ICAB-Prothom Alo Pre-Budget Roundtable Discussion on ... Prothom Alo said, duties on newsprint import should be reduced. Huge amount of money is going out of the country due to online

Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh

ICABICAB NEWS BULLETINMay 2018

Number 342

ISSN 1993-5366

he national budget 2018-2019 is prepared considering the demand of the economy in line with seventh-five year

plan. Government is planning to elevate the country from lower middle to upper middle income country. Also budget will have the guidelines to achieve sustainable development goals (SDGs) by 2030.

Dr. Shamsul Alam, Senior Secretary & Member, General Economic Division, Bangladesh Planning Commission, made this remarks while speaking as the Chief Guest at a pre-budget Roundtable Discussion on National Budget 2018-2019 jointly organized by ICAB and the Daily Prothom Alo at ICAB Council Hall on 14 May 2018. ICAB Council Member and Past President Md. Humayun Kabir FCA moderated the discussion session.

Dr. Shamsul Alam said that If you want for congenial environment for foreign investment in the country, development of transportation systems, infrastructure development, social safety, investment security, employment generation and ensured good governance, you must have to pay tax for ensuring all these money required is available. He also said that malpractice in paying taxes will no longer exist if every organisation comply with the international accounting standards in maintaining their books of accounts. Monetary inflation affects the

lifestyle of mass people, so by keeping the inflation at a tolerable level, the government would increase the allocation in social safety net programmes. The budget to be placed in the Parliament aiming to ensuring transparency & accountability in all development expenditures and to rise of tax collection while reducing expenses under this head. He said that timely implementation of ADP and revamping the rural economy would also be focused in the upcoming budget.

Rasheda K Chowdury, Executive Director, CAMPE & former caretaker government adviser said, government should give priority to develop human resources to achieve SDGs by 2030. She urged to narrow down the gap between human resources development, education and scope of employment. Every year corruptions eat up 2 percent and gender violence 2 percent of total GDP. If we can reduce corruption and gender violence, automatically country’s GDP growth will rise to 2-3 percent per annum. She also advised to follow a road map for creating skilled manpower in the country.

ICAB President Dewan Nurul Islam FCA said, Bangladesh achieved the status of middle income country and has been maintaining 7 percent GDP growth in last few years to keep up this development trend. But the rate of GDP should be increased. For this, we need more

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ICAB-Prothom Alo Pre-Budget...2018-19

ICAB Gets Allotment of 20 Katha... Purbachal

President’s Communi-cation May 2018

ICAB Seminar stresses for Ensuring... Alleviation

Mahamud Hosain in NTV Talkshow

Md. Shahadat Hossain Participates... Talkshow

Members’ Achievement

G M Munir Ahmed FCA Dies

Doa Mahfil in Remem-brance of... Members

Anwaruddin Chowdhury Participates... Nepal

Campus News

ICAB Secretariate floor Inaugurated

ICAB Participates in SAFA... in Kathmandu

Admission as Associates

Admission as Fellows

Permission to Start Practice

Permission to Join as Partner

Change of Office Address

Restoration of ICAB Membership

Shahadat Hossain Made... Reporting

ICAB’s DIAR to Prevent... Statements

ICAB-Prothom Alo Pre-Budget Roundtable Discussion on National Budget 2018-2019Budget prepared in line with the demand of the economy

foreign and local investment. FDI in our country is not up to the mark. Although the public investment is inspirable but on the other hand the private investment is not at satisfactory level, its only 2.1 billion USD dollar. Total tax collection would increase if the corporate tax rate reduces, he opined. He urged to stop double taxation and VAT on single tax-payer.

Professor Mostafizur Rahman, distinguished fellow, center for policy dialogue(CPD) said, according to Bangladesh Bureau of Statistic (BBS), accumulation of wealth has been increased 0.45-0.47 percent in last 2010 to 2016 years. There is an urgent need to increase the level of income, reduce the gap between rich and poor and ensure the balanced wealth distribution so that proper development of the country would be made through achieving SDGs. Emphasizing on online VAT collection he said, this would ensure money deposit in the government coffer. Digitalization of VAT collection would remove the complexities of new VAT Act which will be enacted in 2019. He opined to reduce the corporate taxes in staggering way. He also said that steps were required to stop double and triple taxation. He urged to implement the big projects including 76 specialised economic zones as infrastructure development is the most important indicator for proper development.

He demanded allocation of one billion USD dollar in budget for Rohinga refugees. He also said, due to lack of institutional capability, development budget was not implement properly. He urged for stabilisation of economy of the country.

Abdul Quayum, Associate Editor, Prothom Alo said, duties on newsprint import should be reduced. Huge amount of money is going out of the country due to online advertising. As a result,

Government is being deprived of revenue. Direction to stop such practice is required in the budget. The country is advancing ahead despite many challenges. So, identifying the priority sectors is a must. More allocation are required for safety and security of the poor and the children. Priority should be given to social safety in the Budget as we observed that every year many unfortunate people die and becoming victim of landslide in Hill trackts districts area.

Siddikur Rahman, President, BGMEA said that RMG sector has created huge scope for employment. He said, government should give tax rebate on this sector where huge job opportunities are created. He said, Budget should be like one which creates employment for the people. He demanded to cut the VAT rate from 15 percent to 5-7 percent. He also stressed for technical education.

Dr. Abdul Majid, former chairman, NBR, said that government should keep stability in macroeconomic management. He said that to ensure transparency, accountability and make pro-people budget, it should be brought into discussion in the parliamentary committees. He said, detailed discussion was required on supplementary budget. He demanded for reconsideration of change of fiscal year, also.

Md. Humayun Kabir FCA, Council Member and Past President, ICAB said, apprehension for inflation after announcement of budget does not exist now. Different stakeholders are holding discussions on budget means that country’s economy is moving in positive direction. As requested by NBR, ICAB submitted its proposals to the revenue authority for increase of government revenue. ICAB, NBR and other regulatory bodies should work together to prevent preparing fake

audit reports. This step would help increase of government revenue.

Md. Farhad Hussain FCA, Council Member and Past President, ICAB, said that multipole tax imposition on individual is not a reflection of congenial business environment of the country. Business structure of the country is efficient one, but unless the development of corporate sector, capital market of the country will not be improved.

Kamrul Abedin FCA, Council Member and Past President, ICAB said, reducing taxes on industrial sector would help set up of more industries which would create more employments. The entrepreneurs also feel encouraged to give tax. Manpower export should be increased while import of manpower should be discouraged. Currently, the country incurs expenditure

about five billion dollars for importing manpower every year. if we create skilled manpower, this expenditure will be reduced. He urged for more grant in heath sector while placing demand for decentralisation of health services.

Parveen Mahmud FCA, Council Member and Past President, ICAB said, budget should be for general people. She demanded more allocation in social safety programmes. She said, NGOs are working in education sector and social development of the country. So, it would not be logical for imposing tax on NGOs services, she added.

AF Nesaruddin FCA, Council Member, ICAB said, government should create skilled human resources to accelerate the GDP growth. Strict monitoring on expenditure management could increase collection of government revenue.

Besides, it is essential to strengthen the capacity of NBR officials as the economy of the country is expanding gradually. He said, pressure on actual tax-payers and the excessive cost of ADP implementation should be reduced.

