INSPIRING BUSINESS CONFIDENCE · 2019ANNUAL REPORT ICAB website provides the required information for students, members and other stakeholders. 09 WEBSITE facebook ... Social Islami

2019A N N U A L R E P O RT

INSPIRING BUSINESSCONFIDENCEwww. i c a b . o r g . b d

www. icab .o rg .bd

2019A N N U A L R E P O R T

2

Professionalism

Ethics

Accountability

Transparency

Integrity

Leadership

02 | The Institute of Chartered Accountants of Bangladesh


Notice

The Institute- A Brief Outline

The Council-2019

Regional Committees / Chapters

Past Presidents

ICAB Senior Management Team

Highlights of Activities of the Year 2019

President’s Statement 2019

REPORT OF THE COUNCIL FORTHE YEAR 2019

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Chapter 1.0 Trainings and Workshops

Chapter 2.0 Examination and Students' Affairs

Chapter 3.0 Members’ Conference/CPD Program

Chapter 4.0 Compliance and Technical Standards

Chapter 5.0 Promoting Corporate Governance

Chapter 6.0 Meeting with the Government,Regulatory Bodies and other Organisations

Chapter 7.0 International Events

Chapter 8.0 Members’ Affairs

Chapter 9.0 Communications and Publications

The Institute of Chartered Accountants of Bangladesh | 03

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Chapter 10.0 Regional & Overseas Committees/Chapters

Chapter 11.0 IT Development

Chapter 12.0 Other Important Event of the Institute

Chapter 13.0 and Capacity BuildingICAB Management Reforms, Project Development

Chapter 14.0 Report of Quality Assurance Board (QAB)

Chapter 15.0 Report of Real Estate Committee (REC)

Chapter 16.0 Report of Professional Development Committee (PDC)

Chapter 17.0 Report of Taxation and Corporate Laws Committee (TCLC)

Chapter 18.0 Report of Investigation and Disciplinary Committee (IDC)

Chapter 19.0 Report of Audit Committee

Chapter 20.0 Meetings of the Council and Committees

Chapter 21.0 Acknowledgement




NOTICE(Bye-law 66 of the Institute of Chartered Accountants

of Bangladesh Bye-Laws, 2004)

The 47th Annual General Meeting of the Institute of Chartered Accountants of Bangladesh (ICAB) will be held on Wednesday, 18 December 2019 at 03:00 pm at the ICAB Auditorium (9th floor), CA Bhaban, 100 Kazi Nazrul Islam Avenue, Dhaka-1215, to transact the following business:

AGENDA

1. Confirmation of the Minutes of the 46th Annual General Meeting of the Institute held on 22 December 2018;

2. Consideration of the Annual Report of the Council and Audited Financial Statements of the Institute with the Auditors’ Report thereon for the year ended 30 June 2019 and adoption thereof;

3. Appointment of the Auditors of the Institute for the year 2019-20 and fixation of their remuneration;

4. Introducing New Office Bearers of the Institute for the year 2020; and5. Any other business with permission of the Chair.

All esteemed members of the Institute are cordially invited to attend the meeting.

Maj Gen Muhammad Imrul Quayes, ndc, psc (retd)Secretary & CEO-ICAB

Dhaka, December 2019



The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body in Bangladesh, established under the Bangladesh Chartered Accountants Order, 1973 (President's Order No. 2 of 1973) for the purpose of regulating the profession of accountants and for matters connected therewith. The vision, mission, aims and objectives of the Institute are as follows:

THE INSTITUTE - A BRIEF OUTLINE

ICAB members hold a widely respected professional accounting qualification which supports enterprise, corporate governance and sustainable growth in the business environment.V

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• To promote and regulate high quality financial reporting and auditing in Bangladesh;

• To develop and maintain the competence of professional accountants and;

• To enhance the reputation of the accounting profession in all sectors of the economy

MIS

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Integrity

To uphold the highest professional integrity and ethical standards.

Expertise

To conduct professional responsibilities with a high level of knowledge, competency and skill.

Transparency

To conduct activities in a clear and transparent way.

Accountability

ICAB members are responsible for their own actions.

VALU

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STR

ATE

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• Increase number of members, students and financial strength

• Align with members' careers

• Enhance ICAB's image within the country and internationally

• Further enhance the reputation for professionalism and maintain the high standards of integrity

• Ensure compliance with requirements of IFAC (International Federation of Accountants) membership



AIM

S &

OBJ

ECTI

VE

S To accomplish the above mission, ICAB has been endeavoring to:

Regulate the Accountancy Profession and matters connected therewith

Administer its members and students

Ensure professional ethics and the code of conduct

Provide specialized and professional training in Accounting, Auditing. Taxation, Corporate Laws, Management Consultancy, Information Technology and related subjects

Impart Continuing Professional Development (CPD) to members

Foster acceptance and observance of International Accounting Standards/ International Financial Reporting Standards (IAS/IFRS) and International Standards on Auditing /International Auditing Practices Standards (ISA/IAPS) and adopt the same in Bangladesh as Bangladesh Accounting Standards/ Bangladesh Financial Reporting Standards (BAS/BFRS) and Bangladesh Standards on Auditing/ Bangladesh Auditing Practices Standards (BSA/BAPS) respectively

Keep abreast of the latest developments in accounting techniques, audit methodology, information technology, management consultancy and related fields and;

Liaise with international and regional organizations to strengthen mutual cooperation



The Ministry of Commerce, Government of the People’s Republic of Bangladesh is the Administrative Ministry of the Institute of Chartered Accountants of Bangladesh.

01ADMINISTRATIVE MINISTRY

As of 01 July 2019, the Institute had 1647 members of whom 1520 are residing in Bangladesh and 127 are living abroad. There are 1250 Fellows and 397 Associates enrolled with the Institute. Out of 1647 members, 370 are practicing as public accountants and the rest 1277 are either serving in various key positions in public and private organizations, both at home and abroad or self employed running their own business.

03MEMBERSHIP

The Council-ICAB is the supreme authority responsible for the administration and management of the Institute in accordance with P.O. No. 2 of 1973 and ICAB Bye-Laws 2004. The Council is composed of twenty members elected by the members of the Institute from its two regional constituencies in Bangladesh every three years. The President and the Vice-Presidents of the Institute are elected by the Council every calendar year to manage the affairs of the Institute. The Council is assisted by various Standing and other (Non-Standing) Committees and Boards. For the purpose of assisting the Council and the Committees/Boards in matters concerning their functions, the Council is empowered to constitute Regional Committees, the members of which are elected by the general members of the respective constituencies. Currently, there are two Regional Committees in Dhaka and Chittagong and the Overseas Chapters: UK Chapter Management Committee, North American Chapter and Asia-Pacific Chapter. The day to day activities of the Institute is delegated to the Secretariat headed by the Secretary & CEO of the Institute.

02GOVERNANCE



While almost all the non-practicing chartered accountants serve in key positions of various government and non-government organizations, banks, autonomous & semi-autonomous bodies, listed and other types of corporate and non-corporate entities, educational institutions, etc., within the country and abroad, the practicing Chartered Accountants mainly carry out audits of financial statements of various enterprises as public accountants under the banner of various CA firms approved by the Institute.Apart from specialization in traditional accounting and auditing services, CA Firms are also engaged in:• Taxation services• Information Technology• Statutory and Liquidation services• Management consultancy services encompassing, inter alia, the following are as; - Valuation of business and shares - Designing of accounting, internal control and operational systems for organizations• Rendering miscellaneous services like maintaining computerized financial accounts of

companies, business processes-engineering, management selection and recruitment, disinvestment of government enterprises, etc.

• Due diligence study, feasibility study etc.

04SERVICES RENDERED

ICAB is an active member of the following international and regional accounting bodies:• International Federation of Accountants (IFAC)- as a founding member• Confederation of Asian and Pacific Accountants (CAPA)• South Asian Federation of Accountants (SAFA)- as a founding member• Chartered Accountants Worldwide (CAW)- ICAB is an associate member

05INTERNATIONAL AFFILIATION


ICAB has Memorandum of Understanding (MoU) and Mutual Recognition Arrangement (MRA) with the following national & international organizations:• MoU with the Institute of Chartered Accountants in England & Wales (ICAEW), UK• MoU with Chartered Institute of Public Finance and Accountancy (CIPFA), UK• MPA with CPA Australia• MoU with IFRS Foundation

06MoU & MRA

ICAB members are recognized by the global/international professional Institutes as follows:Institute of Chartered Accountants in England & Wales (ICAEW), UK

• Pathway membership is open for ICAB members based on their required experiences• Members without the required experiences are required only to pass ICAEW Advanced LevelCIPFA, UK

• Pathway membership is open for ICAB members based on their required public sector experiences

CPA Australia

• Through Membership Pathway Agreement (MPA) ICAB Members can become members of CPA Australia after passing just four papers.

07GLOBAL RECOGNITION

ICAB publications include, inter alia, a quarterly journal titled ‘The Bangladesh Accountant' and a monthly mouthpiece, 'ICAB News Bulletin'. In the journal, articles of ICAB Members and others are published. Articles on various aspects of auditing, accounting, financial and economic issues are published in the journal, while the latest ICAB events related to the profession and the institute unfold in the news bulletin. ICAB also publishes books and booklets on accounting profession and research materials.

08ICAB PUBLICATIONS



www.icab.org.bdICAB website provides the required information for students, members and other stakeholders.

09WEBSITE

facebook.com/ca.bangladeshICAB Facebook provides up-date of ICAB ongoing activities.

10 FACEBOOK

Legal Adviser

Barrister Tanjib-ul AlamAdvocate, Bangladesh Supreme Court, Dhaka

Auditors

Md Raghib Ahsan FCAPartnerAhsan Manzur & Co.Chartered AccountantsHouse # 373 (2nd floor), Road # 28DOHS, Mohakhali, Dhaka-1206

and

Snehasish Barua FCAPartnerSnehasish Mahmud & Co.Chartered AccountantsHouse # 10 (3rd floor), Road # 9Block- J, Baridhara, Dhaka-1212

11 EXTERNAL RESOURCES

Bankers

Dhaka Bank Ltd.Southeast Bank Ltd.

AB Bank Ltd.Janata Bank Ltd.

Social Islami Bank Ltd.Sonali Bank Ltd.-UK

Bank Asia Ltd.NRB Global Bank Ltd.

One Bank Ltd.Shahjalal Islami Bank Ltd.

BRAC Bank Ltd.

THECOUNCIL

2019




THE COUNCIL 2019

Mr. A F Nesaruddin FCA was born in 1956. After completing B. Com (Hons) and M. Com in Finance from the University of Dhaka, he started studying Chartered Accountancy in 1981. He became an Associate Member of ICAB in 1984 and a Fellow Member in 1989. He is a Fellow Member of Institute of Chartered Secretaries of Bangladesh (ICSB) as well. Mr. Nesaruddin FCA is the current President of ICAB. He also served the Institute as the Vice-President (Education & Training) in 2015. He has been in different standing and non-standing committees of ICAB since 1984. He is also a SAFA Board Member.

Mr. Nesaruddin is in public practice since 1998 and currently a senior partner of Hoda Vasi Chowdhury & Co., Chartered Accountants. Prior to starting public

practice in 1998, Mr. Nesaruddin served in senior executive positions of Duncan Brothers and its associated companies. He also served for one year in an investment company in Saudi Arabia.

He is a contributor to leading national dailies specially on taxation, corporate governance and other professional issues. He is an Independent Director and Chairman, Audit Committee of Singer Bangladesh Ltd, nominated Director on the Board of United Finance Ltd and Member, Khulna WASA. He is a former Director of Sonali Bank Ltd as nominated by the Government, IIDFC Securities Ltd, IIDFC Capital Ltd and a Member of Board of Directors, Bangladesh Rural Electrification Board.

PRESIDENTMr. A F Nesaruddin FCA


Mr. N K A Mobin FCA, is the Managing Director & CEO - Emerging Credit Rating Ltd. (ECRL) and one of the sponsored Directors of this Company. It’s a licensed Credit Rating Company in Bangladesh from BSEC established around 10 years back. Established a technical collaboration agreement with Malaysian Credit Rating Corporation (MARC) in 2009. Completed around 17,000+ rating assignments with a current client base of 5,000+ and office in 4 places in Bangladesh and having around 70+ staff.

Managing Director & CEO - Emerging Resources Ltd. (ERL) since 2009. It’s a consultancy company engaged in all sorts of financial management services like project feasibility studies, Computerized system design and implementation, Providing ERP solutions etc.

EDUCATION AND PROFESSIONAL QUALIFICATION (1977-2009):

- Fellow member of Institute of Chartered Accountants of Bangladesh (ICAB)

- Fellow member of Institute of Chartered Secretaries of Bangladesh (ICSB).

- MBA and BBA in Finance from University of Dhaka

- EMBA from Stockholm Business School in Sweden

- EMBA from National University of Singapore

- EMBA from INSEAD in France and also

- Management courses from AOTS/HIDA in Japan.

WORK EXPERIENCE (1982-2019) :

- Managing Director & CEO – Emerging Credit Rating Ltd. since 2009

- Finance Director & Company Secretary –Grameenphone Ltd. (A Telenor Company) for 11+ years

- Finance Director & Company Secretary - Novartis Bangladesh Limited (Ex Ciba–Geigy) for 3 years.

- Manager Finance & IT - Karnaphuli Fertilizer Co. Ltd. (KAFCO) for 5 years

- Chief Accountant - Dhaka Match Industries Co. Ltd. (Swedish Match/STORA) for 5 years

- Articleship from KPMG/Rahman Rahman Huq Chartered Accountants for 3.5 years

BOARD, IMPORTANT POSITION AND MEMBERSHIP:

- Board Director (Elect) for 2019-21 (next 3 years) and Senior Vice President (Elect) for 2020 – Dhaka Chamber of Commerce & Industry (DCCI).

- Independent Board Director – Mobil-Jamuna Lubricants (Bangladesh) Limited (listed in Stock Exchanges) since Oct 2019

- Board Director nominated by Govt. - Biman Bangladesh Airlines Limited since 2016

- Independent Board Director - Shasha Denims Ltd. (100% export oriented Denim factory in DEPZ and listed in Stock Exchanges)

- Vice President (E&E) at Institute of Chartered Accountants of Bangladesh (ICAB) for 2019. Elected EC member for 2019-21.

- EC member of Bangladesh Scouts Foundation since 2018. Also Red & Green Jacket holder.

- Elected EC members in Gulshan Society for 2018-20

- Rotarian (Phf Member) in Rotary Club of Baridhara since 2018

- Membership in Kurmitola Golf Club, Uttara Club, Baridhara Cosmopolitan Club, Gulshan North Club, Dhaka Boat Club and Barishan Club.

OTHER INFORMATION:

- Married and having 3 sons who in Canada for job and study

- Regular golf player and bagged couple of trophies.

VICE PRESIDENT(EDUCATION & EXAMINATION)

Mr. N K A Mobin FCA



Professor Dr. Md. Salim Uddin FCA, is a Fellow Chartered Accountant (FCA), Fellow Cost & Management Accountant (FCMA), and Certified Public Finance Accountant (CIPFA), UK. He obtained MBA with distinction from the University of Brussels, Belgium. He did his PhD on “Application of International Financial Reporting Standards-IFRS in Bangladesh”.

He is the current Vice President (Technical and Regulatory Affairs) of ICAB. He is the Chairman of Technical & Research Committee (TRC) and member of different standing and non-standing committees of the Council-ICAB.

He had qualified in the Bangladesh Civil Service-BCS Examination in 1993. Presently, he is a Professor of Department of Accounting, University of Chittagong and also Chairman of Bangladesh House Building Finance Corporation-BHBFC and Chairman of Executive Committee of Islami Bank Bangladesh Limited.

He was an Independent Director, Chittagong Stock Exchange (CSE) appointed by the Government. He was also an Independent Director of Premier Bank Ltd, Director of Rupali Bank Ltd and Rupali Investment Ltd. He has more than sixty research publications at home and abroad and presented valuable papers in many national and international seminars, training programs and workshops.

VICE PRESIDENT(TECHNICAL & REGULATORY AFFAIRS)

Prof. Dr. Md. Salim Uddin FCA

Born in 1969, Mr. Moniruzzaman FCA, obtained B. Com. (Hons) and M. Com in Accounting from the University of Dhaka. He became an Associate Member of the Institute of Chartered Accountants of Bangladesh (ICAB) in 2001 and a Fellow Member in 2006.

Mr. Moniruzzaman, a Senior Partner of ACNABIN Chartered Accountants, completed his articleship with the said firm and joined it as a partner in 2003. Besides being the Vice President for Operations & Members’ Services of ICAB, he is the Chairman and Co-chairman of Members’ Issues, Services and Welfare Committee (MISWC) and Quality Assurance Board (QAB) as well as member of different standing and other committees of ICAB.

Ex-faculty of the Institute, Mr. Moniruzzaman also immensely contributed to various committees in the past like IDC, TRC, RCPAR, SMP, Media & Branding, Editorial Board, etc. He also served different listed companies in the role of an Independent Director and Chairman of Audit Committees.

Presently, Mr. Moniruzzaman is a Vice President of Dhaka University Accounting Alumni and Life Member of Dhaka University Alumni Association, Dhaka University Accounting Alumni and SM Hall Ex-students’ Association, University of Dhaka. He is also an avid social worker.

VICE PRESIDENT(OPERATIONS & MEMBER SERVICES)

Md. Moniruzzaman FCA


Mr. Akhtar Sohel Kasem FCA, became an Associate Member of ICAB in 1981 and Fellow Member in 1986. Earlier he completed his articles with Coopers & Lybrand, London and became a member of ICAEW in 1981. He is also an Associate Member of CPA Ontario, Canada. He is currently the Senior Partner of A. Qasem & Co., Chartered Accountants, Member Firm of Ernst & Young Global Limited and is also the ICAEW Contact Member in Bangladesh.

Mr. Kasem is a Council Member of ICAB since 1995. He served as the President of ICAB in 2004 and the Vice President in 2001. He has been working for different Standing and Non-standing Committees of ICAB and SAFA for many years.

Mr. Kasem was a Board Member of Dhaka Stock Exchange Ltd (DSE), Power Grid Company Bangladesh Ltd and a member of DSE Expert Panel. He is a Rotarian and Past President of Rotary Club of Dhaka Central.

COUNCIL MEMBERMr. Akhtar Sohel Kasem FCA

Dr. Md Abu Sayed Khan FCA, was born in 1958. He obtained first class in B.Com (Hons) and M.Com (in Accounting) from the University of Dhaka. He became an Associate Member of ICAB in 1983 and a Fellow Member in 1988. He conducted academic research, availing the prestigious Commonwealth Scholarship, at the University of Bradford (UK) Business School and earned a PhD degree from the University of Bradford in 1996.

Formerly he was Managing Director of Bangladesh Telecommunications Company Ltd. (BTCL) and Telephone Shilpa Sangstha Ltd. (TSS). He was also the Member Finance of BTCL. After retiring from government service in 2017, he joined S.F. Ahmed & Co., Chartered Accountants, as Senior Director and is looking after the assurance and advisory services.

Dr. Khan has been serving ICAB and closely attached with its activities for a long time. He was Secretary of Dhaka Regional Committee (DRC) of ICAB for two terms (1999 & 2000). He is a member of the current Council of ICAB (for 2019-21). He was also in the ICAB Council from 2001 to 2015 and served as Vice President of ICAB in 2002 and 2003. He has been serving in the different standing and non-standing committees of ICAB Council.

Dr. Khan served Teletalk Bangladesh Ltd., Bangladesh Cable Shipla Ltd., DESCO, North West Power Generation Company Ltd, and TSS as Board Member. He is a member of Officers Club, Dhaka and Chairman, Sirajgonj Zila Samity in Dhaka.

COUNCIL MEMBERDr. Md Abu Sayed Khan FCA



Mr. Mohammed Humayun Kabir FCA, obtained B. Com (Hons) with first class and M.Com in Accounting from the University of Dhaka. He studied Chartered Accountancy and passed both group I & II of final exams of ICAB in one go. He became ACA in 1984 and FCA in 1989. He also studied on International Capital Market at St. Catherine’s College, Oxford, UK. Mr. Kabir has been recognized six times as a CIP (Export) in 2007, 2011, 2012, 2013-2015 and 2017, and awarded Jatiyo Paribesh Padak in 2010 by the Government of Bangladesh.

Mr. Kabir has working experience of over 38 years. He worked for a CA firm from February 1981 to Jan 1985, a financial institution from February 1985 to June 1988 and since then, has been working for Industry. Currently, he is the Chief Executive of a ceramics tableware manufacturing & exporting company.

He is also involved with National Board of Revenue (NBR) as a Facilitator of Alternate Dispute Resolution (ADR) since March 2012, Federation of Bangladesh Chamber of Commerce & Industries (FBCCI) as a Chairman/Co-Chairman/Member of its different standing and non-standing committees, and with Bangladesh Ceramics Manufacturers & Exporters Association, as an adviser.

Mr. Kabir was an Independent Director of Islami Bank Bangladesh Ltd (2016-2019), a member of Management Committee (2014-2016) of Bangladesh Employers’ Federation (BEF), an elected Director of Shippers'

Council of Bangladesh (2009-11), Director of Bangladesh Jute Spinners' Association (2015-17) and a Vice-Chairman of Bangladesh Jute Goods Association (2007-09). He also sat in the Board of Directors of Shadharan Bima Corporation (2008-2013), Bangladesh Telecommunication Company Ltd (2008), West Zone Power Distribution Company Ltd (2005-06) and Dhaka Stock Exchange Ltd (2008).

Since 2001, he has been an elected Council Member of the Institute of Chartered Accountants of Bangladesh (ICAB) for seven consecutive times (2001-2021). He was vice president in 2002 & President in 2008 of ICAB. Currently, he is the Chairman of Taxation & Corporate Law Committee - TCLC of ICAB and Technical Adviser of ICAB to South Asian Federation of Accountants –SAFA.

Mr. Kabir is well known for his expertise in fiscal laws, financial management, business strategies, corporate governance and macroeconomic issues. His analyses and suggestions are being accepted by the policy framers, decision makers and entrepreneurs with high esteem and value. Mr. Kabir is a regular participant in TV talk shows on banking, capital market, fiscal matters and issues relating to trade and investment. He has delivered lectures, presented papers and chaired seminars at home and abroad on topics relating to business & accountancy profession. He has been nominated by the Government to its different Committees for reviewing Corporate/Taxation Laws, for evaluating proposals for investment/EOI/consultant hiring/ procurement bids.

COUNCIL MEMBERMr. Mohammed Humayun Kabir FCA


Mr. Muhammad Farooq FCA, has been in the ICAB Council since 2013. He served ICAB as Vice-President (F & A) in 2013. He chairs the Professional Development Committee (PDC) and Real Estate Committee (REC) and is member of different standing and non-standing committees of Council-ICAB.

Mr. Farooq became an Associate Member in 1986 and a Fellow Member in 1991 of ICAB. He did his graduation & masters from Dhaka University. He is currently the Managing Partner of Howladar Yunus & Co., Chartered

Accountants, a full member firm of Grant Thornton International & Director of Grant Thornton Consulting Bangladesh Limited. During his years of service as public accountant, he established himself as an expert in the audit of both national and multinational financial institutions, including Central Bank of Bangladesh. Mr. Farooq has obtained a wide range of experience in the monitoring, review and performance of audit conducted under different Embassies and Development Financial Institutions, International Agencies and lead partner in the audit of banks and financial institutions.

COUNCIL MEMBERMr. Muhammad Farooq FCA

Mr. Kamrul Abedin FCA, is a partner of M. J. Abedin & Co., Chartered Accountants, an independent member firm of Moore Stephens International Limited. He has been with this 51-year-old firm for more than 30 years. After obtaining his Masters in Accounting from the University of Dhaka he joined M. J. Abedin and Co. as an articled student. In the year 1986 right after becoming Associate Member of ICAB, he joined the firm as a partner.

Mr. Abedin served ICAB as President in 2016 and as Vice-President (T & R) for a period of 02 years from 2014 to 2015.

He was earlier elected to the Dhaka Regional Committee (DRC)-ICAB for consecutive two terms 1995-1997 and 1998-2000. He was the Chairman of DRC-ICAB in 1998 and Honorary Secretary in 1995. He has also been serving the Institute in different capacities (Member/ Chairman) of different standing and non-standing committees of the Council-ICAB.

COUNCIL MEMBERMr. Kamrul Abedin FCA



Mr. Nasir Uddin Ahmed FCA, obtained B. Com (Hons) degree with first class and M. Com, both in Accounting from the University of Dhaka. An ICAB Medal awardee in CA Intermediate Examination, he became a Fellow Member of ICAB in February 1992. He became a member of ICAEW in November 2017 and CIMA, UK in May 2017.Currently a Senior Partner of MABS & J Partners, Chartered Accountants, he worked for British American Tobacco Bangladesh and Coats Bangladesh for more than two decades and lastly as Finance Director. He attended Management Development Programs at various business schools including Cranfield School of Management, Asian Institute of Management, IIM-Ahmedabad, Singapore Institute of Management etc.

He was a Vice President of ICAB in 2003 and 2004. He took over as President in 2009. He was a Board Member and Chairman of Board Audit Committee of Bangladesh Commerce Bank Ltd., Commerce Bank Securities and Investment Ltd. and LEADS Corporation Ltd. As President ICAB, he was Ex-officio Director in DSE, BTCL, BICM, SME Foundation and NAPD. Currently he is an Independent Director of Bangladesh Submarine Cable Co. Ltd., Popular Pharmaceuticals Ltd. and Color City Ltd. He was General Secretary of Dhaka University Accounting Alumni Association a tenure of two years in 2003-05. He is also a Fellow Member of ICSB and various other professional institutions at home and abroad.

COUNCIL MEMBERMr. Nasir Uddin Ahmed FCA

Mr. Adeeb H. Khan FCA, is the Senior Partner of Rahman Rahman Huq, Chartered Accountants (Member Firm of KPMG International in Bangladesh).Mr. Khan was the President of The Institute of Chartered Accountants of Bangladesh (ICAB) in 2017. He was a Vice President of ICAB in 2016. He has been a Council member since 2013. He is the Chairman, Professional Ethics and Independence Committee, South Asian Federation of Accountants (SAFA).Mr. Khan has been a member of the Institute of Chartered Accountants in England and Wales since 1991 and of ICAB since 1992. He is a member of the

Governing Board of BRAC, recently voted internationally as world’s No.1 NGO. Mr. Khan is a member of the Executive Committee of Bangladesh Legal Aid and Services Trust (BLAST), perhaps the largest legal aid organisation in Bangladesh. Mr. Adeeb Khan has been and is on the Executive Committee of Metropolitan Chamber of Commerce and Industry from 2011-2016 and 2019-2021 and Chairman of its Taxation Sub-Committee for most of these years. His past directorships include Biman Bangladesh Airlines Limited, Electricity Generation Company of Bangladesh Limited, etc.

COUNCIL MEMBERMr. Adeeb Hossain Khan FCA


Mr. Md. Shahadat Hossain FCA, was born in 1965. He did his Masters in Accounting and became an Associate Member in 1993 and a Fellow Member in of ICAB 1998. He is a senior partner of MABS&J Partner, Chartered Accountants, Board Director of Jashahi WASA and Agrani SME Financing Company Limited.A Council Member of ICAB since 2007, Mr. Hossain was the Vice President of ICAB in 2009 & 2011. He was the Secretary of DRC-ICAB in 2004, the Chairman of Technical & Research Committee (TRC) of the Council ICAB in 2011 and Chairman of Small and Medium Practitioners (SMP) Committee in 2017. He is the presently Chairman of Articled Students' Committee and Committee for the Amendmend of CA Order and Bye Law of the Council ICAB. He has also been working for different standing and non-standing committees of ICAB for a several years. He is a member of Small & Medium Practices (SMP) Committee of SAFA.

