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ICAB News Bulletin__February__2019 Issue

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ICAB News Bulletin__February__2019 Issue Number 351 February 2019 ICAB NEWS BULLETIN Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh (ICAB) ICAB Allows Subjects Waiver for Students of IBA-Dhaka University ICAB Allows Subjects 1 ... Dhaka University ICAB President 2 Participated... New York Workshop on Advanced 3 Scholastic Valuations President’s Communi- 4 cation February 2019 Muhammad Farooq ... 6 in FRC Workshop DRC-ICAB Annual 6 Picnic 2019 Closing Ceremony of 7 ... IFRS & IAS he Institute of Chartered Accountants of Accountancy study and to work with any other ‘Muktir Sangram’... 7 Bangladesh (ICAB) and the Institute of areas relating to education, training, workshop, Hossain FCA launched T Business Administration (IBA) of Dhaka research, higher studies as mutually agreed by “Recollections of a Civil... 8 University on 13 February 2019 signed a the two Institutes. Islam, FCA launched Memorandum of Understanding (MoU) to allow Director-IBA Professor Dr. Syed Ferhat Anwar CRC-ICAB Observed ... 8 exemption under ICAB’s prior credit learning and ICAB President AF Nesaruddin FCA signed Mother Language Day program. We Mourn 8 the MoU on behalf of their respective Institutes The MoU outlines the subjects’ waiver for at a formal ceremony held at IBA Auditorium. Campus News 9 graduate or post graduate students of IBA of MBA program Coordinator Professor Dr. Md. Congratulations to 10 Newly Qualified CAs !! Dhaka University. Under this MoU, the students Mohiuddin, ICAB Vice Presidents N K A Mobin will be eligible for exemption in subjects under FCA, Md. Moniruzzaman FCA, Council Change of Office 10 Address ICAB curriculum; Accounting, Management Members Mahmudul Hasan Khusru FCA, Md. Committees of ICAB 11 Information, Business and Finance, Business & Forkan Uddin FCA, Secretary Major General for 2019 Commercial Law and Information Technology Muhammad Imrul Quayes, ndc, psc(retd), ICAB Delegation Made 18 upon fulfilling specific criteria. among others were present in the occasion. ... Finance Minister ICAB and IBA-Dhaka University ICAB Delegation Met 18 FRC Chairman came into this collaboration with a view to cooperate each other Seminar Regarding... 18 at Chattogram through combining expertise and resources, and to accelerate the DRC-ICAB Organized 19 ... Language Movement development of the accountancy Highlights: ICAB 19 and finance profession in Family Day Out 2019 Bangladesh. This MoU is also ICAB allows subjects 20 intended to facilitate the students to ... University students get entry in ICAB’s Chartered ICAB Observed ... 20 Language Day ISSN 1993-5366 No. 351 February 2019 Not only that, ICAB placed presentation on “SMPs in the FROM THE DESK OF ICAB President Participated in CAW’s substantial guidance and Emerging Economies” in the CHAIRMAN – EDITORIAL BOARD CEOs Meeting in New York suggestions for bringing gathering. It was well Amendment to the Companies discussed and appreciated Made presentation on “SMPs in the Emerging Economies” Act which is now at final stage indeed. for JS nod. He also informed Most importantly ICAB the meeting that ICAB have President AF Nesaruddin held fully implemented IFRS and an exclusive meeting with ISA which have come into Michael Izza, Chairman-CAW effect from 1 January 2018. and Chief Executive of the The President informed that Institute of Chartered Dear Fellow Members and Friends, ICAB is rapidly undertaking IT Accountants in England and based operational procedure of Wales(ICAEW), and Vernon Assalamu alaikum and greetings to the Institute. It has already Soare, Chief Operating Officer you all. introduced Online CPD and of ICAEW. Among other issues The legendary song “Amer Bhai er rokte rangano Ekushe February ami ki vulite payment of membership fee, the meeting discussed mainly, pari” touches the hearts of thousands of Digital Identification of Audit capacity building of ICAB and Bengali speaking people with emotional move. The immortal song always reminds Report (DIAR) to avoid signing its strategic plan for 10 years - us the supreme sacrifice of our Language of audit reports by persons how ICAEW can help and Heroes. The spirit of the language other than CAs”, etc. In support ICAB got the highest movement inspires us to struggle against odds and promotes linguistic and cultural addition, The President made a importance in the discussion. diversity among the countries. We paid due homage to the martyrs of the Language Movement on 21 February this ICAB President AF Nesaruddin FCA changing people’s perception about CA time like every year. made a deliberation regarding ‘Institute profession. In addition, scholarship and In the historic epoch making month of and Market Development’ at CEOs free tuition fee for students are actively February ICAB came up with CA meeting of Chartered Accountants being considered by Articled Students examination results. My heartfelt greetings to the newly qualified CAs who succeeded Worldwide (CAW) held at New York on Committee, he added. through their hard work, dedication and 24 February 2019. perseverance. We