monthly news brieﬁng from the institute of chartered ......bangladesh (icab) has elected muhammad...

Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh (ICAB)

ICABICAB NEWS BULLETINDecember 2019Number 361

ISSN 1993-5366

he Institute of Chartered Accountants of Bangladesh (ICAB) has elected Muhammad Farooq FCA as President

and Sidhartha Barua FCA, Sabbir Ahmed FCA and Mohammed Forkan Uddin FCA as Vice Presidents of the Institute for the year -2020.

The new office bearers of ICAB were elected unanimously by the members of the Council –ICAB at a meeting shortly before holding 47th Annual General Meeting of the Institute which was chaired by outgoing ICAB President A F Nesaruddin FCA at ICAB auditorium on Wednesday, 18 December 2019. Muhammad Farooq FCA will take over the charge of President of ICAB on 1 January 2020.

Short Profile of ICAB President:

Muhammad Farooq FCA, is currently the Managing Partner of Howladar Yunus & Co., Chartered Accountants, a full member firm of Grant Thornton International. During his years of service as public accountant, he established himself as an expert in the audit of

Banks and Financial Institutions, and advisory services to projects financed by Development Partners. Mr. Farooq has obtained a wide range of experience in the monitoring, review and performance of audit conducted under different Embassies and International Agencies.

Mr. Farooq has been in the ICAB Council since 2013. He served ICAB as Vice-President (F & A) in 2013. He chairs the Professional Development Committee (PDC) and Real Estate Committee

(REC) and is member of different standing and non-standing committees of Council-ICAB. Mr. Farooq became an Associate Member in 1986 and a Fellow Member in 1991 of ICAB. He did his graduation & masters from Dhaka University.

Short profile of Vice Presidents:

Sidhartha Barua FCA, became an Associate Member of ICAB in 1995 and a Fellow Member in 2000 of the Institute. Mr. Barua obtained M. Com degree in Accounting from Chittagong University. He served in Meghna Petroleum Ltd. from 1987 to 2001 in different capacities. He is currently the partner of M. A. Mallik & Co., Chartered Accountants, Chittagong, and Council Member of ICAB for the term 2019-2021. He is the co-chairman of SMP Committee and Real Estate Committee 2019. He has also been rendering services to the ICAB as member of different standing and non-standing committees.

Mr Barua was the Chairman ICAB- CRC in the year 2004 and the Executive Member of ICAB-CRC during 2004-2006. Earlier, he served as visiting professor in Premier University, Chattogram and member development committee, Chittagong University. He is a permanent Member & Convener of Finance Committee-Chittagong Club Limited, President and Trustee-Bangladesh Buddhist Foundation, Trustee-Prantic Welfare Trust and Life Member of Diabetic Association of Bangladesh.

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ICAB Gets New President, Vice Presidents

ICAB Gets New President, Vice Presidents

47th Annual General Meeting (AGM) of ICAB

Bangladesh is one of the Promising... Market

President’s Communica-tion December 2019

International Conference at Kuala Lumpur

Members’ Conference on Financial... Perspective

DRC-ICAB Elects Chairman & Secretary

Dream Career Path Attaining... Chittagong

Campus News

Admission as Fellows

Permission to Start Practice

Permission to Join as Partner

Permission to Train Articled Students

Permission to Open CA Firm

Change of Firm’s Address

CPD Seminar on ‘Bangladesh Economy’

Member’s Achievement

Obituary

Technical Update

CRC-ICAB Elects Chairman and Secretary

Shahadat Hossain in Live TV Talkshows

DRC-ICAB Victory Day Observed

ICAB Celebrates Elegance Members’ Night 2019

Sabbir Ahmed FCA, became Associate Member of ICAB in 2000 and Fellow Member in 2005. A Partner of M/s Hoda Vasi Chowdhury & Co., Chartered Accountants, Mr. Ahmed is a Council Member of ICAB for the term 2019-2021.

Prior to returning back to Bangladesh, Mr. Ahmed worked with KPMG Australia for more than 10 years in senior managerial positions including secondment to other KPMG offices in Indonesia, Singapore, UAE, UK, USA etc. under global mobility program.

He presented many key-note papers on various professional issues at ICAB CPD seminars/members’ conferences. As a faculty member, he has been delivering lectures for the advanced level students of ICAB and training on IFRS and auditing related matters to the ICAB members.

He is associated with many philanthropic organizations like member of Transparency International, board member of Australia Bangladesh Council, Melbourne. As a visiting/adjunct Professor Mr. Ahmed is involved in teaching at Dhaka University and BRAC University. In addition to writing in leading

national dailies on professional issues, he is also invited to participate in TV talk shows to discuss topical business and finance related matters.

Mohammed Forkan Uddin FCA, became an Associate Member in 2005 and Fellow Member of the Institute of Chartered Accountants of Bangladesh (ICAB) in 2010. Presently he is the Managing Partner of M M Rahman & Co., Chartered Accountants, a member firm of Russell Bedford International (UK) and Council Member of ICAB 2019-2021. He has also been rendering service to ICAB as a faculty member and member of different standing and non-standing committees. Before joining as partner of M M Rahman & Co., Chartered Accountants, he was partner of Masih Muhith Haque & Co., Chartered Accountants. He also served as manager of Banco Finance & Investment Ltd. He is the life member of Bangladesh Economic Association, Feni Samity, Treasurer of Rotary Club of Baridhara Sunrises. He is a regular participant in Live TV Program on Economic/Business issues and an ocassional contributor to the daily newspapers.

Muhammad Farooq FCAPresident

Mohammed Forkan Uddin FCAVice President

Sabbir Ahmed FCAVice President

Sidhartha Barua FCAVice President

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December 2019 No. 361












FROM THE DESK OF CHAIRMAN – EDITORIAL BOARD

Dear Fellow Members and Friends,

Assalamu alaikum and greetings to you all.