Mr. Hossain was a Board Director of Bangladesh Cable Shilpa Limited (an entity under Ministry of Post and Telecommunication) and Horipur Power Plant (a strategic business unit of Bangladesh Power Development Board). He also worked as Member of National Wages and Productivity Commission (NWPC) under Labour and Employment Ministry, Government of the People's Republic of Bangladesh. He is a trainer on IFRS and a regular contributor to different daily newspaper and periodical journals. He has presented papers at home and abroad on various financial, economics, budgeting, fiscal, agriculture, education issues. He participates in TV talk shows, radio program and roundtables. Mr. Hossain authored three books- Bangabandhu O Bangladesher Arthonity, Muktir Shangram and Accountability for Economic Development. He has represented ICAB in various nominated capacities in various government organizations.

COUNCIL MEMBERMr. Md. Shahadat Hossain FCA

Mr. Sidhartha Barua FCA, became an Associate Member of ICAB in 1995 and a Fellow Member in 2000 of the Institute. Mr. Barua obtained M.Com degree in Accounting from Chittagong University. He served in Meghna Petroleum Ltd. from 1987 to 2001 in different capacities. He is currently the partner of M. A. Mallik & Co., Chartered Accountants, Chittagong, and Council Member of ICAB for the term 2019-2021. He is the co-chairman of SMP Committee and Real Estate Committee 2019. He has also been rendering services to the ICAB as member of different standing and non-standing committees.

Mr Barua was the Chairman ICAB- CRC in the year 2004 and the Executive Member of ICAB-CRC during 2004-2006. He is a permanent Member & Convener of Finance Committee-Chittagong Club Limited, President and Trustee-Bangladesh Buddhist Foundation & Trustee Prantic Welfare Trust, Life Member of Diabetic Association of Bangladesh. He is also Council Member & ex-finance secretary of Bangladesh Bouddah Kristi Prochar Sangha, Dhaka.

COUNCIL MEMBERMr. Sidhartha Barua FCA



Mr. Gopal Chandra Ghosh FCA, FCMA, CPA, is currently the Group CFO of Anwar Group of Industries. Previously, he worked as Director Consulting of Atik Khaled & Co., Chartered Accountants, Chief Financial Officer (CFO) of Viyellatex Group and as Financial Controller and Head of Internal Audit of Lafarge Surma Cement Ltd. Earlier, he worked as Deputy Director of Studies (Technical & Research) and Project Director of ICAB. Prior to that, he worked as Manager, Audit & Consulting of ACNABIN & Co., Chartered Accountants.

Mr. Ghosh completed B. Com. (Hons) and M. Com.

(Accounting) from the University of Dhaka. He has been serving ICAB as Council Member since 2013 and also as VP (E&T) for the year 2013. He is a Fellow Member of ICAB, ICMAB and CPA Australia. He also served as Secretary General of The Institute of Internal Auditors, Bangladesh (IIAB) where he is currently member of the Board of Governors. He was a founder Director of ISACA Dhaka Chapter and was Secretary of the Chapter for a long time. He has been working for different standing and non-standing committees of the Council-ICAB since 1998.

COUNCIL MEMBERMr. Gopal Chandra Ghosh FCA

Mr. Sabbir Ahmed FCA, became Associate Member of ICAB in 2000 and Fellow Member in 2005. A Partner of M/s Hoda Vasi Chowdhury & Co., Chartered Accountants, Mr. Ahmed is a Council Member of ICAB for the term 2019-2021. He is the Co-chairman of Technical and Research Committee, International Regional Affairs Committee and Professional Development Committee for 2019. He also served ICAB as Member of various standing and other committees such as QAB, RCPAR, ICT, etc. He presented many key-note papers on various professional issues at ICAB CPD seminars/members conferences. As a faculty member, he has been delivering lectures for the advanced level students of ICAB and training on IFRS and auditing related matters to the ICAB members.

Mr. Ahmed worked with KPMG Australia for more than 10 years in senior managerial positions including secondment to other KPMG offices in Indonesia, Singapore, UAE, UK, USA etc. under global mobility program.

He is associated with many philanthropic organizations like member of Transparency International, board member of Australia Bangladesh Council, Melbourne. As a visiting/adjunct Professor Mr. Ahmed is involved in Master of Accountancy in Taxation Program, Dhaka University, BRAC Business School MBA Program, BRAC University. In addition to writing in leading national dailies on professional issues, he is also invited to participate in TV talk shows to discuss topical business and finance related matters.

COUNCIL MEMBERMr. Sabbir Ahmed FCA


Mr. Md. Abdul Kader Joaddar FCA, became an Associate Member of the Institute of Chartered Accountants of Bangladesh (ICAB) in 2001 and a Fellow Member in 2019. He obtained Bachelor of Commerce (Honours) and Master of Commerce degrees in Accounting from the University of Dhaka. Mr. Joaddar is currently working as the Chief Financial Officer of Standard Chartered, Bangladesh (SCB) since October 2018. In his career spanning over 19 years, Joaddar acquired vast experience within Banking and Life Insurance industry in the areas of Finance, Performance Management, Financial Controls, Budgeting, Forecasting. Liquidity, Balance Sheet & Capital Management, Corporate Tax Management, Payments. Prior to joining Standard Chartered, he was working as the Deputy Managing Director and CFO of BRAC Bank Limited in Bangladesh and also served as the CFO of MetLife Bangladesh.

Mr. Joaddar is also a Council Member of ICAB for

2019-2021. He also chairs the Committee on Professional Accountants in Business, co-chairs the Taxation & Corporate Laws Committee, and Committee on ICAB Management Reforms Project Development & Capacity Building 2019. He has also been serving the Institute as member of various standing and non-standing Committees.

Joaddar had served SCB for 12 years (2003 to 2015), performing with distinction as Financial Controller of SCB UAE operation from 2006 to 2012. He had also performed the role of acting CFO for UAE and was engaged in Finance Transformation Program as the Global Process Manager for General Ledger and Accounting as well as Head of Client Analytics, Group Corporate and Institutional Clients Finance of SCB, based in Singapore. Prior to joining SCB, Mr. Joaddar worked as the Manager, Assurance & Advisory Services, Rahman Rahman Huq, a member firm of KPMG in Bangladesh.

COUNCIL MEMBERMr. Md. Abdul Kader Joaddar FCA

Mr. Mahmudul Hasan Khusru FCA, has been the council member of ICAB since 2016. He was the Vice President, Education & Training (E&T) of ICAB in 2016 & 2018.

Mr. Khusru has been serving as the faculty member of ICAB on Taxation for more than 15 years. He is also involved in the preparation of various study materials of Institute.

Mr. Khusru is currently the Director & CEO, Expo Group,

Bangladesh, Director & CEO, DataFort Limited (a franchisee of InfoFort LLC, UAE), Board Director of InfoSapex Limited, Freight Options Ltd & MASCO International Ltd, Director & Board of Director of Bangladesh Telecommunications Company Ltd. (BTCL). He is also involved in the continuous development process of ICAB in various capacities. He was the Chairman of Dhaka Regional Committee (DRC) of ICAB in 2011.

COUNCIL MEMBERMr. Mahmudul Hasan Khusru FCA



Mr. Md. Mahamud Hosain FCA, is business graduate, and Fellow Member of the Institute of Chartered Accountants of Bangladesh [ICAB]. Currently he is the Managing Partner of MMH (Chartered Accountants, Management Consultants & BPO Partner), Chairman, Link In Ltd and Total Logistics Limited, Director, Rupali Bahumukhi Khamar Limited and 4 Brothers & Co. Holdings Limited.

Mr. Mahamud is also engaged with World Bank Dhaka Office as Financial Management Consultant (STC) and with International Fund for Agricultural Development.

His other Engagements are:

He is an active social worker. He volunteers as member of Board of Directors in Dhaka WASA and Bangladesh Rural Electrification Board (BREB).

His Membership and Association includes Fellow Member of the Institute of Chartered Accountants of Bangladesh [ICAB]; Member of Institute of Internal Auditors – Bangladesh; Life Member of Gulshan North Club, Barisal Club, Purbachal Club, Corporate Executive Club, Gulshan Health Club, Banani Society and Rotary Club of Dhaka North East.

Mr. Mahamud has been in the ICAB Council since January 2016. He was Vice President, Technical & Research for the year 2018 and Finance & Administration for the year 2017. He was member of Committee on the Governmental & Public Sector Enterprise Accounting of South Asian Federation of Accountants (SAFA) for the year 2017-2018.

Previously he served as CFO of DHL Logistics, a fully owned subsidiary of Deutsche Post DHL, Head of Corporate Finance and Risk Management at Robi Axiata and Finance Controller of Airtel Bangladesh.

As part of professional development program, Mr. Mahamud participated in large number of seminars, training programs and workshops in the areas of Financial Planning, Business Integration, Merger and Takeover and Leadership & Change Management and IFRS in Singapore, Thailand, India, Sri Lanka, Malaysia, UK and Indonesia etc. Mr. Mahamud has actively participates in various business forums of different trade bodies and chambers.

Mr. Mahamud conducted a number of training programs on IFRS, Contemporary Assurances & Corporate Reporting issues, Leadership & Business Performance Evaluation for participant from various leading MNCs and local conglomerates, Bangladesh Bank, National Board of Revenue and University Teachers. As a visiting resource person he also taught in some of the leading Business Schools and Institute (ICAB/National University).

Mr. Mahamud regularly participates in television talk show in a number of national television channels on business and economy. He also hosts “Market Watch”, a talk show televised by NTV on capital market & economy.

COUNCIL MEMBERMr. Md. Mahamud Hosain FCA


Mr. Mohammed Forkan Uddin FCA, became an Associate Member in 2005 and Fellow Member of the Institute of Chartered Accountants of Bangladesh (ICAB) in 2010. He has an M Com in Accounting.

Presently he is the Managing Partner of M M Rahman & Co., Chartered Accountants, a member firm of Russell Bedford International (UK) and Council Member of ICAB 2019-2021. Mr. Forkan is the Chairman of Regulatory & Trade Bodies Coordination Committee and Co-chairman of Articled Students Committee and Review Committee for Published Accounts & Reports 2019. He has also been rendering service to ICAB as one of the faculty

member and member of different standing and non-standing committees. Before joining as partner of M M Rahman & Co., Chartered Accountants, he was partner of Masih Muhith Haque & Co., Chartered Accountants. He also served as manager of Banco Finance & Investment Ltd.

He is the life member of Bangladesh Economic Association, Feni Samity, Treasurer of Rotary Club of Baridhara Sunrises and the Trainer of BCS Tax Academy, ICB and Faculty of UODA. He is a regular participator in Live TV Program on Economic/Business issues and an ocassional contributor to the daily newspapers.

COUNCIL MEMBERMr. Mohammed Forkan Uddin FCA

Ms. Maria Howlader FCA, is the founder of Howlader Maria & Co., Chartered Accountants which is an Independent Member Firm of TGS Global. She became an Associate Member and Fellow Member in 2013 of the Institute of Chartered Accountants of Bangladesh (ICAB) in 2008. She has been serving Bangladesh Audit & Accounting Practice since 2008. She was also a partner of A.Qasem & Co. Chartered Accountants.

She is the only female Council Member of ICAB for the term 2019-2021. She is serving ICAB as Chairman of SMP Committee, Co-Chairman of Media & Branding Committee and Committee for Women In Leadership 2019. She has also been serving the Institute as member of different standing and non-standing committees. She has been one of the faculties of ICAB since 2009.

COUNCIL MEMBERMs. Maria Howlader FCA



Major General Muhammad Imrul Quayes, ndc, psc (retd) has been serving the Institute of Chartered Accountants of Bangladesh (ICAB) as Secretary, ICAB since May 2017.

Before retirement from the Bangladesh Army in 2014, Gen. Quayes served for more than two years as Director General and CEO of Bangladesh Institute of International and Strategic Studies (BIISS). He also served as Director of Counter Terrorism and Intelligence Bureau of Directorate General of Forces Intelligence (DGFI).

Gen. Quayes was commissioned in 1979 as 2'Lieutenant in the Armoured Corps of Bangladesh Army. In his long colourful military career he served in various command, staff and instructional appointments. For more than three years he worked as President of the prestigious institute Inter Services Selection Board (ISSB). He was an instructor in the School of Military Intelligence (SMI) and Armour Corps Centre and School (ACC&S). To his credit he has a good number of military training at home and abroad, namely, China, Pakistan and USA.

SECRETARY & CEOMaj Gen Muhammad Imrul Quayes, ndc, psc (retd)


REGIONAL COMMITTEES/CHAPTERS

OVERSEAS CHAPTERS

DHAKA REGIONAL COMMITTEE (DRC) CHITTAGONG REGIONAL COMMITTEE (CRC)

ICAB UK CHAPTER MANAGEMENT COMMITTEEICAB-NORTH AMERICAN

CHAPTER

Address: 77 Valleyfield Road, StreathamLondon SW 16 2HX, UK

Tel : +44(0) 20 87699442Mobile : +44 7973404833

E-mail : [email protected]

Address: 54 Pharmacy AvenueScarborough ON M1L 3E5, Canada

Tel : +416 690 3547

ICAB-ASIA PACIFIC CHAPTER (ASPAC)

Address: Suit 1, 8 Minto Road (1st Floor)Minto, Sydney, NSW 2566, Australia

Currently the Institute has two regional committees to run different activities of the members smoothly-Dhaka Regional Committee (DRC) and Chittagong Regional Committee (CRC). The Committee consists of a Chairman, Secretary and seven other Members for DRC and three for CRC who are elected by the Members.

Mr. A.H.M. Ariful Islam FCA Chairman Mr. Imran Abu Hasan FCA Chairman

Mr. Md. Amran Hossan FCA Secretary Mr. Mohammad Shaheed FCA Hony. SecretaryMr. Md. Selim Reza FCA MemberMr. Mohammad Redwanur Rahman FCA Member Mr. Kamrul Islam FCA MemberMr. Md. AKH Hasif Sowdagar FCA MemberMr. Ziaur Rahman Zia FCA Member Mr. Subash Chandra Chowdhury FCA MemberMr. Miltan Bepari FCA MemberMr. Md. Razib Hossain FCA Member Mr. Mohammad Abul Kashem FCA MemberMs. Anika Sultana FCA MemberAddress: CA Bhaban (7th Floor),100 Kazi Nazrul Islam

Avenue, Kawran Bazar, Dhaka-1215Address: HBFC Building (3rd Floor),

1/D, Agrabad Com. Area, Chittagong

Besides, the two Regional Committees, the Institute has three Overseas Chapters located in UK, Canada and Australia. Each chapter is run by a Management Committee consisting of Chairman, Secretary and three other Members. In 2015, ICAB opened Asia Pacific chapter located in Australia.

Mr. AKM Fazlur Rahman FCA Chairman Mr. AKM Asaduzzaman FCA Chairman

Mr. A Malek Sharif FCA Secretary Mr. Md. Mahbubul Haque FCA Secretary

Mr. Md Shahabuddin ACA Member Mr. Mohammad Atique Ullah FCA Member

Mr. Salim Ahmed ACA Member Mr. Mohammad Shakawat Hossai Bhuyan FCA Member

Mr. Mohammad Sakib ACA Member Mr. Sujit Kumar Das FCA Member

Mr. Hamiduddin Ahmed FCA, CPA (AU) Chairman

Mr. Manzur Isa FCA, FCPA (AU) Vice-Chairman

Mr. Abu Haider Mohammed Kibria ACA, CA (AU) Secretary

Mr Zaber Ahmed ACA, CA (AU) Joint-Secretary



PAST PRESIDENTS

PRESIDENT | 1972

Late Abul Qasem FCAEnrolment No. 02

PRESIDENT | 1973-74

Late Md. Mufazzal H. Chowdhury FCAEnrolment No. 05

PRESIDENT | 1974-75

Late Mohammad Saifur Rahman FCAEnrolment No. 18

PRESIDENT | 1975-76 & 81

Late Zahir Uddin Ahmed FCAEnrolment No. 10

PRESIDENT | 1976-77

Late Md. Anowar Hossain Miah FCAEnrolment No. 13

PRESIDENT | 1978

Late Noor Mohammad Howladar FCAEnrolment No. 14

PRESIDENT | 1979

Late Muhammad Masihur Rahman FCAEnrolment No. 06

PRESIDENT | 1980

Mr. Mohammad Jainul Abedin FCAEnrolment No. 09

PRESIDENT | 1982

Mr. AKM Mosharraf Hossain FCAEnrolment No. 37


PRESIDENT | 1983

Late Kazi Kamrul Hoda FCAEnrolment No. 17

PRESIDENT | 1984

Late Mohammad Yunus FCAEnrolment No. 20

PRESIDENT | 1985

Late Mohammed Toha FCAEnrolment No. 31

PRESIDENT | 1986

Mr. Kamal Ziaul Islam FCAEnrolment No. 24

PRESIDENT | 1987

Mr. AKM Rafiqul Islam FCAEnrolment No. 30

PRESIDENT | 1988

Mr. Abdul Hafiz Choudhury FCAEnrolment No. 41

PRESIDENT | 1989 & 92

Late Jamal Uddin Ahmad FCAEnrolment No. 19

PRESIDENT | 1990

Mr. ABM Azizuddin FCAEnrolment No. 46

PRESIDENT | 1991

Mr. M A Quadir Mollah FCAEnrolment No. 73

PAST PRESIDENTS



PRESIDENT | 1993

Mr. Muhammed Abdul Halim Gaznavi FCAEnrolment No. 97

PRESIDENT | 1994

Mr. Howlader Mahfel Huq FCAEnrolment No. 105

PRESIDENT | 1995

Late Badrul Ahsan FCAEnrolment No. 59

PRESIDENT | 1996

Mr. Abu Nasar Altaf Hussain Siddiqui FCAEnrolment No. 60

PRESIDENT | 1997

Mr. Anil Chandra Nath FCAEnrolment No. 53

PRESIDENT | 1998

Mr. Abbas Uddin Khan FCAEnrolment No. 439

PRESIDENT | 1999

Mr. Md. Anisur Rahman FCAEnrolment No. 226

PRESIDENT | 2000

Late Abul Khair Chowdhury FCAEnrolment No. 52

PRESIDENT | 2001

Mr. Anwaruddin Chowdhury FCAEnrolment No. 343

PAST PRESIDENTS


PRESIDENT | 2002

Late Mohamed Abdul Baree FCAEnrolment No. 482

PRESIDENT | 2003

Mr. A.K.Gulam Kibria FCAEnrolment No. 392

PRESIDENT | 2004

Mr. Akhtar Sohel Kasem FCAEnrolment No. 328

PRESIDENT | 2005

Mr. Sheikh A. Hafiz FCAEnrolment No. 110

PRESIDENT | 2006

Mr. A.S.M. Nayeem FCAEnrolment No. 353

PRESIDENT | 2007

Mr. Muhammed Farhad Hussain FCAEnrolment No. 452

PRESIDENT | 2008

Mr. Mohammed Humayun Kabir FCAEnrolment No. 462

PRESIDENT | 2009

Mr. Nasir Uddin Ahmed FCAEnrolment No. 535

PRESIDENT | 2010

Mr. Jamaluddin Ahmed Ph.D, FCAEnrolment No. 498

PAST PRESIDENTS



PRESIDENT | 2011

Ms. Parveen Mahmud FCAEnrolment No. 632

PRESIDENT | 2012

Mr. Md. Syful Islam FCAEnrolment No. 615

PRESIDENT | 2013

Mr. Md Abdus Salam FCAEnrolment No. 570

PRESIDENT | 2014

Mr. Showkat Hossain FCAEnrolment No. 137

PRESIDENT | 2015

Mr. Masih Malik Chowdhury FCAEnrolment No. 337

PRESIDENT | 2016

Mr. Kamrul Abedin FCAEnrolment No. 527

PRESIDENT | 2017

Mr. Adeeb Hossain Khan FCAEnrolment No. 652

PRESIDENT | 2018

Mr. Dewan Nurul Islam FCAEnrolment No. 606

PAST PRESIDENTS


Maj Gen Muhammad Imrul Quayes, ndc, psc (retd)Secretary & CEO

Mohammed Emdadul Haque FCATechnical Adviser

Mahbub Ahmed Siddique FCADirector, Technical

Md. Afzal HossainController of Examinations

Md. Abdul Halim SheikhAdditional Director(Students Affairs)

SM Abu Nayem Ahmed, psc, Sqn Ldr (Rtd)Senior Deputy Director

(Admin, Estate, Press & Publication, Branding)

Md Saiful Islam FCASenior Deputy Director

(Regulatory Affairs)

Sayma BanuSenior Deputy Director (ICPE)

ICAB SENIOR MANAGEMENT TEAM



Md. Afsar Uddin FCADeputy Director

(Practice Review-QualityAssurance)

Mohammad Deloar HossainDeputy Director

(Database System Manager)Information Technology

Md. Nasrat HasanDeputy Director

(International Affairs &Collaboration)

Md. Iqbal Qasim Deputy Director

(Articleship Management)

S M SekandarDeputy Director

(Examination-Planning)

Md. Shahjahan SirazDeputy Director

(Members Services)

Mohammed Abu Salam ACSDeputy Director

(Chittagong Region)

Aleya FerdousDeputy Director

(Counseling)

Suraia ParveenDeputy Director

(Compliance of Technical Standardsand Review of Annual Reports)

Hossain Mahmud PatwaryDeputy Director

(Internal Control andCompliance)

Md. Shohel Rana ACAChief Financial Officer

Afseen Baten ACADeputy Director

(Professional Conduct-Processing,Review & Evaluation)

ICAB SENIOR MANAGEMENT TEAM


HIGHLIGHTS OF THE ACTIVITIES OF THE YEAR 2019

CPD Seminar/Members’ Conference

Training & Workshop

Meeting with Ministries/Regulatory Bodies

International Events

Other Activities

ICAB Technical Conference on ‘Implementation of New Auditor’s Report for Bank and NBFIs

Workshop on Corporate Governance and Board Leadership Training of Trainers (ToT) in collaboration with IFC

Workshop on “Implementation of New Auditor’s Report: Challenges and Way Forward”

Workshop on IAS-8 & IAS-10 for CA students at CRC

ICAB delegation made courtesy call on Commerce Minister, GoB

Meeting - ICAB and ACCA Bangladesh

ICAB delegates participated in SAFA Events and National Cost Convention in Pune, India

Three Books authored by Past President Mr. Masih Malik Chowdhury Published

English Communication Course for CA Students on Cards Mr. A F Nesaruddin assumed the charge of President Students orientation program for evening coaching classes

Jan-Mar Session 2019

JANUARY ACTIVITIES




Training & Workshop

Meeting with Ministries/ Regulatory Bodies


Other Activities

Seminar Regarding Blockchain at Chattogram

Workshop on Advanced Scholastic Valuations Mr. Muhammad Farooq Participated in FRC Workshop Closing Ceremony of Advanced Level Training on IFRS & IAS

ICAB Delegation Made Courtesy Call on Finance Minister, GoB

ICAB Delegation Met FRC Chairman

ICAB President Participated in CAW’s CEOs Meeting in New York

ICAB Allowed Subjects Waiver for Students of IBA-Dhaka University

DRC-ICAB Annual Picnic 2019 ‘Muktir Sangram’ authored by Mr. Md. Shahadat Hossain,

Council Member of ICAB launched “Recollections of a Civil Servant –Turned Banker” authored by

Mr. Md. Matiul Islam launched CRC-ICAB Observed International Mother Language Day Congratulations program to Newly Qualified CAs !! DRC-ICAB Organized Art Competition, Poetry Recitation, Free

Medical Check-up and Discussion on Language Movement ICAB Family Day Out 2019 ICAB allowed subjects waiver for BRAC University students ICAB Observed International Mother Language Day

FEBRUARY ACTIVITIES





Training & Workshop



Other Activities

Members’ Conference on ‘Bangladesh: Policy Review on Financial Reporting Act (2015)’

Seminar on Sustainable Development Goal-SDG: A Universal Call for Transforming the World

Training on ‘Advance Level Certificate Course on IFRS and IAS’- 6th Batch

Workshop on IAS-16 for CA Students at Ctg

Courtesy Call on Executive Chairman, BIDA Courtesy Call on Secretary, Ministry of Commerce Courtesy Call on Governor, Bangladesh Bank

Mr. Anwaruddin Chowdhury, Past President of ICAB Participated in CAPA Meeting and Associated Events in New Delhi, India

Program on International Women’s Day 2019 ICMA, Australia CEO Met President, ICAB Reception Accorded to Newly Qualified CAs Meeting of Members in Practice ICAB Observed Independence Day Ms. Parveen Mahmud Honored ‘Ananya Top Ten Awards’ Chattogram Regional Committee (CRC) Met ICAB President President Visited Allotted Land by CDA for Chattogram

Regional Office-ICAB Reception to Newly Qualified Member in Ctg CRC Picnic in Thailand ICAB, WIL-Female Forum Celebrated International Women’s

Day ICAB Advisory Committee Meeting ICAB Press Conference on thoughts of chartered accountants

regarding national budget 2019

MARCH ACTIVITIES




Training & Workshop

Meeting with Ministries/ Regulatory Bodies


Other Activities

Members’ Conference on Importance of Life Skills Course for Human Resource Development

Seminar on “Financing Through Bond Market; Bangladesh Perspective”

Member’s Conference on Introduction to Blockchain Member’s Conference on SMPs in Bangladesh: Challenges,

Opportunities and Way Forwards

Day Long Training on ‘Practical Aspects of IFRS 9 - Financial Instruments’

Training on IFRS and IAS Training Program on Advanced Certificate Course in

Leadership & Communication- 4th Batch

Audit Review Meeting at IDRA Budget Talks-Preparatory Meeting with NBR

58th SAFA Board Meeting Held in Nepal ICAB Delegates in SFAF Conference and Sideline Meeting

with IFAC at Kathmandu, Nepal

ICAB-Prothom Alo pre budget discussion DRC-ICAB Celebrate Pohela Boishakh 1426 Meeting with Students and Class Lecturers of Chittagong

Region Bangla New Year 1426 Celebration 32nd BCAH Anniversary Mr. Md. Shahadat Hossain, Council Member, ICAB

Participates in TV Talk show MoU with American International University-Bangladesh

APRIL ACTIVITIES





Training & Workshop

Other Activities

Member’s Conference on ‘Foreign Direct Investment and Integrated Reporting for Sustainable Development Goals’

CPD Seminar on ‘Industrial Productivity and Efficiency of Manufacturing Companies; Bangladesh Perspective’

Workshop on ‘Capacity Building of ICAB and the Accountancy Profession’

Workshop on ‘Special Audit Procedure in Life Insurance for Listed CA Firms’

Mock Test Feedback Session at Academic Campus LGSP-3 Coordination Meeting Mr. Md. Shahadat Hossain, Council Member, ICAB

Participated in TV Talk show Mr. Mohammed Forkan Uddin, Council Member, ICAB

Participated in TV Talk show

MAY ACTIVITIES


Training & Workshop


Other Activities

CPD Seminar on ‘Salient Features of Finance Bill 2019-20’ Members’ Conference on Salient Features of Finance Bill 2019

in Dhaka

ICAB’s Workshop on ‘Special Audit on Imports and Exports of Selected Five State Owned Banks’

Training on IFRS and IAS Training on IFRS for Bangladesh Bank Officials

ICAB Team Participated in CAW’s Events in Dubai ICAB Team Participated in CAPA Meetings and Events in

Petaling Jaya, Malaysia

CA Bangladesh-The Daily Star Post-Budget Discussion 2019 Non-Renewal of COP of Mr. Kanchi Lal Das (403) Courtesy Call on President ICAB

JUNE ACTIVITIES





Training & Workshop



Other Activities

Seminar on Finance Act 2019 NAC Organized CPD Seminar

ICAB Organized Workshops on ‘VAT & SD Act, 2012–Highlights and Challenges’

Workshop on “ICAEW Pathway Membership for Members of ICAB”

Workshop on ‘Top Level Leadership and Management Skills Development for Career Success’

Workshop on New VAT & SD Act 2012

ICAB Team Met APG Team of Bangladesh Bank

ICAB Team Participated in SAFA Forum on Role of Finance Professional in Combatting Corruption: South Asian Perspectives, Sri Lanka

Mr. Anwaruddin Chowdhury Participated In IFAC, IPSASB CAG Meeting in Toronto, Canada

ICAB Council Members ICAB Mr. Shahadat Hossain and Mr. Sabbir Ahmed FCA in Live TV Talk show

Jury Board Meeting of RCPAR 2019 ICAB Council Member Mr. Mahamud Hosain Moderated Live

TV Talk show

JULY ACTIVITIES

Training & Workshop

Other Activities

Training Program on “International Financial Reporting Standards (IFRS)”

Workshop on “Draft Dummy Audit Working Paper Files for Discussion and Comments”

Mr. Md. Rokonuzzaman in ETV’s Live Talk show ICAB Advisory Committee Meeting Mr. Md. Shahadat Hossain Participated in Meeting of Business

Initiative Leading Development (BUILD).

