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Institute of Cost and Management Accountants of Bangladesh ISSN 1817-5090 92/80(;/9,,, 180%(5 129(0%(5'(&(0%(5 &29,' Institute of Cost and Management Accountants of Bangladesh (A statutory body under the Ministry of Commerce, GoB) Bi-monthly Journal of the ICMAB Contents ISSN 1817-5090 VOLUME XLVIII NUMBER-06, NOVEMBER-DECEMBER 2020 01 Editorial Editor Mr. Ruhul Ameen FCMA 02 Associate Editors Mr. G M Omar Faruque Chowdhury FCMA w From the President’s Desk w Dr. Md. Saiful Alam FCMA Journal Committee 04 Chairman Mr. Md. Touhidul Alam Khan FCMA Forensic Accounting and Fraud Investigation: Mr. Safiul Azam FCMA Vice-Chairman A Conceptual Summary Members Mr. Abu Bakar Siddique FCMA Mr. Md. Munirul Islam FCMA Mr. Md. Ali Haider Chowdhury FCMA 12 Mr. Abu Sayed Md. Shaykhul Islam FCMA External Auditors’ Judgment towards Short-Term Mr. A. K. M. Delwer Hussain FCMA Earnings Management Practices: Evidence from Mr. Arif Khan FCMA Bangladesh Mr. Md. Kausar Alam FCMA Mr. A.K.M. Kamruzzaman FCMA Mr. Md. Yusuf FCMA 24 Mr. Hamid Monirul Azam FCMA The Effect of Credit Risk Management on the Syed Sarwar Hussain FCMA Financial Performance of Banks: A Study on Selected Mr. Md. Shaifur Rahman Mazumdar FCMA Private Commercial Banks in Bangladesh Mr. Md. Halimur Rashid Khan FCMA Mr. S.M. Elias Amin FCMA Mr. Mohammad Khurshid Alam FCMA 36 Mr. Biswanath Paul FCMA Socio-economic Factors of Tax Compliance: An Mr. Md. Ejajur Rahman Chowdhury FCMA Empirical Study of Individual Taxpayers in the Dhaka Mr. Jahangir Hossain FCMA Zones, Bangladesh Mr. Md. Siddiqur Rahman FCMA Mr. Mohammed Nazmul Hoque FCMA Mr. Md. Nurul Amin FCMA 48 Mr. Md. Shafiqul Islam FCMA Income Visibility and Tax Compliance: Bangladesh Mr. Muhammad Shahid Ullah FCMA Perspective SK. A.H. Md. Imtiaz Hossain FCMA Mr. Mohammad Nazrul Islam FCMA Mr. Md. Jahidul Islam FCMA 58 Mr. J. H. Kazal FCMA Alternative Investments Kazi Md. Siddikul Azam FCMA Mr. Tawfiqur Rahman ACMA Mr. Md. Saifullah ACMA 59 Mr. Md. Qamruzzaman ACMA IFRS Update Mr. Shah Aziz ACMA Mr. Wahid Ullah ACMA 62 Mr. Nur-Alam ACMA Update on Financial Market Mr. Mohammad Ruhul Amin ACMA Mr. Mohammed Nurul Alam ACMA Mr. Md. Firoz Hossain ACMA 65 CMA Students’ World Publisher Mr. Md. Mahbub-Ul-Alam FCMA Executive Director, ICMAB 67 All supervision Mr. Md. Abdul Maleque ICMAB News Photography Mr. Sami Al Mehedi Design & Graphics Md. Amirul Islam Print Modina Printers & Publishers, 278/3, Elephant Road, Katabon, Dhaka-1205 Ph.: +88 02 9635081, Email: [email protected] Editorial Office The Institute of Cost and Management Accountants of Bangladesh ICMA Bhaban, Nilkhet, Dhaka-1205, GPO Box No. 2629, Tel.: 9615460 & 9611799 E-mail: [email protected], [email protected] The Cost & Management is a peer-reviewed journal published bi-monthly by the Institute. It is committed to publish original studies in accounting and other business disciplines. Manuscripts submitted here should not be under review elsewhere. 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 VOLUME XLVIII NUMBER-06, November-December 2020 EDITORIAL As human being, we all come to this planet for a from existing level. Productivity is a hot topic limited time period with some specific assignment in an organization. It is of course a sure path to from Allah. So, we have to be cautious in spending organizational survival and sustainable growth. our time meaningfully. We can save our money for Higher productivity is achieved only by taking future use but can't save our time for future use. continued remedial action in several areas of the So we have to use our time more meticulously, budgetary plan using an integrated approach. more effectively in a more productive way to get optimum result by following rational behavior First of all it is necessary to identify what are the process. This productivity may be in your personal corporate vision, Mission, goals and values, what development or it may be in organizational would it like to achieve, how closely integrated are development. If you develop yourself as an active the goals of its members. To increase productivity, and reliable person the organization you and your executives must concentrate their efforts on culture, team members will also reap the benefit of it. goals and values, rites and rituals and environmental elements of culture. Productivity is the key factor in achieving not only in personal excellence but also in organizational Increasing productivity in the technical work area excellence which leads to quality life of people's, always need innovation. Through constant evaluation customers' satisfaction and sustainable growth and redesign of the key work activities, the of the organization and yourself. Strategic organization will be capable to produce quality goods management in productivity improvement is an and services which will be effectively distributed to ongoing process but not a start-stop event. New the customers. There is an ongoing need to adopt innovation, new development requires response the fit between organization and