December is the month of Victory and 16 December is our victory day, a glorious and memorable day in the history of the Bangali nation. I would like to pay my respect to Bangabandhu Sheikh Mojibur Rahman, our father of the nation and to millions of freedom fighters who laid their lives to liberate the nation. People from all walks of life took up elaborate programmes and activities to mark the day. DRC of ICAB also organised a colourful cultural programme to celebrate the day with deepest respect.

After a 12 months journey we have come to the end of an eventful year.If we look back, we will find a splendid year behind. Remarkable activities took place like successful happening of SAFA InternationalConference 2019.A good number of training and workshop were organized throughout the year with an experienced and renowned resource pool consisting our internal and external professionals, academics, and researchers. This has enhanced the reputation of ICPE of ICAB as a specialized training Centre for providing training to our members and also to the professionals from the corporate world.

The Institute of Chartered Accountants of Bangladesh (ICAB) has undertaken a massive move on to the increase of brilliant students’ enrollment in CA Profession. In 2020 ICAB has signed MoU with the Institute of Business Administration(IBA)-University of Dhaka- BBA and MBA Programme, American International University- (AIUB)-Accounting and Finance Department, Independent University, Bangladesh-(IUB), East West University (EWU), University of Rajshahi, (RU) and BRAC University. The aim of this move is to attract brilliant students in this profession and enrich CA profession as a whole. This will also help propel ICAB to a new height and will take it from where it is to where it wants to go in near future.

On the eve of new year 2020 let us take a vow that we will engage ourselves for the welfare of the country, and I wish the new year brings in all our lives untainted happiness, peace and prosperity.

With warmest regards to you all.

Dr. Md. Abu Sayed Khan FCA







47th Annual General Meeting (AGM) of ICAB

he 47th Annual General Meeting (AGM) of the Institute of Chartered Accountants of

Bangladesh (ICAB) was held on 18 December 2019 at CA Bhaban, Dhaka under the Chairmanship of A F Nesaruddin FCA, President-ICAB 2019.

At the outset of the meeting, members obsrved a minute silence and paid tributes to the departed souls of respected members who died in the year 2019.

In his speech, the outgoing President A F Nesaruddin FCA thanked the Members, the management and the employees of the Institute and

expressed his gratitude for extending and giving him valuable cooperation, suggestions and guidelines while discharging his responsibility as the President. He also answered the questions arising from the floor discussion.

The newly elected President Muhammad Farooq FCA also thanked all the honourable Councilors and Members of the Institute for electing him as President-ICAB for 2020. He sought cooperation from all to enable him to discharge the responsibilities and uphold the image of the Institute and the profession as a whole.

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December 2019No. 361


















Bangladesh is one of the Promising Economies with a Large Domestic MarketSAFA President tells at ICAB press conference

urrently, Bangladesh is one of the promising economies with a large domestic market, availability of

labour with competitive price, low utility charges, Seaports, long-term tax holiday, and easy access to largest regional market like India and China.

President of the South Asian Federation of Accountants (SAFA) CMA Dr. PVS Jagan Mohan Rao said these at a press conference on Foreign Direct Investment and Corporate Governance organized by the Institute of Chartered Accountants of Bangladesh(ICAB) on 1 December 2019 at its Conference Room.

ICAB President AF Nesaruddin FCA, Council Member Humayun Kabir FCA and Delegates from India, Pakistan, Sri Lanka and Nepal also spoke in the conference. Council Members Sabbir Ahmed FCA and Mohammed Forkan Uddin FCA among others, also attended the conference.

CMA Dr. PVS Jagan Mohan Rao said, Bangladesh is already being recognised as a thriving investment hub, and this is reflected in the country’s foreign direct investment (FDI) inflows. He further added that government investment facility in EPZ, forming more than 100 private economic zones, Public Private Partnership (PPP) and Country’s specific Economic Zones could be bonanza for foreign direct investment in Bangladesh. RMG is calculated about 80% of total exports of the country.

However, Bangladesh needs export diversification in addition to RMG, the SAFA President suggested.

ICAB President AF Nesaruddin FCA said, fiscal and other incentives including repatriation of capital and profit are available for foreign investors. Bangladesh is also in a suitable position to supply skilled manpower and ready to undertake high-tech industries. This is high time to invest in Bangladesh, he added.

In Ease of Doing Business index 2020, Bangladesh progresses 8 notches up and we have FDI potentials in many fields including industries and infrastructures, he stated and said we are working hard in delivering the quality services to support enterprise, corporate governance and sustainable growth in the overall business environment.

Bangladesh government has taken many policies to attract FDI. However, these policies are not implemented properly in the country. There is an ardent need to formulate pragmatic policies so that foreign investors feel comfort to invest in Bangladesh, he further added.

In order to encourage the inflows of FDI, the government of Bangladesh offers one of the most liberal investment policies and attractive packages of fiscal, financial and other incentives to foreign entrepreneurs specifically, in relation to tax exemptions, duty, income tax, remittances, exit, ownership, investing in the stock market, etc. Mr. Nesaruddin mentioned.

ICAB organized the press conference after hosting various events of South Asia Federation of Accountants (SAFA) which include among others, SAFA International Conference 2019 on the theme “Foreign Direct Investment: Destination Bangladesh”, 19th ICAB National Award for Best Presented Annual Reports 2018 ceremony and hosted the SAFA Best Presented Annual Report Awards & SAARC Anniversary Award for Corporate Governance Disclosures 2018 ceremony, a number of meetings and the Board & Assembly meeting.