AUGUST ACTIVITIES




Training & Workshop


Other Activities

Seminar on Finance Act 2019 NAC Organized CPD Seminar

Workshop on, Audit Quality and Fees Schedule Implementation

Closing program of Training on International Financial Reporting Standards (IFRS)

Two-day Long World Standard-Setters Conference held in London

Officials of BFIU Visited ICAB Mr. Mohammed Humayun Kabir Gets CIP status Mr. Md. Shahadat Hossain Participated in Meeting on

Amendment to Companies Act 1994 at Bangladesh Secretariat

Mr. Shahadat Hossain in Live TV Talk shows

SEPTEMBER ACTIVITIES


Training & Workshop


Other Activities

Member’s Conference on Continuing Professional Development (CPD) Policy 2019

Day Long workshop on Draft Dummy Audit Working Paper Files

Certificate Course on, Information Systems Audit (IS Audit)-4th Batch

Information session on, Mutual Pathway Agreement between ICAB and CPA Australia

Mr. Anwaruddin Chowdhury Participated in CAPA Events and ADB Capacity Building Forum in Manila

ICAB representatives Participated in SAFA ITAG Committee Meeting

CPD Program Organized by ICAB UK Chapter

MoU Between ICAB and IUB Signed ICAB Accords Warm Reception to Newly Qualified CAs

OCTOBER ACTIVITIES





Training & Workshop


Other Activities

Member’s Conference on, The Role of Leadership in Accounting Profession

Member’s Conference on, Professional or Career Progression in a Digital Era

Top Level Leadership and Management Skills Development Workshop for Career Success.

SAFA International Coference 2019 held at Dhaka ICAB Delegates Participated in CAW, IFAC & CAPA Events in

Vancouver, Canada

19th ICAB National Award for Best Presented Annual Report 2018

SAFA best Presented Annual Report Awards & SAARC Anniversary Awards for Corporate Governance Disclosures 2018

NOVEMBER ACTIVITIES



Other Activities

Members’ Conference on ‘Money Laundering Prevention Act, 2012’ and ‘Anti-terrorism Act, 2009’

Members’ Conference on Financial Technology: Bangladesh Perspective

60th SAFA Board Meeting Held at Dhaka

47th Annual General Meeting on the Institute Members' Night 16th Brilliant Children Awards Ceremony 2019 Press Conference on FDI and Corporate Governance

DECEMBER ACTIVITIES

President’sStatement

2019A F Nesaruddin FCA

PRESIDENT - ICAB



t is indeed a great pleasure for me to welcome you all to the 47th Annual General Meeting of the Institute of Chartered Accountants

of Bangladesh (ICAB).

At the very outset, I express my gratitude to the Council Members for their unwavering support throughout the year. It was a great opportunity for me to work with a group of dynamic professionals. Equally, I must also acknowledge the relentless support of the executive team led by our Secretary & CEO.

Dear Members, every month I kept you abreast of important events and initiatives of ours through President Communications. However, I am happy to recount some of them today in this august gathering.

Start of the Journey - Reform and Capacity Building

From the very first day of my taking office as President, I began my journey thinking how to bring about the essential reforms and capacity building of the Institute. I analyzed the weak areas and vowed to work for the reforms and capacity building. As a first step, I initiated restructuring of the committees

which were not able to deliver, to keep pace with the time and also to form some new committees to meet the demand of the time.

Some of the committees were not functioning well due to narrow terms of reference and some committees became irrelevant in the present context.

Thus, we brought the following changes in the existing Committees:

● “The Committee for Amendment of CA Order and Bye-Laws” has been renamed as “The Committee for Amendment of CA Order, Bye-Laws and FRA”;

● “The SAFA, CAPA & International Affairs Committee" and “ICAB-ICAEW Coordination Committee” have been merged in to one committee named “International & Regional Affairs Committee”;

● “The Committee on Public Finance and Public Sector Accounting" has been merged with “Professional Development Committee” and;

● “The Member Services & Welfare Committee" has been renamed as “Member Issues, Services & Welfare Committee”.

We formed the following new Committees with clear terms of reference:

● Membership Development and Mutual Collaboration Committee;

● Regional & Overseas Management Chapter Committee and;

● Regulators and Trade Bodies Coordination Committee.

We observed that there are large number of course completed and part qualified CA professionals in Bangladesh. In many parts of the world including our neighboring countries they are brought under the purview of the institution. CAPA also recommends to address this issue. Thus, to bring them under the platform of the Institute, we created, 'Task Force on Non-member CA Professionals'. We have initiated this matter in the current year year. Unfortunately, this committee has not been able to fully meet our expectations. However, I believe the future leadership will deal with this matter with due importance.

Committee on ICAB Management Reforms, Project Development and Capacity Building

With the time, the necessity to reform and take steps for capacity building badly needed. Thus, a Committee on ICAB management reforms, project development and capacity building were formed where I acted as the chairman. A number of initiatives were taken. The most important one was to revise the Organogram of the Institute. A Committee was formed under Mr. Muhammad Farooq FCA as Convenor for this purpose. The Committee spent innumerable hours to devise an organogram befitting ICAB. I must admit that with the hard work and commitment, the organogram has been successfully made. I thank the Council for very prudently scrutinising and then approving this long overdue task. The Organogram has very rightly addressed the demand of the Institute and reshuffled and

I

“FROM THE VERY FIRST DAY OF MY TAKING OFFICE AS PRESIDENT, I BEGAN MY JOURNEY THINKING HOW TO BRING ABOUT THE ESSENTIAL REFORMS AND CAPACITY BUILDING OF THE INSTITUTE. I ANALYZED THE WEAK AREAS AND VOWED TO WORK FOR THE REFORMS AND CAPACITY BUILDING. ”


restructured different directorates and department/section. I am optimistic that with this Organogram the Institute will be more functional and able to deliver as expected.

Initiatives to Attract Brilliant Students into CA Profession

As part of attracting brilliant students, ICAB and IBA, Dhaka University have been able to sign this year a Memorandum of Understanding (MoU) which would allow exemption under ICAB’s prior credit learning program.

Similarly, ICAB signed MoUs with AIUB and BRAC University following Career Excellence Seminars. Subsequently, MoUs were also signed with two other universities namely, East West University Bangladesh and the Rajshahi University. This MoU would allow exemption to the students of Finance and Business Studies with ICAB’s prior credit learning program.

This MoU is also intended to facilitate the students to get entry in ICAB’s Chartered Accountancy study and to work in any other areas relating to education, training, workshop, research, higher studies, as mutually agreed by the two Institutes. MoUs between those Institutes will also facilitate cooperation with each other through exchange of expertise and resources.

To attract and motivate the meritorious students towards CA education, we were able to enhance the monthly allowance of Articled Students. Under this arrangement, the Articled Students would be able to receive an amount ranging from Tk. 4,000 to Tk. 5,500. On the other hand, with the demand of time and to meet the associated cost for services provided by the Institute, it became necessary to increase Members' fees. In the same context, the exam fees were also enhanced to meet the related expenses. This has been increased after careful scrutiny where Council Members gave due consideration to all aspects.

A provision for increment has also

been introduced. Under this arrangement, the Articled Students would be able to receive increment ranging from Tk. 1,000 to Tk. 1,500 from their respective CA Firms.

We also worked to create a Common Scholarship Fund for ICAB. A letter was sent to all members requesting contributions. I am hopeful members will come forward and contribute to the fund. I also finalized the letter to be sent to the external organizations. I am sure next leadership will continue pursuing this agenda as part of attracting students for CA profession.

SAFA International Conference, 19th ICAB National BPA, and SAFA BPA Awards

Dear Members, ICAB hosted SAFA International Conference with great fervor and festivity. The Conference was held on the topic ‘Foreign Direct Investment: Destination Bangladesh’. It is a matter of great pride that the Hon'ble President, People's Republic of Bangladesh inaugurated the session where Salman Fazlur Rahman, MP Private Industry and Investment Adviser to the Hon'ble Prime Minister, was present as Special Guest.

An impressive keynote paper was delivered by Mr. Mustafizur Rahman, Distinguished Fellow, CPD. Eminent scholars with versatile backgrounds shared their viewpoints on the subject matter in the afternoon Technical Session.

Later on, on the same subject a press conference was organised at CA Bhaban. All SAFA delegates Including me exchanged views with the printing and electronic media personalities on the key aspects of our economy related to FDI. The prospects and challenges to the economies of South Asia related to FDI also came into the deliberations.

30 November 2019 was packed with full of programmes beginning with the Inaugural Ceremony in the morning and concluding with the National and SAFA BPA awards in the evening.

The hall room was full with audience

from the corporate world, govt. dignitaries and our members. In total 22 entities were selected for the 19th ICAB National Award in 10 categories. The overall winner of 19th ICAB BPA Award was IDLC Finance Limited. On the other hand, awards were given in 13 categories in SAFA BPA awards. 13 awards were bagged by Bangladeshi corporate entities. BRAC Bank Limited was adjudged the overall winner of the SAFA BPA award.

All went very smoothly and I must thank Chairman Organizing Committee for his tremendous efforts in putting together the events. The executives also worked day and night under the leadership of Secretary & CEO. It is a matter of great satisfaction that we were able to hold the event in a very befitting manner. It is one of the flagship events of ICAB.

Pre and Post Budget Discussion including Press Conference

This is the first time that ICAB held a press conference at our own premises in CA Bhaban well ahead the announcement National Budget 2019-20, where we were able to share our views. It was widely circulated in many electronic and print media.

Like previous years, ICAB and Prothom Alo held a pre-budget discussion 2019 at CA Bhaban. In its successive endeavour to promote good governance, ICAB for the first time, also held a joint post-budget discussion with the Daily Star. Both these events were attended by eminent personalities besides our expert CAs. I must thank our Press & Publication section for being able to ensure huge media attention.

Trainings and Workshops

I am highly pleased to report that till December 2019, we conducted 21 Trainings and Workshops and 17 CPD Seminars. These events held on a wide range of subjects. Both ICPE and ICAB Dhaka and the Chittagong office conducted those evnts which included contemporary issues like Finance Bill, Blockchain etc., among other topics.



More importantly, ICAB with the support of the Government of Japan and in partnership with International Finance Corporation (IFC, World Bank Group) organized a 3-day long Training of Trainers (ToT) programme at ICAB in January 2019 to enhance the Corporate Governance (CG) and Board Leadership capabilities of chartered accountants in Bangladesh. Anne E. Molyneux, FCA, FAICD, a Director of CS International and Dr. Mary Jo Larson, an International Consultant acted as Facilitator where Lopa Rahman and Barrister Sheela R. Rahman, both from IFC, coordinated the training.

The primary goal of the Training of Trainers (ToT) was to improve understandings of corporate governance and the vital role of directors in promoting economic growth and sustainability in the region. The faculty/Training of Trainers (ToT) was intended to further enhance governance understandings, leadership skills and teaching techniques specifically relevant for chartered accountants. It aimed to develop the knowledge base and skill sets needed to lead director education programs that reflects international best practices adapted to regional priorities and needs in South Asia.

I believe that independent directors, audit committee and internal audit and compliance are the key elements for corporate governance where, directors and independent directors take care and protect the interests of all stakeholders including shareholders, employees, government, regulators and many others. This training would help all of us.

Beside these, ICAB held wide variety of paid training and courses on professional and contemporary leadership issues for the members. ICAB conducted training on ‘Practical Aspects of IFRS 9-Financial Instruments’ for City Bank officials and training programme on 'International Financial Reporting Standards (IFRS) for Bangladesh Bank officials.

Renovation Works

This year we took the initiative to renovate the 5th floor. This would accommodate Exam Section and seating arrangement for senior officials of ICAB. With a view to expanding the space of the Academic Campus to accommodate Students Admission and Registration, Students Counselling Centre and cash counter, we also undertook renovation work of the remaining ground floor space (2000 sft.) of the campus building which was taken on lease in 2018. The renovated ground floor has been inaugurated on 07 December 2019.

CA Worldwide Opens a New Horizon for ICAB Members

The global accountancy body Chartered Accountants Worldwide (CAW) launched a network member logo on 4 November 2019 to recognise and promote a global family of Chartered Accountants.

ICAB members are now connected to, and recognized by, the global family of Chartered Accountants which will certainly elevate their positions at global level.

ICAB delegates led by me participated in different events of Chartered Accountants Worldwide, Confederation of Asia and Pacific Accountants, and International Federation of Accountants (IFAC) in Vancouver, Canada in November 2019.

Over 750,000 qualified chartered accountants of 14 professional institutes like ICAEW, ICAS, CAI, SAICA, ISCA, CA ANZ, IAI, CA Sri Lanka, ICAB, ICAN, ICAM, ZiCA, who are the members of Chartered Accountants Worldwide will be able to use the CAW new network member logo in their email signatures, letterheads, stationery as well as on websites and social media.

Chartered Accountants Worldwide is expected to play an important role in protecting, promoting and developing the Chartered Accountancy brand and profession.

By displaying the logo, individual members can show they are part of a global network of qualified professionals who share common values and a commitment to the highest technical and ethical standard.

The logo will create international recognition for the quality of the chartered accountancy profession, ensuring that chartered accountants’ qualifications stand out in an increasingly competitive market.

Concluding Remarks

We made our utmost endeavor to raise all our professional matters to Government Ministries and other regulatory and autonomous bodies. I am very happy to report that we got welcoming response from all. We were able to interact and maintain good rapport with all of them.

Therefore, I sincerely acknowledge the support of Government Ministries, LGRD, NBR, OCAG, BSEC, CSE, DSE, IDRA, BIDA, NGO Affairs Bureau, Bangladesh Bank, World Bank and other stakeholders for supporting ICAB and its causes.

Dear Members, you will find the summary of the events in the Annual Report and Financial Statements. I believe ICAB has more to do. I am confident my successor will take the institute to further heights. I look forward extending my service to ICAB any time it is sought.

Lastly, I express my thanks to the chairmen and members of all the committees for their contribution and support. I must also thank everyone associated with the publication of this Annual Report.

With this, I wish you all a very happy and prosperous life ahead. May the Almighty Bless us all.

A F Nesaruddin FCAPresident-ICAB

REPORT OFTHE COUNCIL

FOR THE YEAR2019




1.1 ICAB Centre for Professional Excellence (ICPE)

ICPE offers training and qualification to a broad range of professionals helping to foster their leadership qualities and enhance commercial, finance and technical knowledge that are fundamental to the boosting up of careers as well as supporting the long-term prospects of bussiness.

Trainings and Workshops for the year 2019 at Dhaka

1.0TRAININGS AND WORKSHOPS

Sl.# Name of theTraining

Period &Duration

No. ofParticipants Facilitators

1. Technical Conference on ‘Implementation of New Auditor’s Report for Bank and NBFI: Challenges and Way Forward’

12 January2019

85 ICAB Members Mr. Sabbir Ahmed FCA,Member Council-ICAB

2. Training of Trainers (ToT) on Corporate Governance and Board Leadership

26 to 28 January 2019

22 ICAB Members Mrs. Anne E., Molyneux FCA, FAICD and Dr. Mary Jo Larson

3. Workshop on ‘Advanced Scholastic Valuations’

20 February2019

130 ICABMembers

Dr. Fernando Scarpati

4. Advanced Level Certificate Course on 'International Financial Reporting Standards (IFRS) & International Accounting Standards (IAS)'

2 March to 27 April 2019

48 Members of ICAB and OtherOrganisations

Mr. Mohammad Salahuddin Chowdhury FCAMr. Snehasish Barua FCAMr. Sabbir Ahmed FCAMr. Sk. Md. Tarikul Islam FCAMr. Wasequl Huq Reagan FCAMr. Muhammad Aminul Hoque FCAMr. Muhammad Mehedi Hasan FCA

5. Advanced CertificateCourse in Leadership & Communication

4 April to 25 April 2019

35 ICAB Membersand OtherOrganisations

Mohammad Saif Noman Khan

6. Workshop on Strengthening Capacity for the Accountancy Profession in Bangladesh

14 May 2019 35 practicingMembers

Mr. Md. Mozammal Hoque FCA

7. Workshop on Strengthening Capacity for the Accountancy Profession in Bangladesh

15 May 2019 25 Members in service

Mr. Md. Mozammal Hoque FCA

8. Training on ‘Practical Aspects of IFRS 9-Financial Instruments’

13 April 2019 30 The City Bank Officials

Mr. Sabbir Ahmed FCA

9. Workshop on ‘Special Audit Procedure in Life Insurancefor Listed CA Firms’

08 May 2019 42 Members of ICAB and OtherOrganisations

Mr. Dipen Kumar Saha Roy FCAMr. Asifur Rahman FCAMr. Mohammad Shibbir Hossain FCA


10. Advanced Level Certificate Course on 'International Financial Reporting Standards (IFRS) & International Accounting Standards (IAS)'

22 June to 7 September 2019

43 Members ofICAB and Others Organisations

Mr. Mohammad Salahuddin Chowdhury FCAMr. Snehasish Barua FCAMr. Sabbir Ahmed FCAMr. Sk. Md. Tarikul Islam FCAMr. Ajit Kumar Paul FCA, Mohammed Forkan Uddin FCA, Mr. Muhammad Aminul Hoque FCAMr. Md. Mahamud Hosain FCA

11. Training Programme on 'International Financial Reporting Standards (IFRS) for Bangladesh Bank Officials

23 June to 05 August 2019

35 BangladeshBank Officials

Mr. Mohammad Salahuddin Chowdhury FCAMr. Snehasish Barua FCAMr. Sabbir Ahmed FCAMr. Sk. Md. Tarikul Islam FCAMr. Ajit Kumar Paul FCAMr. Mohammed Forkan Uddin FCAMr. Muhammad Aminul Hoque FCAMr. Md. Mahamud Hosain FCAMr. Md. Abdul Kader Joaddar FCAMr. Muhammad Mehedi Hasan FCA

12. Workshop on ‘Special Audit on Imports and Exports of Selected Five State Owned Banks’

25 June 2019 35 Partner or representatives of the ten listedCA firms

Mr. Ajit Kumar Paul FCAMr. Mohammad Monowar Hossain FCAMr. Sabbir Ahmed FCAMr. Md. Habibur Rahman Bhuiyan FCA

13. Workshop on ‘ICAEW Pathway Membership for the Members of ICAB’

1 July 2019 63 ICAB Members Mr. Justin West, Consultant, ICAEW

14. Top Level Leadership and Management Skills Development Workshop for Career Success

12 July 2019 30 Members of ICAB and Other Organisations

Mr. Neaz AhmedMr. Ahmed BariMs. Madeleine Taylor

15. Workshop on ‘VAT & SD Act, 2012–Highlights and Challenges’

23 July 2019 60 ICAB Members Mr. Snehasish Barua FCA, Mr. Rakesh Saha FCA, Mr. Md. Humayun Kabir FCA and Dr. Abdul Mannan Shikder

16. Workshop on ‘VAT & SD Act, 2012–Highlights and Challenges’

30 July 2019 69 ICAB Members Mr. Snehasish Barua FCA, Mr. Rakesh Saha FCA and Dr. Abdul Mannan Shikder

17. Workshop on ‘Draft Dummy Audit Working Paper Files for Discussion and Comments’

24-25 August 2019

30 ICAB Practicing Members

Mr. Snehasish Barua FCA, Mr. Sukanta Bhattacharjee FCA, Ms. Shayema Akter FCA & Mr. Md. Faruk Hossain ACA

18. Workshop on ‘Implementation of New Audit Report for listed entities other than Banks, Financial Institutions and Insurance Company’

15 September 2019

77 ICAB Practicing Members

Mr. Sabbir Ahmed FCA, Mr. Md. Rokonuzzaman FCA& Mr. Sk. Md. Tarikul Islam FCA

19. Workshop on ‘Audit Quality and Fees Schedule Implementation’

18 September 2019

32 ICAB Practicing Members(Listed firms)

Mr. Sabbir Ahmed FCA, Mr. Muhammad Farooq FCA, Chairman and Executive Director-FRC

20. Workshop on ‘Draft Dummy Audit Working Paper Files for CA Articled Student and Audit Staff

05 October 2019 64 Manager of the CA Firms

Mr. Salahuddin Chowdhury FCA, Mr. Sk Md. Tarikul Islam FCA & Ms. Shayema Akter FCA

21. Top Level Leadership and Management Skills Development Workshop for Career Success

1 November 2019

28 Members ofICAB and Others Organisations

Mr. Neaz AhmedMr. Ahmed BariMr. Garth Cook

Sl.# Name of theTraining

Period &Duration

No. ofParticipants Facilitators



1.2 Salient Features of Some Key Activities of ICPE During the Year 2019

Discussion meeting between ICAB Delegates and the Director, Institute of Modern Languages regarding English Communication Course for CA Students

ICAB and the Institute of Modern Languages, University of Dhaka (DU) intended to jointly organize “English Communication Course for CA Students”.

In this regard, a discussion meeting between ICAB Delegates and the Director, Institute of Modern Languages, Dr. Shisir Bhattacharja was held on 20 January 2019 at the Institute’s premises. Dr. Mahfuzul Haque, Professor, Department of Accounting and Information System, DU was also present. ICAB Senior Deputy Director Sayma Banu and Deputy Director Aleya Ferdouse handed over a formal proposal letter to the Director on behalf of the Institute.

ICAB and the Institute of Modern Languages under Dhaka University will jointly work to prepare a module and organize the program once finalized.

Workshop on Advanced Scholastic Valuations

ICPE organized a workshop on ‘Advanced Scholastic Valuations’ (Business and Assets Valuation) on 20 February at ICAB Auditorium (9th Floor). A total of 100 members of the Institute participated in the program. ICAB President A F Nesaruddin FCA, Secretary Major General Muhammad Imrul Quayes ndc, psc (retd) and resource persons Dr. Fernando Scarpati and Managing Director, Business Valuation International (BVint) were present at the closing ceremony of the workshop.

Technical Conference on ‘Implementation of New Auditor’s Report for Bank and NBFI: Challenges and Way Forward’

Paper Presenter: Mr. Sabbir Ahmed FCA, Member Council-ICAB and Partner, Hoda Vasi Chowdhury & Co., Chartered Accountants.

Moderator: Mr. Md. Mahamud Hosain FCA, Member Council-ICAB.

Panelists: Mr. Md. Salim Uddin FCA, Member Council and Vice President (T & R)-ICAB; Mr. Md. Abdul Kader Joaddar ACA, Member Council-ICAB and Chief Financial Officer (CFO), Standard Chartered Bank; Mr. Md. Rokonuzzaman FCA, Partner, ACNABIN, Chartered Accountants; Mr. Md. Mahbubur Rahman FCA, Chief Financial Officer, The City Bank Limited; Mr. Mohammed Hamidul Islam FCA, Partner, A Qasem & Co., Chartered Accountants; Mr. Ashraful Haq Amin FCA, SVP & Chief Financial Officer- Head of Finance Division, ONE Bank Limited; Mr. Wasequl Huq Reagan FCA, Partner, Mahfel Huq & Co., Chartered Accountants.

Closing Ceremony of Advanced Level Training on IFRS & IAS

The closing ceremony of the Advanced Level Training on IFRS & IAS, was held on 2 February,2019 at ICAB training room. The Chief Guest was SM Rejoan Hossain, Additional Secretary (Admin), Ministry of Commerce, GoB. Among others ICAB Secretary Maj Gen Muhammad Imrul Quayes, ndc, psc (Retd) was present on the occasion.


Day-Long Training on ‘Practical Aspects of IFRS 9 - Financial Instruments’

A day-long training on 'Practical Aspects of IFRS 9 - Financial Instruments' was held on 13 April 2019 at ICPE training room and the session was completed successfully. A total number of 32 officials from the City Bank participated in the training program.

ICAB President A F Nesaruddin FCA, Vice Presidents N K A Mobin FCA, Secretary Major General Muhammad Imrul Quayes ndc, psc (Retd) and resource person & ICAB Council Member Sabbir Ahmed FCA were present at the closing ceremony.

Training on ‘Advance Level Certificate Course on IFRS and IAS’- 6th Batch

The eight-day long training program on ‘Advanced Level Certificate Course on IFRS and IAS’ - 6th Batch was held from 2 March 2019 at ICPE training room and the session of the training were successfully completed. A total number of 50 members and non members participated in the program.

The resource persons were Sabbir Ahmed FCA, Snehasish Barua FCA, Mohammed Salahuddin Chowdhury FCA, Wasequl Huq Regan FCA, Muhammad Aminul Hoque FCA, Sk, Md. Tarikul Islam FCA and Muhammad Mehedi Hassan FCA. Major General Muhammad Imrul Quayes ndc, psc (Retd), Secretary ICAB inaugurated the training. The resource person of the inaugural session was Sabbir Ahmed FCA.

A F Nesaruddin FCA, President-ICAB, N K A Mobin FCA FCS Vice President ICAB and resource person of

closing session Mohammed Salahuddin FCA were present at the closing ceremony on 27 April 2019.

Training Program on Advanced Certificate Course in Leadership & Communication-4th Batch

A Six-day long training program on 'Advanced Certificate Course in Leadership & Communication' – 4th Batch started from 4 April 2019 at ICPE training room. A total number of 35 members and non-members participated in the program.

ICAB President A F Nesaruddin FCA, resource person Mohammed Saif Noman Khan and officials of ICAB were present at the closing ceremony.

Workshop on ‘Capacity Building of ICAB and the Accountancy Profession’

ICAB has undertaken a project which will mainly focus on strengthening the capacity of ICAB and the accountancy profession in the country to address the emerging challenges and providing high quality service to the stakeholders and its members.

ICAB Centre for Professional Excellence (ICPE) organized a workshop on ‘Capacity Building of ICAB and the Accountancy Profession’ on 15 May 2019 at the ICAB Training Room (7th floor) for the practicing members. 30 participants took part in the program.

ICAB President A F Nesaruddin FCA and Secretary Major General Muhammad Imrul Quayes ndc, psc (Retd), were present at the program. Md. Mozammal

.



Hoque FCA – was the workshop facilitator. The session was summarized by workshop facilitator and the President of ICAB.

Workshop on ‘Special Audit Procedure in Life Insurance for listed CA Firms’

ICAB Centre for Professional Excellence (ICPE) organized a day long workshop on 'Special Audit Procedure in Life Insurance for listed CA Firms' as per the guideline of IDRA on 8 May 2019 at the ICAB Training Room (7th floor). A total of 50 participants took part in the program.

ICAB President A F Nesaruddin FCA, Council Member Muhammad Farooq FCA and Secretary Major General Muhammad Imrul Quayes ndc, psc (Retd) were present at the program.

Dipen Kumar Saha Roy FCA, Asifur Rahman FCA and Mohammad Shibbir Hossain FCA were the resource persons of the workshop.

ICAB’s Workshop on ‘Special Audit on Imports and Exports of Selected Five State Owned Banks’

The ICAB organized a workshop on ‘Special Audit on Imports and Exports of Selected Five State Owned Banks’ on 25 June 2019 at CA Bhaban. ICAB President AF Nesaruddin FCA, Vice President Moniruzzaman, Council Member Muhammad Farooq FCA and Acting Secretary & Director (Technical) Mahbub Ahmed Siddique FCA were present at the inaugural session of the workshop. The state owned banks were Sonali Bank Limited, Janata Bank Limited, Agrani Bank Limited, Rupali Bank Limited and BASIC Bank Limited.

