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Number 362 January 2020 ICAB NEWS BULLETIN Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh (ICAB) Muhammad Farooq Takes over the Charge of ICAB President 2020 Muhammad Farooq Takes 1 over the.. President 2020 ACCA Team Met ICAB 2 President ICAB President Paid 2 Courtesy... IDRA Chairman CPD Seminar on ‘Challenges 3 in Corporate... Investment’ ICAB Held Advisory 3 Committee Meeting President’s Communica- 4 tion January 2020 uhammad Farooq FCA has taken over the charge of President of the Institute of Chartered Courtesy Call on 6 Executive Chairman BIDA MAccountants of Bangladesh (ICAB) for the year ICAB Family Day Out 6 2020 at a ceremony held at CA Bhaban on 6 January 2020 2020. Three Vice Presidents Sidhartha Barua FCA, Admission as Associate 7 Sabbir Ahmed FCA and Mohammed Forkan Uddin FCA have also resumed their respective offices for the same Admission as Fellows 7 tenure. After taking charge, the new President of ICAB Permission to Start 7 Practice has sought cooperation and urged all to work together Permission to Open CA 7 for the development of the institute. He urged ICAB Firm personnel to be instrumental for the activities of ICAB. Change of Address of 7 Mr. Farooq has been in the ICAB Council since 2013. Branch Office He served ICAB as Vice-President (F & A) in 2013. He Felicitation 7 chaired the Professional Development Committee Obituary 7 (PDC) and Real Estate Committee (REC) and was Campus News 8 active member of different standing and non-standing Committees of ICAB for 9 committees of Council-ICAB. Mr. Farooq became an 2020 Associate Member of ICAB in 1986 and a Fellow Technical Updates 15 Member in 1991. He did his graduation & masters from Certificate Course on 16 Dhaka University. IFRS At the session, the ICAB’s new office bearers opened Kamal World’s Best 18 Finance... Accolade the floor to hear from the employees. They took notes on different issues raised by the employees on the ICAB Team Met Chairman, 18 Financial Reporting Council development of ICAB and appreciated their cordial Stakeholders’ Meeting 18 engagements with the institute. Vice Presidents Regarding... Companies Act Sidhartha Barua FCA, Sabbir Ahmed FCA and DRC Distributed Blankets 18 Mohammed Forkan Uddin FCA also spoke on the occasion. BCACP Leaders Met 18 ICAB President ISSN 1993-5366 No. 362 January 2020 Editorial Note from ACCA Team Met ICAB President Chairman – Editorial Board Dear Fellow Members and Friends Assalamu alaikum and greetings to you all. As we begin the year, it is our prayer for everyone to have a very happy and prosperous days ahead. team of ACCA met ICAB Manager during the meeting. They President Muhammad Farooq discussed the areas of mutual This year as we can see the winter is cooperation including scopes and staying a bit longer than usual and AFCA at CA Bhaban on 15 opportunities of members between the shifted from its original course. We can January 2020. The delegation from the two institutes. however, feel the change of local Association of Chartered Certified weather as is with the case of climate Accountants (ACCA) Bangladesh was ICAB Vice Presidents Sabbir Ahmed globally. led by Zarif Ludin, Head of Market FCA and Mohammed Forkan Uddin Partnership. He was accompanied by In this Bulletin, you will see pretty much FCA, Secretary & CEO Maj Gen the same news as how we start the year Its Country Head Ahsanul Haque Muhammad Imrul Quayes, ndc, psc everytime; starting with the call on and Bashar, Shafaat Ali Choyon, Senior (retd) and Director (Technical) Mahbub meeting of office bearers with the Business Development Manager and Ahmed Siddique FCA were also ministers, secretaries and Head of Prawma Tapashi Khan, Education present in the meeting. Regulatory Bodies. Of course, training activities is another part which are ongoing at ICAB. ICAB President Paid Courtesy Call on Apart from our activities, dear readers, IDRA Chairman we cannot emphasis more than saying that with the outbreak of coronavirus, how much necessary it is to keep ourselves stay safe and remain watchful. We pray Allmighty for his divine blessings to protect nations and human race free from such epidemic. No more today, let us hope a successful year for us. Peace, prosperity and happiness to you all. With Warm Regards CAB Office Bearers paid a courtesy professional issues including quality call on Md. Shafiqur Rahman financial reporting in compliance with Dr. Md. Abu Sayed Khan FCA IPatwari, Chairman, Insurance financial reporting standards as Development & Regulatory Authority mandated for the insurance sector. (IDRA) at latter’s office on 15 January ICAB expressed its willingness to work 2020 to appraise the development of with IDRA and assured its full the institute and discussed cooperation. 