quiz and Elocution

Contest amongst the students of SAFA member bodies.It is viewed that by participating in the Contest, students will get motivated to study specially in relation to financial reporting including accounting standards, role of professional accountants as business leaders and potentials of SAARC economy.

ICAB is immensely proud to have this blooming opportunity by organizing such a splendid event as a first journey in the history of SAFA on 27 January 2017 at ICAB Auditorium in a gorgeous manner. Contestants from the Institute of Chartered Accountants of Bangladesh (ICAB), The Institute of Cost and Management Accountants of Bangladesh (ICMAB), The Institute of Chartered Accountants of India(ICAI) and The Institute of Chartered Accountants of Sri Lanka(ICASL) participated in the SAFA Quiz and Elocution Contest. Komal Surana from ICAI was the Champion of the Elocution Contest whereas Sami Mymoon Akash and Aurpa Saha from ICAB were in the position of 1st Runner-up and 2nd Runner – up respectively. In Quiz Contest, team- ICAI was awarded as Champion and team ICASL took Runner-up position.Representatives from SAFA Committee on Education, Training and CPD played the role of Judges of the

S contests. IASB Chairman Hans Hoogervorst, SAFA President ASM Nayeem FCA, ICAB President Adeeb Hossain Khan FCA, ICAB Council Members, SAFA delegates and CA students were present and enjoy the program. At the end of the contests Hans Hoogervorst, Chairman IASB distributed trophies among the winners.

17

January 2017No. 327

ICPE NewsTraining Program on Certificate Course on Information System Audit (IS Audit)The Institute of Chartered Accountants of Bangladesh (ICAB) has organized a six month long Training Program on “Certificate Course on Information System Audit (IS Audit)” started from 7 January 2017.

A total of 45 participants from various national and multinational companies are participating in the training. ICAB President Adeeb Hossain Khan FCA inaugurated the training program . Vice President (Education & Training) Mostafa Kamal FCA, Vice President (Accountants & Finance) Md. Mahamud Hosain FCA and the resource persons of the course were also present in the inaugural session.

Meeting between ICAB Vice President (E&T) and Commissioner, Taxes, LTU, NBRA discussion meeting between ICAB Vice President (E & T) Mostafa Kamal FCA and Md. Alamgir Hossain, Commissioner of Taxes, Large Taxpayer Unit (LTU), NBR was held on 17 January 2017 at LTU Office. Mr. Alamgir requested ICAB to

arrange a training program on IFRS for LTU officials. Besides, Khairul Islam, Additional Commi- ssioner of Taxes and Md. Jehad Uddin, Joint Commissioner of Taxes, LTU were also present in the meeting.

Workshop on Changes in Lease Accounting under IFRS 16: LeasesA workshop on “Changes in Lease Accounting under IFRS 16: Leases”

was held on 14 January 2017 at ICAB Center for Professional Excellence (7th floor). The discussion topic were Introduction to IFRS 16 and the key requirements. Abu Kibria ACA (ICAB) &

CA (Australia) was the resource person. At the closing session ICAB President Adeeb Hossain Khan FCA handed over the certificates to the participants.

18


Tax Fraud Loses HMRC £16bnA total of £16bn was lost through tax fraud last year, according to estimates released by Pinsent Masons. The law firm said that despite HMRC collecting an addition £5bn in revenue through its Fraud Investigation Service, the £16bn lost represents almost half of HMRC’s tax gap, which stands at £34bn.

Out of the £5bn collected over the past 12 months, £2.2bn came from HMRC criminal investigations, and £2.7bn from civil investigations. The Fraud Investigation Service responsible for the collection was set up in July 2015 and includes specialist tax and criminal justice experts to deal with serious investigations.

Civil investigations are conducted using the Contractual Disclosure Facility, designed to encourage taxpayer cooperation. Under the civil procedures and CDF, a taxpayer enters into a contract with HMRC and avoids a criminal investigation, so long as they fulfill their obligations under the contract and fully disclose all details to the authorities.

Brand Strength Leads to Fee Income Growth for RSMRSM has reported 7.6% global fee income growth for the year ending 31 December 2016.

