NEWSThis year’s budget is survival budget

ICMAB has organized a Webinar on Pre-Budget Discussion on National Budget 2020-2021 on 29 May 2020 at 7:00 p.m. Dr. Atiur Rahman, former Governor, Bangladesh Bank; Mr. Mosharraf Hossain Bhuiyan ndc, former Senior Secretary and Chairman of NBR; Professor Dr. Mustafizur Rahman, Distinguished Fellow, Centre for Policy Dialogue (CPD); Dr. Muhammad Shahadat Hossain Siddiquee, Professor, Department of Economics, University of Dhaka and Mr. Ranjan Kumar Bhowmik FCMA, Member (Tax Survey & Inspection), NBR joined the Webinar as honourable discussants. Prof. Dr. Mahmood Osman Imam FCMA, Professor & Former Chairman, Department of Finance, University of Dhaka moderated the session.

ICMAB President Mr. Md. Jasim Uddin Akond FCMA gave the inaugural speech in the webinar by thanking the honourable discussants for joining the programme. He prayed for the departed souls and the people who are affected by the pandemic COVID-19 virus. The President said that it is a moral duty for the Institute to give proper suggestions to the government on Budget matters. He hoped that CMA professionals would be able to help the government in the process of revenue collection & achieving goals in each sector.

Mr. Md. Mamunur Rashid FCMA, Vice-President of ICMAB presented the paper on proposed National Budget 2020-2021. Emphasizing on strengthening the health sector as much as possible, Mr. Md. Mamunur Rashid FCMA briefly presented 13 core proposals on behalf of the Institute.

Dr. Atiur Rahman evaluated the audit process as the foremost task for ensuring the quality of expenditure in every sector. Considering the present worldwide crisis and future, he highlighted the health and medical sector to be more structured and capable than ever. He also pointed out the importance of social protection in the upcoming budget and suggested a proper database creation to ease the process. The former Governor referred this budget as the surviving budget which should devise strategies of survival in the current situation. He was

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optimistic about the economic recovery in near future through survival of this year. Moreover, he mentioned that Bangladesh Bank could play a vital role in this process through credit guaranty scheme.

Mr. Mosharraf Hossain Bhuiyan ndc suggested to cut down unnecessary costs in various sector as much as possible. He also emphasized on strengthening the health sector and spending more for social security.

Distinguished Fellow of Centre for Policy Dialogue (CPD) Professor Dr. Mustafizur Rahman considered the budget should put more focus on health, humanitarian and economic crisis.

Quoting the speech of Alibaba owner Jack Maa’s speech and Dr. Atiur Rahman’s standpoint, Mr. A K M Kamruzzaman FCMA said that this year’s budget must be focused on our survival. If we can survive this year, the next year will be the golden year for us.

Int’l Webinar on “The Challenges and Role of Professional Accountants amid and post COVID-19 era”‘Cost Audit should be implemented in all public limited companies’– Commerce Secretary

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) has organized an International Webinar on “The Challenges and Role of Professional Accountants amid and post COVID-19 era” on Friday, June 05, 2020. Dr. Md. Jafar Uddin, Secretary, Ministry of Commerce, Government of the People’s Republic of Bangladesh graced the occasion as the Chief Guest.

In his speech, Dr. Md. Jafar Uddin indicated about the stimulus package initiative taken by the government. To tackle the damages done by the COVID-19 situation, professional accountants will be able to help for the recovery process. He highlighted the importance of cost audit process and said he would take necessary steps for the implementation of cost audit for all public limited companies. Commerce Secretary expressed his hope that new conceptual framework would emerge from this COVID-19 situation.

Mr. Zia Ul Mustafa Awan FCMA – President of South Asian Federation of Accountants (SAFA); CA. Atul Kumar Gupta – President of the Institute of Chartered Accountants of India (ICAI); CMA Balwinder Singh – President of Cost Accountants of India (ICAI); Prof. Lakshman R. Watawala – President of the Certified Management

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Accountants of Sri Lanka; CA. Krishna Prasad Acharya -President of the Institute of Chartered Accountants of Nepal; Mr. Sabbir Ahmed FCA – Vice President of the Institute of Chartered Accountants of Bangladesh (ICAB); Ms. Elaine Hong – Executive Director of CAPA and Mr. Md. Shaifur Rahman Mazumdar FCA, FCMA, COO, Dhaka Stock Exchange joined the webinar as Speakers. Members of SAFA, CAPA and IFAC holding responsible positions in different national and multinational organizations at home and abroad participated in the Webinar as participants.

