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ENVIRONMENTAL Practices REPORTING PRACTICES 14 36 VOLUME XLIV NUMBER 04 JULY-AUGUST 2016 ECONOMICAL ETHICAL ECOLOGICAL RESPONSIBILITY RESPONSIBILITY RESPONSIBILITY Corporate Social Responsibility ENVIRONMENTAL Practices REPORTING PRACTICES 14 36 The Institute of Cost and Management Accountants of Bangladesh (An autonomous professional institution under the Ministry of Commerce, GOB) Bi-monthly Journal of the ICMAB ISSN 1817-5090 I VOLUME XLIV I NUMBER 04 JULY-AUGUST 2016 Contents 01 Editorial Editor Mr. Naba Krishna Muni FCMA 03 [email protected] PRESIDENT'S Message Associate Editors Mr. Shawkat Hossain FCMA Mr. R. Tareque Moudud FCMA 04 Journal and Publication Corporate Social Responsibility and Committee Innovation in Management Accounting Chairman Mr. Naba Krishna Muni FCMA Vice-Chairman Mr. R. Tareque Moudud FCMA Members Mr. Md. Abdur Rahman Khan FCMA 14 Prof. Dr. Swapan Kumar Bala FCMA Corporate Social Responsibility Practices by Mr. Muzaffar Ahmed FCMA Multinational Companies in Bangladesh Mr. M. Abul Kalam Mazumdar FCMA Mr. A S M Shaykhul Islam FCMA 20 Mr. A. K. M. Delwer Hussain FCMA The Impacts of Asset Liability Management on Mr. Mohammed Salim FCMA Mr. Md. Munirul Islam FCMA Profitability of selected Banks in Bangladesh Mr. Ahsanul Bari FCMA Mr. Md. Zahangir Alam FCMA 27 Mr. Mohammad Golam Sabur FCMA Employee Engagement: Does it matter for employee Ms. Tanzina Haque FCMA performance? Mr. Md. Abu Khair Hasanul Hasif Sowdagar FCMA Mr. Mohammad Shafiul Qasem FCMA Mr. Md. Zahidul Hasan Khan Chowdhury FCMA Ms. Zinnia Tanzina Huq FCMA 36 Mr. Md. Touhidul Alam Khan FCMA Environmental Reporting Practices: A Study on selected Chowdhury Sazzed Hossain Siddique ACMA manufacturing companies in Bangladesh Mr. A.K.M. Shahidul Kirmany ACMA Mr. Mohammad Ali Ikramul Kabir ACMA Mr. Md. Mashiur Rahaman ACMA 49 Syed Mehedi Hasan ACMA CMAs Working in Global World- An Interview Mr. Prahallad Chandra Das ACMA Mr. Abdul Jalil Miah ACMA 52 Mr. Anisuzzaman Sarker ACMA Update on IFRS, IAS, IFRIC and SIC Secretary Mr. Mohammed Mizanur Rahman for Professional Accountants Additional Director (R & P) Publisher Mr. Md. Mahbub-Ul-Alam Executive Director, ICMAB 56 Update on Income Tax All supervision Mr. Mohammed Mizanur Rahman Photography Mr. Md. Moslem Uddin 62 Design & Print Orchi Logistics Update on Dhaka Stock Market 159, Arambag (1st floor), Motijheel, Dhaka-1000. Ph.: +88 02 7192152, email: [email protected] 65 Editorial Office The Institute of Cost and CMA Students' World Management Accountants of Bangladesh ICMA Bhaban, Nilkhet, Dhaka-1205. GPO Box No. 2629 67 Tel.: 9615460 & 9611799 Book Review [email protected] [email protected] 69 ICMAB News All rights reserved. No part of this publication may be reproduced, duplicated or copied by any means without the prior consent of the holder of the copyright, requests for which should be addressed to the publisher. Bi-monthly Journal of the ICMAB ISSN 1817-5090 I VOLUME XLIV NUMBER-4, JULY-AUGUST 2016 EEddiittoorriiaall From SELF-RESPONSIBILITY CORPORATE SOCIAL RESPONSIBILITY To Human being who don't accept responsibility shift the blame to their parents, teachers, God, fate, or luck. Responsible behavior should be included right from childhood. It cannot be taught without a certain degree of obedience. People who use their Every human being or business entity has the privileges without accepting responsibility usually responsibility as individuality or collectivity. end up losing their privileges. Responsibility When people accept additional responsibility involves thoughtful action. they are actually giving themselves a promotion. "Responsibilities gravitate to the Ancient Indian wisdom teaches us that our first person who can shoulder them" as mentioned responsibility is to the community, second to our by Elbert Hubbard. He who would learn to fly family and third to ourselves. When this hierarchy one day must first learn to stand and walk and is reversed, a society starts degenerating. Social run. This is applicable for any individual and responsibility ought to be the moral obligation of similarly, the same is applicable to business every citizen of the country. Responsibility and entity as because every business entity has its freedom go hand in hand. A sign of good citizen is 'on-going character' with perpetual succession that he is willing to pull his or her own weight. that means once the entity is started would According to Winston Churchill, "The price of continue for ever. This is the going concern greatness is responsibility." principle for a business entity. The same applies to corporate business entity. Societies are not destroyed so much by the activities of rascals but by the inactivity of the Responsible behavior means to accept good people. What's a paradox! If good people can accountability