The growth comes following the first full year in which RSM operated as a “unified, global brand”, the firm said. The total fee income for the year increased to $4.87bn.

RSM launched its global brand in October 2015. RSM firms worldwide have “used the past year to embed and strengthen the RSM brand in their national markets, focusing on a unified vision to be the provider of choice to middle market businesses”, the RSM statement said.

The firm also reported a 20% rise in the number of cross-border referrals – the result of a “single, consistent and identifiable brand”.

The consulting service area increased by 8.1%, while tax services rose by 7.5%. The number of staff across the network jumped by 8%, with 41,420 people now working across 793 offices. The number of partners across the world increased by 5%.

With regard to firm growth, fee income in Latin America grew 21%, with 19% growth reported in Sub-Saharan Africa. Growth in both Asia Pacific and Europe rose by 8%, while Middle East and North Africa and North America regions increased by 7%.

This news comes following a recent wave of appointments at the firm in the UK, including two partner appointments in East Anglia and head of corporate tax in Birmingham. RSM UK also announced a merger with RSM Northern Ireland in January this year.

HMRC nets £2.6bn in corporate tax from big businessesInvestigations conducted by HMRC into payment of corporation tax by the UK’s largest businesses netted the tax authority an additional £2.6bn in revenue in the year 2015-16, law firm Pinsent Masons has said.

The revenue was collected by HMRC’s Large Business Directorate, which oversees compliance of the 2,100 largest businesses in the UK.

However, the law firm said that the overall amount of additional corporate tax collected by HMRC fell by 25% from £3.5bn in the previous year. Reasons behind the reduced revenue include lower corporation tax rates and complex nature of the cases being dealt with by HMRC.

Pinsent Masons commented that the future revenue figure could be higher, as transfer pricing enquiries increase. The law firm reported in November 2016 that the tax under consideration – the estimate of the maximum potential additional tax liability across all open enquiries before investigations have been completed – by HMRC for transfer pricing increased by 60% to 3.8bn in the last year.

The Signing Ceremony of the Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of Bangladesh (ICAB) and the Jagannath University (JNU) was held on 25 January 2017 at the conference room of Vice Chancellor to allow exemption for the students of the Department of Accounting and Information Systems (AIS), JnU for aspiring CA students. The MoU was signed by President ICAB Adeeb Hossain Khan FCA and Prof. Mijanur Rahman , Vice Chancellor, Jagannath University.

Initially ICAB will allows exemption on subject of Accounting and Management Information of Knowledge Level.

ICAB Vice President Mostafa Kamal FCA, Immediate Past President Kamrul Abedin FCA, Council Member Mahmudul Hasan Khusru FCA, Jagannath University Treasurer, Professor Md. Salim Bhuiyan, Registrar Engr. Md. Ohiduzzaman and

Chairman Accounting and Information System Dept. Dr. Md. Ali Noor were present during the MoU signing ceremony.

Accountancy Age Report

JnU and ICAB sign MoU to Allow Subject Waiver for AIS Students

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January 2017No. 327

A team of ICAB led by its President Adeeb Hossain Khan FCA paid a courtesy call on Bangladesh Bank Governor Fazle Kabir on 11 January 2017 at latter's office. They discussed the development of ICAB regarding training and education. They also discussed about the upcoming SAFA Regional CFO Conference and SAFA, BPA & SAARC Anniversary Award Ceremony to be held in Dhaka and invited him to be present in the occasion of SAFA BPA Award as Special Guest. The other member of the team were Vice Presidents Mostafa Kamal FCA & Md. Mahamud Hosain FCA, Council Member & Past President Muhammed Farhad Hussain FCA and Secretary AKM Rahmat Ullah FCA.