ICMAB President Mr. Md. Jasim Uddin Akond FCMA emphasized in his inaugural speech that global leaders and professional bodies of accountants should work together in a combined platform. Mentioning about the implementation of cost audit, Mr. Akond expressed his concerns for not ensuring Cost Audit in all public listed companies despite there was a 2010 circular with regard to the implementation of cost audit in all listed public limited companies. The post COVID-19 situation will be a different and complicated situation and professional accountants will be able to give big services at that moment, and they’ll need support from relevant sectors also.

Mr. Abu Sayed Md. Shaykhul Islam FCMA, Past President and present Council Member of ICMAB presented the paper as Keynote Speaker. In his paper, Mr. Abu Sayed Md. Shaykhul Islam FCMA said the entire global economy might be far worse than 2008 global economic crisis as almost all organizations of all sizes and all sectors of economy including professional accountants, auditors and consultants had been facing unexpected, unprecedented and extreme challenges to survive amid Covid-19. He identified liquidity shortage and cash management in the corporate world as the main challenges for businesses and professionals. He also expressed the hope that the world human being would overcome the pandemic one day and they would start a fresh journey of growth again. He opined that the agriculture sector had not been affected that much in Bangladesh as the government had been proved very successful in handling the agriculture issues and paddy harvesting. Mr. Shaykhul also identified the issues like business organization’s ability to continuity as going concerns, valuation of assets and inventory under IFRS, physical verification of assets, inventories and cash balances and development of digital platform for providing online and remote professional services as the main challenges for the professional accountants and auditors amid Covid-19. He underscored the need for high standard professional judgement in addition to IFRS to handle the said issues. He also gave emphasis on audit of the proper disbursement of funds of the government’s announced stimulus package. In conclusion, Mr. Shaykhul opined that the Corona virus might be an opportunity for the accounting, auditing and consulting regime to further grow under digital platforms and survive in the changed global socio-economic scenario caused by Covid-19.

Mr. Arif Khan FCMA, Past President and present Council Member of ICMAB and CEO & Managing Director, IDLC Finance Limited acted as Commentator and Mr. Md. Mamunur Rashid FCMA, Vice-President of ICMAB and DMD, Index Group of companies conducted and moderated the Webinar. Mr. Md. Munirul Islam FCMA, Secretary of ICMAB offered the vote of thanks to the honorable speakers and participants.

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DBC NewsB R A N C HCOUNCILS activities

Election of DBC office bearers for the year 2020The following persons have been elected as office bearers of 35th Dhaka Branch Council in the meeting held on May 07, 2020:

DBC Virtual Program on “Financial Stimulus Package declared by Government to support adverse impact on Economy due to outbreak of Novel Coronavirus (COVID-19)”The Dhaka Branch Council (DBC) of ICMAB organized DBC Virtual Program on “Financial Stimulus Package declared by Government to support adverse impact on Economy due to outbreak of Novel Coronavirus (COVID-19)” for ICMAB Members on May 12, 2020. Mr. A,K.M. Zakaria Hossain, FCMA, Chairman of DBC presided over the session. Mr. Safiul Azam FCMA, Secretary of Dhaka Branch Council offered welcome address and introduced the Resource Person. Mr. Mannan Bapari ACMA, CERM, Vice-President, South Bangla Agriculture and Commerce Bank Ltd. spoke on the session as the Resource Person. A good number of members were present and actively participated in the session. Mr. Md. Bakhtiar Alam FCMA, Vice-Chairman of DBC offered vote of thanks.

Mr. A.K.M. Zakaria Hossain FCMA(F-0539)Chairman

Mr. Safiul Azam FCMA(F-0924)Secretary

Mr. Md. Bakhtiar Alam FCMA(F-0723)

Vice-Chairman

Mr. Sudhangsu Kumar Saha ACMA (A-1372)Treasurer

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DBC VIRTUAL EID ADDAThe Dhaka Branch Council (DBC) of ICMAB organized an EID ADDA of the members named “DBC VIRTUAL EID ADDA” on May 25, 2020. Mr. A.K.M. Zakaria Hossain, FCMA, Chairman of DBC presided over the program. Mr. Safiul Azam FCMA, Secretary of Dhaka Branch Council offered welcome address. A good number of members were present and actively participated in the session. Mr. Md. Bakhtiar Alam FCMA, Vice-Chairman of DBC offered vote of thanks.