Md. Yusuf Ali, Deputy Managing Director, Agrani Bank Limited, Md. Ismail Hosssain, Deputy Managing Director, Janata Bank Limited and A.K.M Masudur Rahman, General Manager, Basic Bank Limited, delivered lectures and took part in panel discussion as guest speakers. The resource persons of the workshop were Ajit Kumar Paul FCA, Additional Secretary, Financial Institutions Division, Ministry of

Finance, GoB, ICAB Council Member Sabbir Ahmed FCA, Fellow Members Mohammad Monowar Hossain FCA and Md. Habibur Rahman Bhuiyan FCA were the resource persons. The workshop was particiopated by the representatives of auditing firms of the state owned banks

Training on IFRS and IAS

An eight-day long training program on "Advance Level Certificate Course on IFRS and IAS" - 7th Batch started from 22 June 2019 which went on smoothly. A total number of 50 participants attended in the program.

Mohammad Salahuddin Chowdhury FCA, Snehasish Barua FCA, Sabbir Ahmed FCA, Sk. Md Tarikul Islam FCA, Ajit Kumar Paul FCA, Mohammed Forkan Uddin FCA, Muhammad Aminul Hoque FCA and Md. Mahamud Hosain FCA were the facilitators of the program.

Training on IFRS for Bangladesh Bank Officials

ICAB Centre for Professional Excellence (ICPE) organised a training program on "International Financial Reporting Standards (IFRS)" for Bangladesh Bank Officials from 23 June 2019 to 5 August 2019 at ICPE Training Room. A total number from 35 participants of the rank Joint Director (JD) and Deputy Director (DD) of Bangladesh Bank participated in the training.

The other facilitators of the training were Mohammad Salahuddin Chowdhury FCA, Snehasish Barua FCA, Sabbir Ahmed FCA, Sk. Md Tarikul Islam FCA, Ajit


Kumar Paul FCA, Mohammed Forkan Uddin FCA, Muhammad Aminul Hoque FCA, Md. Mahamud Hosain FCA, Md. Abdul Kader Joaddar FCA and Muhammad Mehedi Hasan FCA.

ICAB Workshops on ‘VAT & SD Act, 2012– Highlights and Challenges’

ICAB organized two workshops on ‘VAT & Supplementary Duty (SD) Act, 2012– Highlights and Challenges’ at ICAB Auditorium on 24 and 30 July 2019.

The session were conducted by Snehasish Barua FCA, Partner, Snehasish Mahmud & Co., Chartered Accountants, Rakesh Saha FCA, Partner, Ahmed Mashuque & Co., Chartered Accountants and Dr. Abdul Mannan Shikder, Member (VAT Policy), Customs, Excise & VAT, NBR.

Maj Gen Muhammad Imrul Quayes, ndc, psc (retd), Secretary-ICAB inaugurated the workshops and ICAB President AF Nesaruddin FCA awarded the certificates to the participants.

Workshop on “ICAEW Pathway Membership for Members of ICAB”

ICAB Centre for Professional Excellence (ICPE) organized a workshop on “ICAEW Pathway Membership" for the Members of ICAB on 1 July 2019 at ICPE Training Room. A total of 60 participants took part in the program. ICAB President A F Nesaruddin FCA, inaugurated the session.

The resource person of the workshop was Justin West, Consultant, the Institute of Chartered Accountants in England and Wales (ICAEW).

Workshop on ‘Top Level Leadership and Management Skills Development for Career Success’-1st batch

A day long workshop on 'Top Level Leadership and Management Skills Development for Career Success' was held at the ICAB Training Room on 12 July 2019. A total number of 35 participants took part in the program.

This program was an interactive grooming up session jointly organized by ICAB and WSDA, New Zealand.

The objectives of the workshop were to enhance emotional intelligence, personal leadership, body language, corporate etiquette, stress management and effective negotiation.

N K A Mobin FCA, Vice President-ICAB, Gopal Chandra Ghosh FCA, Council Member - ICAB, Major General Muhammad Imrul Quayes ndc, psc (Retd), Secretary-ICAB and the resource persons were present at the closing ceremony.

The resource persons were Neaz Ahmed, Senior Faculty Member & Dean of 'Future CEO program', Ahmed Bari, Life Coach and Vice President and Ms. Madeleine Taylor, Business Coach & Trainer, WSDA New Zealand.

Closing Program on Training “International Financial Reporting Standards (IFRS)”

A training on "International Financial Reporting Standards (IFRS)" for Bangladesh Bank Officials -5th Batch started on 23 June 2019 and and concluded on 5 August 2019 at ICPE Training Room.

A total number of 35 participants attended in the training program. ICAB Vice President Md.



Moniruzzaman FCA, inaugurated the program on 23 June 2019.

A total of 25 sessions were held in a three month long course where, as resource persons of ICAB, Council Members Sabbir Ahmed FCA, Mahamud Hossain FCA, Md. Forkan Uddin FCA and Fellow Members and Ajit Kumar Paul FCA, Snehasish Barua FCA, Mohammed Salahuddin Chowdhury FCA, Muhammad Aminul Hoque FCA and Sk. Md. Tarikul Islam FCA delivered lectures on various aspects of IFRS.

Earlier in 2017 same training was organised for Bangladesh Bank Officials - 4th Batch.

Workshop on “Draft Dummy Audit Working Paper Files for Discussion and Comments”

ICAB Centre for Professional Excellence (ICPE) organized the two-day long workshop on " Draft Dummy Audit Working Paper Files for Discussion and Comments” on 24 & 25 August 2019 in the ICAB Auditorium. A total of 30 participants took part in the program.

This workshop focused on how to develop a comprehensive set of audit working files covering audit permanent file, audit planning, test of operating effectiveness, audit program, audit completion etc., so that the trainees would be able to maintain audit evidence and proper documentation in an efficient and effective manner.

The resource persons of the program were Snehasish Barua FCA, Sukanta Bhattacharjee FCA, Shayema Akter FCA and Faruk Hossain ACA.

Closing program of Training on International Financial Reporting Standards (IFRS)

Closing program of Training on International Financial Reporting Standards (IFRS) 7th Batch held on 7 September 2019 at ICPE Training, CA Bhaban, ICAB.

ICAB President A F Nesaruddin FCA distributed certificate to the participants. ICAB Secretary & CEO Major General Muhammad Imrul Quayes, ndc, psc (retd) and resource persons were present at the ceremony. A total of 45 participants took part in the program.

Workshop on ‘Audit Quality and Fees Schedule Implementation’

A workshop on ‘Audit Quality and Fees Schedule Implementation’ was jointly organised by Financial Reporting Council (FRC) and ICAB at CA Bhaban on 18 September 2019. C.Q. K. Mustaq Ahmed Chairman, Financial Reporting Council (FRC), was present as the Chief Guest while Executive Directors - FRC Mohammad Anwarul Karim FCA, Mohammad Mohiuddin Ahmed FCA were the guest speakers. ICAB President A F Nesaruddin FCA and Vice President Md. Moniruzzaman along with the panel speakers and ICAB Council Members Muhammad Farooq FCA and Sabbir Ahmed FCA were present at the workshop. A good number of representatives of CA firms participated in the workshop.

Council Member Muhammad Farooq FCA presented paper on ICAB audit fee schedule and Sabbir Ahmed, described how Board, senior management, and regulatory supervisors use the audit report.

Day Long Workshop on ‘Draft Dummy Audit Working Paper Files’

A day-long workshop on ‘Draft Dummy Audit Working Paper Files’ was organized by ICAB Centre for Professional Excellence (ICPE) on 5 October, 2019 at


ICAB Training Room. This workshop focused on how to develop the comprehensive set of audit working files covering Audit Permanent File, Audit Planning, Test of Operating Effectiveness, Audit Program, Audit Completion etc., so that the participants would be able to maintain audit evidence and proper documentation in an efficient and effective manner.

A total of 80 participants took part in the workshop. The resource persons of the workshop were Salahuddin Chowdhury FCA, Sk Md. Tarikul Islam FCA and Shayema Akter FCA.

Certificate Course on Information Systems Audit (IS Audit)-4th Batch

Certificate Course on Information Systems Audit (IS Audit)-4th Batch held on 14 October 2019 at ICAB Training Room. Along with a good number of ICAB members in business, IT, Finance, Banking Sectors, Accounts and Compliance of Bangladesh Bank and other renowned organizations, are participating in the training. The program is going on successfully. The course will be completed in February 2020.

The resource persons were IS audit experts who were Qualified CISA/CISM/Chartered Accountants and the prominent IS/IT audit experts including practitioners and academicians.

Top Level Leadership and Management Skills Development Workshop for Career Success-2nd Batch

A day-long workshop on 'Top Level Leadership and Management Skills Development for Career Success'

was held at the ICAB Training Room on 1st Novemebr,2019. A total number of 28 participants took part in the program.

This program was an interactive grooming up session jointly organized by ICAB and WSDA New Zealand.

Trainings and Workshops in Chittagong

Workshop on “Implementation of New Auditor’s Report Challenges and Way Forward”

An integrated workshop on “Implementation of new Auditor’s Report: Challenges and Way Forward” was held on 19 Jan 2019 at Ichamati Hall, Agrabad Hotel, Chittagong. Prof. Dr. Salim Uddin FCA, Vice President (T& R), ICAB introduced the main topic of the workshop while Mahamud Hosain FCA, Councilor, ICAB moderated the workshop. The workshop comprised of panels and three discussion sessions. Mahbub Siddique FCA, Technical Director, ICAB and serveral members from Dhaka spoke in the workshop. Showkat Hossain FCA, Past President, ICAB and Senior Partner, Hoda Vasi Chowdhury & Co., Chartered Accountants, delivered the concluding remarks.

Workshop on Advance MS Excel for CA Students held at CRC Computer Lab



A Workshop on Advance MS Excel "Excel yourself by MS Excel" was held on 1st Feb 2019 at CRC Computer Lab for CA students. Mr. Reazul Kabir FCA, Assistant General Manager & CFO, BSRM Group of Companies, conducted the workshop.

Workshop on IAS-16 for CA Students at Ctg

A workshop on IAS 16: Property, Plant & Equipment was held on 1 March 2019 at CRC Conference Hall for CA students. Kamrul Hasan Siddiqui ACA, Financial Controller, Kenpark Bangladesh Apparel Pvt. Limited conducted the workshop. A significant number of students joined the workshop.

Workshop on IAS 8 & IAS 10 for CA Students at CRC

A workshop on IAS 8 and IAS 10 for CA students was held on 25 Jan 2019 at CRC Conference Hall. Hasan Murad ACA, Head of Finance, MIDAS Safety Bangladesh was the resource person. More than 30 students attended the workshop.

Reception to Newly Qualified Member in Ctg

A reception was hosted by the Chittagong Regional Committee (CRC) of ICAB for Shahadat Khan Riyadh who passed CA final examination (Advance Level) during Nov-Dec session 2018 and qualified to become ACA. He is now working as a Manager at Abul Khair Group.

Workshop on New Audit Report

A Workshop on “ISA-700 (Revised): Introduction, Challenges and Opportunities of implementing new Audit Report" was held on Friday, June 28, 2019, at 4.00 pm at CRC Conference Hall for CA students. Mr. Shaju Barua FCA, Sr. Manager, Audit, Assurance & Taxation Service, Hoda Vasi Chowdhury & Co., Chartered Accountants, conducted the workshop. A large number of students participated in the workshop.

Workshop on New VAT & SD Act 2012

Chittagong Regional Committee (CRC) arranged an open workshop for members, corporate officials and CA students on New VAT and Supplementary Duty (SD) Act 2012 on July 23, 2019 at Ichamati Hall, Hotel Agrabad, Chittagong. The workshop was conducted by Dr. Md. Abdur Rouf, Founder Chairman, Bangladesh VAT Professional Forum. It was a comprehensive workshop on new VAT Act. A large number of participants attended the workshop.


2.1 Examination

Examination is one of the core activities of ICAB. We always give the highest priority to the examination system as well as examination management. Year 2019 is remarkable for the Examination of ICAB for some special reasons - Examination Division has got a new spacious space this year; ICAB has introduced online admit cards for the students and has effectively conducted examinations in all its three examination centres i.e. in Dhaka, Chattogram and London.

New space for Examination Division

The extanded space on the fifth floor of ICAB Bhaban is a secluded area so that the examination related activities may be performed in a peaceful atmosphere. About two thirds of the fifth floor has been allotted for Examination Division and the area has been set up in such a way that, hopefully, no activity related to examination will face any difficulty for space constraint in future.

Online admit cards for the examinees

It was a long-cherished demand of the students to receive their admit cards online. Their demand has been fulfilled this year. We have introduced online admit cards from the examinations November-December 2019. Examinees are now getting their admit cards online by validating some information including registration numbers and date of birth. To avoid any probable abuse of this system, we have attached colour picture of the concerned examinees against their names in the attendance sheets so that the invigilators can compare the examinees with their appearances and take the attendance of the right students.

Conduct of Examinations

Conduct of Examinations

This year, the examinations of May-June and November-December sessions were held from June 15 to June 23, 2019 and from November 26 to December 08, 2019 in Dhaka, Chattogram and London centres simultaneously. In Dhaka, the examinations of May-June 2019 were held in BAF Shaheen College, Tejgaon, Dhaka and those of Nov-Dec 2019 were held in Shiddheswari Girls’ College, Baily Road, Ramna, Dhaka. In Chattogram, the examinations of both sessions were held in Govt. Commerce College at Agrabad, Chittagong. In

2.0EXAMINATION AND STUDENTS' AFFAIRS



London centre the examinations of both sessions were held in the High Commission Office of Bangladesh in London. The number of applicants in the examinations in May-June 2019 were 7372 and of Nov-Dec was 7520.

With the right direction of the concerned authorities and effective co-ordination among the concerned officials of ICAB, members of the regional committees and the concerned officials of the respective centre, the examinations were held very smoothly.

Results published in 2019

Results of November-December 2018 session and May-June 2019 session were published on February 19, 2019 and on August 24, 2019 respectively. Level-wise results is been shown below:

2.2 Articled Students

During the year 2018-2019, the Institute granted Articleship registration to a number of 1,528 students. A total of 1,510 students completed their Articleship training and 30 Articled Students discontinued Articlesship due to various reasons in this year. Detailed statistics are as follows:

The growth of Articled Students over the years is shown in the chart below:

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000New Registration Total

Centre-wise number of examinees:

May-June 2019

Level Dhaka Chattogram London Total

Certificate 4348 538 - 4886Professional 1884 161 1 2046Advanced 410 28 2 440

November-December 2019

Level Dhaka Chattogram London Total

Certificate 4389 543 - 4932Professional 1954 174 - 2128Advanced 425 32 3 460

Nov-Dec 2018 May-June 2019

Leve

l

Appe

ared

Partl

y Pa

ssed

Fully

Pas

sed

Appe

ared

Partl

y Pa

ssed

Fully

Pas

sed

CertificateLevel 3916 759 166 3781 775 206

Professional Level 1667 351 44 1621 331 60

AdvancedLevel 399 41 21 401 83 46

Total number of Articled Students as on 01 July 2018 4,158Add: Registered during 2018-2019 1,528

5,686Less:Course Completed during 2018-2019 (1,510)Discontinued during 2018-2019 (30)

(1,540)In Course Articled Students as on 30 June 2019 4,146


Scholarships:

2.3 Scholarships & Grants

Sl. No. Name of ScholarshipNumber of Scholarship

Amount disbursed during the yearTotal

disbursed1st yearInstallment

2nd year Installment

3rd year Installment

1 ACNABIN General Scholarship 3 27,000/- - - 27,000/-2 ACNABIN Female Scholarship 3 36,000/- - - 36,000/-3 ABM Azizuddin Scholarship 1 42,000/- - - 42,000/-4 Bhola Foundation Limited 1 36,000/- - - 36,000/-5 S F Ahmed Scholarship 2 60,000/- 60,000/- 120,000/-6 RRH Scholarship 4 144,000/- - - 144,000/-7 RRH Associates Scholarship 2 120,000/- - - 120,000/-8 M H Chowdhury Scholarship 2 60,000/- - - 60,000/-9 Mashiur Rahman Scholarship 3 60,000/- 30,000/- - 90,000/-

10 AKM Mizanur Rahman Scholarship 1 24,000/- - - 24,000/-11 Syful Shamsul Alam 5 120,000/- 30,000/- - 150,000/-12 Howlader Yunus 2 60,000/- 60,000/-

Total disbursed during the year 909,000/-

Years of allowance 1st year 2nd year 3rd year 4th year

Amount (Taka) Tk.4,000/- Tk.4,500/- Tk.5,000/- Tk.5,500/-

(i) A F Mujibur Rahman Foundation is providing six scholarships of Tk. 2000/- per month per student. After reviewing the result of selected students, the scholarship is renewed in every year.

(ii) (ii) “President 2011 - Shasha Foundation” is providing Scholarships to Woman Students of ICAB:

To inspire the female students in ICAB, “President 2011-Shasha Foundation” introduced a scholarship program in 2014. This program finances two selected female students of ICAB by providing scholarship of BDT. 2,500/- (Two Thousand & Five Hundred) each per month. After reviewing the result of selected female students, the scholarship is renewed every year. Year wise payment of scholarship of “President 2011-Shasha Foundation is as under:

Year (July-June) Number of Payment Female Students

2014-2015 2 60,000

2015-2016 5 87,500

2016-2017 3 80,000

2017-2018 2 60,000

2018-2019 2 60,000

(iii) M J Abedin Scholarship:

To encourage the Articled Students of ICAB, “M J Abedin & Co. Chartered Accountants” has introduced a scholarship program under the name & style of ‘M J Abedin Scholarship’ in 2019. This program finances Articled Students of ICAB selected by the Articled Students Committee providing scholarship worth of BDT. 3000/- (three thousand) each, per month.

Grants and Scholarship to BCACP

During the year 2018-2019, financial supports Tk.16,80,000 as scholarship from the General Fund, Tk. 8,40,000 as General Grant, Tk. 7,69,540 as office rent and utility and Tk. 1,90,000 for organising various programs were given. The total amount of Tk. 34,79,540 was disbursed to Bangladesh Chartered Accountancy Chhatra Parishad (BCACP) as part of students’ welfare

2.4 Articled Students’ Allowances

To attract the brilliant and meritorious students to CA education, the Council approved the enhancement of the monthly allowance of Articled Students with effect from 1 July 2019.



However, to encourage brilliant and meritorious students, CA firms may consider to pay additional amount of allowance to students.

Increment to the Articled Students:

(i) An Articled Students passing his/her Certificate Level is to receive a yearly increment of Tk. 1000 from the respective CA Firm.

(ii) An Articled Student passing his/her Professional Level is to receive a yearly increment of Tk. 1,500 From the respective CA firm

2.5 ICAB Library Services for Students

The number of library users of Dhaka and Chittagong are steadily increasing. This increasing trend indicates the seriousness of CA students to studies in order to pass the professional examinations in the earliest possible time. Moreover, a large number of students are also using the library facilities.

The ICAB libraries, both in Dhaka and Chittagong have been enriched with professional books, journals and periodicals of updated versions. A Library Management Software is also in use having database of all books, journals and magazines in the library.

Normally, library time is 10.00am to 9.00pm in two shifts but before examination it remains open up to 10.00pm throughout the week for the benefit of CA students and members.

Stocks and Additions of Books as on 30 June 2019

2.6 Activities of Student Affairs Division, Year: 2019

Wing-1: ICAB-Academic Campus

• ICAB academic campus consists of four departments (Counselling, Enrolment, Class Management and Teaching Quality Assessment). ICAB-Academic Campus has been in three storied building at 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215. There are 12 class rooms, 8 car parking space, teachers' room, officials' room, prayer & common rooms for teachers & students and with a canteen. Actually, regular campus activities start from 8:30am- 5:00pm for day time classes and commencing 6:00pm to 10:00pm for evening shift session.

(1) Total 24 teachers attended 12 sections having 1051 students of Certificate, Professional and Advanced Levels.

(2) The activities of campus currently spread over seven days of a week. The academic program begins in cyclic-order for the whole year. The teachers pool consisted of 221 teachers for 2107 students of the last two exam sessions. Generally, from class enrolment to the final exams, all sorts of assistance are provided to the students.

• Development Works: Classes are now organized smoothly in A.C. rooms with modern educational logistics support and digital instruments like Electronic Multimedia Presenter, Cordless Microphone sound system, WiFi communications, Online registration, Online fees payment, Students' Biometric class attendance, Online Teachers' Evaluation, Lectures' Telecasting online programme, Virtual Class recording and broadcasting, Notice, Schedule, Plan, etc are displayed routinely through LED-TV as well as ICAB Website.

• Furthermore, office correspondences, students' enrollment, class information and campus activities are cerculated online.

Total stock of books as on 30 June 2019 25474

Purchased during the year 456Received as donation during the year 76

Stocks of books as on 30 June 2018 23289Books sent to CRC Library from inception to 30 June 2018

2408

Books sent to CRC Library during the year 338

Daily average attendance of the students 260

Before examinations (one month) students attendance

400

Preparation of Library Card up to 30 June 2018 12378Preparation of Library Card during the year 897


Year: 2019

Examination Session Level

Class ScheduleDuration

# Students

#Techs RemarksFrom To

May-June 2019

Certificate Level 13 December 2018 08 March 2019 3 - month 297

Completed

Past Questions' Solution Session 01 March 2019 07 March 2019 7 days

Day Time Certificate Level Class 09 March 2019 10 May 2019 1 month 15 days/45

days (remain holidays)93

Professional Level 06 March 2019 25 May 2019 2 month 20 days 157Advanced Level 06 March 2019 22 May 2019 2 month 15 days 48 116

Certificate Level (Evening Shift) 24 March 2019 29 May 2019 2 month 05 days 318

Special Class for Professional & Advanced Levels 16 April 2019 21 May 2019 1 month 5 days 113

Review Session 18 May 2019 27 May 2019 10 Days 913DRC-Mock Exam 03 May 2019 17 May 2019 15 Days 599

DRC-Mock Exam Feedback Session 24 May 2019 25 May 2019 02 Days

Past Questions' Solution Session 26 May 2019 29 May 2019 04 Days

2538 116

Nov-Dec 2019

Certificate Level 11 June 2019 05 September 2019 3 - month 285

Past Questions' Solution Session

01 September 2019

07 September 2019 7 days

Day Time Certificate Level Class

08 September 2019

05 November 2019

1 month 15 days/45 days (remain holidays)

42

Professional Level 01 September 2019

25 November 2019 2 month 25 days 179

Advanced Level 01 September 2019

21 November 2019 2 month 21 days 55

Certificate Level (Evening Shift)

22 September 2019

25 November 2019 2 month 04 days 330 105

Special Class for Professional & Advanced Levels 18 October 2019 12 November

2019 25 Days 48

Review Session 13 October 2019 24 October 2019 12 Days 891

DRC-Mock Exam 18 October 2019 01 November 2019 15 Days 652

DRC-Mock Exam Feedback Session

08 November 2019

08 November 2019 01 Day

Past Questions' Solution Session

12 November 2019

21 November 2019 10 Days

2482 105May-June

2020 Certificate Level 01 December 2019

28 February 2020 3 - month continued

Arrangement of the Pre-Examination Classes

ICAB President AF Nesaruddin FCA inaugurated the newly renovated offiice of ICAB Academic Campus on 7 December 2019



DRC-Mock Tests & Feedback Session atICAB Academic Campus

Other Related Programs

Program Schedule Exam Session Remarks

Students’ Orientation Program 03 -Mar -19 May -June 20 19

CompletedTeachers’ Group Discussion

(same subjects’ teacher)11 -Mar -19

Teachers’ Discussion Session 23 -Mar -19Students' Feed Back Session 20 -Apr -19

BCACP -English Language Learning Course Every 2 -month after

Students’ O rientation Program 09 -Jun -19 Nov -Dec 2019 DoneTeachers’ Group Discussion

(same subjects’ teacher)13 -Jun -19

Students’ Orientation Program 31 -August -19Teachers’ Group Discussion

(same subjects’ teacher)04 -Sep -19

Front Space Rent of ICAB -Aca demic Campus 51 -53, Kazi Nazrul Islam Avenue, Dhaka -1215

01 -April -19(Agreement Signed)

Renovation already completed and

Opening Ceremonyheld on 07 -Dec -2019

Class Management Information

Dhaka Centre, Year: 2019

During the year 2019, the pre-examination classes ofdifferent levels of the Institute, for duration of three months were organized at Dhaka Centre. The pen picture of thelevels and number of students & teachers attending the courses are furnished below:

Level of Courses(New Syllabus) Centre Examination Session No. of

StudentsNo. of

Teachers

Certificate Level (2nd Batch, Evening Shift)

Dhaka May-June 2019

640Certificate Level (2nd Batch, Day Time) 93

116Professional Level (2nd Batch) 157Advanced Level (2nd Batch) 48Special Classes for Professional & Advanced Level 113

1051

Certificate Level (3rd Batch, Evening Shift)

Dhaka Nov-Dec 2019

722

105Certificate Level (3rd Batch, Day Time) 52Professional Level (3rd Batch) 179Advanced Level (3rd Batch) 55Special Classes for Professional & Advanced Level 48

1056(Grand Total: 03 Levels, 02-Examination Session, # Total Students = 2107 # Teachers = 221)Note: The cumulative number of students of ICAB participating under new curriculum has risen to16749,till November 30, 2019.


At a Glance

• 3 Levels (Certificate, Professional and Advanced) class arranged:

- Exam Session: May-June-2019, Students: 1051, Teachers-116

- Exam Session: Nov-Dec-2019, Students: 1056, Teachers-105

- Up to 25-Nov-2019, Total Students: 2107, Teachers 221

• Students' Orientation Programme held before commencement of new batches

• Teachers' Discussion Session held before starting of classes

• Special Classes were held related to Professional and Advanced Level prior to respective exam session

• Past Questions' Solution Session held • Review and overview sessions taken • DRC-Mock Tests held before respective exam

sessions (participants: 599+652=1251) • Students' Feedback session held prior to final

exams

Meetings and Major Decisions of the Board of Studies (BoS)-ICAB: The Meetings of Board of Studies were arranged for preparing and reviewing of study manual and suggested answers during the Year-2019.

Arrangement of the Meeting of the Board of Studies (BoS), Year: 2019

Chart for BOS Meeting

Major Decisions Taken:

1. English Language course for CA Articled Students (under implementation)

2. Syllabus updating on "Business Laws" and "Corporate Laws & Practices" (completed)

3. Syllabus and Manuals updating on "Principles of Taxation" and "Tax Planning & Compliance" (completed)

4. Compulsory Mock Tests for Certificate Level Articled Students (under process)

5. New Teachers' Evaluation Policy (under process)

Wing-2: Study Manuals Department

Location and Services: The Study Manuals Department is now located on the mezzanine floor at ICAB-Academic Campus.

Wing-3: ICAB- Central Library

ICAB Central Library is accommodated with modern facilities at 2nd & 3rd Floor of CA Bhaban . It provides service to the CA students and Institute's member seven days a week from 10;00am to 9:00pm.

Presence

However, the overall activities of the Student Affairs Division have been organized by the Additional Director and a team under the supervision of the Vice President (Education & Examination)-ICAB, N K A Mobin FCA, with the guidance and consent of the Chairman, Board of Studies-ICAB, ABM Azizuddin FCA & President ICAB, A F Nesaruddin FCA.