ICAB President Adeeb Hossain Khan FCA along with Vice Presidents Mostafa Kamal FCA & Md. Mahamud Hosain FCA, Council Member & Past President Muhammed Farhad Hussain FCA and Council Member Mahmudul Hasan Khusru FCA paid a courtesy call on Comptroller and Auditor General (C&AG) Bangladesh Masud Ahmed at his Office on 18 January 2017. The ICAB delegates invited C&AG to be one of the panelists in Valedictory Session of SAFA Regional CFO Conference on 28 January 2017 in Dhaka. Besides, they discussed about different Professional matters and initiatives to strengthen bi-lateral relations between ICAB and the Office of the Comptroller and Auditor General.

ICAB delegates including its President Adeed Hossain Khan FCA, Immediate Past President Kamrul Abedin FCA, Council Member & Past President Muhammed Farhad Hussain FCA and Secretary AKM Rahmat Ullah FCA held a meeting with Bangladesh Securities & Exchange Commission (BSEC) Chairman Professor Dr. M. Khairul Hossain at his Officer on 12 January 2017. The discussion encompassed CA Professional Development and upcoming SAFA events.

Courtesy Call on BB Governor Meeting with C&AG

Meeting with BSEC Chairman

Felicitation

Bangladesh Chartered Accountancy Chhatra Parishad (BCACP) congratulates Newly Elected ICAB President Adeeb Hossain Khan FCA.

Representatives from Rahman Rahman Huq, Chartered Accountants, congratulates Newly Elected ICAB President Adeeb Hossain Khan FCA.

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Published by the Editorial Board of the Council, The Institute of Chartered Accountants of Bangladesh (ICAB)100 Kazi Nazrul Islam Avenue, Dhaka 1215; Tel. 9117521, 9112672, 9115340 , 9137847 Fax: +880-2-9125266, E-mail: [email protected], Website: www.icab.org.bd

Adeeb Hossain Khan Takes Over Charge of President-ICAB

deeb Hossain Khan FCA has taken over the charge of the President of the Institute of

Chartered Accountants of Bangladesh (ICAB) for 2017 at a formal ceremony held at ICPE Training room on 2 January 2017. Mr. Khan has replaced outgoing President Kamrul Abedin FCA who led the ICAB during the year 2016.

Three New Vice-Presidents of ICAB: Moddassar Ahmed Siddique FCA; Mostafa Kamal FCA; and Md. Mahamud Hosain FCA also took the charge of their respective offices for the year 2017.

After taking charge, the new President of ICAB sought cooperation and urged all to work for building image of CA profession. He reiterated his commitment to work for the development of the Institute and the profession at large. He also requested the members and all others involved with the Institute to put up

their best efforts to bring momentum in ICAB’s activities. He urged ICAB personnel to be instrumental for all the activities that ICAB will take in the year 2017. He also hoped that ICAB employees will be more dynamic in managing their time and concentrate more for finishing their assigned jobs efficiently and timely.

Expressing gratitude, the outgoing president Kamrul Abedin FCA said that he was eternally grateful to the Members of Council -ICAB, other Members and the staff of the Institute for providing valuable supports. He also urged all the members to join together in affirming the common commitment.

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Delegates from SAFA Member Bodies captured in frame after their participation in 46 Board Meeting and 83 Assembly Meeting held on 29 January 2017 at ICAB Council Hall. ICAB Council Member and Past President ASM Nayeem FCA officially assumed the Office of the President SAFA for the year 2017.

ICAB President met Finance Minister

ICAB President Adeeb Hossain Khan FCA and Council Member & Past President Muhammed Farhad Hussain FCA paid a courtesy call on Abul Maal Abdul Muhith, MP, Minister, Ministry of Finance, GoB at Bangladesh Secretariat on 25 January 2017. They discussed about professional matters with the Minister. The Minister paid a patient hearing to the ICAB delegates and appreciated ICAB's initiatives for the development of Accountancy Profession in the Country. The ICAB delegates also updated the Minister about the upcoming SAFA events hosted by ICAB in Dhaka where a number of high power foreign delegates and officials from the Government and Private Organizations are expected to participate in.

SAFA Board Meeting in Dhaka

Number 327 ICAB Organized SAFA Regional CFO Director of Lafarge Surma Cement in session two. In the session the Panelists were Prof. Lakshman Ravendra Watawala FCA, FCMA, …

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