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My dear Professional Colleagues,

Assalamu Alaikum and greetings to you all,

Dear Members, my tenure as the President of the Institute will expire on 31st December 2019. This is my last communication to you from the desk of President for the year 2019. Over the year we sincerely tried to deliver the best. I would like to extend my sincere gratitude to the Members of the Council for their unwavering support to me throughout the year 2019. It was a great opportunity for me to work with a group of dynamic professionals along with the excellent management team of the Institute led by the Secretary and CEO.

I believe that there are always better ways for doing things. The new office bearers of the Institute are more dynamic and under their able leadership the Institute will reach to a new height of excellence.

Dear Members, let me keep you abreast of important events and initiatives of the Institute during the month of December 2019.

I passed a hectic time in this December wrapping up my last minute deliverables beside doing few routine works of the Institute. The 47th Annual General Meeting of the Institute was held at CA Bhaban on 18 December 2019. A large number of Members attended the meeting and had the opportunity to raise their concerns about certain areas of the Institute’s performance which they thought need improvement. I delightedly responded to those concerns. It was a very nice session. Just before holding the AGM, ICAB new office bearers of 2020 were elected at a Council Meeting. I like to extend my heartiest congratulations to Mr. Muhammad Farooq FCA, President 2020 and Vice Presidents 2020 Mr. Sidhartha Barua FCA, Mr. Sabbir Ahmed FCA and Mr. Mohammed Forkan Uddin FCA. I believe that they will have better opportunity and cooperation from you, the members of the Institute.

ICAB organized a members’ conference styled 'Financial Technology: Bangladesh

President’sCommunicationDecember 2019

Perspective' at CA Bhaban on 10 December 2019. Mr. Shah Husain Imam, editor of The Financial Express, chaired the session. I delivered address of welcome while Mr. Ling Leagan, CEO Kingdom Engine International and Mr. Ifty Islam, Group Chairman of Asian Tiger Capital Partners, presented the Key Note papers. It was an informative session in which the keynote speakers came up with a very relevant topic 'Financial Technology’ and discussed elaborately. Stressing on digital technology, I said, Chartered Accountants need to enrich knowledge and sharpen their skills through continuous learning on emerging issues especially financial technologies.

Members’ Night 2019 was held at Bangabandhu International Conference Center on 19 December 2019. I along with Vice Presidents Mr. NKA Mobin FCA and Mr. Md. Moniruzzaman FCA greeted Mr. Muhammad Farooq FCA, President 2020, and Mr. Sidhartha Barua FCA, Mr. Sabbir Ahmed FCA, Mr. Mohammed Forkan Uddin FCA, Vice Presidents elect 2020 which I believe, bears the testimony of good gesture of friendly changeover of the helm of the Institute.

This year’s event was very significant as the Institute for the first time in its history honoured its members who completed 50 years of dedicated service to the profession. In its citation, the Institute acknowledged their individual ‘proactive cooperation and valued inputs over the years to elevate the image of the profession to new heights’. The Institute hoped that the presence and the continued guidance of these luminaries would inspire the new breed of Chartered Accountants for greater achievements by rivaling

their deeds and building on their expertise.

I had the prestigious opportunity to hand over the medals to them in this auspicious session. Council Members, Past Presidents, Members of the Institute and their spouses & children attended the programme, enjoyed colourful cultural show followed by sumptuous dinner.

I must congratulate Mr. Ziaur Rahman Zia FCA and Ms. Anika Sultana FCA for being elected as Chairman and Secretary of Dhaka Regional Committee (DRC)-ICAB respectively for the year 2020 and alongside the new office bearers for 2020 Mr. Kamrul Islam-FCA-the Chairman and Mr. Subash Chandra Chowdhury FCA-the Honorary Secretary of ICAB- Chattogram Regional Committee(CRC). I believe, under their able leadership both the committees will have a very successful journey throughout the year.

Meetings of Council and Standing & Non-standing Committees

The following meetings of the Council, Standing and Non-Standing Committees of ICAB were held during the month of December 2019.

Standing Committees:

- 4th Meeting of the Board of Studies (BOS) was held on 5 December 2019 at 6:00 pm.

- 15th Council Meeting was held on 7 December 2019 at 1:30 pm.

- 4th Meeting of the Technical & Research Committee (TRC) was held on 9 December 2019 at 6:30 pm.

- 3rd Meeting of the Quality Assurance Board (QAB) was held on 11 December 2019 at 5:30 pm.

- 7th Meeting of the Articled Students Committee (ASC) was held on 12 December 2019 at 5:30 pm.

- 11th Meeting of the Investigation & Disciplinary Committee (IDC) was held on 12 December 2019 at 6:00 pm.


- 7th Meeting of the Executive Committee (EC) was held on 22 December 2019 at 5:30 pm.


Non-standing Committees:

- 4th Meeting of the Membership Development & Mutual Collaboration Committee (MDMCC) was held on 5 December 2019 at 4:30 pm.

- 4th Meeting of the Audit Committee was held on 9 December 2019 at 5:30 pm.

- 6th Meeting of the Members Issues, Services & Welfare Committee (MISWC) was held on 12 December 2019 at 6:00 pm.

- 5th Meeting of the Continuing Professional Development Committee (CPDC) was held on 22 December 2019 at 6:00 pm.

- 5th Meeting of the Editorial Board (EB) was held on 24 December 2019 at 5:30 pm.

Wish you all the best.

A F Nesaruddin FCA President

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International Conference at Kuala LumpurIFAC focuses on Need for Strong Public

Financial Management in Emerging Economies

ohammed Humayun Kabir FCA, Council Member & Past President of ICAB participated

in an international conference titled ‘A Future-Ready Accountancy Profession: Developing Accountancy Capacity in Emerging Economies’ held from 10 to 12 December 2019 at Kuala Lumpur Convention Centre, Kuala Lumpur, Malaysia. The three-day conference led by International Federation of Accountants (IFAC) was organized in association with a coalition of 11 global and regional accountancy organizations and international development agencies to bring awareness to how effective public financial management is critical to the advancement of emerging economies. Over 100 senior Representatives from the accountancy profession from 38 different countries including top government officials, the donor community, and other various stakeholders participated in this conference and shared their views there.