DBC Virtual Program on Stress Management & COVID-19 situation handling

The Dhaka Branch Council (DBC) of ICMAB organized Virtual Program on Stress Management & COVID-19 situation handling of the members on June 20, 2020. Mr. A.K.M. Zakaria Hossain, FCMA, Chairman of DBC presided over the program. Dr. Syed Abdulla Al Mamun FCMA, Council member of DBC offered welcome address and introduced the Resource Person. Dr. Abul Kalam Faruq, Mind Trainer, Instructor, Life Couch Director, Silva Method Bangladesh spoke on the session as the Resource Person. ICMAB President Mr. Md. Jasim Uddin Akond FCMA, Vice-President Mr. Md. Mamunur Rashid FCMA, DBC Councilors Mr. Muhammad Nazrul Islam FCMA Mr. S.M. Afjal Uddin FCMA, Mr. Monjur Md. Shaiful Azam FCMA, Mr. Mannan Bapari ACMA and Mr. Rana Protap Ghosh FCMA, program Coordinator also spoke on the occasion. A good number of members were present and actively participated in the session. Mr. Safiul Azam FCMA, Secretary of Dhaka Branch Council offered vote of thanks. DBC Vice-Chairman Mr. Md. Bakhtiar Alam FCMA nicely conducted the program.

BRANCH COUNCILS activities DBC News

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BRANCH COUNCILS activities KBC News

New Office Bearers of KBC 2020Mr. Abdul Motaleb FCMA has been elected Chairman of Khulna Branch Council (KBC) of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) for the term 2020. Mr. Md. Arifur Rahman FCMA has also been elected as Vice Chairman, Mr. Azizur Rahman ACMA as Secretary and Mr. A. K. M. Nazmul Alam ACMA as Treasurer of KBC.

Mr. Abdul Motaleb FCMA, a veteran accountant is currently working as the Company Secretary of West Zone Power Distribution Co. Ltd. & Director (Finance) of Bangladesh Smart Electrical Company Ltd.

Mr. Md. Arifur Rahman FCMA is working as the Deputy General Manager & Company Secretary of Bangladesh Cable Shilpa Ltd., a state owned company in Khulna.

Mr. Azizur Rahman ACMA is working in Eastern Bank Limited, Khulna Branch as its First Assistant Vice President.

Mr. A. K. M. Nazmul Alam ACMA is the Assistant Vice President, Manager & Regional Head of Probashi Kallyan Bank, Khulna Division.

Mr. Abdul Motaleb FCMA(F-0877)Chairman

Mr. Azizur Rahman ACMA(A-1359)Secretary

Mr. Md. Arifur Rahman FCMA(F-0978)

Vice-Chairman

Mr. A. K. M. Nazmul Alam ACMA(A-1289)Treasurer

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We Mourn

Mr. Fariduddin Ahmed FCMA (F-0063) passed away on 18 June 2020 at Anwer Khan Modern Medical College Hospital, Dhaka. He was 72.

Dr. Saleh Ahmed Bhuiyan FCMA (F-0084) passed away on 01 June 2020 at Mirpur, Dhaka. He was 64.

Mr. Khondaker Mahbubul Haque FCMA (F-0104) passed away on 10 April 2020 at New York, America. He was 61.

Mr. Md. Anwar Husain FCMA (F-0248) passed away on 17 June 2020 at his residence, Uttara, Dhaka. He was 85.

Mr. Md. Shams Firoz FCMA (F-0376) passed away on 20 May 2020 at Kurmitola General Hospital, Dhaka. He was 59.

Mr. Nayeem Ali Kadri ACMA (A-0482) passed away on 05 June 2020 at Canada. He was 58.

Mr. Mohammad Majibullah ACMA (A-1185) passed away on 03 June 2020 at Dhaka Medical Hospital, Dhaka. He was 52.

Mr. Sudhangsu Kumar Saha MBA, ACMA (A-1372) passed away on 08 June 2020 at Dhaka Medical Hospital, Dhaka. He was 40.

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