Month Day & Date

February 2019 Tuesday, 12-02-2019May 2019 Thursday, 23-05-2019

August 2019 Wednesday, 21-08-2019December 2019 Thursday, 05-12-2019

Attendance Daily

Students 202Members 02

606060

Monthly

A view of Class Room at ICAB Academic Campus



Students Orientation Program for Evening Coaching Classes Jan-Mar Session 2019

Orientation program for the students of evening coaching classes for Jan- Mar session 2019 was held on 23 Jan 2019 at CRC Conference Hall, Chittagong. CRC Chairman, CRC Secretary, Anisuzzaman FCA, CFO & Company Secretary, Ispahani Group, Mr. Farhan Hyder ACA, Branch Manager at ACNABIN, Chartered Accountants were the panelists. Speakers shared their own story of the journey in the CA profession, highlighted various aspects of this noble profession as well as encouraged and advised students on how to become successful.

Meeting with Students and Class Lecturers of Chittagong Region

A meeting with students and Class Lecturers of Chittagong Region was held on 7 April 2019 at the conference Hall of ICAB-Chittagong Regional Office. Sidhartha Barua FCA, Council Member, all the members of CRC, most of the Class Lecturers of Chittagong Region and about 70 students were present.

32nd BCAH Anniversary

Tipu Munshi, MP, Commerce Minister, Peoples Republic of Bangladesh and Special Guest AF Nesaruddin, President-ICAB were present at a program celebrating 32nd Bangladesh Chartered Accountancy Hostel (BCAH) Anniversary- at a city hotel on 18 April 2019 as the Chief Guest.

2.7 Memorandum of Understanding (MoU) with different universities

The Institute of Chartered Accountants of Bangladesh signed MoU with prominent public and private universities to allow subject exemption under Credit for Prior Learning (CPL) policy. In 2019 the following MoUs have been signed. At each MoU signing ceremony, a Career Excellence Seminar was also organized to motivate the brilliant students to persue CA study.

A. MoU with Institute of Business Administration (IBA) - University of Dhaka

The Institute of Chartered Accountants of Bangladesh (ICAB) and the Institute of Business Administration (IBA) of University of Dhaka on 13 February 2019 signed an MoU to allow exemption under ICAB’s Credit for Prior Learning (CPL) programme.

The MoU outlines the subjects waiver for graduate and post graduate students of IBA and University of Dhaka. Under this MoU, the students would be eligible for exemption in subjects under ICAB curriculum like; Accounting, Management Information, Business and Finance, Business & Commercial Law and Information Technology, upon fulfilling specific criteria.


Director-IBA Professor Dr. Syed Ferhat Anwar and ICAB President A F Nesaruddin FCA signed the MoU on behalf of their respective Institutes at a formal ceremony held at IBA Auditorium. MBA program Coordinator Professor Dr. Md. Mohiuddin, ICAB Vice Presidents NKA Mobin FCA, Md. Moniruzzaman FCA, Council Members Mahmudul Hasan Khusru FCA, Md. Forkan Uddin FCA, Secretary & CEO Major General Muhammad Imrul Quayes, ndc, psc (retd), among others, were present.

B. MoU with BRAC University

The Institute of Chartered Accountants of Bangladesh (ICAB) and the BRAC University held a ‘Career Excellence Seminar & MoU Signing Ceremony’ at BRAC university auditorium on Thursday, 14 February 2019. This Memorandum of Understanding (MoU) will allow exemption to the students of BRAC Business School under ICAB’s Credit for Prior Learning (CPL) programme.

The MoU outlines the subjects waiver for graduate or post graduate students of BRAC Business School. Under this agreement, the students will be eligible for exemption in certain subjects under ICAB curriculum upon fulfilling specific criteria.

Vice President N K A Mobin FCA, Council Member Mahmudul Hasan Khusru FCA, Secretary Major General Muhammad Imrul Quayes, ndc, psc(retd), Fellow Members Muhammad Aminul Hoque FCA and Ariful Islam FCA, Chairman, Dhaka Regional Committee-ICAB, among others, were present.

C. MoU with American International University- Bangladesh

A F Nesaruddin, President-ICAB and Professor. Dr. Charles C Villanueva, Vice President (Academics) & Dean, Faculty of Business Administration of American International University-Bangladesh exchanged documents after signing a Memorandum of Understanding (MoU) on 9 April 2019.

ICAB Vice President NKA Mobin FCA, Secretary Major General Muhammad Imrul Quayes, ndc, psc (Retd.), Mohammad Faridul Alam, Associate Professor, Department of Accounting, were present in the event. ICAB will give subjects waiver to the students of Finance and Accounting Departments of AIUB under Credit for Prior Learning (CPL) programme of the Institute upon fulfilling certain criteria.

D. MoU with Independent University, Bangladesh

A memorandum of understanding (MoU) between the Institute of Chartered Accountants of Bangladesh (ICAB) and the Independent University, Bangladesh (IUB) was signed on 22 October 2019. Under this arrangement both the Institutes will cooperate with each other to foster chartered accountancy profession, accounting and finance education, training, workshop, knowledge sharing on accounting & financial matters, trade & commerce, business & economy as a whole, whereby students, teachers, professionals and other stakeholders will be benefited.

ICAB President A F Nesaruddin FCA and Professor Dr. Milan Pagon, Vice Chancellor (Acting) of IUB signed the MoU from their respective sides. ICAB Vice President NKA Mobin FCA, Secretary & CEO Major General Muhammad Imrul Quayes, ndc, psc (Retd.), Professor Dr. Mohd. Aminul Karim, Dean, School of Business and Dr. Rushdi Md. Rezaur Razzaque, Head, Department of Accounting of Independent University, Bangladesh, among others, were present.



E. MoU with East West University

A memorandum of understanding (MoU) between the Institute of Chartered Accountants of Bangladesh (ICAB) and East West University was signed on 21 November 2019.

A F Nesaruddin FCA, President-ICAB & Professor M M Shahidul Hassan, Vice Chancellor, East West University signed a Memorandum of Understanding at East West University. Vice President, ICAB NKA Mobin, Secretary & CEO of ICAB Maj. Gen Muhammad Imrul Quayes, ndc, psc (Retd.), Professor Dr. Anup Chowdhury, Dean, Faculty of Business & Economics of EWU were present among others. Dr. Mohammed Farashuddin Chief Advisor & Founder Vice Chancellor of EWU was the session chair.

F. MoU with University of Rajshahi

A memorandum of understanding (MoU) between the Institute of Chartered Accountants of Bangladesh (ICAB) and the Dept. of Accounting and Information Systems, University of Rajshahi was signed on 24 November 2019.

ICAB President A F Nesaruddin FCA & Professor Dr. M. Humayun Kabir Dean, Faculty of Business Studies signed MoU from the respective sides. ICAB Vice Presidents NKA Mobin FCA & Md. Moniruzzaman FCA were present in the programme and from University of Rajshahi Vice Chancellor Professor Dr. M. Abdus Sobhan, Pro Vice Chancellors Professor Dr. Ananda Kumar Saha & Professor. Dr. Choudhury M Zakaria, Professor Dr. Salma Banu, Chairman Dept. of Accounting & Information Systems, University of Rajshahi were present.

The MoUs were signed with a view to cooperating with each other by combining expertise and resources, and to accelerate the development of the accountancy and finance profession in Bangladesh. These are also intended to facilitate the students to entry in ICAB’s Chartered Accountancy study and to work with any other areas relating to education, training, workshop, research, higher studies as mutually agreed by the two Institutes.


3.0MEMBERS’ CONFERENCE/CPD PROGRAM

Sl. # Name of the Title of CPD Seminar Date Paper Presenter

1. ‘Bangladesh: policy review on Financial Reporting Act (2015)’

28 March 2019 Dr. Javed Siddiqui, Senior Lecturer, Accounting, Alliance Manchester Business School, University of Manchester, UK.,

2. ‘Importance of Life Skills Course for Human Resource Development’

2 April 2019 Mr. Neaz Ahmed, MA (Economics), ACIB (London), DAIBB, Sr. Faculty Member & Dean, Future CEO Program

3. ‘Small and Medium Practitioners’ 13 April 2019 Ms. Maria Howladar FCA, Council Member-ICAB

4. ‘Introduction to Blockchain’ 28 April 2019 Mr. Khondkar Atique-e-Rabbani FCA,Managing Director, The Computers Ltd.

5. ‘Foreign Direct Investment and Integrated Reporting for Sustainable Development Goals’

2 May 2019 Mr. Mohammed Humayun Kabir FCA, Council Member and Past President-ICAB

6. ‘Salient Features of Finance Bill 2019-2020’

16 June 2019 Mr. Snehasish Barua FCA, Partner, Snehasish Mahmud & Co., Chartered Accountants

7. ‘Continuing Professional Development (CPD) Policy 2019’

21 October 2019 Mr. Gopal Chandra Ghosh FCA , Council Member & Chairman, CPD Committee-ICAB

8. ‘The Role of Leadership in Accounting Profession’

6 November 2019 Mr. Akber Hakim , President, Bangladesh Philippines Chamber of Commerce & Industry (BPCCI) and Director, Dhaka Chamber of Commerce & Industry (DCCI).

9. ‘Professional or Career Progression in a Digital Era’

17 November 2019 Mr. Mahtab Uddin Ahmed FCMA, Managing Director and Chief Executive Officer, Robi Axiata Limited

10. ‘Anti Money Laundering' 5 December 2019 Resource persons from Bangladesh Bank11. Financial Technology:

Bangladesh Perspective 10 December 2019 Mr. Ifty Islam , Chairman Asian Tiger

Capital Partners

3.1 List of Members’ Conference-2019 in Dhaka



3.2 Members’ Conferences/CPD in Dhaka

28 March 2019

Topic: “Bangladesh: Policy Review on Financial Reporting Act (2015)”

Paper Presenter: Dr. Javed Siddiqui, Senior Lecturer, Accounting, Alliance Manchester Business School, University of Manchester, UK

Session Chairman: Mr. A. K. Gulam Kibria FCA, Partner, G Kibria & Co., Chartered Accountants and Past President-ICAB

Chief Guest: Mr. C. Q. K. Mustaq Ahmed, Chairman, Financial Reporting Council (FRC), GoB

2 April 2019

Topic: ‘Importance of Life Skills Course for Human Resource Development’

Paper Presenter: Mr. Neaz Ahmed, MA (Economics), ACIB (London), DAIBB, Sr. Faculty Member & Dean, Future CEO Program

Session Chairman: Mr. Muhammed Farhad Hussain FCA, Partner, Hussain Farhad & Co., Chartered Accountants & Past President-ICAB

13 April 2019

Topic: ‘Small and Medium Practitioners (SMP)’

Paper Presenter: Ms. Maria Howlader FCA, Council Member-ICAB

Session Chairman: Mr. A F Nesaruddin FCA, President-ICAB

Chief Guest: Mr. Md. Mofizul Islam, Secretary, Ministry of Commerce, Government of the People’s Republic of Bangladesh

28 April 2019

Topic: ‘Introduction to Blockchain’

Paper Presenter: Mr. Khondkar Atique-e-Rabbani FCA, Managing Director, The Computers Ltd.

Session Chairman: Mr. Ahmed Raihan Shamsi FCA, Chairman, DevoTech Technology Park

Chief Guest: Mr. N M Ziaul Alam, Secretary, Information Communication Technology Division, Ministry of Posts, Telecommunications and Information Technology

2 May 2019

Topic: ‘Foreign Direct Investment and Integrated Reporting for Sustainable Development Goals’

Paper Presenter: Mr. Mohammed Humayun Kabir FCA, Council Member and Past President-ICAB

Chief Guest: Mr. S M Rejoan Hossain, Additional Secretary, Ministry of Commerce, GoB


16 June 2019

Topic: ‘Salient Features of Finance Bill 2019-2020’

Paper Presenter: Md. Shahadat Hossain FCA, Council Member - ICAB and Mr. Snehasish Barua FCA, Partner, Snehasish Mahmud & Co., Chartered Accountants

Session Chairman: Mr. Mohammed Humayun Kabir FCA, Past President, Council Member and Chairman of the Taxation and Corporate Laws Committee (TCLC)-ICAB

Chief Guest: Mr. Mosharraf Hossain Bhuiyan, ndc, Senior Secretary, Internal Resources Division (IRD) & Chairman, NBR, Ministry of Finance, GoB

21 October 2019

Topic: ‘Continuing Professional Development (CPD) Policy 2019’

Paper Presenter: Mr. Gopal Chandra Ghosh FCA, Council Member & Chairman, CPD Committee-ICAB

Session Chairman: Mr. Kamrul Abedin FCA, Past President and Council Member-ICAB

Chief Guest: Mr. Mohammad Muslim Chowdhury, Comptroller and Auditor General of Bangladesh

6 November 2019

Topic: ‘The Role of Leadership in Accounting Profession’

Paper Presenter: Mr. Akber Hakim, Founder and Head Coach of Centre for Leadership (C4L)

Session Chairman: Mr. Muhammed Farhad Hussain FCA, Past President-ICAB

Chief Guest: Mr. Kamran Tanvir Rahman, President, Bangladesh Employers’ Federation (BEF)

17 November 2019

Topic: ‘Professional or Career Progression in a Digital Era’

Paper Presenter: Mr. Mahtab Uddin Ahmed FCMA, Managing Director and Chief Executive Officer, Robi Axiata Limited

Session Chairman: Mr. A F Nesaruddin FCA, President-ICAB

Chief Guest: Barrister Nihad Kabir, Advocate, Supreme Court of Bangladesh & President, Metropolitan Chamber of Commerce and Industry (MCCI)



3.2 Members’ Conferences/CPD in Chittagong

20 February 2019

Topic: ‘Blockchain demystified including its impact on Accounting and Auditing-Why in Bangladesh must we fully embrace Blockchain’

Paper Presenter: Khondkar Atique-e-Rabani FCA, Managing Director of the Computers Limited2 March 2019

Topic: ‘SDGs: A universal call for transforming the World’

Paper Presenter: Prof. Dr. Md. Salim Uddin FCA, FCMASession Chairman: Showkat Hossan FCA, Past President-ICABSpecial Guest: Siddharta Barua FCA, Council member-ICABChief Guest: Mohammad Muslim Chowdhury, Comptroller and Auditor General (CAG) of Bangladesh27 April 2019

Topic: “Financing Through Bond Market; Bangladesh Perspective”

Paper Presenter: Md. Shaifur Rahman Mazumdar FCA, Past Vice-Present, ICAB and Ex-Managing Director, Chittagong Stock Exchange Limited

Session Chairman: Prof. Dr. Md. Salim Uddin FCA, FCMA, Vice-President, ICAB

Chief Guest: Professor Muhammad Sekandar Khan, Vice-Chancellor, East Delta University, Chittagong

25 May 2019

Topic: ‘Industrial Productivity and Efficiency of Manufacturing Companies; Bangladesh Perspective’

Paper Presenter: Dr. Mohammad Saleh Jahur, M. Com, Ph.D, Professor of Accounting & Finance, Faculty of Business Administration, University of Chittagong.

Panel Discussant: Sidhartha Barua FCA, Council Member-ICAB and Managing Partner, M. A. Mallick & Co., Chartered Accountants

Session Chairman: Dr. Md. Salim Uddin FCA, FCMA, Processor, Department of Accounting, University of Chittagong and Vice-President, ICAB

22 June 2019

Topic: ‘Salient Features of Finance Bill 2019-20’


Panel Discussants: Prof. Dr. Md. Salim Uddin FCA and Vice President-ICAB, Sidhartha Barua FCA, Managing Partner, M. A Mallik & Co. Chartered Accountants and Council Member-ICAB and Shekhar Ranjan Kar FCA, Group CFO & Company Secretary, BSRM Group.

Session Chairman: Mohammad Solaiman FCA, Proprietor, M Solaiman & Co. Chartered Accountants

20 July 2019

Topic: Income Tax Ordinance 1984 and the new VAT & SD Act 2012 – changes brought by Finance Act 2019

Paper Presenter: Snehasish Barua FCA, Partner, Snehasish Mahmud & Co, Chartered AccountantsSession Chairman: Md. Humayun Kabir FCA, Council Member & Past President-ICAB and Chairman, Taxation & Corporate Laws Committee, ICABDiscussant: Prof. Dr. Md. Salim Uddin FCA, FCMA, Professor, Department of Accounting, University of Chittagong and Vice-President, ICABChief Guest: Md. Iqbal Hossain, Commissioner of Taxes, Taxes Zone-1, Chittagong

28 September 2019

Topic: ‘Bangladesh’s LDC Graduation: Challenges & Opportunities’

Paper Presenter: Niaz Ahmed Khan, Ph,D. (Wales), Post Doc. (Oxford), Professor and former Chairman,

Department of Development Studies, University of Dhaka

Session Chairman: M. Shaifur Rahman Mazumdar FCA, FCMA, Management Consultant, Corporate Management Service & former MD CSE

Chief Guest: Dr. Mohammad Abul Hossain, Professor, Department of Economics, University of Chittagong

26 October 2019

Topic: ‘Members’ Welfare and Professional Issues’

Panel Discussants: Showkat Hossain FCA, Past President-ICAB and senior partner, Hoda Vasi Chowdhury & Co., Chartered Accountants and Sidhartha Barua FCA, Managing Partner, M. A Mallik & Co., Chartered Accountants and Council Member-ICAB

Session Chairman: Md. Shaifur Rahman Mazumdar FCA, FCMA, management consultant, corporate management services & former managing director, Chittagong Stock Exchange.

3 November 2019

Topic: ‘Continuing Professional Development (CPD) Policy 2019’

Paper Presenter: Gopal Chandra Ghosh FCA, Member Council & Chairman, CPD Committee-ICAB

Session Chairman: Showkat Hossain FCA, Past President-ICAB and senior partner, Hoda Vasi Chowdhury & Co., Chartered Accountants

Chief Guest: A F Nesaruddin FCA, President-ICAB



4.0COMPLIANCE AND TECHNICAL STANDARDS

From Bangladesh, ICAB is the only founding member of International Federation of Accountants (IFAC). ICAB has been appreciated by IFAC officially for the last few years for its commitment and compliance in submission of IFAC SMO (Statements of Membership Obligation) Action Plan. It is true that ICAB gave due importance in all spheres of compliance matter that comes as compulsion from international as well as domestic bodies throughout the year 2019. As recognition, IFAC allows ICAB for biennial submission of SMO Action plan instead of annual submission which indicates IFAC’s complete satisfaction on ICAB’s compliance and commitment.

4.1 ICAB Compliance Report

Seven IFAC SMOs for ICAB

ICAB has been striving hard to comply with the various requirements of IFAC. The first draft of ICAB action plan on IFAC SMOs was developed in 2008 and made available at IFAC website in 2009. Thereafter the Institute made available the revised and updated SMOs action plan every year.

ICAB has been included in the list of IFAC members eligible for submitting their SMO Action Plan updates on a biennial basis. This change seeks to ease reporting obligations in response to members’ feedback on the annual reporting requirement. The Compliance Advisory Panel (CAP) and Member Body Development (MBD) staff will review the effectiveness of this approach within two years of its implementation. The biennial update offers Member Bodies that have demonstrated a consistent commitment to the Action Plan process the possibility of updating their Action Plan on a biennial schedule (every two years). So, ICAB was allowed to submit its latest SMO Action Plan once every two years. However, as guided by IFAC in early 2018, some relevant information was submitted for inclusion in Dash Board Report instead of latest SMO Action Plan.

Based on the last action plan submitted by ICAB, IFAC prepared a Dash Board Report (DBR) for ICAB and displayed the same in the IFAC website. The report can be seen in the following link:

https://www.ifac.org/about-ifac/membership/members/institute-chartered-accountants-bangladesh

Some of the major actions taken during this year are discussed in subsequent paragraphs.

The seven (07) IFAC Statements of Membership Obligations (SMOs) are as follows:


IFAC SMOs Background information Key performance

SMO 1 -QualityAssurance

A Quality Assurance Board (QAB) was formed in 2004 and has been carrying out its assigned tasks in a planned and systematic manner. The quality assurance review system was set up with support of a twinning project with ICAEW to provide technical support for capacity building of ICAB members and firms. After setting up a Quality Assurance Department (QAD) in 2009, QAB is monitoring and guiding QAD for activities relating to quality assurance in accordance with IFAC SMO 1. In the years 2008 and 2009, ICAB adopted and published ISQC 1and an Audit Practice Manual (APM) was developed and disseminated among all of its practicing members including arrangement of numbers of workshops on implementation of the APM. In 2017, with the help from the World Bank funded Project, the previous Audit Practice Manual (APM) along with a case study has been updated, published and disseminated among all of ICAB’s practicing members. In addition, a number of workshops were conducted on implementation of the said revised APM. The Quality Assurance Board (QAB) performs the following functions:

Develop a framework and establish policies and procedures for the quality assurance program;Establish quality control standards and guidelines to audit practice;Carry out review of working papers relating to audits;Monitor the quality assurance program to ensure its effective implementation;Arrange training programs, CPDs and workshops to improve the standard of audit;Perform a periodic review of the quality assurance Program; andAny other functions delegated to it by the Council.

QAD developed in the years 2017 and 2018 a dummy audit working paper file (based on manufacturing sector) for the practicing members which is under review for finalization.

Collected the Annual Returns 2018from all audit firms within stipulated time.

Prepared a database based on the submitted Annual Returns 2018 which is available in the ICAB website.

Conducted 04 meetings of QAB on various quality assurance and other professional development issues.

Updated the QAB activities regarding the visit status from 2010 to 2019 and developed visit plan and other activities for the year 2020.

Conducted QAD visits to more than 50 firms including 25 firms who had branch or branches of 2019.Awareness-raising among practicing members at the time of QAD visit regarding the importance and significance of the overall quality assurance system as an ongoing basis.Report to the respective firms and QAB in detail on QAD visits covering the observations and recommendations on:

o Availability of required documents as notified by QAD correspondence earlier;

o Compliant of the requirements of ISQC 1;

o Working file documentation procedures;

o Audit procedures, etc.Referred a number of firms to Investigation and Disciplinary Committee through Council mainly for major non-compliant with QAD requirements.

A dummy audit working paper file (based on manufacturing sector) for the practicing members has been developed and under review of finalization.

Conducted workshops for all practicing members on use of draft dummy audit working paper files at




QAD conducted a number of workshops for all practicing members on use of draft Dummy Audit working paper file at Dhaka and Chittagong.

From the year 2010, ICAB started the Quality Assurance Visits as planned initially.

In the fourth three-year cycle (2019-2021), starting in 2019, in addition to 03 surprise visits, 50 firms were visited including 25 firms who had branch or branches as first phase and 05 special visits were conducted. Among these 03 Firms were found to have significant non-compliance with quality assurance requirements and were referred to IDC through Council-ICAB.

QAD completed the first, second and third three-year cycles (2010-2012, 2013-2015 and 2016-2018) of quality assurance visits to all audit firms with a priority of audit firms having listed clients and then firms having other Public Interest Entity (PIE) clients.

The QAD completed its first three-year cycle (2010-2012) successfully covering visits of all the firms and the second three-year cycle (2013-2015) of visits of firms in the year 2015 where a significant progress has been achieved as the number of grossly non-compliant firms has been reduced to 50%.

Implementation of Digital identification of auditors’ reports through ICAB website for authentication of audit report is the other significant steps of QAB.

QAD Conducted training programmes on Digital Identification of Audit Reports (DIAR) for all CA firms at Dhaka and Chittagong in the year 2019.

QAD collected information from RJSC regarding audited clients with Annual Returns 2016 submitted by CA firms.

Dhaka. Each of the workshop covered the following key areas:

o Acceptance procedure

o Audit Planning

o Entity level control

o Audit strategy decision

o Audit planning meeting and risk assessment first part

o Risk assessment last part

o Control evaluation

o Substantive testing (audit program and TOD)

o Substantive testing

o Permanent file

o Completion

Started works on development of Quality Control Manual for small and medium practitioners.

Conducted one SMP Conference at Dhaka.

NBR included the provision for authentication of audit report using ICAB web site (DIAR) through No.1 (Aaikor) for 2018-2019.

Continued to ensure that ICAB’s Audit Quality Review System is operating effectively and continues to be in line with SMO 1 requirements. This includes periodic review of the operation of the quality assurance review system and updating the Action Plan for future activities where necessary.

QAD identified in the year 2018 the differences between audit clients’ lists collected from RJSC and the lists of audit clients’ as per related Annual Returns 2016 in respect of a good number of firms, and referred the matter to IDC in the case of significant differences confirmed after further checking by QAD with the firms.



SMO 2 -InternationalEducationStandards

A candidate with a minimum HSC / A-Level qualification and specific academic results is eligible to enroll with the Institute to study chartered accountancy. The candidates also require practical experience on audit, assurance, and other training under the supervision of a principal of a practicing CA firm as an article student. The duration of work experience varies from two to four years depending on the previous records of the academic and/or other relevant professional qualification of the students.

The revised curriculum of ICAB has been developed in line with ICAEW latest curriculum except for local tax and law and additional IT papers, and has been introduced from December 2018 exam.

During 2018-2019, ICAB published study materials following new syllabus. The Institute has also published all suggested questions and answers for the professional exams.

A student can be eligible for the membership of the Institute as an ACA after passing the entire three-levels of examinations of the Institute, namely: Certificate level - 7 (seven) papers separate written exams, out of which 6 papers will be assessed using short-form (short questions and answers) written exam except for Taxation-1 which will be in traditional written system, Professional level –7 (seven) papers separate written exams in traditional system and Advanced level - 3 (three) papers written exams in traditional system. After 5 years post qualification experience and having a minimum of 60 CPD Credit Hours, an ACA can be eligible to become an FCA of the Institute.

ICAB organises CPD Programs every year for the members of the Institute covering all relevant current professional issues including ethics and standards. The current requirement is 60 hours’ verifiable credit hours for the Members in the rolling 3 years period by IFAC. During 2019, the Institute carried out a good number of CPD seminars and workshops on different contemporary and relevant issues for the professionals in addition to the various conference, workshops, etc.

Arrangement of ICAB Tuition in four sessions for students of different stage and level under ICAB CA Curriculum. ICAB has started day shift tuition for the students at its academic campus from 2018.

ICAB has completed the work on revision of existing ICAB Curriculum and study materials assisted by ICAEW funded by the World Bank. There are 17 papers in new curriculum and examination based on new curriculum will commence from December 2018.

Study materials have been updated and published.

ICAB library has been extended significantly both in Dhaka and Chittagong.

ICAB library system has been automated.

Online education facility has been implemented.

Mega events on student summit were organised both in Dhaka and Chittagong in 2017.

Organised workshop on ICAEW Pathway Membership for ICAB members by Mr. Justin West, Consultants of ICAEW.

Reviewing the requirements of all the IES and consider how ICAB can align its existing work experience requirements by an ICAEW team.

Reviewing the requirements of IES 7 and consider how ICAB can align its existing CPD requirement. It is mentionable here that the Institute has already developed the CPD policy in compliance with the requirements of the IES 7 and other best practices of the International Institutions.

During 2019, the Institute carried out 14of CPD seminars on different contemporary and relevant issues for the professionals both in Dhaka Chittagongand Canada. Amongst them 7 CPD Seminars were conducted in Dhaka, 6CPD Seminars were conducted in Chittagong and 1 CPD Seminar was




IES 7:Continuing Professional Development

The CPD Committee of the Council of ICAB has developed the ICAB CPD Policy 2019 which is in full compliance with the

and other best practices of the International Professional Chartered Accountants Bodies.

A Board of Studies (BOS) has been functioning since the inception of the Institute. The Board of Studies (BOS) performs the following functions:

organizes pre-examination coaching classes for students;

provides proper facilities to the examinee;

conducts evaluation tests of the lecturers;

arranges to prepare and update of study manuals, and approve a panel of authors for such manuals;

makes a periodical review of syllabuses and recommend for necessary revision;

assists in arrangement of training and examinations regularly for prospective students and recommend their course fees;

recommends annual revenue & capital budgets for education, coaching classes, IT Training, purchase of books, journals, magazines, etc. for articled students and members of the Institute; and

carries out any other function as may be assigned to the Board by the Council from time to time.

In 2010, the Learning and Professional Development Department was introduced as an outcome of the Twinning Project with ICAEW and the DOS was replaced by LPDD accordingly. The LPDD performs all the activities relating to education and CPD. The LPDD also performs all other activities within the scope of BOS.