The conference features a series of keynotes and workshops designed to equip accountants, government officials, stakeholders and other practitioners with a roadmap for facilitating conversations and driving progress in their respective jurisdictions.

The accountancy profession plays an essential and significant role in a

country’s sustainable economic development in both the public and private sectors. Not only has a strong and vibrant accountancy profession been regularly associated with lower levels of fraud and corruption, but there is also a recognized correlation between a strong accountancy profession and higher levels of economic growth.

Professional accountants play a critical role in this area by supporting public financial management institutions improving their public service delivery, financial efficiency, and transparency and accountability, thereby accelerating poverty reduction and achieving sustainable development.

In his opening remarks, Mr. In Ki Joo, President, IFAC urges Accountant to serve for ‘public interest’. Future of accountancy profession to a great extent lies in its success in providing services which create value to the society; establishing transparent and accountable public financial management system based on & using technology and aiming for reducing corruption, wastages and inefficiency and thereby ensuring efficient allocation and use of economic resources recognizing five Ps – People, Planet, Peace, Partnership and Progress. He said that IFAC has identified eight SDGs – 4,5,8,9,12,13,16 & 17 where the Accountancy Profession should

work together with Government and Private sectors for achieving the global agenda 2030. He also laid emphasize on implementation of IPSAS & adoption of accrual accounting for a better and more transparent and accountable Public Financial management system. He referred to five pillars of code of ethics adopted by IFAC for accountants – integrity, objectivity, confidentiality, professional competence & due care and professional behaviors and asks for their practice without exception. He warned that weak & fragile accounting organization in emerging economies may cause spillover effect to other economies. He therefore, advocated for strong accountancy profession in emerging economies for combating illicit fund flows, raising revenue and its proper allocation and application and thereby for a better public expenditure & financial accountability. Mr. Pattrick Kabuya, Senior governance specialist of World Bank, emphasize that a CFO should be chief value officer – CVO for the organizations. Accountants should work for ‘greater good’ and reminded that professional organizations (PO) should focus on its obligations for implementing SMOs, where adoption/ implementation of IFRSs / IASs , ISASs, IPSAS, IESs, Code of Ethics should be its core areas of activities to regulate and development of the accountancy profession in the jurisdiction where PO operates.

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Members’ Conference on Financial Technology: Bangladesh Perspective

igital disruptive technologies might affect banking and accounting significantly and the nature of the

two trades considerably. Some 60 per cent of global bank and accounting jobs would disappear in the next one decade due to digital interference in the sector, Financial analysts said at ICAB members’ Conference. The Institute of Chartered Accountants of Bangladesh (ICAB) organized the conference styled 'Financial Technology: Bangladesh Perspective' at CA Bhaban on 10 December 2019.

Shah Husain Imam, editor of The Financial Express, chaired the session while ICAB President AF Nesaruddin FCA delivered address of welcome. Ling Leagan, CEO Kingdom Engine International and Ifty Islam, Group Chairman of Asian Tiger Capital Partners, presented the Key-Note papers.

Mr. Imam said, people want to send and receive money the way they share photos online for their upbringing attached to mobile devices. Technology and big data together enable businesses to harness information in a new way which leads to personalise investment plan or loan through digital technology, he added. Mr Imam further said that financial technology is a new terrain for professional accountants. They have to adopt the technology in their education.

ICAB President AF Nesaruddin said, chartered accountants need to gradually adopt fintech in their profession to be relevant in the business in future. Stressing on digital technology, Mr. Nesaruddin said, chartered accountants need to develop

themselves through continuous learning on emerging issues especially financial technologies as they are now playing diversified roles in business arena.

"Small digital disruptions can make a big change and a lot of jobs will change their nature…," Ifty Islam, group chairman of Asian Tiger Capital Partners and a keynote speaker told the professional seminar. Mr Islam said, cash deposit, transfer, borrow and management-the four components of core banking of traditional banks-will see a radical change in future. "The number of banks will shrink and most of them will provide only digital services," he cited in the keynote presented in the seminar.

He said, fintech services need four things-strategic roadmap for digital transformation, suitable technology partners, plan for reorganisation and strategic international partnership-for effective digital change. Digital transformation will require end-to-end transformation of the operating model, from the front office to the back office to reap the benefits of operating as a lean

digital enterprise, he advised and said, "A combination of lean principles, the correct technological solution and design thinking from first principles can prevent digitization of broken processes and disruption to core operations. He recognized the need for a change in traditional institutional culture to convert traditional culture into a digital one. "Success in this regard depends on the engagement of senior leadership with full commitment to changing the culture of an institution," he hinted.

Presenting another keynote, Kingdom Engine International CEO Ling Leagan said, as many as 98 per cent of Chinese population is impacted by digitization. “Almost 64 per cent of retail trades in China happen through e-commerce, 74 per cent payments are made digitally and ICT as a share of GDP is 10 per cent.” Mr Leagan said, safe and secure digital payment system is the key to a digitalised society. “Bangladesh has a lot to take from China in this regard,” he remarked. ICAB Vice President NKA Mobin FCA delivered concluding remarks.

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Dream Career Path Attaining Business Leadership Program at Government College of Commerce in Chittagong

o attract brilliant students in Chartered Accountancy, a motivational seminar captioned “Chartered Accountancy: A Dream Career Path Attaining Business

Leadership” was organised by Chittagong Regional Committee (CRC), ICAB at Government College of Commerce, Chittagong on 3 December 2019. Prof. Dr. Md. Salim Uddin FCA, Vice President-ICAB and Professor, Department of Accounting, University of Chittagong was present as the Chief Guest while Sidhartha Barua FCA, Council Member, ICAB and Managing Partner, M. A Mallik & Co., Chartered Accountants was the Special Guest. Professor Sagar Kanti Dey, Principal, Government College of Commerce, Chittagong presided over the session. Around 200 students of the college took part in the programme.