Syed Almas Kabir, President, Bangladesh Association of Software and Information Services said, government has given tax rebate on ICT sector till 2024, but the IT companies do not get actual benefit from this move. Every year IT companies have to apply for getting tax rebate certificate and have to wait at least six months to get this certificate. As a result, before getting permission, companies could not use tax benefit card. He demanded for government help for flourishing IT Industry in the country.

Md. Shahadat Hossain FCA, Council Member, ICAB

said, we observed that 45 percent works of ADP has been implemented in 9 months and 45 percent in last 3 months of a fiscal year. This lackadaisical move for ADP implementation is not expected. Also steps are required to tackle capital deficit in Banking sector. Malpractices in social safety net programmes should be removed, he added.

Dr. Nazneen Ahmed, Senior Research Fellow, Bangladesh Institute of Development Studies said, 500 crore Taka should be allocated for training of women entrepreneurs so that they could contribute to the national economy a more. Women can now develop new business model. She thinks increase of bank interest rate was an unrealistic approach of the government.

Syeda Rizwana Hasan, Director, Bangladesh Environment Lawyers Association said, allocation is required for preventing river pollution in the city. She wanted for visible steps to reduce the traffic clogging in the city which eat up thousands of working hours. She urged for empowering the Information Commission also.

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FROM THE DESK OF CHAIRMAN – EDITORIAL BOARD

Dear fellow members and friends,This is the month of famous May Day- the first day of May which is observed across the world every year since 1886 commemorating the supreme sacrifices of the workers at Hay Market, Chicago, in the USA for eight-hour working day. I on behalf of the Institute of Chartered Accountants of Bangladesh (ICAB) would like to join the working people who celebrate this day all over the world with warmth and encouragement. I also salute all the working comrades who sacrificed their lives, who raised their voices and shed blood and sweat for the human freedom and dignity to improve their living conditions by ensuring the labor rights and giving proper respect to their labor.Though the month of Ramadan cut short working hours and days, a good number of seminars and workshop took place with remarkable strength. A warm pre-budget Round Table discussion took place in ICAB Council Hall was jointly organized by ICAB and Prothom Alo. There, the discussants expressed their thoughts on various aspects of National Budget 2018-2019.The Holy month of Ramadan has commenced which is anxiously awaited by all the Muslims of the world. Ramadan is the month in which Allah Almighty opens His doors of mercy, forgiveness and blessings upon Muslims. It holds a special place in Islam and among Muslims because of two major reasons: Firstly, the book of eternal guidance the ‘Holy Quran’ was revealed upon Prophet Muhammad in this month; Secondly, the 30 days of fasting in this month lead to the glorious and auspicious occasion of ‘Eid ul Fitr’.I take this opportunity to wish all our Members and Friends every success in their noble endeavor during the sacred month of Ramadan. May Allah bless us all with peace, tranquility and healthy lives. May the Almighty gives us the best of this world and the Hereafter. Ameen.Ramadan Mubarak

Dr. Jamshed S A Choudhury FCA





















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ICAB Gets Allotment of 20 Katha Land at RAJUK Purbachal

ICAB has got allotment of 20 Katha land at RAJUK Purbachal, Dhaka for building ICAB’s own academic campus. By getting this allotment, the long cherished dream of the institute has become a reality.

ICAB President, Vice Presidents, Council Members, Past Presidents and the Members of the Institute are thankful to Engineer Mosharraf Hossain MP, Minister, Ministry of Housing and Public Works, GoB and Md. Abdur

Rahman, Chairman, Rajdhani Unnayan Katripakkha (RAJUK) for their whole-hearted supports and cooperation to the Institute.

ICAB President Dewan Nurul Islam FCA, Vice Presidents Mahmudul Hasan Khusru FCA, Mahamud Hosain FCA, Fellow Member Ajit Kumar Paul FCA and Secretary Maj Gen Muhammad Imrul Quayes, ndc, psc (Retd.) visited RAJUK on 17 May 2018 to give compliments and thanks to the Chairman, RAJUK .

Mentioned that ICAB had applied for a plot of its permanent academic campus to RAJUK several times. Since 2016 ICAB office bearers took the matter seriously and gave highest priority in their action plan to get a RAJUK plot. In this connection, they held a series of meetings with the Minister and the Chairman, RAJUK. Finally, in May 2018 ICAB has received the allotment. ICAB is thankful to everyone who were involved in this process.




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Budget Discussion (From page 2)

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Dear Fellow Members,

Assalamu Alaikum WRWB

Greetings to you all,

Since assuming the office of ICAB, back in January 2018, we gave sincere attention in the process of strengthening strategic relationships among ICAB, Bangladesh Bank, NBR, MRA, BSEC and other government bodies. However, the activities of the Institute are not limited to only those organizations & bodies. As a matter of fact, one of our main objectives are arranging trainings & workshops to enhance the skills & capacities of our members pertaining to regulators’ compliance issues and officials of stakeholders. Furthermore, we strive to educate, train and equip our members more by fostering professional ethical standards. These are the features enshrined in our action plan.

In May, through various programs and events, we brought renowned think tanks, economists, and previous senior regulators of our country in our platform. In the very beginning of May, we celebrated the significance of May Day by acknowledging the movement for establishing labor rights that started in the year 1882, in Chicago. The spirit of establishing the rights of labor will surely inspire us to be united for protecting our individual and collective professional interests.

Now I would like to give you an update regarding the main activities that occurred in May 2018.

A pre-budget Roundtable Discussion on National Budget 2018-2019 was jointly organized by ICAB and the Daily Prothom Alo in ICAB Council Hall on 14 May, 2018, where Dr. Shamsul Alam, Senior Secretary & Member, General Economic Division, Bangladesh Planning Commission, was present as the Chief Guest and ICAB Council Member and Past President Mr. Md. Humayun Kabir FCA moderated the discussion session. I delivered the welcome speech in the programme. A number of prominent citizens of the country, like Ms. Rasheda K Chowdury, Executive Director, CAMPE & former caretaker government adviser, Professor Mostafizur Rahman, distinguished fellow, center for policy dialogue(CPD), Mr. Abdul Quayum, Associate Editor, Prothom Alo, Mr. Siddikur Rahman, President, BGMEA , Dr. Abdul Majid, former chairman, NBR, Mr. Syed Almas Kabir, President, Bangladesh Association of Software and Information Services, Dr. Nazneen Ahmed, Senior Research Fellow, Bangladesh Institute of Development Studies, and Ms. Syeda Rizwana Hasan, Director, Bangladesh Environment Lawyers Association participated in the discussion and exchanged their valuable thoughts regarding the national budget of 2018-19. Additionally, our distinguished council members and past presidents, Mr. Md. Humayun Kabir FCA, Mr. Md. Farhad Hussain FCA, Mr. Kamrul Abedin FCA, Ms. Parveen Mahmud FCA, and council members Mr. AF Nesaruddin FCA and Mr.

Md. Shahadat Hossain FCA also participated in the programme. This event got extensive media coverage both in electronic and print media.

Moreover, The Institute of Chartered Accountants of Bangladesh (ICAB) organized a CPD seminar on ‘An Analysis on Macroeconomic Performance of Bangladesh’ in CA Bhaban on May 5, where Dr. Kamal Uddin Ahmed, Member, Planning Commission, GoB was present as the chief guest.