ICAB Centre for Professional Excellence (ICPE) is providing training on different professional development matters not only for its members and students but also for other stakeholders including regulatory bodies, private commercial banks, insurance companies etc.

conducted in Canada on the following topics:

o Foreign Direct Investment and Integrated Reporting for Sustainable Development Goals

o Industrial productivity and efficiency of manufacturing companies, Bangladesh perspective

o Salient Features of Finance Bill 2019-2020

o An outlook on National Budget 2019-2020

o The Income Tax Ordinance, 1984 and the New VAT & SD Act 2012-Changes brought by Finance Act 2019

o Introduction to Block Chain

o Financing Through Bond Market, Bangladesh Perspective

o Small and Medium Practitioners (SMP)

o Importance of life Skills Course for Human Resource Development

o Bangladesh: Policy Review on Financial Reporting Act (2015)

o Sustainable Development Goal-SDG: A Universal call for transforming the world

o Block chain demystified including its impact on accounting and auditing why in Bangladesh must we fully embrace Block chain

o Overview of Canadian T2 Corporate Tax

o Implementation of New Auditor's Report for Bank and NBFI Challenges and way forward

Besides, ICAB organised a number of workshops and training for ICAB members, for BSEC, for NBR on DIAR, for articled students and for other organizations, etc.



SMO 3 -InternationalAuditing andAssuranceStandards

ICAB has the responsibility for setting auditing standards. ICAB’s Technical and Research Committee adopts ISAs, International Standards on Auditing. ICAB has been performing the convergence process with ISAs since 1998. It also updates these standards as an ongoing basis. The Technical Department (TD) of the Institute is actively working with the Technical and Research Committee (TRC) to perform the whole process of convergence. An established due process is maintained for the above purposes.

The core project to adopt the Clarity ISAs was completed in 2009, even before the publication of the BSAs, which were later prepared on the basis of the adopted clarified ISAs.

ICAB has a process in place to update members on changes and developments in International Auditing and Assurance Standards as issued by IAASB. The review, adoption and publication of the standards is conducted on a timely basis and regularly monitored by the TRC and the Council of the Institute.

With a view to ensuring the proper implementation of the standards, ICAB has been organizing training, seminars and workshops. Professional accountants and students are also educated and trained on the updated standards during firm visits conducted by the Institute.

In 2017, ICAB Council decided to adopt ISA and other relevant IAASB pronouncements as it is in Bangladesh instead of issuance of BSA, etc. which is effective for audits of financial statements for annual periods beginning on or after 1 January 2018.

Initiated regular reviews of adopted ISAs and Statements to ensure alignment with the latest versions issued by the IAASB as an ongoing basis.Continue to support ongoing adoption and implementation of IAASB pronouncements. This includes review of the implementation of the Action Plan to date and updating the Action Plan for future activities as necessary.Organized CPD seminars on Auditing, ethical and professional matters.Provided on hand training while performing the QAD visits to the firms as an ongoing basisPublication of updated auditing, assurance and other standardsDuring the year 2017, one CPD Seminar was held on the upcoming changes in the revision on the Audit Report titled: ‘New International Standards on Auditing ISA 701: Communicating Key Audit Matters in the Auditor’s Report –Bangladesh Perspective’ as part of preparation for convergence. ICAB has organized workshops on “implementation of new auditor’s report for Bank and NBFIs” and “special audit procedure in life insurance for listed CA firms”.ICAB has signed an agreement with IAASB for adoption and publication of ISA and relevant international standards and pronouncements in Bangladesh.ICAB communicated to the various regulatory authorities like BSEC, Bangladesh Bank, RJSC, IDRA and FRC regarding the adoption of ISA.In 2019 ICAB has published hard copy of 2018 version of Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements. The Institute made Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements of 2018 version available in its website in the year 2019




SMO 4 - IESBACode of Ethics

SMO 5 -InternationalPublic-SectorAccountingStandards

A defined code of ethics was established by ICAB through ICAB By-Laws before adopting the IESBA code of ethics. The latest IESBA Code of Ethics was adopted by the Institute and disseminated accordingly to ICAB members.

ICAB is active in building awareness of theCode among members and conducts educational programs based on the Code. The updated CA curriculum covers ethics in all relevant chapters.

The code of Ethics for Professional Accountants as issued by the International Ethics Standards Board for Accountants (The IESBA Code) has been significantly changed over the last few years due to inclusion of provisions relating to Non-Compliance with laws and regulations (NOCLAR). Accordingly, some of the ISAs have also been revised.

Ethics to be more specifically covered within the ICAB professional qualification syllabus.Coverage of Professional Ethics, Conflicts and Auditors’ Independence in different CPD seminars both in Dhaka and Chittagong for members of the Institute Ensured that developments affecting ICAB members are communicated by means of website, newsletters and similar media.Organized leadership program for newly qualified accountants emphasizing the professional code of conductOrganized Workshops on “Code of Ethics for Professional Accountants”In 2019 ICAB has published hard copy of IESBA Code of Ethics 2018 in Bangladesh.The Institute made IESBA Code of Ethics 2018 available in its website in the year 2019

ICAB has formed a separate Committee on Public Finance and Public Sector Accountingto perform defined activities relating to support of convergence with International Public-Sector Accounting Standards (IPSAS) in Bangladesh. The committee has taken some initiatives and already discussed with relevant Government authorities, especially with the Comptroller and Auditor General Office (OCAG) in Bangladesh, upholding the convergence procedures. ICAB is very eager to collaborate with the relevant authorities in this regard. ICAB will continue to use its best endeavors to encourage the Government to adopt IPSAS.In 2012, ICAB organized jointly with Confederation of Asian & Pacific Accountants (CAPA) an International Conference on “Strengthening Bangladesh Public Sector Accounting & Auditing – Global Reforms and the Way Forward” which is a milestone to initiate the close relationship with Comptroller and Auditor General Office in Bangladesh to promote the adoption and implementation of IPSAS. ICAB organized different technical sessions on “Public Sector Accounting and Auditing –The Way Forward” at that conference.

Organized meetings with OCAG in relation to knowledge sharing session and public private partnership for improved quality assurance.

Meeting with CIPFA, UK during World Congress of Accounting in Sydney at November 2018.

Continuing the communication with OCAG for strengthening public private partnership for improved quality assurance

Working towards support development and Implementation of a Reporting framework in the Public Sector of Bangladesh



SMO 6 -Investigationand Discipline

ICAB has completed the project “Promoting Public Private Partnership for Improved Audit Quality” with ICAEW, National Audit Organization of UK and C & AG Office of Bangladesh funded by World Bank in the year 2017.

In 2017, ICAB President, Council Members of ICAB, Government senior officials, professional accountants and other dignified personalities attended a workshop on “Roadmap to Strengthening Financial Reporting Framework for Public Sector Entities” jointly organized by ICAB and The World Bank.

Signing MoU between ICAB and CIPFA, UK is one of the major development for ICAB.

A working group discussion meeting held between OCAG and ICAB during the year 2017.

ICAB has an Investigation and Disciplinary Committee (IDC) to perform the functions assigned to it under ICAB By-laws and any other relevant functions delegated by the ICAB Council. The Committee has its own working procedures to conduct the investigation process and to take disciplinary measures. Disciplinary proceedings relating to firms are conducted without reference to firm names to avoid conflict of interest.

In the year 2013, ICAB initiated the Professional Conduct Department (PC) in order to assist the Investigation and Disciplinary Committee to discharge its responsibilities. Currently PC department consists of 1 (one) Chartered Accountant.

Since the year 2014, the ICAB further working on restructuring the existing IDC by forming three different Boards named Investigation Board, Disciplinary Board and Appeal Board in line with the requirement of SMO6 and following the guideline of ICAEW. The Chairmen of these new Boards are to be selected from external stakeholders with relevant professional experience.

As of today, a significant number of actions have been taken by the IDC against the different complaints made by ICAB QAD and other regulatory bodies and stakeholders.

Out of those, 60 firms have been referred by Council to IDC during the year for non-compliance of quality assurance matters from 2011 to 2019 so far as reported by QAD and recommended by QAB

A number of complaints made by ICAB QAD on quality assurance matters as well some of the complaints came from other stakeholders and regulatory bodies every year

More than 100 firmsof disciplinary matters have been resolved from IDC from 2011 to 2019 so far

The IDC took significant actions against the non-compliant of the firms

The Council through IDC and Professional Conduct Department has taken a number of penal measures during the year.

Besides the above activities, there are some other allegations/complaints which are under the consideration/ investigations of IDC.



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The Technical Department (TD) of the Institute is actively working with the Technical and Research Committee (TRC) to perform the whole process of convergence. An established due process is maintained for such convergence. The TRC reviews whether the Financial Reporting and Accounting Standards need to be converged or updated every year based on the updates of the IASB publication.

In 2014, ICAB signed an agreement with IFRS Foundation, UK for the supply of data for the development and publication of the BFRS and BFRS for SMEs (for both print and electronic format). This is the first time ICAB has obtained official arrangement with IFRS Foundation to use the IFRS and IFRS for SMEs in Bangladesh through signing the agreement.

During the year 2015, ICAB contracted with IFRS Foundation regarding the copyright and license agreement to publish and use IFRS for adoption or publication of IFRS.

In 2017, ICAB Council decided to adopt IFRS and IFRS for SMEs in Bangladesh instead of issuance of BFRS and BFRS for SMEs which will be effective for annual periods beginning on or after 1 January 2018.

ICAB is now very much updated on adoption and dissemination of all applicable of IASs and IFRSs.

Organized an intensive training on IFRS for the officials of the Central Bank of Bangladesh

Organized a number of training program on IFRS for the members of ICAB.

Maintaining the due process while adopting / updating IFRS/IAS during the year as follows:

o Review the new / revised IFRS/IAS by expert members of TRC;

o Recommend to Council for adoption after reviewing and discussing by TRC; and

o Adopt by ICAB Council accordingly.

o Analyze and implement the recommendations made in the review above.

IFRS is covered in ICAB curriculum as much as required

In 2017, ICAB signed an agreement with IFRS Foundation, UK for the supply of data for the adoption and publication of IFRS standards and IFRS for SMEs standard (for both print and electronic format) which is effective for audits of financial statements for annual periods beginning on or after 1 January 2018.

As per agreement, no rights will be granted to the third parties to reproduce, store in retrieval system or transmit in any form or any means without the written permission of ICAB and the IFRS Foundation.

In 2019 ICAB has published hard copy of IFRS 2019 in Bangladesh.

The Institute made IFRS available in its website in the year 2019.

ICAB communicated to the various regulatory authorities like BSEC, Bangladesh Bank, RJSC, IDRA and FRC regarding the adoption of IFRS and IFRS for SME instead of BFRS and BFRS for SME.


4.2 Adoption and publication of IFRS, ISA and relevant pronouncements and Code of Ethics for Professional Accountants

The application and compliance of the accounting and auditing standards to improve presentation and audit of the financial statements is a fundamental requirement of the members of the accountancy profession. ICAB has published the 2019 version of IFRS as issued by International Accounting Standards Board (IASB). The Institute is fully aware of the need to keep its members updated on the latest developments in the accounting profession.

Being regulator of the Accountancy Profession in Bangladesh, ICAB has been performing its responsibilities for the review, adoption, publication and dissemination of relevant International Accounting, Auditing, Assurance, Ethics and other pronouncements as pronounced by International Accounting Standards Board and International Federation of Accountants. The Institute is also carrying out its responsibilities by promoting the use of these standards through education, training and building awareness for members and other stakeholders.

The Technical and Research Committee (TRC) of the Council-ICAB has been working hard to enrich and update the members with latest status of the accounting and auditing standards from time to time.

ICAB has adopted all applicable IFRS, ISA and other relevant international standards and pronouncements and Code of Ethics for Professional Accountants.

4.3 Technical Publications

In 2019, the Technical Department with the direct guideline of the Technical and Research Committee of the Institute has disposed of its assigned responsibilities.

The adoption and publication of these accounting and financial reporting standards provide necessary guidance to members and preparers of financial statements for the correct application of the Standards in practice. Basically, the application of the IFRSs in the financial statements of the reporting entities will ensure compliance in all material respects issued by the IASB, thereby enhancing the credibility of financial information for reliance by investors, other stakeholders and user groups.

ICAB initiated its journey of promoting application of BFRSs in Bangladesh long back and started adopting IFRSs as BFRSs without modification (until legally required) in the year 2000 with a vision to keep up the accounting and reporting practices at par international level. Now the vision is coming true as Bangladesh is set well ahead of many countries in the process of adopting IFRSs.

The Institute made IFRS, ISA and relevant pronouncements and Code of Ethics for Professional Accountants available in its website in 2019. ICAB has already adopted and published the 2018 version of IFRSs as issued by International Accounting Standards Board (IASB).

Unveiling of International Financial Reporting Standards (IFRS) 2019 version Handbook of International Quality

control, Auditing, Review, Other Assurance, and Related Services Pronouncements 2018 and & Handbook of the

International Code of Ethics for Professional Accountants 2018 Edition by Commerce Minister, Ministry of Commerce

in the sideline of ICAB and SAFA BPA Award.



The Institute of Chartered Accountants of Bangladesh (ICAB) distributed awards to the listed and the non-listed 22 entities in 10 different categories including banks, financial services, insurance companies, manufacturing, ICT, non-governmental organizations (NGOs), public sector entities, agriculture, corporate governance and integrated reporting, for their best presented annual reports 2018. Other nine entities also received Certificates of Merit. The overall winner was IDLC Finance Limited.

Also, ICAB nominated 24 Bangladeshi entities have received awards and certificates of merit in different categories of SAFA Best Presented Annual Report Awards & SAARC Anniversary Award for Corporate Governance Disclosures 2018 held at the same venue where BRAC Bank Limited from Bangladesh became overall winner among the SAARC countries in Private Sector Banks including Co-operative Banks category. ICAB organized the 19th ICAB National Award for

Best Presented Annual Reports 2018 ceremony and hosted the SAFA Best Presented Annual Report Awards & SAARC Anniversary Award for Corporate Governance Disclosures 2018 ceremony at a glittering event at Pan Pacific Sonargaon Hotel, Dhaka on 30 November 2019.

The Evaluation Criteria of the South Asian Federation of Accountants (SAFA) was followed in evaluating the annual reports. The results of the ICAB National awards were finally approved by the Jury Board headed by Md Matiul Islam FCA, Chairman, IIDFC. The other members of the Jury were Ahmed Ataul Hakeem, Former Comptroller and Auditor General of Bangladesh, Siddiqur Rahman Choudhury, Ex Chairman, BSEC, Dr. Atiur Rahman, Former Governor, Bangladesh Bank, Dr. Syed Ferhat Anwar, Director, IBA, University of Dhaka, Dr. Mustafizur Rahman, Distinguished Fellow, Centre for Policy Dialogue, Shah Husain Imam, Editor, The Financial Express and Dr. Mahmuda Akhter, Council Member, FRC, GoB.

5.0PROMOTING CORPORATE GOVERNANCE

ICAB Awards 22 Financial Outfits for their Best Presented Annual Report

Recipients of 19th ICAB National BPA Awards seen in the picute with Chief Guest Tipu Munshi, MP, Minister,Ministry of Commerce, Government of Bangladesh on 30 November 2019 at Pan Pacific Sonargaon, Dhaka


Tipu Munshi, MP, Minister, Ministry of Commerce, Government of Bangladesh graced the ceremony as the Chief Guest and handed over the prizes among the winners. Mohammad Muslim Chowdhury, C&AG Bangladesh and Mr. CQK Mustaq Ahmed, Chairman, Financial Reporting Council (FRC), Bangladesh were present as Special Guests.

CMA Dr. PVS Jagan Mohan Rao, President, South Asian Federation of Accountants (SAFA) attended the ceremony as Guest of Honour.

ICAB President Nesaruddin FCA delivered the welcome speech. Muhammed Farhad Hussain FCA, Chairman, Review Committee for Published Accounts & Reports also spoke on the occasion. MDs, DMDs & CFOs from the winning companies and a number of foreign delegates from SAARC Countries were also present in the program.

In Banking Sector (Private) category Bank Asia Limited secured the first prize, BRAC Bank Limited and Southeast Bank Ltd jointly became second prize winners and Mutual Trust Bank Limited was the third prize winner. Five other banks received certificates of merit.

In category of Financial Service IDLC Finance Ltd and Lanka Bangla Finance Ltd jointly became the first prize winners, and IPDC Finance Limited was the second prize winner.

In Manufacturing, British American Tobacco, Bangladesh won the first prize, Bangladesh Steel Re-rollings Mills Limited won second prize, and the United Power Generation & Orion Pharma limited became joint third prize winners. Four other companies received certificates of merits.

Chief Guest Special Guest

ICAB President Chairman Organizing Committee



Green Delta Insurance Company Limited bagged the first prize, while Reliance Insurance Ltd was the second and Prime Insurance Ltd the third prize winners respectively in Insurance category.

Ghashful was adjudged with first prize winner, BRAC was second and Sajida Foundation was the third prize winner in Non-Governmental Organizations (NGOs) category.

Only Grameenphone Limited was the first prize winner in Category of Communication and Information Technology. In Public Sector Entities category, Bangladesh Infrastructure Finance Fund Limited (BIFFL) became the first prize winner, Investment Corporation of Bangladesh (ICB) second and

Infrastructure Development Company Limited (IDCOL) was the third prize winner.

Only Golden Harvest Agro Industries Limited was the first prize winner in category of Agriculture.

In Corporate Governance disclosures, Southeast Bank Ltd won the first prize, Bank Asia Ltd was second and Standard Bank Ltd, Golden Harvest Agro Industries Ltd and British American Tobacco Bangladesh were joint third prize winners.

In the category of Integrated Reporting IDLC Finance Limited received first prize, BRAC second prize, Bank Asia Ltd and Lanka Bangla Finance Ltd jointly received the third prize.

SAFA Awards

Recipients of SAFA Best Presented Annual Report Awards & SAARC Anniversary Award forCorporate Governance Disclosures 2018 Awards seen in the picute with Chief Guest Tipu Munshi, MP, Minister,

Ministry of Commerce, Government of Bangladesh on 30 November 2019 at Pan Pacific Sonargaon, Dhaka

Special Guest Guest of Honour


13 Bangladeshi companies won 16 awards in different categories of the SAFA Best Presented Annual Report Awards and SAARC Anniversary Award for Corporate Governance Disclosures 2018 for maintaining transparency and accountability in their organisations’ annual reports.

BRAC Bank became overall winner among all South Asian firms and private sector banks, including co-operative banks category, for the year. Another eight entities received 11 Certificates of Merit in different categories. A total of 79 firms from four other South Asian countries also won awards.

The Bangladeshi winners include BRAC Bank, Bank Asia, Southeast Bank, Prime Insurance, LankaBangla Finance, IPDC Finance, British American Tobacco BD Co, Grameenphone, Ghashphul, Golden Harvest Agro, Infrastructure Development Company Limited, Investment Corporation of Bangladesh and Bangladesh Infrastructure Finance Fund Limited. Green Delta Insurance Co Ltd, Reliance Insurance Ltd, IDLC Finance Ltd, Orion Pharma Ltd, BSRM, Sajida Foundation, BRAC and Standard Bank Ltd received Certificate of Merit in various categories.

ICAB Press Conference : Chartered Accountants on Ensuing National budget 2019

The Institute of Chartered Accountants of Bangladesh (ICAB), at a press conference on 24 March 2019, suggested to reduce the corporate tax rate, encourage more foreign direct investment (FDI) and measures to increase the collection of taxes through NBR. They also suggested widening the tax net, introduction of new tax slab and modernisation of tax

administration. ICAB has placed its recommendations before the media at a time when the government was doing ground works preparations for next national budget 2019-2020.

The Chartered Accountants urged the government to cut the corporate tax by 2 percentage points across the board to encourage both local and foreign investors with the view to pulling the country out of its stagnant investment scenario. Investors would be encouraged to invest more funds following such cut and help generating additional employment opportunities. The CAs put forwarded may essential suggestions in view of the forthcoming National Budget.

ICAB President AF Nesaruddin delivered the opening remarks while taxation and corporate laws committee (TCLC) Chairman Md Humayun Kabir presented the keynote paper on income tax, VAT and customs policies. Taxation and Corporate Laws Committee Member Snehasish Barua FCA and ICAB Secretary Major General Muhammad Imrul Quayes, ndc, psc (retd) also spoke at the event.

Among others, ICAB Vice Presidents N K A Mobin FCA and Md. Moniruzzaman FCA, Council Member & Past Presidents Nasir Uddin Ahmed FCA, Council Members Dr. Md. Abu Sayed Khan FCA, Mohammed Forkan Uddin FCA and Maria Howlader FCA, Taxation and Corporate Laws Committee Member Rakesh Saha FCA and Director (Technical) Mahbub Ahmed Siddique FCA were present in the press conference. About 45 journalists from print and electronic media attended the conference.



Press Conference on Foreign Direct Investment and Corporate Governance

Currently, Bangladesh is one of the most promising economy with a large domestic market, availability of labour with competitive price, low utility charges, Seaports, long-term tax holiday, and easy access to largest regional market like India and China.

President of the South Asian Federation of Accountants (SAFA) CMA Dr. PVS Jagan Mohan Rao said these at a press conference on Foreign Direct Investment and Corporate Governance organized by the Institute of Chartered Accountants of Bangladesh (ICAB) on 1 December 2019 at CA Bhaban.

ICAB President AF Nesaruddin FCA, Council Member Humayun Kabir FCA and Delegates from India, Pakistan, Sri Lanka and Nepal also spoke in the conference.

CMA Dr. PVS Jagan Mohan Rao said, Bangladesh is already being recognised as a thriving investment hub, and this is reflected in the country’s foreign direct investment (FDI) inflows”. He further added that four different FDI models like government investment facility in EPZ, forming private economic zones more than 100, Public Private Partnership (PPP) and Country’s specific Economic Zones could be bonanza for foreign direct investment in Bangladesh.

ICAB President AF Nesaruddin FCA said, fiscal and other incentives including repatriation of capital and profit are available for foreign investors. Bangladesh is also in a suitable position to supply skilled manpower and ready to undertake high-tech industries. This is high time to invest in Bangladesh, he added.

Ease of Doing Business index 2020, Bangladesh progressed eight notches up and we have FDI potentials in many fields including industries and infrastructures, he stated and said that we are working hard to deliver quality services to support enterprise, corporate governance and sustainable growth in the overall business environment.

In order to encourage the inflow of FDI, the government of Bangladesh offers one of the most liberal investment policies and attractive packages of fiscal, financial and other incentives to foreign entrepreneurs specifically, in relation to tax exemptions, duty, income tax, remittances, exit, ownership, investing in the stock market, etc. Mr. Nesaruddin mentioned. ICAB organized the press conference following SAFA International Conference 2019 on Foreign Direct Investment: Destination Bangladesh.

ICAB-Prothom Alo pre budget discussion 2019

Speakers at a roundtable discussion suggested effective budgetary measures to address growing inequality for boosting private investment. However, they said the country is achieving consumption-based growth with slightly higher public investments, though private investment remains stagnant. So, tax celling should be given to the private investors along with increasing allocations in education for human resource development and health sector. They also stressed on more tax rebate in IT sector as it is a growing sector in our economy and might generate huge new employment.

The views came at a discussion on the national budget for fiscal year 2019-20, arranged by the Institute of Chartered Accountants of Bangladesh (ICAB) and Prothom Alo on 18 April 2019 at CA Bhaban in Dhaka.

Chairman, National Board of Revenue (NBR) Md Mosharraf Hossain Bhuiyan, ndc attended the program as the chief guest. ICAB President A F Nesaruddin FCA delivered welcome speech while Md. Humayun Kabir FCA, Council Member & Past President and Chairman, TCLC-ICAB moderated the session.

Responding to the proposal, the NBR Chairman said, the introduction of the inheritance tax can be considered a good proposal. This year proposal has been made by business community to reduce the corporate tax also. But reduction of corporate tax is a difficult task. The loss of revenue incurred from


reducing the corporate tax rate must have to be earned from other sources without decreasing the revenue collection, he affirmed.

In her speech, Center for Policy Dialogue (CPD) Executive Director Dr Fahmida Khatun said, the number of unemployed youths is now increasing fast due to the lack of private investment. "At 10.6 per cent, higher unemployment rate among youth population against the national level of 4.0 per cent is worrying for the country," she said. She proposed introducing inheritance tax to reduce income equality.

Former Adviser to the caretaker government Rasheda K Chowdhury proposed introducing education tax for developing the sector, especially primary education.

ICAB President AF Nesaruddin said only 1.25 per cent of the total population pays tax, which should be raised to help the country achieve a middle-income country status. Stressing on increasing tax collection, Mr. Nesaruddin said, initiatives are required to encourage businessmen to online VAT registration and submission of tax return, alongside structural reformation in NBR and training to field officials for easy implementation of new VAT law.

ICAB vice-president and chairman of Bangladesh House Building Finance Corporation Prof. Dr. Md Salim Uddin FCA said, the rate of employment generation and poverty reduction was slower than that of economic growth. He presented his views on macroeconomic aspect.

Research Director Bangladesh Institute of International and Strategic Studies Mohammad Mahfuz Kabir recommended imposing specific duty on tobacco products including cigarette and reducing existing slabs.

Mushfiqur Rahman, Vice President, Bangladesh Association of Software and Information Services (BASIS) discussed macro aspect of the country.

Citing the success story of development of tax administration in India Snehasish Barua FCA, member of TCLC-ICAB said that the government should bring all tax payers under online tax system gradually. NBR

should have its own IT infrastructure to monitor the whole system.

ICAB Secretary Major General Muhammad Imrul Quayes, ndc, psc (Retd.) and Abdul Qayyum, Associate Editor of Daily Prothom Alo also spoke on the occasion.

CA Bangladesh-The Daily Star Post-Budget Discussion 2019

For the first time CA Bangladesh and the Daily Star held a “Post-Budget Discussion 2019” at The Daily Star Centre on 15 June 2019 to analyse the proposals in the budget.

Planning Minister MA Mannan, MP was the chief guest of the event where businessmen, economists, and professionals also spoke.

Among others spoke on the occasion were Ahsan H Mansur, Executive Director, PRI, Syed Mahbubur Rahman,Chairman, ABB, Abul Kasem Khan, Former President, DCCI, Dr Nazneen Ahmed, Senior Research Fellow, BIDS, Mohammad Ali Khokon President, BTMA, Rakibur Rahman, Former President, DSE. ICAB President A F Nesaruddin FCA gave introductory speech while Council Member & Past President Md. Humayun Kabir FCA moderated the session. Council Member Md. Shahadat Hossain FCA and Fellow Member Snehasish Barua FCA jointly presented the discussion paper on National Budget which provoked thoughts and ideas for discussion in the roundtable program. ICAB Council Member Prof. Dr. Md. Salim Uddin FCA also spoke on the occasion.

The observations came after the government unveiled the budget for fiscal year 2019-20 along with the decision to start implementing the much talked-about VAT and Supplementary Duty Act 2012. It plans to introduce four main rates, moving away from the original uniform 15 percent rate.

Under the new system, the rates of VAT would be 5 percent, 7.5 percent, 10 percent, and 15 percent. But businesses would enjoy VAT rebate facilities only if they pay 15 percent VAT.



Planning Minister MA Mannan said he was always in favour of single rate VAT. He said huge reforms were necessary in the revenue board but the job was not as easy as it was said to be. “There are vested interest groups who always resist reforms in the NBR,” he said. The minister also said, the National Board of Revenue (NBR) needs extensive reforms to boost its capacity as the national tax body. He, however, said the much-needed transformation is not so easy a job. "It's easy to say, but difficult to do." "There're strong vested interest groups and beneficiaries," Mr Mannan said without explaining much about the roadblocks to reform.