customer through a to changes. It needs to adopt new strategies continual improvement and research process. according to new challenges and challenges to There are certain characteristics of organization be faced in future. Every manager is a strategy structure. These characteristic may need to be member and is responsible for its implementation. changed to increase productivity. Very often Productivity improvement is one of the key factors organization structures and hierarchy become the for the success of an organization. barrier to productivity improvement. Productivity is a measure of application of Productivity improvement is highly correlated with production knowledge. Better application of people and their relationship. An organization is mainly knowledge and its application is very important. It composed of people, organizational characteristic is, therefore, a measure of performance of how and their inter relationships. Hence, individual and efficiently knowledge is applied. A single productivity group relationship should be harmonious for attaining number for a day, week or month is meaningless. higher productivity. However, managers become more interested when a string of productivity numbers are plotted to Lastly effective planning, organizing, developing and show trends of productivity ups and down. controlling are the main management function to achieve the target objectives. The main aim and objective of productivity study and analysis is ultimately its improvement Ruhul Ameen FCMA THE COST AND MANAGEMENT 1 ISSN 1817-5090, VOLUME-48, NUMBER-06, NOVEMBER-DECEMBER 2020 From the President’s Desk Bismillahir Rahmanir Rahim ear Members, education system. We have divided the course DAssalamualaikum. curriculum into seven interrelated pillars. We have given special emphasize on cost and management Firstly, I would like to convey my heartiest greetings accounting, financial accounting and corporate and congratulations to my countryman on the reporting, information technology and business occasion of 50th Victory Day of Bangladesh. analytics, economics and finance, management Bangladesh was born as an independent country and business strategy, audit and assurance, on December 16, 1971 under the leadership governance, laws and taxation issues. We have of Father of the Nation Bangabandhu Sheikh incorporated the articleship as a milestone in Mujibur Rahman at the cost of supreme sacrifice the course curriculum instead of internship. We of three million people and the honour of nearly have included case study as a separate course half a million women. for the first time in course curriculum of ICMAB. We developed a strategic plan to improve our Moreover, we have included contemporary institute in a new height and reformation of courses, topics and timely driven emerging issues existing education and examination system based in our course curriculum. We interacted and on the market demand is the part of our strategic discussed with our members and students about plan. We have the plan to design a unique course new course curriculum. We expect that the curriculum of ICMAB for branding our CMA new course curriculum of ICMAB will enhance profession at home and abroad. As per our the essential and practical knowledge, IT skill, commitment, we have updated a unique course technical skill, ethical judgment, solving the real curriculum in order to cope up with global world problem, critical decision marking, and THE COST AND MANAGEMENT 2 ISSN 1817-5090, VOLUME-48, NUMBER-06, NOVEMBER-DECEMBER 2020 professionalism of our students and develop interest. We will provide training around 4,500 the future business leaders to compete in the officials of DCCI under the MoU agreement. national as well international market. We are going to brand our CMA profession extensively by providing training to the VAT We have also taken the initiative to develop officials of National Board of Revenue (NBR). the Learning Management System (LMS) to facilitate the various activities for the students We are consistently organizing series of and members of the institute. This learning Continuous Professional Development (CPD) management system will change the learning and webinar programs using the online and management environment and all the students physical platforms to enhance the knowledge and members will be benefited using the new of our members and students. In the meantime, system. We are using asset-management we successfully organized several programs such effectively for the development of the institute. as ‘How Artificial Intelligence (AI) and Block We have taken the initiative of vertical extension Chain will Transform Accounting and Auditing’, of Dhaka, and Khulna ICMA office building as well ‘Treatment of various items of cost in light of as extension and renovation of Chittagong ICMA the COVID-19. We emphasized particularly on office building. We are going to launch study ensuring Cost Audit Certification for all listed center in the central areas of different cities.
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