TAdmission as Fellows

The following members have been admitted as Fellows of the Institute with effect from the dates mentioned against their respective names:

Name Effective Date

Mohammad Tofazzel Hossain FCA (982) 17 November 2019House # 73, Road # 2Block-C, Bashundhara R/ADhaka

Mohammad Masud Karim Majumder FCA (1177) 24 September 2019Deputy General Manager (Finance)IDLC Finance Ltd.Corporate Head OfficeBay’s Galleria (1st floor),57 Gulshan Avenue, Dhaka-1212

Name Effective DateNazrul Islam FCA (1201) 22 September 2019Head of Financial Planning and AnalysisMetLife Bangladesh18-20 Motijheel C.A. P.O Box 9Dhaka - 1000

Mohammad Amer Junaid FCA (1521) 20 November 2019Apt. # 3C, House # 4Road # 2, Banani, Dhaka-1213

Shabbir Juzer FCA (1535) 10 October 2019DirectorAhsan Manzur & Co.Chartered AccountantsHouse 373 (2nd Floor), Road-28DOHS, MohakhaliDhaka-1206

Name Effective DateMd Hemayet Hossain FCA (1632) 15 September 2019Building No. B-6, Flat No. 501Shinepukur Housing Ltd, Mirpur-1Dhaka-1216Md. Jafar Iqbal Howlader FCA (1656) 17 September 2019Assistant Vice PresidentFinancial Administration DepartmentNRB Commercial Bank Ltd.114 Motijheel C/A, Dhaka-1000Bhaskar Chakraborty FCA (1667) 10 October 2019Manager, Business Partnering, FinanceRobi Axiata Ltd.Robi Corporate OfficeNafi Tower (Level-9)53 Gulshan South AvenueGulshan-1, Dhaka-1212Tapash Kumar Shikder FCA (1670) 22 September 2019AVP & Head of Finance and AccountsReliance Finance Ltd.Sara Tower (9th floor)11/A, Toyenbee Circular RoadMotijheel, Dhaka-1000Md. Shihabur Reza FCA (1638) 02 December 2019Head, Regulatory Reporting, Finance DivisionStandard Chartered BankLevel-5, SCB House 67, Gulshan AvenueGulshan, Dhaka-1212

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 DateMohammad Showket Akber FCA (970) 30 November 2019PartnerG Kibria & Co.Chartered AccountantsSadharan Bima Sadan (5th floor)24-25 Dilkusha C/A, Dhaka-1000Md Matiur Rahman FCA (765) 02 December 2019PartnerM. A. Fazal & Co.Chartered Accountants29 Bangabandu Avenue (2nd floor)Dhaka-1000Quamrun Nahar FCA (1621) 02 December 2019PartnerM A Fazal & Co.Chartered Accountants29 Bangabandu Avenue (2nd floor)Dhaka-1000Mohammad Sirajus Salekin ACA (1801) 10 December 2019ProprietorM. S. Salekin & Co.Chartered AccountantsHouse # 01 (1st floor), Road # 23/BGulshan-1, Dhaka

Name Effective DateMohammad Rostam Hossain FCA (1340) 21 November 2019PartnerDewan Nazrul Islam & Co.Chartered AccountantsMotijheel Plaza (Aziz Squre)193/C/1 Fakirapool (3rd floor)Box Culvert RoadDhaka-1000

Md Abdus Salam FCA (222) 04 December 2019ProprietorM. A. Salam & Co.Chartered AccountantsAl-Amin Tower (2nd floor)Wasa More, Lalkhan Bazar92 High Level RoadChattogram

Permission to Join as PartnerMohammad Showket Akber FCA (970) has been permitted to form a partnership and continue practice under the name and style of:Name Effective DateG Kibria & Co. 30 November 2019Chartered AccountantsSadharan Bima Sadan (5th floor)24-25 Dilkusha C/ADhaka-1000

The other partners of the firm: A. K. Gulam Kibria FCA (392) and Sultan Moheuddin FCA (1530).

Mohammad Rostam Hossain FCA (1340) has been permitted to form a partnership and continue practice under the name and style of:Name Effective DateDewan Nazrul Islam & Co. 21 November 2019Chartered AccountantsMotijheel Plaza (Aziz Squre)193/C/1 Fakirapool (3rd floor)Box Culvert RoadDhaka-1000

The other partner of the firm: Md. Mijanur Rahman Bhuiyan FCA (447).

Md Matiur Rahman FCA (765) and Quamrun Nahar FCA (1621) have been permitted to form a partnership and continue practice under the name and style of:Name Effective DateM. A. Fazal & Co. 02 December 2019Chartered Accountants29 Bangabandu Avenue (2nd floor)Dhaka-1000

The other partner of the firm: Md. Abdul Basher FCA (840).

Permission to Train Articled StudentsThe following members have been permitted to train Articled Students with effect from the date mentioned against their respective names:

iaur Rahman Zia FCA and Anika Sultana FCA have been elected as Chairman and Secretary

respectively for the year 2020 of DRC-ICAB at a meeting shortly before holding the 40th Annual General Meeting of Dhaka Regional Committee (DRC) of the Institute of Chartered Accountants of Bangladesh (ICAB) on 30 December 2019 at ICAB Auditorium.