I delivered welcome speech and Mr. Anwaruddin Chowdhury FCA, Member Council & Past President-ICAB conducted the session as Session Chairman. Mr. Md. Shahadat Hossain FCA, Member Council-ICAB and Partner, FAMES & R, Chartered Accountants presented the Key Note paper. ICAB Vice President Mr. Mahmudul Hasan Khusru FCA delivered the concluding remarks. The paper emphasized on the nature of macroeconomic performance of the country in the recent past years and the information has been compared in some cases year to year.

ICAB has introduced Digital Identification of Audit Report (DIAR) to prevent preparing doctored audited reports and financial statements which are submitted by different business organizations and corporate bodies to evade corporate tax.

As a part of complementary role in NBR’s effort to boost revenue collection, ICAB organized a training programme on ‘Digital Identification of Audit Report (DIAR) And Audited Financial Statements’ for Officials (VAT Intelligence Cell), NBR at its Auditorium. A number of 50 High officials of VAT Intelligence Cell, NBR participated in 2-day long training started on Tuesday, 8 May 2018.

Mr. Md. Mosharraf Hossain Bhuiyan,ndc, Chairman, National Board of Revenue (NBR) inaugurated the training programme as the Chief Guest while Mr. Md. Lutfor Rahman, Member (VAT Audit and Intelligence) and Mr. A F M Abdullah Khan, Director General(DG), Directorate of Audit, Intelligence and Investigation, Value Added Tax, NBR were present as Special Guests.

I along with Mr. Md. Humayun Kabir FCA, Member Council and Past President of ICAB and Chairman of Taxation and Corporate Laws Committee (TCLC) spoke on the occasion.

A Presentation on ‘Overview and objectives of ‘DIAR’ as well as its background was made by Mostafa Kamal FCA, Member Council and Chairman of Members’ Services and Welfare Committee and HR Committee of ICAB and Executive Vice President & Group Company Secretary – LankaBangla Finance Ltd. As per ICAB’s proposal it was agreed that a joint Working Group will be formed taking representatives from ICAB, NBR and RJSC for full implementation of the DIAR project.

ICAB has been allotted a Plot for its Academic Campus at Purbachal: With delight I like to share a good news for the Institute that ICAB has been allotted a plot from RAJUK at Purbachal Residential Area for building our academic campus. It was a dream that has become true now. I along with other office bearers and Secretary-ICAB congratulated the Chairman of Rajuk Mr. Abdur Rahman on 17 May 2018 and thanked him for allotting a plot for ICAB. ICAB is also thankful to everyone who were involved in this process.

ICAB Secretariat at 6th floor of CA Bhaban was inaugurated by Mr. M J Abedin FCA, Chairman of Advisory Board, Past President-ICAB and Senior Partner, M J Abedin & Co., on 15 May 2018. Vice Presidents, Council Members & Past Presidents were present.

Doa Mahfil in remembrance of late A K Chowdhury FCA and other deceased Members was arranged on 26 May 2018 at CA Bhaban, ICAB Auditorium to seek blessing of Almighty Allah and salvation of departed souls of late A K Chowdhury FCA (Enrolment No. 52) and other deceased Members of ICAB who left us forever.

Before starting Doa Mahfil I and other Vice Presidents, Council Members, Past Presidents and distinguished Members recalled the contribution of Mr. AK Chowdhury to the Nation and the Institute since its inception in 1973.

The relatives, colleagues, friends and well-wishers of deceased members, and employees of the Institute attended the programme.

Meetings of Council and Standing & Non-standing Committees and Sub-committees

The following meetings of the Council, Standing and Non-Standing Committees and Sub-Committees of ICAB were held during the month of May 2018.

Standing Committees:

- 1st Meeting of the Quality Assurance Board (QAB) was held on 10 May 2018 at 5:30 pm.

- 6th Meeting of the Council was held on 15 May 2018 at 5:30 pm.

- 2nd Executive Committee (EC) Meeting was held on 16 May 2018 at 3:00 pm.

- 2nd Meeting of the Technical & Research Committee (TRC) was held on 19 May 2018 at 2:00 pm.

- 2nd Meeting of the Investigation & Disciplinary Committee (IDC) was held on 19 May 2018 at 3:00 pm.

- 2nd Meeting of the Articled Students Committee (ASC) was held on 21 May 2018 at 2:30 pm.

- 2nd Meeting of the Board of Studies (BoS) was held on 30 May 2018 at 3:00 pm.

Non-standing Committees:

- 3rd Meeting of the Information & Communication Technology Committee (ICTC) was held on 22 May 2018 at 3:00 pm.

- 2nd Meeting of the Media & Branding Committee was held on 31 May 2018 at 3:00 pm.

Standing and Non-Standing Sub-committees:

- 2nd Meeting of the 7-Member IT Syllabus Sub-Committee Meeting of the Board of Studies (BoS) was held on 20 May 2018 at 3:00 pm.

- 3rd Meeting of the 7-Member IT Syllabus Sub-Committee Meeting of the Board of Studies (BoS) was held on 27 May 2018 at 3:00 pm.

No more today. Wish you all the best for everyone.

Dewan Nurul Islam FCA President

President’sCommunication

May 2018








FROM THE DESK OF CHAIRMAN – EDITORIAL BOARD

Dear fellow members and friends,This is the month of famous May Day- the first day of May which is observed across the world every year since 1886 commemorating the supreme sacrifices of the workers at Hay Market, Chicago, in the USA for eight-hour working day. I on behalf of the Institute of Chartered Accountants of Bangladesh (ICAB) would like to join the working people who celebrate this day all over the world with warmth and encouragement. I also salute all the working comrades who sacrificed their lives, who raised their voices and shed blood and sweat for the human freedom and dignity to improve their living conditions by ensuring the labor rights and giving proper respect to their labor.Though the month of Ramadan cut short working hours and days, a good number of seminars and workshop took place with remarkable strength. A warm pre-budget Round Table discussion took place in ICAB Council Hall was jointly organized by ICAB and Prothom Alo. There, the discussants expressed their thoughts on various aspects of National Budget 2018-2019.The Holy month of Ramadan has commenced which is anxiously awaited by all the Muslims of the world. Ramadan is the month in which Allah Almighty opens His doors of mercy, forgiveness and blessings upon Muslims. It holds a special place in Islam and among Muslims because of two major reasons: Firstly, the book of eternal guidance the ‘Holy Quran’ was revealed upon Prophet Muhammad in this month; Secondly, the 30 days of fasting in this month lead to the glorious and auspicious occasion of ‘Eid ul Fitr’.I take this opportunity to wish all our Members and Friends every success in their noble endeavor during the sacred month of Ramadan. May Allah bless us all with peace, tranquility and healthy lives. May the Almighty gives us the best of this world and the Hereafter. Ameen.Ramadan Mubarak

Dr. Jamshed S A Choudhury FCA





















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ICAB Seminar Stresses for Ensuring Transparency and Accountability in Public Fund Management and Poverty Alleviation

ncrease of tax collection, fund allocation and ensuring transparency and accountability in public fund

management, poverty alleviation and reducing the income disparity should get most priority in the upcoming national budget. According to World Health Organization’s report 52 lakhs people are living under poverty line in the country who do not have access to proper health care service. So, sufficient amount of money must be allocated for health sector for providing maximum health service to the rural poor and hard core poor people of the country, so that they could fully engage in economic main stream activities-speakers told at a seminar held on 5 May 2018.