Policy Research Institute (PRI) executive director Ahsan H Mansur said the proposed budget is going to fall flat in terms of its size. This year's revenue income growth is 7.1 per cent, which is an all-time low, he maintained. "NBR won't be able to achieve its target for this budget too like the past years," he said, adding that 80 per cent problems lie with the tax administration. "The rest of the problems are with the tax policy."

Nazneen Ahmed, senior research fellow of Bangladesh Institute of Development Studies, agreed with Mansur on the VAT law. She said it would distort the whole system and hurt the business community.

ICAB President AF Nesaruddin said multi-level VAT rates was in fact a continuation of the existing system. “Since automation is key to this VAT law, steps should be taken immediately for its smooth implementation,” he said, suggesting that the government review the impact of not allowing input tax credit on products and services that have less than 15 percent VAT.

Snehasish Barua, who presented a paper on the fiscal measures in the budget, suggested allowing proportional rebate for businesses that would pay less than 15 percent VAT. “Very high penalty has been proposed for non-compliance of VAT rules. It should be reduced,” he said.

The government’s increased dependency on bank borrowing to finance deficit would increase stress on

the ailing banking sector, which suffers from liquidity crunch due to soaring default loans, falling deposits, and recent surge in government borrowing. As a result, private sector might face difficulty in getting funds for investment, said the analysts.

Citing the liquidity crisis in banks, Association of Bankers, Bangladesh Chairman Syed Mahbubur Rahman said increased bank borrowing would put further pressure on the sector.

Abul Kasem Khan, former president of Dhaka Chamber of Commerce and Industry, demanded visible and exemplary punishment for willful defaulters.

Rakibur Rahman, former president of Dhaka Stock Exchange, said the government’s proposed measures for capital market would be beneficial for small investors.

The opportunity to legalise black money at nominal tax will encourage compliant taxpayers to be dishonest, said business leaders and economists at a post-budget discussion yesterday.

The reaction came after Finance Minister AHM Mustafa Kamal proposed investment of undisclosed incomes without question in special economic zones and hi-tech parks upon payment of 10 percent tax on the invested sum from July 1 this year through June 2024.

Ahsan H Mansur, executive director of the Policy Research Institute of Bangladesh, echoed Khan, saying the government should not extend the money whitening opportunity as it is not fair. “By promoting whitening of black money you are really going to hurt the compliant taxpayers.” At present, the income tax department does not raise any question about the sources of fund when invested in the purchase or construction of any apartment, flat or building after a certain tax is paid on the sum. “Somebody who is not paying the proper tax, which may be over 30 percent, will be investing in an SEZ after paying only 10 percent tax and there will be no tax liability on that investment for the future. This is not right,” he added.

The participants at the discussion lauded the move to increase the tax-free turnover for small and medium enterprises and form a Tk 100 crore fund for budding startups.

They also welcomed the initiative to widen the social safety net. The allocation for the health sector was insufficient at only 4.9 percent of the total budget of Tk 523,190 crore, said another paper presenter Md. Shahadat Hossain, a council member of the ICAB. He also said revenue collection would fall short of target


this fiscal year. Shahedul Anam Khan, Acting Editor, the Daily Star also spoke on the occasion.

Workshop on Corporate Governance and Board Leadership Training of Trainers (ToT) in Collaboration with IFC

The Institute of Chartered Accountants of Bangladesh (ICAB) with the support of the Government of Japan and in partnership with International Finance Corporation (IFC, World Bank Group) organized a 3-day long Training of Trainers (ToT) program at ICAB, CA Bhaban. The training was held between 26 and 28 January 2019 aiming to enhance the Corporate Governance (CG) and Board Leadership capabilities of chartered accountants in Bangladesh. Anne E. Molyneux, FCA, FAICD, Director of CS International and Dr. Mary Jo Larson, International Consultant acted as Facilitators and Resource persons while Lopa Rahman and Sheela R. Rahman, both from IFC, coordinated the training along with ICAB Officials.

The primary goal of the Training of Trainers (ToT) is to improve understanding of corporate governance and the vital role of directors in promoting economic growth and sustainability in the region.

The program is intended to further enhance governance understanding, leadership skills and teaching techniques specifically for chartered accountants. It aims to develop the knowledge base and skill sets needed to lead director education programs that reflect international best practices adapted to regional priorities and needs in South Asia.

Among others, past presidents, councilors, practitioners and corporate executives attended the

workshop including Parveen Mahmud FCA, Dewan Nurul Islam FCA, NKA Mobin FCA, Sabbir Ahmed FCA, Md Shahadat Hossain FCA, Mahmudul Hasan Khusru FCA, Md. Mahamud Hosain FCA, Snehasish Barua FCA, and. Sk Md Tarikul Islam.

Mr. Nesaruddin also said that company compliance is another important issue. Directors should also take care of it, it is their responsibility. Ultimately, ensuring good corporate governance is the responsibility of directors jointly and individually, he opined.

Yasuharu Shinto (Counsellor), a representative from the Embassy of Japan to Bangladesh graced the event with his august presence and expressed his heartfelt appreciation for the successful completion of the workshop.

Jury Board Meeting of RCPAR 2019

The Jury Board meeting of the Review Committee for Published Accounts and Reports (RCPAR) of the Council-ICAB was held on 17 July 2019 at ICAB Council Hall. Country’s prominent personalities including bankers, bureaucrats, journalist were present in the meeting as Members of the Jury Board headed by the Chairman of the board Md Matiul Islam FCA, Chairman, IIDFC and Former Finance Secretary, Govt. of Bangladesh. The members are Ahmed Ataul Hakeem, Controller of Examinations, BRAC University and Former Comptroller and Auditor General of Bangladesh, Siddiqur Rahman Choudhury, Chairman, Social Marketing Company and Former Finance Secretary, Govt. of Bangladesh, Dr. Atiur Rahman, Professor (Honorary), Department of Development Studies, University of Dhaka and Former Governor, Bangladesh Bank, Dr. Syed Ferhat Anwar, Director, IBA, University of Dhaka, Dr. Mustafizur Rahman, Distinguished Fellow, Centre for Policy Dialogue, Shah Husain Imam, Editor, The Financial Express and Dr. Mahmuda Akhter, Council Member, Financial Reporting Council, Bangladesh and Professor, Department of AIS, University of Dhaka.



Meeting of Members in Practice

The meeting of Members in Practice was held at CA Bhaban on 9 March 2019. AF Nesaruddin, President-ICAB chaired the meeting in which about 54 representatives of audit firms participated. The meeting encompassed the underpinning issues such as IFRS, ISA and New Audit Report, FRC’s expectation on audit working papers, quality and special audit of banks and NBFIs, implementation of audit fees and audit opportunities in Bangladesh. The meeting mainly discussed the issues relating to LGSP local government audit activities and the irregularities reported in last LGSP audit.

LGSP-3 Coordination Meeting

A coordination meeting between all partners of LGSP-3 audit and review firms of ICAB was held at ICAB on 9 May 2019. ICAB President A F Nesaruddin, Council Member Md. Shahadat Hossain FCA, Secretary Major General Muhammad Imrul Quayes,

ndc, psc (retd), RRH partner Ali Ashfaq and LGSP Project Deputy Director Md. Golam Kabir among others were present. Members of the Institute who are involved in LGSP-3 audit and review work also participated in the meeting.

The issues among others discussed in the meeting were compliance required for LGSP and latest findings of audit for the year 2017-18 and appointment of audit and review firms for the year 2018-19, etc.

ICAB Team Met APG Team

Mahbub Ahmed Siddique FCA, Director (Technical) and Md. Afsar Uddin FCA, Deputy Director (QAD) of ICAB participated in a discussion meeting with APG Team (Asia Pacific Group on Money Laundering) regarding prevention of money laundering and terror financing at Bangladesh Bank premises on 8 July 2019. ICAB team discussed about Strategic Implementation Plan (SIP) of the said issue with APG team.


6.0MEETING WITH THE GOVERNMENT, REGULATORY BODIES AND OTHER ORGANISATIONS

ICAB Delegation Made Courtesy Call on Commerce Minister, GoB

A 9-member delegation of the Institute of Chartered Accountants of Bangladesh (ICAB) made a courtesy call on the newly appointed Commerce Minister Tipu Munshi, MP and conveyed warm greetings to him with a flower bouquet at Bangladesh Secretariat on 13 January 2019. The delegation led by ICAB President AF Nesaruddin FCA, in its introductory meeting, briefly exchanged views on trade, commerce and CA profession of the country as a whole. It was also discussed that both the Ministry of Commerce and ICAB will continue to work together in the relevant fields for development of the country.

The other members of the ICAB delegation were Vice Presidents NKA Mobin FCA, Prof. Dr. Md Salim Uddin FCA, Md. Moniruzzaman FCA, Council Member & Past Presidents Md. Humayun Kabir FCA, Kamrul Abedin FCA, Fellow Members Ajit Kumar Paul FCA, Fouzia Haque FCA and Secretary Major General Muhammad Imrul Quayes, ndc, psc(Retd).

Meeting between ICAB and ACCA Bangladesh

A delegation from the Association of Chartered Certified Accountants (ACCA) Bangladesh led by Its Country Head Ahsanul Haque Bashar had a meeting with ICAB President A F Nesaruddin FCA on 29

January 2019 at CA Bhaban. In the meeting, the delegates discussed scopes and opportunities to shape the future of the professional accountancy in Bangladesh in collaborative with ICAB.

The other members of the ACCA delegation were Prawma Tapashi Khan ACCA, Education Manager, Shafigat Ali Choyon, Sr. Business Development Manager and Shah Wahiul Manzoor, Sr. Manager (Employee & Members Learning). ICAB Vice President Md. Moniruzzaman FCA, Council Member Muhammad Farooq FCA, Secretary Maj Gen Muhammad Imrul Quayes, ndc, psc (Retd.) were also present in the meeting.

Muhammad Farooq Participated in FRC Workshop

As Special Guest Muhammad Farooq FCA speaking at a workshop titled Implementation Guide on ISAs/APM through Dummy Working Papers organized by the Financial Reporting Council (FRC) at its premises on 27 February 2019. Abdur Rouf Talukder,



Secretary, Finance Division, Ministry of Finance, GoB was present as the Chief Guest while the program was chaired by CQK Mustaq Ahmed, Chairman, FRC.

ICAB Delegation Made Courtesy Call on Finance Minister, GoB

A 5-member delegation of the Institute of Chartered Accountants of Bangladesh (ICAB) made a courtesy call on the newly appointed Finance Minister AHM Mustafa Kamal, MP, FCA and conveyed warm greetings to him at Bangladesh Secretariat on 18 February. The delegation led by ICAB President AF Nesaruddin FCA, in its introductory meeting, briefly exchanged views on some professional issues. It was also discussed that both the Ministry of Finance and ICAB will continue to work together in the relevant fields for development of the country.

The other members of the ICAB delegation were Vice Presidents NKA Mobin FCA, Prof. Dr. Md Salim Uddin FCA, Md. Moniruzzaman FCA and Secretary Major General Muhammad Imrul Quayes, ndc, psc(Retd).

ICAB Delegation Met FRC Chairman

A team of the Institute of Chartered Accountants of Bangladesh (ICAB) made a call on CQK Mustaq Ahmed, Chairman of the Financial Reporting Council(FRC) at his office on 12 February. The delegation led by ICAB President AF Nesaruddin FCA discussed matters relating to professional issues.

The other members of the ICAB delegation were Vice Presidents NKA Mobin FCA, Prof. Dr. Md Salim Uddin FCA, Md. Moniruzzaman FCA, Council Members Md. Muhammad Farooq FCA, Md. Shahadat Hossain FCA, Mohammed Forkan Uddin FCA and Secretary Major General Muhammad Imrul Quayes, ndc, psc(Retd).

Courtesy Call on Executive Chairman, BIDA

A team of ICAB paid a courtesy call on Kazi M Aminul Islam, Executive Chairman, Bangladesh Investment Development Authority (BIDA) on 19 March 2019 at his office. Led by A F Nesaruddin FCA, President-ICAB, the other members of the team were Vice Presidents N K A Mobin FCA, Dr. Md. Salim Uddin FCA, Md. Moniruzzaman FCA and Council Members Muhammad Farooq FCA, Mohammed Forkan Uddin FCA, Fellow Member Ahmed Raihan Shamsi FCA and Secretary Major General Muhammad Imrul Quayes ndc, psc (Retd), discussed professional matters, specially one concerning the foreign accountants and auditors who are working in the country and its drawbacks.

Courtesy Call on Governor, Bangladesh Bank

ICAB delegates paid a courtesy call on Fazle Kabir, Governor, Bangladesh Bank on 12 March 2019 at his office. The delegates discussed different professional issues.

Vice Presidents N K A Mobin FCA, Dr. Md. Salim Uddin FCA, Md. Moniruzzaman FCA and Council Members Muhammad Farooq FCA, Mohammed Forkan Uddin FCA and Secretary Major General Muhammad Imrul Quayes ndc, psc (Retd) were present in the meeting.


Courtesy Call on Secretary, Ministry of Commerce, GoB

A team of ICAB paid a courtesy call on Md. Mofizul Islam, Secretary, Ministry of Commerce, GoB on 10 March 2019 at Bangladesh Secretariat. The team was Led by A F Nesaruddin FCA, President-ICAB. Other members of the team were Vice Presidents N K A Mobin FCA, Dr. Md. Salim Uddin FCA, Md. Moniruzzaman FCA, Council Member Muhammad Farooq FCA and Secretary Major General Muhammad Imrul Quayes ndc, psc (Retd). They discussed professional matters and updated the Secretary about ongoing activities of the Institute.

ICMA, Australia CEO Met President, ICAB

Professor Janek Ratnatunga, CEO of Institute of Certified Management Accountants, Australia and Mohammad Sazzad Hassan, CMA (Aus), Regional Director of ICMA Australia, Bangladesh met AF Nesaruddin FCA, President, ICAB to discuss professional issues including recognition of ICAB members by ICMA, Australia.

The Australia Institute has placed an offer to ICAB for easy pathway membership of CMA, Australia. According to the offer, ICAB members who have five

years’ relevant experience are eligible to take part in seven days’ qualifying workshop on Strategic Cost Management (3 Days) and Strategic Business Analysis (4 Days) to become CMA Australia. ICMA Australia would charge a fee for their membership too.

Audit Review Meeting at IDRA

Review meeting regarding ongoing audit activities with auditors of Life Insurance Company, Non-life Insurance company and Jibon Bima Corporation was held at Insurance Development and Regulatory Authority (IDRA) on 29 April 2019. ICAB President AF Nesaruddin FCA and Council Member Muhammad Farooq FCA were present in the meeting, besides Representatives of 32 Audit Firms who are engaging in auditing of financial statements of Life Insurance Company, Non-life Insurance company, Jibon Bima Corporation were present in the meeting. Also representatives of Finance Division and FRC were present in the meeting.

Budget Talks-Preparatory Meeting with NBR

An expert team of ICAB led by President A F Nesaruddin FCA participated in meeting with National Board of Revenue (NBR) on 8 April 2019 at NBR office. The meeting was chaired by Md. Mosharraf Hossain Bhuiyan, ndc, Chairman of NBR. It was the Budget preparatory meeting summoned by NBR where representatives of some professional bodies also participated in. The other members of the ICAB expert team were Md. Humayun Kabir FCA, Council Member & Past President and Chairman Taxation and Corporate Laws Committee (TCLC) of ICAB and Fellow Member Snehasish Barua FCA, member TCLC. ICAB's submissions regarding VAT, Tax and customs polices were well appreciated by the participants.



7.1 International Events in Dhaka

Hon’ble President Mr. Md. Abdul Hamid Inaugurates SAFA International Conference 2019

He urges professionals to work for the welfare and interest of the country not for fulfilling only theinterests of individual or organizatons

7.0INTERNATIONAL EVENTS

The Honorable President of the People’s Republic of Bangladesh Mr. Md. Abdul Hamid urged the Chartered Accountants to play a responsible role in ensuring transparency and accountability in the accounts of the public and private sectors.

The President made the call while speaking at “South Asian Federation of Accountants (SAFA) International Conference 2019” organised by the Institute of Chartered Accountants of Bangladesh (ICAB) at Sonargaon Hotel in Dhaka. The President also declared the opening of the SAFA International Conference 2019.

He said “the size of Bangladesh’s economy has increased manifold today. In 2005-06 fiscal year, the size of our budget was Tk 64,000 crore. The size of the proposed budget for 2019-20 fiscal year has been estimated to be Tk 5,23,000 crore, which is an eight-fold increase. At the same time, the trade and commerce of the country have expanded. Chartered accountants, therefore, will have to play a responsible role in ensuring accountability and transparency in the public and corporate sectors”.


He said “Bangladesh is a developing country and is moving towards progress with a desire to become a developed country by 2041. The role of foreign direct investment is very important in sustaining this growing trend in the economy”.

Saying the opportunity to invest in Bangladesh is immense, he mentioned that the government is establishing 100 economic zones to encourage foreign direct investment. One-stop service law-2018 and related policies have also been formulated to provide all necessary services to investors at the earliest and through a single window.

Besides, the government is providing investors with various benefits, including tax rebates, “There’s a golden investment opportunity in Bangladesh, he said.

“The people of this region have been sharing common values, culture and heritage and also facing same challenges. Therefore, we have to put in our united efforts to combat the problems”, Mr. Hamid said adding “Our government has offered various facilities and incentives for the foreign investors. Keeping these in consideration, he hope that foreign investors will come forward and set their investment destination to Bangladesh.”

SAFA was formed in 1984 to serve the accountancy profession in the South Asian Region and uphold its eminence in the world of accountancy. SAFA is an apex body of SAARC and an Acknowledged Accounting Grouping of International Federation of Accountants.

SAFA represents over 3,00,000 accountants having membership of the national chartered accountancy and cost and management accountancy institutions in the South Asian countries namely Bangladesh, India, the Maldives, Nepal, Pakistan and Sri Lanka.

Prime Minister’s Private Industry and Investment Adviser Salman F Rahman, ICAB President AF

Nesaruddin, President of SAFA Jagan Mohan Rao were also present at the programme while Professor Mostafizur Rahman presented the keynote speech.

SAFA President Jagan Mohan Rao said “South Asian Federation of Accountants (SAFA), an Apex Body of SAARC was setup for promoting the accounting profession in the countries of South Asia and internationally with a mission to bring the accounting bodies in the region together at a common forum and facilitate professional cooperation in the areas of education, training, technical and ethical standards.

SAFA has been playing a pivotal role for the harmonization of professional standards in the areas of accounting, auditing, ethics and education and is committed to raise the level of profession in the Region, he added.

He said, “The role being played by SAFA for the development of the accountancy profession in the SAARC Region and for the economic development of the Region as a whole has been exemplified through the innovative work being carried through its various technical committees working in the area of education, accounting & auditing standards, government accounting, quality control, ethics and many other emerging areas of accountancy profession”.

He further said, “The Foreign Direct Investment (FDI) is considered as one of the major sources of employment generation, technology transfer, and managerial capacity building, and increasing market efficiency in any country”.

Mr. Roa also said that the government’s mega projects were viewed as the primary reason for drawing substantial FDI investments in the transport, storage and communications sectors. Preferential trade benefits and friendly investment policies are offered to countries investing in Bangladesh. As per the projections, Bangladesh is set to become one of the fastest-growing economies by 2050.



ICAB President AF Nesaruddin FCA said that the economy of the country is growing steadily at a reasonable rate. Bangladesh received net foreign direct investment (FDI) amounting to $ 3.61 billion in 2018. The FDI inflows are increasing every year, he added.

Emphasizing on the need to attract more FDI, he said, Bangladesh offers many fiscal incentives and tax rebates for the investors. We have bilateral investment treaty with 29 countries and avoidance of double taxation with 28 countries, he mentioned.

FDI helps generating jobs opportunities, promote innovation & entrepreneurship and we have FDI potentials in many fields including industries and infrastructures, he further added.

To support the initiatives of the Government, ICAB President said that the professional accountants have an important role to play for effective management of businesses and in the economic development of the country. He also said that the professional accountancy bodies in Bangladesh would play a big role in recognizing the future needs and also would assist in responding to challenges ahead.

Chairman of the Organizing Committee, SAFA International Conference 2019 M Farhad Hussain said

that international investment levels have surged in recent years as a result of significant financial liberalization across the globe. Bangladesh is preparing itself to step into an upper middle-class country within next few years.

Distinguished Fellow of Center For Policy Dialogue (CPD) Professor Mustafizur Rahman presented the keynote paper of the conference on Foreign Direct Investment: Advantage Bangladesh, Destination Bangladesh. In a power point presentation he illuminated the audiences about why Bangladesh is an ideal place for FDI. He described the transition path of Bangladesh economy from a predominantly aid-dependent economy to a trading nation. He said that our per capita income has risen more than six times in a decade and the growth acceleration of 1.5 percentage points in every decade. If export in FY 1991 to foreign aid (ODA) ratio was 1:1, today our export is 11 times higher than the ODA, he described and said, Bangladesh is ready to emerge as a potentially major FDI Host country in this region. FDI policies are conducive and very competitive compared to our neighbors. He cited the major policies related to FDI and said, Bangladesh has bilateral investment treaty (BITs) with 29 countries and avoidance of double taxation treaty (DTT) with 28 countries. Bangladesh is a signatory of a number of international treaties like MIGA, OPIC, ICSID, WIPO, he also said.

The Technical Session was held after inauguration of SAFA International Conference 2019 in the afternoon. Opening remarks of the panel discussion of the Session was made by the moderator, Dr. Ahsan H. Mansur, Chairman, BRAC Bank Limited. The discussion evolved from the conference keynote paper on “Foreign Direct Investment: Destination Bangladesh”.

Panel discussants were Syed Mahbubur Rahman, Chairman, Association of Bankers, Bangladesh Limited, Md. Humayun Kabir FCA, Council Member & Past President-ICAB and Chairman, Taxation & Corporate Laws Committee (TCLC), ICAB , Arif Khan FCMA, CEO and Managing Director, IDLC Finance Limited, Ahmed Raihan Shamsi FCA, Chairman & CEO, DevoTech


They said Bangladesh won't be able to attract new foreign direct investment unless the existing foreign investors are treated properly. Whatever is happening to Grameenphone and Robi, two largest foreign investors in the country, is not giving out the right signal to foreign investors, they observed. The government should resolve the issue as soon as possible in a way so that foreign investors feel comfortable, they added.

These observations came at the technical session held at same venue of the Conference 2019".

Ahsan H Mansur, Chairman of Brac Bank and Executive Director of Policy Research Institute of Bangladesh (PRI) said, "Are we selling our growth story appropriately?" He said private sector and foreign investors in the country will tell other domestic and foreign investors about the growth stories.

Mr Mansur also said Bangladesh needs to take "just" approach to attract FDI rather than being "nationalistic".

Replying to a question about the treatment of two largest telecom operators-Robi and Grameenphone, Barrister Tanjib-ul Alam said if foreign investors are not treated well, nobody will come here to invest. "This is largely a policy issue how the government treats the foreign investors in the country. It should consider the larger picture rather than getting a feeling of winning." "When things are under our control, we can actually untangle the situation," he added.

Ahmed Raihan Shamsi, Chairman and CEO of DevoTech Technology Park Limited said, "When we talk about foreign direct investment, we should take existing FDI into consideration." "It will not make much of a sense running after new FDI if we can't take good care of existing FDI he added and said "We may not take good care, but new investors from anywhere in the world will first check how well they have been treated by this country."

Speaking at the discussion, CEO and Managing Director of IDLC Finance Arif Khan said Bangladesh lacks infrastructure and this is a key obstacle to attracting FDI. He said the government will be requiring $120 billion FDI in next five years to continue the existing growth but it will not be able to attract even $5 billion FDI. Bangladesh needs to turn into a facilitator rather than a regulator, he added.

SAFA representatives Charanjot Singh Nanda from India, Krishna Prasad Acharya from Nepal, Jagath Perera from Sri Lanka, Mohammad Abdullah Yusuf

from Pakistan and former president of ICAB Humayun Kabir also spoke at the event.

60th SAFA Board Meeting Held in Dhaka

60th SAFA Board and Assembly Meeting was held on 1 December 2019 at Dhaka, Bangladesh. The meeting was well attended by the representatives of Accounting bodies in SAARC region. They discussed the status of development of Accounting profession in the SAARC countries under the Chairmanship of SAFA President CMA (Dr.) PVS Jagan Mohan Rao.

Committee on Education, Training and CPD

Committee on Education, Training and CPD met on 29 November 2019 at CA Bhaban, Dhaka under the Chairmanship of CA Charanyot Singh Nanda.

Committee for Improvement in Transparency, Accountability and Governance (ITAG)

Committee for Improvement in Transparency, Accountability and Governance met on 29 November 2019 at CA Bhaban, Dhaka under the Chairmanship of Tishan Suba Singhe.



Committee on Professional Ethics and Independence

Committee on Professional Ethics and Independence met on 29 November 2019 at CA Bhaban, Dhaka under the Chairmanship of Adeeb Hossain Khan FCA.

Committee for Co-Operatives and NPO Sector

Committee for Co-Operatives and NPO Sector met on 29 November 2019 at CA Bhaban, Dhaka under the Chairmanship of Abdur Rahman Khan FCMA.

7.2 International Events other than in Dhaka

ICAB Delegates Participated in SAFA Events and National Cost Convention in Pune, India

An 11-Member delegation of the Institute of Chartered Accountants of Bangladesh (ICAB) led by President A F Nesaruddin FCA participated in SAFA events including SAFA Conference, different Committee meetings, 57th SAFA Board and 90th SAFA Assembly meeting on 21 January 2019 at Hotel J W Marriott, Pune, India.

ICAB delegates also participated in the Cost Conference Inaugural Session on 21 January 2019 in Pune . As President ICAB, A F Nesaruddin gave inaugural speech in that session. ICAB delegates participated in their respective SAFA Committee meetings which include Sabbir Ahmed FCA in Committee Accounting Standards, Gopal Chandra Ghosh FCA in Committee on Education, Training and CPD, Md. Shahadat Hossain FCA in Committee to study Fiscal regimes and other statutory requirements of business in SAARC countries, M Farhad Hussain

FCA in Committee for Improvement in Transparency, Accountability and Governance (ITAG) and Mohammed Forkan Uddin FCA and Maria Howlader FCA in Committee on Small and Medium Practices (SMP).

In the sideline of SAFA events, ICAB delegates comprising of President A F Nesaruddin FCA and Member Council & Past President Md Humayun Kabir FCA met with CAPA President Manoj Fadniz and CAPA Executive Director Elaine Hong on 21 January 2019 at Hotel Marriott, Pune. They discussed different professional issues, forthcoming CAPA events and the possibility of holding CAPA event this year in Bangladesh.

Chaired by SAFA President CMA Dr. PVS Jagon Mohan Rao, 57th SAFA Board and 90th Assembly meeting were held in the evening of 21 January 2019


at Hotel Marriott, Pune. ICAB President A F Nesaruddin FCA, Technical Advisor Md Humayun Kabir FCA, Past President M Farhad Hussain FCA and Nodal Officer Md Nasrat Hasan participated in these meetings and made significant contributions.

Besides, a four member ICAB students’ delegation participated in the SAFA Quiz & Elocution Contest on 22 January 2019 at CMA Bhawan, Pune. Mahdi Hasan of Rahman Rahman Huq, Chartered Accountants earned the 2nd prize in the competition.

SAFA Best Published Annual Reports 2017 Award ceremony was held on 22 January 2019 at CMA Bhaban, Pune, India. Out of 13 categories, Bangladeshi companies submitted their nominations in 10 categories and became first in 9 categories. Besides, Bangladeshi company IDLC Finance Ltd was adjudged overall winner in SAFA region. Out of 39 awards, Bangladeshi companies won total 18 awards and 4 merit certificates. Bangladeshi Entities have been doing well in this competition consecutively for the last two years.

ICAB President Participated in CAW’s CEOs Meeting in New York

Made presentation on “SMPs in the Emerging Economies”

ICAB President AF Nesaruddin FCA made a presentation on ‘Institute and Market Development’ at CEOs meeting of Chartered Accountants Worldwide (CAW) held at New York on 24 February 2019.