Ziaur Rahman Zia is a Fellow Chartered Accountant (FCA) of the Institute of Chartered Accountants of Bangladesh (ICAB) and an Associate Member of Association of Certified Fraud Examiners (ACFE). He is a Partner of A. Qasem & Co. Chartered Accountants, a member -firm of EY in Bangladesh. He is also an Associate Director of Assurance Services at EY-Global. He has more than 14 years of work experience in audits and assurance services. He is an active executive member of Dristy Unnayan Songstha-(DUS), an organization which carries out CSR activities like free eye camp and other related activities. He has been serving as a member of different standing and non-standing committees of ICAB for many years.

Anika Sultana FCA, became an Associate Member of the Institute of Chartered Accountants of Bangladesh (ICAB) in 2012 and a fellow Member in 2017. She obtained Master of Business Administration (MBA) in Accounting from the University of Dhaka. Ms. Anika is currently working as the Head of Accounts of BRAC. She also worked for USAID as a Financial Analyst and

for SMC as DGM (F & A) and Board Secretary. She has been Serving ICAB since 2013 as a committee member of Editorial Board and Articled Students Committee. Anika Sultana is the first female DRC member in the history of ICAB.

Other members of DRC-ICAB are Mr. Md. Selim Reza FCA, Mr. Md Mohammad Redwanur Rahman FCA, Mr. Md. AKH Hasif Sowdagar FCA, Mr. A.H.M Ariful Islam FCA, Mr. Miltan Bepari FCA, Mr. Md. Razib Hossain FCA and Mr. Md. Amran Hossan FCA.

DRC-ICAB Elects Chairman & Secretary for 2020

Anika Sultana FCA Secretary

Ziaur Rahman Zia FCAChairman

Name Effective DateSultan Ahmed FCA (92) 15 September 2019PartnerAhmed Sultan & Co.Chartered AccountantsPlot No. 15 (Gr. floor), Road No. 17Sector-4, Uttara Model Town, Dhaka-1230M. Zabed Ali Mridha FCA (478) 15 September 2019PartnerAhmed Sultan & Co.Chartered AccountantsPlot No. 15 (Gr. floor), Road No. 17Sector-4, Uttara Model Town, Dhaka-1230

Permission to Open CA FirmM. A Salam & Co., Chartered Accountants has been permitted to open a CA Firm at Lalkhan Bazar with Md. Abdus Salam FCA (222), as proprietor to practice as Public Accountant, details are as follows:Name and Address Effective DateM. A. Salam & Co. 04 December 2019Chartered AccountantsAl-Amin Tower (2nd floor)Wasa More, Lalkhan Bazar92 High Level Road, ChattogramM. S. Salekin & Co., Chartered Accountants has been permitted to open a CA Firm at Gulshan-1 with Mohammad Sirajus Salekin ACA (1801), as proprietor to practice as Public Accountant, details are as follows:Name and Address Effective DateM. S. Salekin & Co. 10 December 2019Chartered AccountantsHouse # 01 (1st floor), Road # 23/BGulshan-1, Dhaka

Change of Firm’s AddressName & New Address Effective DateMollah Quadir Yusuf & Co. 01 September 2019Chartered Accountants161 Lake Circus (3rd Floor)Kalabagan, Dhanmondi, Dhaka-1215

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Announcement(Classes of Next Session)

The regular Pre-examination Classes (Session: March-May 2020) for the students of Professional Level (4th Batch) and Advanced Level (4th Batch) are going to start from 01 March 2020 at ICAB- Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215. A Notice has been issued in this matter and all the concerned students are advised to enroll, for the classes by 27 February 2020, and attend to the session accordingly.On the other hand, the new session of Day Time Classes for Certificate Level (4th Batch) will commence on Sunday, 08 March 2020 at ICAB- Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215. By issuing a-special notice, all practicing members of the Institute entitled to train articled students have been requested to kindly notify their students to register for the classes by 05 March 2020, and allow them to join the day shift classes as per schedule in the interest of the CA Profession..

Source: ICAB Campus

ICAB Academic Campus NewsThe regular session for the students of Certificate Level (Evening Shift, 3rd Batch, Sections: A-F) which started from 22 December 2019 at ICAB- Academic Campus, will now be concluded on 21 March 2020. There are 323 students joining with 57 teachers in the course. All the students are the fresh candidates for Examination Session: May-June 2020.

As a result, the cumulative number of participating students in the classes of ICAB under new curriculum has come to 17013, till December 31, 2019.

Another regular session for the students of Professional Level (4th Batch) and Advanced Level (4th Batch) are going to start from Sunday, 01 March 2020 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 for the classes by 27 February 2020, and join the session accordingly.

The new session of Day Time- Certificate Level (3rd Batch) will begin from Sunday, 08 March 2019 at ICAB- Academic Campus and its enrolment’s last date for the students is Thursday, 05 March 2020. By issuing a- special notice, all practicing members of the Institute entitled to train articled students have been requested to kindly notify their students and permit them to attend at day shift classes as per schedule in the interest of the CA profession.

An-“Orientation Programme” with the new students of Day Time Certificate Level was held on Saturday, 21 December 2019

at 3:30pm in ICAB-Academic Campus Conference Room. The office bearers, members’ council, DRC members and teachers were invited to the session. The programme was facilitated by a- group of talented resource pool of ICAB-Academic Campus.

Moreover, framing of 8- Fridays' a- short course on English Language, to enhance the skills & capacities of English Language for the CA students and enable them to locate perfectly into professional communications which started from 18 October 2019 at 3:00pm to 6:00pm for the CA students at ICAB-Academic Campus under the guidance of Bangladesh Chartered Accountancy Chatra Parishad (BCACP) & financed by the Dhaka Regional Committee (DRC)-ICAB was closed on 06 December 2019. It’s next batch will be announced shortly.

The refurbishments of ICAB-Academic Campus at 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215, have been done. The inaugural ceremony of the office of ICAB-Academic Campus of front space was held on 07 December 2019.The students, teachers, office bearers, Council Members and DRC members participated in the gala occasion.