The Institute of Chartered Accountants of Bangladesh (ICAB) organised a CPD seminar on ‘An Analysis on Macroeconomic Performance of Bangladesh’ at CA Bhaban where Dr. Kamal Uddin Ahmed, Member, Planning Commission, GoB was present as the chief guest. ICAB President Dewan Nurul Islam FCA delivered welcome speech and Anwaruddin Chowdhury FCA, Member Council & Past President-ICAB conducted the session as Chairman. Md. Shahadat Hossain FCA, Member Council-ICAB and

Partner, FAMES & R, Chartered Accountants presented the Key Note paper. ICAB Vice President Mahmudul Hasan Khusru FCA delivered the concluding remarks. The paper emphasized on the nature of macroeconomic performance of the country in the recent past years and the information has been compared in some cases year to year.

The economy of the country is maintaining GDP growth rate on an average 6.5% to 7.05% in last few years. Per capita income has increased to USD around sixteen hundred. To keep the inflation within the tolerable range through controlling the demand pull inflation, the annual money and credit growth must be consistent with the growth rate of commodities, the paper stated.

It also emphasized for social safety net programmes, and said that the government should continue subsidization of commodities like providing goods and services that everyone needs cheaply. The step would effectively raise the purchasing power of the poor in the society, the paper stated. To generate more employment, the government should take effective steps to ensure sufficient amount of credit by creating marketing opportunity to sale the products of small and micro enterprises which ultimately accelerate the growth of SMEs, it further stated.

Special attention is required to be given to complete the ongoing mega projects in time so that it could reduce the implementation cost of these projects which ultimately would reduce the burden on national exchequer, this suggestion came from the seminar paper.

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Members’ AchievementMd. Refaul Karim Chowdhury FCA (Enrolment No. 1337), achieved Fellow Membership from the Institute of Financial Accounts (IFA) and the Institute of Public Accounts of Australia recently.

As a member of the IFA he has been granted automatic membership of the Institute of Public Accountants of Australia (IPA). IPA in January 2015 formed the world’s largest professional accountancy body which is dedicated to the needs of small and medium-sized accountancy practices and their SME clients. Md. Refaul Karim Chowdhury FCA

Doa Mahfil in Remembrance of late A K Chowdhury FCA and Other Deceased Members

The Institute of Chartered Accountants of Bangladesh (ICAB) arranged a Doa Mahfil on 26 May 2018 at CA Bhaban, ICAB Auditorium to seek blessing of Almighty Allah and salvation of departed souls of late A K Chowdhury FCA (Enrolment No. 52) and other deceased Members of ICAB who left the world forever.

Before starting Doa Mahfil ICAB President Dewan Nurul Islam FCA, Vice Presidents, Council Members, Past Presidents and Distinguished Members recalled the contribution of AK Chowdhury to the Nation and his memories relating to the Institute since its inception in 1973.

The relatives, colleagues, friends and well-wishers of the deceased

members, and employees of the Institute attended the programme.


















Mahamud Hosain in NTV Talkshow

ICAB Vice President and Member Council Mahamud Hosain FCA participated in live business talkshow ‘Market Watch’ in NTV on 13 & 16 May 2018. He shared views on stock market and the updates of economy of the country.

Md. Shahadat Hossain Participates in TV Talkshow

ICAB Member Council Md. Shahadat Hossain FCA participated in live business talkshow ‘Market Watch’ in NTV recently. He shared views on national Budget, Capital Market and Macro Economic aspects.

G M Munir Ahmed FCA DiesG M Munir Ahmed FCA (Enrl. 100), Partner of Ata Khan & Co., Chartered Accountants died due to old age complications at Green Life Hospital, Dhaka on 28 May 2018. (Innah Lillahe... Rajeun).

On behalf of the Council of ICAB, President Dewan Nurul Islam FCA sent a condolence letter to the bereaved family and sought eternal peace of the departed soul.




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Anwaruddin Chowdhury Participates in CAPA Events in NepalCAPA Public Sector Financial Management (PSFM) Committee Meeting As the Committee Chair, Anwaruddin Chowdhury presided over the PSFM Committee meeting held on 11 May afternoon. The meeting was called to order at 1:05pm. The meeting was participated by Committee members, CAPA President and several other Board members, representatives from host ICAN and from CIPFA, ACCA and ICAEW.

Discussing the Strategic Activities, the PSFMC meeting reviewed the Profession's activities in the Public Sector. Committee members shared the public sector progress in their respective jurisdictions. ICAN provided detailed update on the progress of Nepal’s journey to improving PFM since 2013 and major initiatives taken. Nepal recently changed from a central structure to a federal structure with three levels of Government- federal, provincial and local. The government adopted the Nepal Public Sector Accounting Standards (NPSAS), which are based on IPSAS cash basis of accounting, for two of its line ministries in FY 2014/2015. ICAN is working on a PFM index for Nepal. The Chairman explained the Bangladesh public sector reforms and the profession's advocacy for the Government and broader public sector to convert to accruals accounting and move towards implementation of IPSAS in the long term. Bangladesh MoF has begun digitalising budget preparation and payment processes, an initiative that is part of its PFM reform exercise. Anwaruddin Chowdhury also indicated that there is active collaboration between the OCAG and ICAB for progressing accruals based accounting, and that three SOEs will be piloted for accruals accounting on a test basis in 2018. India completed the conversion into Accruals Accounting for its entire Railways system, which represents a remarkable achievement in PSFM for the entire region. KICPA has formed a Public Sector Committee in 2015 and has

initiated a research project for analysing Korean Central Government’s Annual Report and linking it to the financial information under accrual basis accounting. ICAEW shared various publications available on its website under the category of ‘Public Finances’. CIPFA shared information about their Accountancy Apprenticeship programme. ACCA informed that it has presented its research report on IPSAS Implementation at a recent UNCTAD-ISAR meeting.

The PSFMC discussed its current project - Draft Publication titled ‘PAOs Engaging with the Public Sector’, that is related to the Public Sector Accountancy Survey issued to member and non‐member PAOs in late 2016. This publication will include findings and insights from the survey and any messages arising. The publication is expected to be completed and launched at the IFAC and CAPA meetings in Nov '18. PSFMC Members opined that the Publication (Messages) should be made user friendly and understandable.

The Meeting discussed the next PSFMC meeting, scheduled to be held in Hanoi, Vietnam, on 16-18 August. CAPA is working closely with the host- Vietnam Association of Certified Public Accountants (VACPA) to organise a Roundtable event with Vietnam Government (public sector). The Meeting closed at 4:05pm, with a vote of thanks to and from the Chair.

CAPA Board Meetings The Directors met in two sessions on 11th evening and 13 May morning. The Board meeting reviewed Members meeting agenda, including CPA Afghanistan admission as an Associate member; recruitment of an additional resource person for CAPA Secretariat, finalisation of publication on ‘Governance’ for the Maturity Model PAO Development Guidance Series, etc. The Board also discussed initial ideas for the 2020 CAPA Conference.