2 No. 362 January 2020 CPD Seminar on ‘Challenges in Corporate Law and Reform to Attract Foreign Investment’ hattogram Regional Committee (CRC) of ICAB organised a C seminar on ‘Challenges in Corporate Law and Reform to Attract Foreign Investment’ on 11 January 2020 at Hotel Agrabad Ltd, Chattogram. Mohibul Hasan Chowdhury (Nowfel) M.P., Hon’ble Deputy Minister, Ministry of Education, GoB was present as the Chief Guest. Showkat Hossain FCA, Past President-ICAB and Senior Partner, Hoda Vasi Chowdhury & Co., Chartered Accountants was the Session Chairman of the conference. presented the Key-note paper. Sidhartha Advocate, Supreme Court of Barrister Tanjib-ul Alam, Advocate the Barua FCA, Vice President-ICAB and Bangladesh were present as Supreme Court of Bangladesh Barrister Anita Ghazi Rahman, discussants. ICAB Held Advisory Committee Meeting Opportunity for ICAB Members/ Practicing CA Firms This is for information to all the ICAB Members / Practicing CA Firms looking for prospective Partners/ Qualified Assistants/ Qualified Directors or interested to join any n advisory committee meeting being compromised, student’s Practicing CA Firm may kindly was held on 29 January 2020 at enrolment, etc. were transacted in the contact in writing with AICAB Council Hall, CA Bhaban. meeting. The Institute recorded their Secretary & CEO-ICAB, Major ICAB office bearers and Past valuable suggestions on these issues. General Muhammad Imrul Presidents of the Institute participated ICAB President Muhammad Farooq Quayes, ndc, psc (Retd). in the meeting. The meeting was FCA thanked them for their presence ICAB will act as mediator to chaired by ABM Azizuddin FCA, Past and appreciated their thoughtful facilitate the process. President-ICAB. The issues like quality suggestions. Besides the Past Particulars of concerned audit, implementation of ICAB audit Presidents, ICAB Office Bearers and Members/CA Firms will be fees schedule, strengthening financial Secretary & CEO were present in the strength of the Institute, re-evaluation treated as confidential. meeting. of examination system without quality 3 No. 362 January 2020 FRC for the development of business in the development of various sectors of Dear members, you would be happy to and profession in coming days. economy and focusing the protection of learn that as part of the Action Plan for interest of the people of the land against 2020, we have agreed in a lively On January 29, to seek the knowledge the aggressive intrusion of foreign discussion of the first Committee and experiences from the past and to nationals in recent years. ICAB Vice meeting for Project Development & bridge the future, ICAB held its Advisory President Mr. Sabbir Ahmed FCA and Capacity Building to prioritize the project Committee meeting at CA Bhaban. Secretary & CEO Maj Gen Muhammad to be undertaken in the following order: ICAB office bearers and Past Presidents Imrul Quayes, ndc, psc (retd) of the Institute participated in the i. Strengthening Institutional accompanied me during the meeting. President’s meeting. The meeting was chaired by Mr. Capacity of ICAB ABM Aziz Uddin FCA, Past On January 15, a delegation from the ii. Establishment of a Specialized President-ICAB. The meeting discussed Association of Chartered Certified University- Chartered University the issues like quality audit, Accountants (ACCA) Bangladesh led Communication iii. Establishing a Second-tier implementation of ICAB audit fees by Mr. Zarif Ludin, Head of Market Professional Qualification schedule, strengthening financial Partnership, made a courtesy call on January 2020 strength of the Institute, re-evaluation of ICAB. We discussed the areas of mutual iv. Strengthening the Capacity of examination system without quality being cooperation, the scopes and Small and Medium Practices compromised, student’s enrolment, etc. I opportunities between the institutes and including the development of must thank our Past Presidents for their its members. ICAB Vice Presidents Mr. Audit Practice Software. time and provide valuable guidance. Sabbir Ahmed FCA and Mr. Mohammed v. Creation of Scholarship Fund Forkan Uddin FCA, Secretary & CEO On January 25, ICAB organized Maj Gen Muhammad Imrul Quayes, ndc, We need everyone’s participation to to enhance certificate course on IFRS psc (retd) and Director (Technical) Mr. execute the project work. the competence of professionals serving Mahbub Ahmed Siddique FCA were in key positions of financial sector in Meetings of Council and Standing & present in the discussion. Bangladesh. The training is designed to Non-standing Committees Dear Fellow Members are proud of Mr. Kamal who is a distinguished member of ICAB. acquire in-depth knowledge on the On January 15, we paid a courtesy call The following meetings of the Council, Assalamu Alaikum, Greetings to you all, preparation of financial statements in on Mr. Md. Shafiqur Rahman Patwari, Standing and Non-Standing Committees Now, let me highlight our activities for the compliances with IFRS and the specific Chairman, Insurance Development & At the beginning, I express my gratefulness of ICAB were held during the month of first month of the year. cases of IFRS applications. Professionals Regulatory Authority (IDRA) at his to Almighty Allah for bestowing me with the January 2020.

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