The above Programme and Session have been organised by the Additional Director, Academic Campus and a team, under the supervision of the Vice President (Education & Examination)- ICAB, N K A Mobin FCA, with the guidance and consent of the Chairman, Board of Studies-ICAB, ABM Azizuddin FCA & President of ICAB, A F Nesaruddin FCA.

Admission as FellowsThe following members have been admitted as Fellows of the Institute with effect from the dates mentioned against their respective names:

Name Effective Date





















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Name Effective Date





















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Name Effective Date


















ObituaryMd Habibur Rahman Bhuiyan FCA (Enrl. No. 589), Partner of Syful Shamsul Alam & Co. Chartered Accountants died due to kidney failure at Islami Bank Hospital, Kakrail on 20 December 2019 at 7:20 am. (Inna Lillahi Wa Inna Ilaihi Rajiun). He left behind his wife, one son and two daughters.

On behalf of the Council of ICAB, President A F Nesaruddin FCA expressed condolence to the bereaved family and sought eternal peace of the departed soul.

Md Habibur Rahman Bhuiyan FCA

Member’s AchievementN K A Mobin FCA, FCS, Council Member and Vice President (E&E) ICAB and the Managing Director & CEO of Emerging Credit Rating Ltd. (ECRL) has been elected as the member of the Board of Directors in Dhaka Chamber of Commerce & Industry (DCCI) for next 3 years. He has also been elected as Senior Vice President of DCCI for the year 2020.

N K A Mobin FCA FCS




CPD Seminar on ‘Bangladesh Economy’

hittagong Regional Committee (CRC) of ICAB organised a ‘CPD Seminar on ‘Bangladesh Economy’ on 14 December 2019 at Conference Hall Room,

Chittagong.

Khalilur Rahman, Chairman, KDS Group & President, Chittagong Chamber of Commerce & Industry, Chittagong was present as the Chief Guest.

Sidhartha Barua FCA, Managing Partner, MA Malik & Co., Chartered Accountants and Council Member-ICAB was the Session Chairman of the conference.

Alamgir Morshed, Managing Director of Standard Chartered Bank Limited presented the Keynote paper.

Large number of members residing in Chattogram participated in the conference.

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TECHNICAL UPDATEIASB finalises amendments to IAS 1 and IAS 8 regarding the definition of materiality:The International Accounting Standards board (IASB) has issued ‘Definition of Material (Amendments to IAS 1 and IAS 8)’ to clarify the definition of ‘material’ and to align the definition used in the Conceptual Framework and the standards themselves.

Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.

Three new aspects of the new definition should especially be noted:

Obscuring. The existing definition only focused on omitting or misstating information, however, the Board concluded that obscuring material information with information that can be omitted can have a similar effect. Although the term obscuring is new in the definition, it was already part of IAS 1.

Could reasonably be expected to influence. The existing definition referred to 'could influence' which the Board felt might be understood as requiring too much information as almost anything ‘could’ influence the decisions of some users even if the possibility is remote.

Primary users. The existing definition referred only to 'users' which again the Board feared might be understood too broadly as requiring to consider all possible users of financial statements when deciding what information to disclose.

Effective Date:

Definition of Material (Amendments to IAS 1 and IAS 8), issued in October 2018, amended paragraph 7 of IAS 1 and paragraph 5 of IAS 8, and deleted paragraph 6 of IAS 8. An entity shall apply those amendments prospectively for annual periods beginning on or after 1 January 2020. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact.

The amendment can be accessed at:

https://www.iasplus.com/en/news/2018/10/definition-of-material

Conceptual Framework for Financial Reporting revised in March 2018:In March 2018 the International Accounting Standards Board (Board) issued a comprehensive set of concepts for financial reporting—the revised Conceptual Framework for Financial Reporting (Conceptual Framework)— replacing the previous version of the Conceptual Framework issued in 2010.

The revised Conceptual Framework is effective for annual periods beginning on or after 1 January 2020, with earlier application permitted—for companies that use the Conceptual Framework to develop accounting policies when no IFRS Standard applies to a particular transaction.

The revised Conceptual Framework includes some new concepts, provides updated definitions and recognition criteria for assets and liabilities and clarifies some important concepts. It is arranged in eight chapters, as follows:

Chapter 1 – The Objective of General Purpose Financial Reporting

Chapter 2 – Qualitative characteristics of useful financial information

Chapter 3 – Financial statements and the reporting entity

Chapter 4 – The elements of financial statements

Chapter 5 – Recognition and derecognition

Chapter 6 – Measurement

Chapter 7 – Presentation and disclosure

Chapter 8 – Concepts of capital and capital maintenance

The amendment can be accessed at: https://www.ifrs.org/projects/2018/conceptual-framework/

IAASB enhances and modernizes ISA 315 for a more robust risk assessmentThe IAASB has revised International Standard on Auditing (ISA) 315 (Revised 2019), ‘Identifying and Assessing the Risks of Material Misstatement’.

ISA 315 (Revised 2019) is an important part of the IAASB’s efforts to improve audit quality globally. In finalizing the changes, the IAASB focused on the understandability, complexity and length of the standard, and made enhancements and clarifications to encourage a more consistent and robust risk assessment, which forms the foundation of the auditor’s efforts to gather sufficient appropriate audit evidence. The revisions also modernize the standard to keep up with the evolving environment in which businesses operate, in particular in relation to technology, as well as a focus on why procedures are required.

ISA 315 (Revised 2019) will become effective for financial statement audits for periods beginning on or after December 15, 2021. ISA 315 (Revised 2019) can be accessed at:

https://www.iaasb.org/publications/isa-315-revised-2019-identifying-and-assessing-risks-material-misstatement

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amrul Islam FCA and Subash Chandra Chowdhury FCA have been elected as the Chairman

and the Honorary Secretary of Chittagong Regional Committee (CRC)-ICAB respectively for the year 2020 in a meeting held on 29 December 2019 at the Ichamati Banquet Hall of Hotel Agrabad Ltd, Chittagong.