CAPA Members Meeting and AGMThe CAPA Members meeting was held full day on 13 May. The meeting chaired by President and ably assisted by CE CAPA, noted progress of the 2018 Work Programme; received a briefing on the various stakeholder meetings attended by President and CE. Brief discussions were held on Member Body Reports. The Committee Chairs presented their Reports on Committee Meetings held in Kathmandu.

A Member-led Session (Group Discussion) on "Enhanced Auditor Reporting" -ISA 701 and ISA 720, was organised during the Members Meeting to focus on contemporary and emerging matters of interest to the profession. The session was facilitated by ACCA's Policy Head for ASEAN, who is an IAASB member. He presented the background work of IAASB, stages of adoption in various countries, and ACCA's studies on countries that have implemented the





















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revenue collection of NBR would definitely increase. In this direction DIAR is ICAB’s noble initiative and it will help NBR officials in assessing real taxpayers and the tax which ultimately would leave positive impact on revenue collection.

ICAB President Dewan Nurul Islam FCA said that Bangladesh has achieved the status of developing county. In this transaction, the country is facing multiple challenges. In last two years the country’s revenue collection increased to 17.9 and 26.6 percent. Modernization

of tax collection and at the same time simplification of tax collection process is not an easy game for NBR. ICAB wants to be a close associate with NBR to face this challenge, he added.

He said that there was a huge gap between the number of financial statements audited by CA firms under ICAB and the reports submitted to the tax authority. He said it so be happening that a vested quarter was active to submit the tampered financial statements attached with the annual tax returns at the discretion of that alleged company.

To prevent the malpractice, under ERP system, ICAB has developed the DIAR system under which the list of auditors and their clients list are stored in database from where anyone could find the name of auditors and the company audited for a particular financial year.

Statutory submission of financials duly audited by Chartered Accountants (CAs) is mandatory for all corporate taxpayers under the income-tax law. ICAB thinks that if NBR efficiently utilize the DIAR system, it could detect the tax dodgers and raise revenue collection.










Standard. Participants separated into four groups to reflect on questions posed, and thereafter each group reported back on their deliberations. Outcomes have since been published on CAPA website.

The two hosting PAOs of the World Congress of Accountants (WCOA)- CAANZ and CPA Australia, provided an update on the programme events and pricing, including extension of 'early bird' bookings and group discounts for 50 delegates. PAOs were requested to visit the WCOA website <wcoa2018.sydney>.

Future Meeting locations and dates were confirmed on 3-5 Nov 2018 in Sydney and May 2019 in USA, for Committee, Board, Members Meetings and AGM.

CAPA Annual General meeting held 4:30pm- Members approved all items, including 2017 audited FS.

ICAB Participates in ICAN-CAPA International Public Sector ConferenceAnwaruddin Chowdhury, Council Member and PP ICAB, Director CAPA

Board and Member IPSASB Consultative Advisory Group (CAG), presented the Keynote Paper on the theme "Public Sector Financial Management –Enhanced Accountability and Transparency" in the Inaugural session. The Conference was jointly organized by ICAN and PEFA Secretariat of AG office, in association with CAPA. Conference was inaugurated by Hon'ble Finance Minister of Nepal, Dr Yuba Raj Khatiwada, while respected Auditor General of Nepal, graced the Conference as Guest of Honour. President CAPA, President

SAFA, and host ICAN President also addressed the Inaugural session.

The Keynote Speaker Anwaruddin Chowdhury highlighted the Conceptual Dimensions, Thematic Overview, Understanding PSFM and how it Enhances Accountability and Transparency, the case for Accrual Accounting and Implementation of IPSAS. Conference featured four Technical Sessions, focused on "Integrated Financial Management Information Systems", "PSFM Challenges and Way Forward in Federal Structure", "Strengthening Audit Function in Public Sector" and "PFM Governance and Practices- Country Experiences". Several Nepal Government officials (AG office and MoF), and CAPA PAOs, including its CE, Brian Blood, served as Presenters or Session Chair. About 250 delegates from 20 countries, particularly Nepal public sector officials, representatives from Nepal PEFA Secretariat, development agencies, ICAN members, and representatives of CAPA and SAFA member PAOs, attended the Conference.

ICAB’s DIAR... (From back page)




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May 2018 No. 342

Announcement(Classes of Next Session)

The New Session of Pre-examination Classes (June- August-18) for the Students of Certificate Level (1st Batch) will start from Tuesday, 05 June 2018 at ICAB- Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215. A Notice has already been issued in this matter and all the concerned students are advised to enroll for the classes by 31 May 2018 and to join the session accordingly.

Source: ICAB Campus

ICAB Academic Campus NewsThe Pre-examination Classes for Professional Stage-Knowledge Level (17th Batch, Sections: G-I), Application Level (Sections: A-C) & Advanced Stage (Section: A) which were started from 11 March 2018, has already been concluded on 31 May 2018. There were 467 students joining with 73 teachers in these courses. All the students are the fresh examinees for Session: May-June 2018.

As a result, the cumulative number of participated students in classes of ICAB under new curriculum has come to 14244, till May 31, 2018.

The regular session for the students of Certificate Level (1st Batch) will commence on Tuesday, 05 June 2018 at ICAB- Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215. A Notice has already been issued in this regard and all the concerned students are advised to enroll for the classes by 31 May 2018, and adhere the session accordingly.

Moreover, the Mock Exams on "Assurance, Accounting & Taxation-1" for Professional Stage-Knowledge Level and "Audit & Assurance and Financial Accounting" of Application Level students which were held on 3- Friday viz. 13, 20 & 27 April 2018 at 3:00pm to 5:00pm & 3:00pm to 6:00pm at ICAB- Academic Campus, under the guidance of Dhaka Regional Committee (DRC)-ICAB, the Feedback Session of these DRC-Mock Exams ensued for the examinees consecutive on 2-Friday, 4 & 11 May 2018 at ICAB-Academic Campus. Actually, the omissions and errors find in answers script further means and ways for doing well in the final exams etc matters and techniques were forecasted there, by a-group of high potential resource persons. The c o n c e r n e d e x a m i n e e s , teachers, office bearers and members' council of Institute were invited

and joined in the session to make the programme effective at Campus.

Meanwhile, 8- Saturdays' scheduled a- short course on English Language (2nd Batch) which was started from 24 March at 3:00pm to 6:00pm for the CA students at ICAB-Academic Campus under the guidance of Bangladesh Chartered Accountancy Chatra Parishad (BCACP) and financed by the Dhaka Regional Committee (DRC)-ICAB, has been closed on 11 May 2018.

On the other hand, a- 3 Day Long Workshop On "Overview of Selective IAS/IFRS and Solving Past Questions on Financial and Corporate Reporting" for CA Advanced Stage Students held on May 25-27, 2018 form 10:00am to 5:00pm at ICAB-Academic Campus. This Special session helped the participants to discover how to improve examination technique and to get through the exams. It was designed to help the participants to appreciate whatever required passing an exam by looking at a completed exam scripts through the eye of resource persons. The students who are struggling on 'Financial & Corporate Reporting' module aiming for May-June-18, Exam Session were especially encouraged to participate. The errors, loop false, gap are found in answer scripts will be thoroughly addressed on the top of further means and ways improving in the final exams, by an- expert of teachers' pool. Students' pre-query accumulation, earlier study and self-preparation were highly recommended to make the session effective. The concerned participants, resource persons, office bearers and members' council of Institute were invited

to inaugural and closing session of the workshop as well to brand the progrmmme gala.