wish their bright The President, said ICAB team has careers and hope that our combined efforts will take up ICAB to a new height. The President highlighted the initiatives been working to keep abreast with taken for development of ICAB, IT competitors’ activities and market trends Another great leap of the Institute is that of ICAB entered into a collaboration with the accomplishments, academic affiliation of CMA, ACCA and CS. Despite many Institute of Business Administration, and over all improvement of the propaganda, still employers are Dhaka University for working together in the fields of education and research, Institute. He also laid emphasis on few considering CAs as the best over them. besides paving the way of achieving CA issues like management reformation Describing the present market situation degree for the brilliants of IBA graduates. and capacity building of ICAB in line in Bangladesh, President, said CMAs Our collective initiative for hunting talents into CA profession is one of the milestones with ICAEW’s recommendations and had tried to get permission for of the Institute. To serve this purpose, present context of the country, conducting statuary audit but were not ICAB has also signed a Memorandum of Understanding with the BRAC University formation of new committee on allowed by the government, however School of Business. This type of endeavor membership development and only cost audit was allowed to them long would motivate the prospective students and show how Chartered Accountancy overseeing the status of MRAs so far alongside CAs. Besides, foreign CAs can be a great career path to be a signed, a task force for formulating are working in Bangladesh which is a business leader. regulations and policies for recognizing concern issue. A special committee The News Bulletin, February presents the part qualified CA professionals as details of the events along with many other under chairmanship of President has important programs that ICAB undertook second tier qualification in line with been formed in this regard and started during the month. ATT, Accounting Associates or working on it, he added. I hope the coming days will bring more diploma, etc. happiness and success for all of us. ICAB extended its supports to the With warmest regards to you all. Alongside the President also drew government in formulating Rules of attention on some challenges including Business under FRA. We had several attracting brilliant students in Chartered meetings with Chairman FRC and his Accountancy. He informed that branding team in this regard. We are working team of ICAB is working for image together, he said. Dr. Md. Abu Sayed Khan FCA building of the Institute through 2 No. 351 February 2019 Not only that, ICAB placed presentation on “SMPs in the substantial guidance and Emerging Economies” in the suggestions for bringing gathering. It was well Amendment to the Companies discussed and appreciated Act which is now at final stage indeed. for JS nod. He also informed Most importantly ICAB the meeting that ICAB have President AF Nesaruddin held fully implemented IFRS and an exclusive meeting with ISA which have come into Michael Izza, Chairman-CAW effect from 1 January 2018. and Chief Executive of the The President informed that Institute of Chartered ICAB is rapidly undertaking IT Accountants in England and based operational procedure of Wales(ICAEW), and Vernon the Institute. It has already Soare, Chief Operating Officer introduced Online CPD and of ICAEW. Among other issues payment of membership fee, the meeting discussed mainly, Digital Identification of Audit capacity building of ICAB and Report (DIAR) to avoid signing its strategic plan for 10 years - of audit reports by persons how ICAEW can help and other than CAs”, etc. In support ICAB got the highest addition, The President made a importance in the discussion. ICAB President AF Nesaruddin FCA changing people’s perception about CA made a deliberation regarding ‘Institute profession. In addition, scholarship and and Market Development’ at CEOs free tuition fee for students are actively meeting of Chartered Accountants being considered by Articled Students Workshop on Advanced Scholastic Valuations Worldwide (CAW) held at New York on Committee, he added. 24 February 2019. The President, said ICAB team has The President highlighted the initiatives been working to keep abreast with taken for development of ICAB, IT competitors’ activities and market trends accomplishments, academic affiliation of CMA, ACCA and CS. Despite many and over all improvement of the propaganda, still employers are Institute. He also laid emphasis on few considering CAs as the best over them. issues like management reformation Describing the present market situation and capacity building of ICAB in line in Bangladesh, President, said CMAs with ICAEW’s recommendations and had tried to get permission for present context of the country, conducting statuary audit but were not formation of new committee on allowed by the government, however membership development and only cost audit was allowed to them long overseeing the status of MRAs so far alongside CAs.
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