Other Members of CRC-ICAB Committee are Imran Abu Hasan FCA, Mohammad Shaheed FCA and Mohammed Abul Kashed FCA.

Kamrul Islam FCA is working as Executive Director- Finance & Business Development of GPH Group, a leading construction materials manufacturing organisation in the country. He became fellow member of the ICAB in 2007.

Kamrul Islam has proved and established himself as an emerging and skilled executive in the field of designing of accounting system, project financing, business planning,

negotiations and regulatory compliances, and international communications in the context of the 21st century. He participated in various seminars, workshops at home and abroad. He visited many countries of Asia, America and Europe for professional need.

He was the Hony. Secretary of the ICAB Chattogram Regional Committee in 2018 and a member of

this five-member committee since 2017. He is acting as Vice Chairman of the 'Alumni Association of MRH Dey & Co. (Chartered Accountants)' since 2015.

Kamrul has used his expertise and experiences in research and various national and international publications. He is also involved in various social works in his native places.

Subash Chandra Chowdhury, FCA, has completed his M.Com under Chittagong University. He has completed Chartered Accountancy course from Hoda Vasi Chowdhury & Co, under direct supervision of A. K. Chowdhury, FCA, and qualified as Chartered Accountant under ICAB.

He has been elevated to the rank of CFO and GM in the oil sector, ship-building sector, real-estate sector and many other group of companies. He is also engaged with various institutional and social activities.

CRC-ICAB Elects Chairman and Secretary for 2020

Subash Chandra Chowdhury FCA Hony. Secretary

Kamrul Islam FCAChairman

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ICAB Council Member Md. Shahadat Hossain FCA participated in the live TV program on capital market and economic update ‘Market Watch’ in NTV on 23 December 2019. He also participated in ‘Business Talkshow’ in Channel 71 on 9 December 2019. He talked about the economy of the country in macro economic auspect and the ongoing trend and development of capital market. The NTV’s Market Watch program was moderated by ICAB Council Member Md. Mahamud Hosain FCA.

A ‘Discussion and cultural program’ was organized by Dhaka Regional Committee (DRC)-ICAB in observance of Victory Day of Bangladesh on 16 December 2019 at ICAB Auditorium. ICAB President A F Nesaruddin FCA, and DRC Chairman A H M Ariful Islam FCA were among others, present in the program. The 16 December is the Red-Letter Day in the history of Bangladesh.

Shahadat Hossain in Live TV Talkshows

DRC-ICAB Victory Day Observed

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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. +8809612612100, +880-2-9115340, Fax: +880-2-9125266, E-mail: [email protected], Website: www.icab.org.bd

ICAB Celebrates Elegant Members’ Night 2019

rapping up the year the Institute of Chartered Accountant Bangladesh (ICAB) organized a

series of programs. One of such important events was ICAB Members’ Night 2019. The event was held at Bangabandhu International Conference Centre in Dhaka on 19 December 2019.

This year’s event was very significant as the Institute for the first time in its history honoured its members who completed 50 years of dedicated service to the profession. In ICAB citation, the Institute acknowledged their individual ‘proactive cooperation and valued inputs over the years to elevate the image of the profession to new heights’. The Institute hoped that the presence and the continued guidance of these luminaries would inspire the new breed of Chartered Accountants for greater achievements by rivaling their deeds and building on their expertise.

15 renowned Chartered Accountants were honoured with medals handed over by the president AF Nesaruddin FCA. Out of the

total awardees 11 personally were present on the occasion.

The honorees were Md Jainul Abedin FCA, Past President of ICAB and Senior Partner, M J Abedin & Co - Chartered Accountants, Md Muzaffar Ahmed FCA, Partner of M Ahmed & Co. - Chartered Accountants, Kamal Ziaul Islam FCA, past president of ICAB and Managing Director, Nirman International Ltd., AKM Rafiqul Islam FCA, past president of ICAB and Chairman of Rangamati Waterfront, Abul Kalam Md Mosharraf Hossain FCA, past president of ICAB and Ex Minister, GoB, Kazi Aminul Huque FCA of Rahman Rahman Huq - Chartered Accountants, Nazrul Islam FCA, Proprietor of M N Islam & Co. - Chartered Accountants, Abdul Hafiz Choudhury FCA, Past President of ICAB, Beg Mohammed Nurul Azim FCA, Proprietor of Nurul Azim & Co. - Chartered Accountants, ABM Azizuddin FCA, Past President of ICAB and Managing Partner of ACNABIN - Chartered Accountants, Abdul Wahab FCA, Senior Partner of A

Wahab & Co, Chartered Accountants, Md Obaidur Rahman FCA, Partner of M M Rahman & Co. - Chartered Accountants, Abdur Rouf Bhuiya FCA, Director of Duncan Brothers (Bangladesh) Ltd. , Anil Chandra Nath FCA, Past President of ICAB and Senior Partner of Basu Banerjee Nath & Co. - Chartered Accountants, and Amanullah Khan FCA, Chairman of United News of Bangladesh Limited.

Marking smooth hand over of power and the business formalities, the ICAB’s outgoing president AF Nesaruddin FCA, vice presidents NKA Mobin FCA and Md. Moniruzzaman FCA greeted the incoming 2020 president Muhammad Farooq FCA, vice presidents elect Sidhartha Barua FCA and Sabbir Ahmed FCA, Mohammed Forkan Uddin FCA.

The event was rounded up with a colourful cultural show followed by sumptuous dinner attended by council members, past presidents, members of the Institute and their spouses and children and other guests.

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monthly news brieﬁng from the institute of chartered ......bangladesh (icab) has elected muhammad...

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