which represents maturity. tolerate destruction by being inactive, how can Acceptance of responsibility is a reflection of they be good? The question is, are they discharging our attitude and the environment we operate their social responsibility? If good people do in. Most people are quick to take credit for nothing for the society, the evil shall flourish what what goes right but very few would readily we see at present everywhere due to our value accept responsibility when things go wrong. An system has been corrupt. How do we judge our individual does not accept responsibility is not value system? The seven deadly sins according to released from being responsible. The objective Mahatma Gandhi are: wealth without hard work, of every entity either human being or politics without principle, knowledge without corporate is to cultivate responsible behavior. character, commerce without morality, pleasure In case of human being, this is called social without conscience, religion without sacrifice and responsibility and in case of business entity, it is science without humanity. Each of these imbalance called corporate social responsibility. reflects lack of values. This has been affecting the mindset of the individual as well as the corporates. THE COST AND MANAGEMENT 01 ISSN 1817-5090, VOLUME-44, NUMBER-4, JULY-AUGUST 2016 Why don't people achieve excellence? The big Philanthropy: A common element of CSR in reason is the lack of vision or limited vision. We philanthropy. This includes monetary donations and need to dream beyond what is possible. aid given to local organizations and impoverished Everything we see today was a dream before it communities in developing countries. became a reality. Whatever we see around us like fans, bulb, TV, computer, smart phone, etc. - it was Benchmarking: Benchmarking enables a dream before its invention. Do we have a comparison of CSR performance against other dream? What's our dream? Every day that you organizations. It involves reviewing competitor CSR live, are you getting closer to your purpose? initiatives, as well as measuring and evaluating the Don't listen to who had failures - they will give impact that those policies have on society and the you faulty advice on how to succeed. Instead get environment, and how customers perceive your advice from successful people. Successful competitors' CSR strategy. After a comprehensive people don't do great things, they only do small study of competitor strategy and an internal policy things in a great way. Corporate Social review performed, a comparison can be drawn and Responsibility (CSR) is a means for the corporate a strategy developed for competition with CSR to do small things in a great way. To do this great initiatives. work, the professional knowledge and support of the Cost and Management Accountants would be Social accounting, auditing and reporting: Social an immense help to corporates becoming accounting involves accounting for and reporting successful. social and environmental effects of a company's economic actions. A number of reporting guidelines Corporate Social Responsibility (CSR) is a or standards have been developed to serve as companies' responsibility to the society in which frameworks for social accounting, auditing and it operates. This means considering all reporting. Many companies now produce externally stakeholders (internal, connected and external) audited annual reports that cover Sustainable as part of the decision making process - not just Development and CSR issues ("Triple Bottom Line the 'key players'. CSR policies cover issues like as Reports"), but the reports vary widely in format, environmental policy and sustainability, health and style, and evaluation methodology (even within the safety, treatment of staff, charitable work and industry). Within organizations internal auditors contribution and supporting local communities. may perform internal reviews (or audit) against the Benefits to business of good CSR are brand companies CSR policies as a way to review internal differentiation, avoiding regulation and building compliance. In Bangladesh, we are lagging behind. reputation in and outside the country. Using more and more the professional services of Cost and Management Accountants in regards to Building CSR into the organization - there are a building CSR into the organization is an area where variety of ways of building CSR into an CMAs could truly contribute towards sustainable organization's position, mentioned below: development of the country. Mission and Objectives: Inclusion of CSR To produce an effective result, we need to connect values within the mission statement has become Corporate Social Responsibility with Self- common practice, and creates focus for directors Responsibility. In this respect,
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