In the month of May 2018, the Vice President (Education & Training) - ICAB, Mahmudul Hasan Khusru FCA, visited the Academic Campus on 04, 11, 18, 26 & 29 May 2018, during the class-hour in the evening shift and day time session. He met with the students and faculty members, to know about the areas needed to improve with a view to make the campus environment, services and activities more congenial for study. He advised all the concerned for proper implementation of the outcomes of his visits as well.

Besides, the refurbishments of ICAB-Academic Campus at 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215, have mostly done, and the rest of works will be consummated by June 2018.

The above Programme and Session have been organised by the Additional Director, Academic Campus and a team, under the supervision of the Vice President (Education & Training)-ICAB, Mahmudul Hasan Khusru FCA, with the guidance and consent of the Chairman, Board of Studies-ICAB, ABM Azizuddin FCA & President of ICAB, Dewan Nurul Islam FCA.

























Special sessions on Financial & Corporate Reporting for CA Exam Final Level Students was held on 25 May 2018 at ICAB Academic Campus with a view to helping students for successfully passing the Exam and qualifying as Chartered Accountants to serve the country.




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May 2018No. 342
















ICAB Participates in SAFA Board Meeting in Kathmandu










ICAB Secretariate floor Inaugurated

M J Abedin FCA, Past President-ICAB and Senior Partner, M J Abedin & Co., inaugurated renovated office of ICAB Secretariate at 6th floor of CA Bhaban on 15 May 2018. During the occasion Mr. Abedin was flanked by ICAB President Dewan Nurul Islam FCA, Vice Presidents, Council Members & Past Presidents.

ICAB participated in the SAFA Board Meeting held in Kathmandu on 11 May. Anwaruddin Chowdhury, Council Member and Past President ICAB and Director CAPA Board was nominated by the President to represent the ICAB at the meeting. This Board meeting, postponed from Kabul earlier, was presided over by the SAFA President, Dr. Subodh Kumar Karne, PP ICAN, and attended by VP SAFA Dr. Jag Mohan Rao of CMA India and representatives from all the SAFA member bodies, including CPA Afghanistan. After the salutations and introductions, President SAFA announced the revised nominations from member bodies, including ICMAB, ICAI, ICMAP and CASL. He then briefed the meeting (assisted by the PS) on the status of the accountancy profession in Bhutan and Maldives. ICAI President reported that it was helping in the establishment of the SAI in Bhutan under a WB project. The meeting considered the potential of CPA Maldives being admitted as an Associate Member of SAFA. Re Joint Strategic Meeting between SAFA and CAPA Boards, President SAFA suggested an informal meeting the same evening, but on assertion by Anwaruddin Chowdhury, President SAFA agreed to call it an initial (but formal) meeting, which would be strategised and continued in Sydney alongside the WCOA. < SAFA and CAPA Boards met the same evening at 6:30 pm for about an hour. Both Boards reckoned it was a good strategic decision to strengthen synergies between them for mutual benefits>.

At the request of President SAFA, Ms. Adelle Evans from CAANZ, one of the two hosts of the World Congress of Accountants, gave a brief Presentation of the WCOA November 2018 event in Sydney, highlighting the technical sessions and other attractions. President SAFA requested the host bodies to consider giving 50% discount on registration fees of SAFA delegates, thereby reducing it to USD 900+. At the request of ICAB representative Anwaruddin Chowdhury, Adelle agreed to facilitate the Visa support letters and issuance of visas by Australian HC for SAFA delegates. Re FRED Conference, WB Representative Mr Frank.... (substituting for Ms Jiwanka),stated that it will be held in Karachi on 10 and 11 August 2018. He said that WB will fund USD 30 K and any funding gap will be shared equally been ICAP and ICMAP. He informed that FRED 3 will be focused on Encouraging Sustainability.

President apprised the meeting that the SAFA Foundation will be registered in Sri Lanka at a cost of SL Rs 3 lacs. VP SAFA informed the meeting that a high profile IFAC-SAFA PAIB Forum will be hosted by CMA India in March 2019, after Dr. Rao's Institute assumes the Presidency of SAFA. The IFAC focused Forum will essentially address PAIB Stakeholders' Expectations. On the issue of SAFA "Women Empowerment Leading to Leadership", it was decided to form a SAFA Women in Leadership Committee. ICAB proposed that Ms Parveen Mahmud, being the first Lady President of any SAFA Institute and having served on the SAFA Board, may be appointed as the First Chairperson of the Committee. It was decided to seek nominations from all SAFA member bodies having lady Council Members (ICAB, ICAI, ICAP and ICAN).

The SAFA Board Meeting ended with at 12:20 pm, with a Vote of Thanks to and from the Chair.




Budget Discussion (From page 3)

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May 2018 No. 342

Admission as AssociatesThe following member has been admitted as Associate of the Institute with effect from the date mentioned against his name:Name Effective DateShajib Mushfiqur Rahman ACA (1907) 9 April 2017Corporate AccountantGunn Shire Council63 Elign St, GunnedahNSW-2380, Australia

Admission as FellowsThe following members have been admitted as Fellows of the Institute with effect from the dates mentioned against respective names:

Name Effective DateRanjit Chanda Shil FCA (903) 16 May 2018Chief Financial OfficerMatin Spinning Mills Ltd.BGMEA Complex (12 Floor)23/1, Panthapath Link Road, DakaMd. Ramiz Uddin FCA (1369) 16 May 201849/5, R. K. Mission Road,Goibagh, DhakaJoydeb Dutta FCA (1541) 16 May 2018JD & Co.Chartered AccountantsHouse # 473, Road # 31, New DOHSMohakhali C/A, DhakaAbu Nasser FCA (1546) 16 May 2018Head of Finance & AccountsDeeplaid Pharmaco Ltd.Al Habib Complex (5th floor)53/1, Kaptan BazarWari, Daka-1203Sukanta Bhattacharjee FCA (1550) 16 May 2018PartnerSenhasish Mahmud & Co.Chartered AccountantsPlot # 10 (3rd Floor)Road # 9, Block-JBaridhara, Dhaka-1212Rubiya Akter FCA (1554) 16 May 2018Manager (Listing Department)Chittagong Stock ExchangeCSE Building1080 Sk. Mujib Road, Agrabad, Chittagong

Permission to Start PracticeThe following members have been permitted to Start Practice as Public Accountants with effect from the date mentioned against their respective names:

Name Effective DateSyed Mhamud Ahmad FCA (586) 16 May 2018PartnerM. M. Rahman & Co.Chartered AccountantsAdma Life Tower (10th floor)115, Kazi Nazrul Islam AvenueBangla Motor, Dhaka-1207

Name Effective Date

Mohammed Forkan Uddin FCA (886) 16 May 2018PartnerM. M. Rahman & Co.Chartered AccountantsAdma Life Tower (10th floor)115, Kazi Nazrul Islam AvenueBangla Motor, Dhaka-1207

Md. Nazmul Hussain Siddique FCA (1427) 16 May 2018PartnerMasih Muhith Haque & Co.Chartered AccountantsUTC Building, Level # 138 PanthopothDhaka-1215

Imtiaz Lutful Baset FCA (663) 16 May 2018PartnerJ. U. Ahmed & Co.Chartered AccountantsHouse no. 170 (1st floor)Lane-03, New DOHS, MohakhaliDhaka-1100

Wadud Sharif ACA (1710) 16 May 2018PartnerG. Nabi & Co.Chartered AccountantsEllal Chamber (8th floor)11 Motijheel C/A, Dhaka-1000

Md. Yasin Miah FCA (1001) 16 May 2018ProprietorM M Yasin & Co.Chartered AccountantsHouse # 22 (2nd floor)Road # 12, Block # F, NiketonGulshan, Dhaka-1212

Md. Ibrahim Mia FCA (391) 16 May 2018PartnerS. K. Barua & Co.Chartered AccountantsHouse No. 432 (2nd floor)Lane-30, New DOHS, MohakhaliDhaka-1206

Permission to Join as PartnerMr. Syed Mahmud Ahmed Ahmad FCA (586) and Mr. Mohammed Forkan Uddin FCA (886) have been permitted to form partnership and continue practice under the name and style of:

Name Effective DateM. M. Rahman & Co. 16 May 2018Chartered AccountantsAdma Life Tower (10th floor)115, Kazi Nazrul Islam AvenueBangla Motor, Dhaka-1207The other partners of the Firm: Md. Obaidur Rahman FCA (49) and Md Rafiqul Islam Khan FCA (155).

Mr. Md. Nazmul Hussain Siddique FCA (1427) have been permitted to form partnership and continue practice under the name and style of: Name Effective DateMasih Muhith Haque & Co. 16 May 2018Chartered AccountantsUTC Building, Level # 138 Panthopoth, Dhaka-1215

The other partners of the Firm: Masih Malik Chowdhury FCA (337), SM Atiar Rahman FCA (574) and Muraheb Malik Chowdhury FCA (1186).

Mr. Imtiaz Lutful Baset FCA (663) have been permitted to form partnership and continue practice under the name and style of:

Name Effective DateJ. U. Ahmed & Co. 16 May 2018Chartered AccountantsHouse no. 170 (1st floor)Lane-03, New DOHS,Mohakhali, Dhaka-1100The other partner of the Firm: Jamil Uddin Amed FCA (679).

Mr. Wadud Sharif ACA (1710) have been permitted to form partnership and continue practice under the name and style of:

Name Effective DateG. Nabi & Co. 16 May 2018Chartered AccountantsEllal Chamber (8th floor)11 Motijheel C/ADhaka-1000The other partner of the Firm: Md. Golam Nabi FCA (453).

Mr. Md. Ibrahim Mia FCA (391) have been permitted to form partnership and continue practice under the name and style of:

Name Effective DateS. K. Barua & Co. 16 May 2018Chartered AccountantsHouse No. 432 (2nd floor)Lane-30, New DOHS,Mohakhali, Dhaka-1206

Change of Office AddressName and New Address Effective DateZahur & Mostafiz 4 April 2018Chartered Accountants HR Bhaban (6th floor) 100 Bir Uttam A. K. Khandaker SarakMohakhali C/A,Dhaka-1212

KSR & Co., 15 April 2018Chartered AccountantsAl Razi Complex (8th floor), Suite-G-802166-167 Shaheed Syed Nazrul Islam SaraniPurana Paltan, Dhaka-1000

Restoration of ICAB MembershipMembership of the following persons has been restored with effect from the dates mentioned against their respective names:

Name Effective DateMd. Shahabuddin ACA (1408) 16 April 201822 Oxted close, Mitcham, cR4 3PESuite-18, 95 Miles Road, Mitcham,Surrey, CR4 3PE, United Kingdom

Abdul Jabbar ACA (1425) 22 April 2018Head of FinanceDekko Accessories Ltd.Concord Royal Court (2nd floor)House # 40, Road # 16 (Old-27)Dhanmondi R/A, Dhaka-1209

Saidur Rahman ACA (899) 9 May 2018House No. 40, Road-West Malling wayPost Code: RM12 5RSLondon, United Kingdom

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May 2018No. 342

Opportunity for ICAB Members/Practicing CA Firms

This is for information to all the ICAB Members / Practicing CA Firms who are looking for prospective Partners/ Qualified Assistants/ Qualified Director and also who are interested to join with any Practicing CA Firm may kindly contact in writing with Secretary-ICAB, Major General Muhammad Imrul Quayes, ndc, psc (Retd).

ICAB will act as a Mediator to facilitate the process. Particulars of concerned Members/CA Firms will be kept confidential as far as possible.

Admission as AssociatesThe following member has been admitted as Associate of the Institute with effect from the date mentioned against his name:Name Effective DateShajib Mushfiqur Rahman ACA (1907) 9 April 2017Corporate AccountantGunn Shire Council63 Elign St, GunnedahNSW-2380, Australia

Admission as FellowsThe following members have been admitted as Fellows of the Institute with effect from the dates mentioned against respective names:

Name Effective DateRanjit Chanda Shil FCA (903) 16 May 2018Chief Financial OfficerMatin Spinning Mills Ltd.BGMEA Complex (12 Floor)23/1, Panthapath Link Road, DakaMd. Ramiz Uddin FCA (1369) 16 May 201849/5, R. K. Mission Road,Goibagh, DhakaJoydeb Dutta FCA (1541) 16 May 2018JD & Co.Chartered AccountantsHouse # 473, Road # 31, New DOHSMohakhali C/A, DhakaAbu Nasser FCA (1546) 16 May 2018Head of Finance & AccountsDeeplaid Pharmaco Ltd.Al Habib Complex (5th floor)53/1, Kaptan BazarWari, Daka-1203Sukanta Bhattacharjee FCA (1550) 16 May 2018PartnerSenhasish Mahmud & Co.Chartered AccountantsPlot # 10 (3rd Floor)Road # 9, Block-JBaridhara, Dhaka-1212Rubiya Akter FCA (1554) 16 May 2018Manager (Listing Department)Chittagong Stock ExchangeCSE Building1080 Sk. Mujib Road, Agrabad, Chittagong

Permission to Start PracticeThe following members have been permitted to Start Practice as Public Accountants with effect from the date mentioned against their respective names:

Name Effective DateSyed Mhamud Ahmad FCA (586) 16 May 2018PartnerM. M. Rahman & Co.Chartered AccountantsAdma Life Tower (10th floor)115, Kazi Nazrul Islam AvenueBangla Motor, Dhaka-1207

Name Effective Date

Mohammed Forkan Uddin FCA (886) 16 May 2018PartnerM. M. Rahman & Co.Chartered AccountantsAdma Life Tower (10th floor)115, Kazi Nazrul Islam AvenueBangla Motor, Dhaka-1207

Md. Nazmul Hussain Siddique FCA (1427) 16 May 2018PartnerMasih Muhith Haque & Co.Chartered AccountantsUTC Building, Level # 138 PanthopothDhaka-1215

Imtiaz Lutful Baset FCA (663) 16 May 2018PartnerJ. U. Ahmed & Co.Chartered AccountantsHouse no. 170 (1st floor)Lane-03, New DOHS, MohakhaliDhaka-1100

Wadud Sharif ACA (1710) 16 May 2018PartnerG. Nabi & Co.Chartered AccountantsEllal Chamber (8th floor)11 Motijheel C/A, Dhaka-1000

Md. Yasin Miah FCA (1001) 16 May 2018ProprietorM M Yasin & Co.Chartered AccountantsHouse # 22 (2nd floor)Road # 12, Block # F, NiketonGulshan, Dhaka-1212

Md. Ibrahim Mia FCA (391) 16 May 2018PartnerS. K. Barua & Co.Chartered AccountantsHouse No. 432 (2nd floor)Lane-30, New DOHS, MohakhaliDhaka-1206

Permission to Join as PartnerMr. Syed Mahmud Ahmed Ahmad FCA (586) and Mr. Mohammed Forkan Uddin FCA (886) have been permitted to form partnership and continue practice under the name and style of:

Name Effective DateM. M. Rahman & Co. 16 May 2018Chartered AccountantsAdma Life Tower (10th floor)115, Kazi Nazrul Islam AvenueBangla Motor, Dhaka-1207The other partners of the Firm: Md. Obaidur Rahman FCA (49) and Md Rafiqul Islam Khan FCA (155).

Shahadat Hossain Made Presentation on Best Financial Reporting

Paper presenter Md. Shahadat Hossain FCA, Council Member-ICAB making a presentation on Best Financial Reporting at a workshop organised by Investment Corporation of Bangladesh (ICB) at its Board Room on 26 March 2018.

Mr. Md. Nazmul Hussain Siddique FCA (1427) have been permitted to form partnership and continue practice under the name and style of: Name Effective DateMasih Muhith Haque & Co. 16 May 2018Chartered AccountantsUTC Building, Level # 138 Panthopoth, Dhaka-1215

The other partners of the Firm: Masih Malik Chowdhury FCA (337), SM Atiar Rahman FCA (574) and Muraheb Malik Chowdhury FCA (1186).

Mr. Imtiaz Lutful Baset FCA (663) have been permitted to form partnership and continue practice under the name and style of:

Name Effective DateJ. U. Ahmed & Co. 16 May 2018Chartered AccountantsHouse no. 170 (1st floor)Lane-03, New DOHS,Mohakhali, Dhaka-1100The other partner of the Firm: Jamil Uddin Amed FCA (679).

Mr. Wadud Sharif ACA (1710) have been permitted to form partnership and continue practice under the name and style of:

Name Effective DateG. Nabi & Co. 16 May 2018Chartered AccountantsEllal Chamber (8th floor)11 Motijheel C/ADhaka-1000The other partner of the Firm: Md. Golam Nabi FCA (453).

Mr. Md. Ibrahim Mia FCA (391) have been permitted to form partnership and continue practice under the name and style of:

Name Effective DateS. K. Barua & Co. 16 May 2018Chartered AccountantsHouse No. 432 (2nd floor)Lane-30, New DOHS,Mohakhali, Dhaka-1206

Change of Office AddressName and New Address Effective DateZahur & Mostafiz 4 April 2018Chartered Accountants HR Bhaban (6th floor) 100 Bir Uttam A. K. Khandaker SarakMohakhali C/A,Dhaka-1212

KSR & Co., 15 April 2018Chartered AccountantsAl Razi Complex (8th floor), Suite-G-802166-167 Shaheed Syed Nazrul Islam SaraniPurana Paltan, Dhaka-1000

Restoration of ICAB MembershipMembership of the following persons has been restored with effect from the dates mentioned against their respective names:

Name Effective DateMd. Shahabuddin ACA (1408) 16 April 201822 Oxted close, Mitcham, cR4 3PESuite-18, 95 Miles Road, Mitcham,Surrey, CR4 3PE, United Kingdom

Abdul Jabbar ACA (1425) 22 April 2018Head of FinanceDekko Accessories Ltd.Concord Royal Court (2nd floor)House # 40, Road # 16 (Old-27)Dhanmondi R/A, Dhaka-1209

Saidur Rahman ACA (899) 9 May 2018House No. 40, Road-West Malling wayPost Code: RM12 5RSLondon, United Kingdom

14

May 2018 No. 342

Published by the Editorial Board of the Council, The Institute of Chartered Accountants of Bangladesh (ICAB)100 Kazi Nazrul Islam Avenue, Dhaka 1215; Tel. 9117521, 9112672, 9115340 , 9137847 Fax: +880-2-9125266, E-mail: [email protected], Website: www.icab.org.bd

ICAB’s Digital Identification of Audit Report (DIAR) to Prevent Manipulated Audited Reports and Financial StatementsProvides training to NBR VAT intelligence Officials

he Institute of Chartered Accountants of Bangladesh (ICAB) has introduced Digital Identification of Audit Report

(DIAR) to prevent preparing manipulated audited reports and financial statements which are submitted by different business organizations and corporate bodies to evade corporate tax and avail credit facilities from various financial institutions.

As part of complementary role in NBR’s effort to boost revenue collection, ICAB organized a programme on ‘Digital Identification of Audit Report (DIAR) and Audited Financial Statements’ for its Officials (VAT Intelligence Cell) at its Auditorium. A number of 50 High officials of VAT Intelligence Cell, NBR are participating in 2-day long training started from Tuesday, 8 May 2018.

Md. Mosharraf Hossain Bhuiyan,ndc, Chairman, National Board of Revenue (NBR) inaugurated the training programme as the Chief Guest while Md. Lutfor Rahman, Member (VAT Audit and Intelligence) and A F M Abdullah Khan, Director General (DG), Directorate of Audit, Intelligence and Investigation, Value Added Tax, NBR were present as Special Guests.

Dewan Nurul Islam FCA, President-ICAB and Md. Humayun Kabir FCA, Member Council and Past President of ICAB and Chairman of Taxation and Corporate Laws Committee (TCLC) also spoke on the occasion.

A Presentation on ‘Overview and objectives of ‘DIAR’ as well as its

background was made by Mostafa Kamal FCA, Member Council and Chairman of Members’ Services and Welfare Committee and HR Committee of ICAB and Executive Vice President & Group Company Secretary – LankaBangla Finance Ltd. As per ICAB’s proposal it was agreed that a joint Working Group will be formed taking representatives from ICAB, NBR and RJSC for full implementation of the DIAR project.

Stressing implication of DIAR system NBR Chairman said the revenue authority largely depends on the financial statements duly signed by an auditor to assess the taxpayers and the tax. In our country some of the businesses prepare two financial statements for a particular fiscal year instead of one with aim to evade tax. They think that dodging of tax is the integral part of their business profit, which is totally unethical.

Businessmen accumulate the money by giving wrong information in L/C,

under-invoicing or over-invoicing in export and import statements. This undisclosed money becomes black money. He urged the businessmen to give true and fair information in the financial statements. He requested not to think payment of tax is a burden, rather it should be their sacred responsibility.

Increasing revenue collection becomes imperative for NBR in this juncture of the country moving forward to developed country status. The ratio of tax collection and the ratio of gross domestic products(GDP) is hovering eight to ten percent per annum. As a result, Bangladesh depends on extensive foreign loan with higher interest rate to continue different development projects in the country. One of the main conditions of achieving the sustainable development goals (SDGs) is to be self-sufficiency ensuring the generation of own funds.

He further said if we can prevent the fake audit and financial statements, the

T

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