The President highlighted the initiatives taken for development of ICAB, IT accomplishments, academic affiliation and over all improvement of the Institute. He also laid emphasis on a few issues like management reformation and capacity building of ICAB in line with ICAEW’s recommendations and present context of the country.

Alongside, the President also drew attention to some challenges including attracting brilliant students in Chartered Accountancy. He informed that branding team of ICAB is working for image building of the Institute through changing people’s perception about CA profession. In addition, scholarship and free tuition fee for students are actively being considered by Articled Students Committee, he added.



Not only that, ICAB placed substantial guidance and suggestions for bringing Amendment to the Companies Act which is now at the final stage for JS nod. He also informed the meeting that ICAB has fully implemented IFRS and ISA which have come into effect from 1 January 2018.

Most importantly ICAB President AF Nesaruddin held an exclusive meeting with Michael Izza, Chairman-CAW and Chief Executive of the Institute of Chartered Accountants in England and Wales(ICAEW), and Vernon Soare, Chief Operating Officer of ICAEW. Among other issues the meeting discussed mainly, capacity building of ICAB and its strategic plan for 10 years - how ICAEW can help and support ICAB got the highest importance in the discussion.

Anwaruddin Chowdhury Participated in CAPA Meeting and Associated Events in New Delhi, India

Anwaruddin Chowdhury, Past President ICAB, Director Confederation of Asian and Pacific Accountants (CAPA) Board and Member IFAC, IPSASB Consultative Advisory Group (CAG) participated in the CAPA Public Sector Financial Management Committee (PSFMC) Meeting and ICAI-CAPA Joint Roundtable Stakeholders’ Forum held on 10‐11 March 2019 in New Delhi, India.

The Public Sector Financial Management Committee (PSFMC) Meeting - 10 March

This was the first outreach meeting of the PSFMC in India, though the committee has previously met in India in conjunction with CAPA Board and Members meetings. The PSFMC Chairman, Anwaruddin Chowdhury, presided over the meeting, which was attended by the Committee members (including CIPFA), CAPA President and representatives from AICPA, ACCA and Asian Development Bank (ADB).

The Meeting deliberated on the CAPA Strategic Activities -focused on Review of IFAC-CIPFA International Public Sector Accountability Index and Member Bodies Public Sector Activities; PAOs Engaging with the Public Sector-focused on detailed review and finalisation of the Publication highlighting the key Messages arising from the Public Sector Accountability Survey; Consideration of Future Initiatives in line with CAPA's Strategic Plan Towards 2025, including ideas for advocacy related and thought leadership materials, and modality for the India Public Sector Roundtable.

The ICAI‐CAPA Joint Roundtable Stakeholder’s Meeting on Public Sector Financial Management (PSFM) - 11 March

This was the first time ICAI and CAPA had jointly held an event with a wide range of public sector stakeholders, to discuss Public Financial Management (PFM) issues in India. The objective of the Roundtable was to sensitize relevant stakeholders from the Indian public sector for moving towards improved financial reporting, particularly adoption of "accruals" accounting and implementation of IPSAS. The Roundtable provided an apt platform to the participants, who are responsible for Government accounting in India, about the important role being played by CAPA through its PSFM Committee.

The Roundtable was inaugurated by the former C&AG of India, Shashi Kant Sharma and addressed by President ICAI, President CAPA and Chairman of CAPA PSFMC.


The Roundtable comprised of 4 Technical Sessions of 30 minutes duration (15 minutes Presentation and 15 minutes floor participation), and a two hour Panel Discussion. The Topics embraced Improving Financial Management in the Public Sector -the 8 Key Elements of PFM Success by CE CAPA; Overview of Government Accounting in India by CGA MoF; Implementing Accrual Accounting in the Public Sector: Issues and Challenges by DG C&AG; and Reforms in Budgetary Process by Government of India by Member Secy of National Commission. The detailed Panel Discussion, comprising of Indian and international public sector experts (from the WB, the UK, Australia and Lithunia), focused on sharing of experiences in relation to PFM reforms and their journey in implementing accrual accounting and the international public sector standards.

There were about 80 Roundtable participants deeply engrossed in learning and sharing experiences- particularly about the "challenges and benefits" of Accrual accounting and IPSAS implementation, and of the laudable journey leading to "Conversion of Indian Railways Accounts from cash to Accruals basis".

58th SAFA Board Meeting Held in Nepal

ICAB President A F Nesaruddin and Council Member & Past President Md. Humayun Kabir FCA participated in 58th SAFA Board and Assembly Meeting on 6 April 2019 at Katmandu, Nepal where IFAC President Dr. In-Ki Joo was present. The meeting was well attended by the representatives of Accounting bodies in SAARC region. They discussed the status of development of Accounting profession in the SAARC countries.

ICAB Team Participated in CAW’s Events in Dubai

ICAB President AF Nesaruddin FCA and Council Member Sabbir Ahmed FCA participated in CAW’s events in Dubai on 17 & 18 June 2019. Council Member Sabbir Ahmed FCA participated as a speaker at the Chartered Accountants Worldwide

panel discussion: “The Future of Trust: New Technology Meets Old-fashioned Values” followed by a networking event on 17 June at the Boulevard’ Hotel, Dubai. It was well attended by the CEOs of the member institutes from Chartered Accountants Worldwide along with senior business and finance professionals. This event was also attended by a number of senior business and finance professionals of the member institutes from Chartered Accountants Worldwide.

Speakers included Michael Izza, Chairman of Chartered Accountants Worldwide and CEO of ICAEW, SAICA’s Chief Executive Freeman Nomvalo, and Sabbir Ahmed, Member Council of the Institute of Chartered Accountants Bangladesh.

ICAB Team Participated in CAPA Meetings and Events in Petaling Jaya, Malaysia

ICAB Council Member & Past President Nasir Uddin Ahmed FCA and Past President Anwaruddin



Chowdhury, Director CAPA Board participated in CAPA meetings and other related events held in Petaling Jaya , Malaysia, between 30 May and 1 June 2019.

Anwaruddin Chowdhury participated in Board Meeting (Board Directors only) on 30 May 2019. The directors met before the Members Meeting to discuss various matters, including progress in implementing the 2019 work program and the ‘Strategic Plan – Towards 2025’ including AFA and SAFA collaboration activities, proposed approach to forming the new ‘Audit’ and ‘Ethics’ Groups, communication strategies, member‐led topics for the next Members Meeting in Vancouver, Canada, etc.

Nasir Uddin Ahmed participated in Members’ Meeting on 31 May and PAO Development committee meeting on 1 June 2019. Over forty member representatives from twenty‐five organisations, and the President of the South Asian Federation of Accountants (SAFA), attended the Members Meeting.

PAO Development Committee (PAODC) meeting discussed the contents for two upcoming guides in the Maturity Mode and TM Guidance Series, namely ‘Ethics’ and ‘Funding & Business Model’. The committee also discussed and received updates on other matters including Post‐promotion reports for the ‘Governance’ Guide and ‘Accounting Technicians’ publication, both released in late 2018, update on the ‘Quality Assurance for Audit’ project, funded by the ADB, planning for the committee’s next meeting in August in Samoa, including a CPD event for local members and progress of the Pacific Collaboration Initiative, planning for the group to meet during the PAODC visit to Samoa.

ICAB Team Participated in SAFA Forum on Role of Finance Professional in Combatting Corruption: South Asian Perspectives

They also took part in SAFA Board Meeting and other committee meetings

An Expert team of ICAB participated in SAFA Board Meeting, different committee meetings and SAFA Forum on 29 and 30 July 2019 in Colombo, Sri Lanka.

The ICAB delegates included ICAB President A F Nesaruddin FCA, Vice President Prof. Dr. Md. Salim Uddin FCA, Council Members & Past Presidents Md. Humayun Kabir FCA, Kamrul Abedin FCA, Council Members Dr. Md. Abu Sayed Khan FCA, Muhammad Farooq FCA, Gopal Chandra Ghosh FCA, Sabbir Ahmed FCA, Mahmudul Hasan Khusru FCA, Mohammed Forkan Uddin FCA, Ms. Maria Howlader FCA and Past Presidents Muhammed Farhad Hussain FCA and Ms. Parveen Mahmud FCA.

A F Nesaruddin FCA, President and Md. Humayun Kabir FCA, Member Council & Past President-ICAB participated in 59th SAFA Board meeting on 30 July 2019. SAFA Board and all the committee meetings were held in ICASL premises.

ICAB President AF Nesaruddin had the opportunity to light the lantern at the inaugural session of the SAFA (South Asian Federation of Accountants) Forum on “ The Role of Finance Professional in Combatting Corruption: South Asian Perspectives” held at Balmoral Ballroom, Hotel Kingsbury in Colombo, Sri Lanka on 30 July 2019. As panel speaker, Prof. Dr. Md. Salim Uddin FCA presented a paper titled “Combating Corruption in Bangladesh” in the program. The increasingly important role of professional accountants including Chartered Accountants can play in eradicating corruption and the culture of impunity was the key point of the discussion jointly organized by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) and South Asian Federation of Accountants (SAFA).


Besides Dr. Md Salim Uddin of the Institute of Chartered Accountants of Bangladesh, Atul Gupta of the Institute of Chartered Accountants of India, Krishna Prasad Acharya of the Institute of Chartered Accountants of Nepal, Ashfaq Tola of the Institute of Chartered Accountants of Pakistan and Ather Saleem of CMA – Pakistan delivered presentations to enlighten the participants.

Sri Lankan State Minister for Finance Eran Wickramaratne, SAFA President Dr. P.V.S. Jagan Mohan Rao, Manoj Fadnis, President of the Confederation of Asian and Pacific Accountants (CAPA) and CA Sri Lanka President Jagath Perera,among others were present in the inaugural session. A good number of SAFA delegates, and guests from South Asian countries participated in the program.

Anwaruddin Chowdhury Participated In IFAC, IPSASB CAG Meeting in Toronto

Anwaruddin Chowdhury is seen at the entry to the International Public Sector Accounting Standards Board (IPSASB) Consultative Advisory Group (CAG) meeting in Toronto recently- with the CAG Chair and Accountancy Europe Representative.

ICAB Delegates in SAFA Conference held Sideline Meeting with IFAC in Kathmandu, Nepal

ICAB President A F Nesaruddin is seen making his presentation as one of the panellists on SAFA Conference held in Kathmandu, Nepal on 4 April 2019.

After having discussion on various professional issues with President IFAC on the sideline of SAFA conference and board meeting in Kathmandu on 5 May 2019, ICAB delgates along with IFAC President Dr. In-Ki Joo and others posed for photo session.

Two-day Long World Standard-Setters Conference in London

More than 150 standard-setters from 70 jurisdictions across the globe gathered in London at the World Standard-setters Conference to discuss collaboration in accounting standard-setting. The conference scheduled from 30 September to 01October 2019 was organized by the International Accounting Standards Board (IASB) at London Canary Wharf Hotel, UK.

The Board invited two representatives from each jurisdiction’s national standard-setter. Experts from the Institute of Chartered Accountants of Bangladesh (ICAB) Vice President Professor Dr. Md. Salim Uddin FCA and Director (Technical) Mahbub Ahmed Siddique FCA participated in the conference.



Anwaruddin Chowdhury Participated in CAPA Events and ADB Capacity Building Forum in Manila

ICAB Past President, Director-CAPA and Member-IPSASB Consultative Advisory Group (CAG) Anwaruddin Chowdhury participated in Asian Development Bank (ADB) hosted CAPA events; Public Sector Financial Management Committee (PSFMC) ‘outreach’ meeting, other associated events and a two‐day ADB‐IPSASB‐CAPA Roundtable & Capacity Building Forum at the ADB Headquarters in Manila, the Philippines on 9-11 October 2019.

IPSASB Roundtable – 9 October: The roundtable focused mainly on activities of the International Public Sector Accounting Standards Board (IPSASB), and was facilitated by Ian Carruthers, Chair of IPSASB, and Ross Smith, Deputy Director of IPSASB.

ADB Capacity Building Forum on Public Sector Accounting – 10 October:

The forum featured several sessions including: the benefits of accrual accounting for better decision‐making, various countries’ experiences on adopting accrual accounting as well as digital transformation and technology for the public sector.

CAPA Chief Executive Brian Blood presented a session paper titled ‘Developing Competent Accountants for the Public Sector’.

Public Sector Financial Management Committee Meeting – 11 October:

Initial discussions reflected on the events of the previous two days – the IPSASB Roundtable and ADB Capacity Building Forum. The CAPA President and representatives from ICAN, PICPA, ACCA, LCPAA (Laos), IPSASB and ADB also joined the committee members for the PSFMC meeting.

ICAB Representatives Participated in SAFA ITAG Committee Meeting

A three member ICAB team headed by Muhammed Farhad Hussain FCA, Chairman of RCPAR and member-SAFA ITAG committee participated in SAFA-BPA conference meeting session to finalize the results of SAFA BPA Reports Award and SARRC Anniversary Award for corporate governance disclosers 2018 at CA Srilanka office in Colombo on 16-17 October 2019.


Chartered Accountants Worldwide launches new logo for members to promote the value of the profession globally

Global accountancy body Chartered Accountants Worldwide (CAW) has launched a network member logo on 4 November 2019 to recognise and promote a global family of Chartered Accountants.

Over 750,000 qualified chartered accountants of 14 professional institutes like ICAEW, ICAS, CAI, SAICA, ISCA, CA ANZ, IAI, CA Sri Lanka, ICAB, ICAN, ICAM, ZiCA, who are the members of Chartered Accountants Worldwide will be able to use the CAW new network member logo in their email signatures, letterheads, stationery as well as on websites and social media.

President of the Institute of Chartered Accountants of Bangladesh (ICAB) A F Nesaruddin FCA said, ICAB members are now connected and recognized by the global family of Chartered Accountants which will certainly elevate their positions at global level.”

Chartered Accountants Worldwide plays an important role in protecting, promoting and developing the Chartered Accountancy brand and profession. At the heart of CAW is the desire for all Chartered Accountants to be recognised as trust leaders in business, finance and accountancy around the world.

By displaying the logo, individual members can show they are part of a global network of qualified professionals who share common values and a commitment to the highest technical and ethical standard.

The logo will create international recognition for the quality of the chartered accountancy profession, ensuring that chartered accountants’ qualifications stand out in an increasingly competitive market.

Michael Izza, CEO of ICAEW and Chairman of Chartered Accountants Worldwide, welcomed the news. “The Chartered Accountants Worldwide network member logo allows all chartered accountants who are part of the CAW family to promote the value of their chartered accountancy qualification and demonstrate that they are part of a substantial international network. The chartered accountancy network spans the globe with 750,000 members in over 190 countries, it’s an opportunity to show that you are not only strong locally but connected globally,” he said.

To find out more about the CAW network member logo, please visit www.charteredaccountants- worldwide.com/network-member.

ICAB Delegates Participated in Events of CA Worldwide, CAPA and IFAC in Vancouver, Canada

A three member delegation of the ICAB, led by its President, Mr AFM NesarUddin and comprising of Council Member Nasiruddin Ahmed and Past President and Director CAPA Board, Anwaruddin Chowdhury, participated in the CAPA Meetings and related events held in Vancouver from on 10-12 November 2019. The Events, hosted by CPA Canada were held in the Vancouver Four Seasons Hotel. All three delegates attended the Members Meeting and Assembly of Delegates held on 11th and CAPA Member-led Session and CAPA-SAFA MoU Signing ceremony on 12th. They engaged in meaningful interaction with the IFAC President, Prof In Ki Joo, CAPA and SAFA Presidents during the CAPA related events.

Anwaruddin Chowdhury also participated in the CAPA Board Meeting and Joint Meeting with PAODC on 10th instant.

Board Meeting: The outgoing Board of Directors deliberated on a wide range of issues including interalia: Progress on new Strategic Plan-Towards2025; Proposed 2019 work program; Potential inclusion of MoU with IFAC arising from Global Partnership Framework; Recent introduction of CAPA Audit and Ethics Committees; and Planning towards CAPA Conference 2020. (Dr Chen Yugui of CICPA was elected as President for term 2019-21 and Jim Kanafo of AICPA was elected as Deputy President). The 2020 budget and work program were also reviewed and agreed upon.

AnwaruddinChowdhury, who had relinquished his Board position as Director CAPA after completing two successful terms 2011-15-19, was presented a “memento” by President and DyPres CAPA, as a token of “appreciation” for his contribution to CAPA and the regional and global Accountancy profession. He was greatly applauded by the Board members present. (Earlier in Manila, the CAPA President greatly lauded his impactful contribution during his two years Chairmanship of the CAPA PSFMC).

Members’ Meeting: The Meeting noted the progress of 2019 Work Program; Recent briefs on various stakeholder meetings; Presentation of Reports by the Chairs of GAC, PAODC and PSFMC. Member Body Reports were also included and discussed when queried; CAPA CE launched its first “case study publication” showcasing the work of ICAI and CMA India, in supporting PAOs Engaging with the Public Sector. IFAC CEO, Kevin Dancy, who also attended the Members Meeting, presented IFAC’s latest Strategic Plan. CAPA Members (including AC) also participated in a Q&A session with IFAC CEO. CAPA’s Strategic Plan and Work Program 2020, highlighting the CAPA Conference 2020 were also approved.



Anwaruddin Chowdhury, Past President ICAB and Director CAPA Board, seen with the Board Members from AICPA and

CAANZ at the Members Meeting at Vancouver, Canada.

Anwaruddin Chowdhury, Chair PSFMC, delivered a PPP of the PSFM Committee meeting held in Manila a month earlier. A total of 56 member delegates, from 27 organisations attended the Members Meeting.

Anwaruddin Chowdhury, Past President ICAB, Director CAPA Board, and Member IFAC, IPSASB Consultative

Advisory Group, seen with the Board Members after the CAPA Meetings in Vancouver, 12 November 2019.

Assembly of Delegates (AOD):- The AOD, which is held once every four years, elected the new CAPA Board for the term 2019-23. ICAB Council Member Nasiruddin Ahmed, was elected/ inducted as a Board member from ICAB.

Committee Meetings: A brief GAC meeting was held ahead of the Board meeting. A joint Board and PAO Dev Comm Meeting was held (participated by AC), to review the progress of CAPA Strategic Plan-Towards 2025. Meeting called for a Member Development Committee

(MDC) to replace PAODC. It discussed Role of MDC and ideas going forward. The PSFMC did not meet in Vancouver, since it had held its second, full day outreach meeting in Manila just a month earlier.

An Accounting Technicians Meeting was held, participated by a limited number of attendees.

A CAPA-SAFA MoU Signing Ceremony was held on 12th afternoon, attended by ICAB and most other delegates. The Document was signed by President CAPA (Manoj Fadnis) and President SAFA (Dr Jagmohon Rao)- in the presence of IFAC President, Prof In Ki Joo.

CAW CEOs and Marketing Directors’ Meeting

ICAB Delegates participated in full day meeting of all Marketing Directors of Chartered Accountants Worldwide (CAW) on 9 November 2019 and CEOs Meeting on 10 November 2019 at Vancouver, Canada.

ICAB President AF Nesaruddin FCA (4th from left in front row) and ICAB Director Technical & CAWMarketing Director Mahbub Ahmed Siddique FCA (2nd from left in front row) seen at CEOs and Marketing

Directors meeting of CA Worldwide held on 10 November 2019 at Four Seasons at Vancouver, Canada


8.0MEMBERS' AFFAIRS

8.1 MembershipThe total membership strength of the Institute as of 1 July 2019 was 1647, of whom 1250 were fellows and 397 were associates. The membership statistics are furnished below.

1. Total number of Members : 1647 a. Male Members : 1528 b. Female Members : 119 c. Residing in Bangladesh : 1520 d. Fellow Members : 1250 e. Associate Members : 397

2. Total number of Members at outside the country : 127 a. No. of Members in UK : 46 b. No. of Members in Canada : 37 c. No. of Members in USA : 10 d. No. of Members in UAE : 04 e. No. of Members in Australia : 15 f. Other Countries : 15

3. Total number of Members in practice : 370 a. Dhaka : 334 b. Chittagong : 36 c. Abroad : -

3.1 Total number of Fellow Members in practice : 362 a. Dhaka : 326 b. Chittagong : 36 c. Abroad : - 3.2 Total number of Associate Members in practice : 08 a. Dhaka : 08 b. Chittagong : - c. Abroad : -

4. Total number of Members not in practice : 1277 a. Dhaka : 1075 b. Chittagong : 75 c. Abroad : 1274.1 Total number of Fellow Members not in practice : 888 a. Dhaka : 734 b. Chittagong : 60 c. Abroad : 944.2 Total number of Associate Members not in practice : 389 a. Dhaka : 341 b. Chittagong : 15 c. Abroad : 33

5. Number of Proprietorship Firms : 65

6. Number of Partnership Firms : 92

The growth in membership of the Institute is shown in the chart below:8.2 Membership Growth

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of Bangladesh, Dr Mashiur Rahman, Advisor to the honorable Prime Minister, Government of People's Republic of Bangladesh, Abul Maal Abdul Muhith, Former Finance Minister, Government of People's Republic of Bangladesh, Tofail Ahmed MP, Former Commerce Minister, Sir Fazle Hasan Abed, Founder & Chairperson of BRAC, Professor Rehman Sobhan, Distinguished Fellow of Center for Policy Dialogue, Mahfuz Anam, Editor and Publisher, the Daily Star and many other distinguished, including A.F. Nesaruddin FCA, President ICAB, Ms Parveen Mahmud, Past President, ICAB, Md. Golam Sarwar Bhuiyan, MD, IIDFC Ltd. and many senior bureaucrats of the country.

8.3 Members Entitled to Train Articled Students

The total number of members entitled to train articled students as on 01 July 2018 was 292. During the year 2018-19, five practicing member have been removed from the register due to sudden death but another 16 members were granted permission to train Articled Students. However, up to 30 June 2019 total number of Members Entitled to Train Articled Students is 303.

8.4 Newly Qualified Chartered Accountants Enrolled as Members

During the year 2019 (21+46) = 67 examinees qualified as Chartered Accountants and became Associate members of the Institute. One Chartered Accountant, qualified from ICAEW, UK was also admitted as member of the Institute.

8.5 Members’ Achievement

Masih Malik Chowdhury, Past President ICAB & Managing Partner of Masih Muhith Haque & Co., Chartered Accountants – RSM Bangladesh, has authored 3 more books on the eve of Boi Mela 2019. He was President ICAB in 2015 and has now earned the laurel of authoring 15 books to his credit.

3 Books Authored by Past PresidentMasih Malik Chowdhury Published

‘Muktir Sangram’ authored byMd. Shahadat Hossain FCA launched

“Recollections of a Civil Servant –Turned Banker”authored by Md. Matiul Islam, FCA launched

The book titled “Recollections of a Civil Servant –Turned Banker” is authored by Md. Matiul Islam FCA. The book was launched at a city hotel in Gulshan on Saturday, 16 February. He is currently the Chairman- IIDFC and Country’s First Finance Secretary who held many important positions in the Government. The author is also a Senior Member of the Institute of Chartered Accountants of Bangladesh (ICAB).

The occasion was graced by M A Mannan, MP, Planning Minister, Government of People's Republic

A book titled ‘Muktir Sangram’ authored by Md. Shahadat Hossain FCA was launched on Sunday evening, 17 February 2019 at Dhaka Club in the city. The book was uncovered by the Chief Guest KM Khalid MP, State Minister, Ministry of Cultural Affairs, Government of the People’s Republic of Bangladesh. He has two other books to his credit namely ‘Bangabandhu-O-Bangladesher Arthonity’, and ‘Accountability for Economic Development’.

AF Nesaruddin FCA, President-ICAB was present as Special Guest. Among others present on the occasion were Dr. Mahfuzul Haque, Professor, Dhaka University, Major General Muhammad Imrul Quayes, ndc, psc (Retd.), Secretary ICAB, Md. Nazrul Islam Khan, Ex. Education Secretary, Rabiul Hussain, Poet & Sculptor and Engineer Khorshed Bahar, the Publisher of Chitra Prokashoni under which the book was published.


of Bangladesh, Dr Mashiur Rahman, Advisor to the honorable Prime Minister, Government of People's Republic of Bangladesh, Abul Maal Abdul Muhith, Former Finance Minister, Government of People's Republic of Bangladesh, Tofail Ahmed MP, Former Commerce Minister, Sir Fazle Hasan Abed, Founder & Chairperson of BRAC, Professor Rehman Sobhan, Distinguished Fellow of Center for Policy Dialogue, Mahfuz Anam, Editor and Publisher, the Daily Star and many other distinguished, including A.F. Nesaruddin FCA, President ICAB, Ms Parveen Mahmud, Past President, ICAB, Md. Golam Sarwar Bhuiyan, MD, IIDFC Ltd. and many senior bureaucrats of the country.

The book titled “Recollections of a Civil Servant –Turned Banker” is authored by Md. Matiul Islam FCA. The book was launched at a city hotel in Gulshan on Saturday, 16 February. He is currently the Chairman- IIDFC and Country’s First Finance Secretary who held many important positions in the Government. The author is also a Senior Member of the Institute of Chartered Accountants of Bangladesh (ICAB).

The occasion was graced by M A Mannan, MP, Planning Minister, Government of People's Republic

Parveen Mahmud Honoured ‘Ananya Top Ten Awards’

Parveen Mahmud FCA, Chairman UCEP- Bangladesh and Past President of the Institute of Chartered Accountants of Bangladesh (ICAB) has been honoured with the ‘Ananya Top Ten Awards 2018’ in Management and Development category (gvbweK Rxeb e`‡ji Ac~e© KvwiMi) in this year. Ananya Top Ten Awards 2018 ceremony was held on 23 March 2019 at Bangladesh National Museum Central Auditorium, Dhaka.

Parveen Mahmud Independent Director of Berger

Parveen Mahmud FCA, Chairman UCEP- Bangladesh and Past President of the Institute of Chartered Accountants of Bangladesh (ICAB) has been appointed independent director and the member of audit committee of Berger Paints Bangladesh recently. She is the former founding Managing Director of Grameen Telecom Trust. She is also a member of International Chamber of Commerce (ICC), Bangladesh.

Ajit Kumar Paul Chairman of BSFIC

Ajit Kumar Paul recently joined Bangladesh Sugar and Food Industries Corporation (BSFIC) as its chairman.

He was assigned for the job via an office order of the Public Administration Ministry on May 26, 2019.

Earlier, he served as additional secretary of the Financial Institutions Division of the Finance Ministry.

Mohammad Solaiman, Independent Director of IBBL

Mohammad Solaiman FCA (Enrl. 161) has recently been appointed as Independent Director and Chairman, Audit Committee of Islami Bank Bangladesh Ltd. He was qualified as Chartered Accountant in 1978.

Mr. Solaiman joined government service as an Accountant Member of Taxes Appellate Tribunal (Ex officio Joint Secretary) under Internal Resource Division (IRD), Ministry of Finance. Later, he was promoted to the post of President (Ex officio Additional Secretary), the top position of Taxes Tribunal, the highest authority of Income Tax Department. After retirement, he become proprietor of M. Solaiman & Co., Chartered Accountants.

Md. Anwar Hossain Chowdhury Received Movers and Shakers Award

Md. Anwar Hossain Chowdhury FCA (Enrl. No. 931) received the Movers and Shakers Award of the Asia HRD Awards 2019 on 16 July 2019 at Grand Hall of Cyberjaya University College of Medical Sciences (CUCMS) Campus, Cyberjaya, Malaysia.

The Asia HRD Awards honours individuals who have significantly impacted or influenced society, corporate world and HR Community in the area of Human Development.



The government recently awarded as many as 182 businesspersons as CIPs (commercially important persons) for the year 2017 in recognition of their outstanding contribution to the country's economy.

Total 136 businesspersons were awarded the CIP cards. Mohammed Humayun Kabir FCA, Council Member & Past President-ICAB and Chief Executive Officer of New Dhaka Industries Limited & Shinepukur Ceramics Ltd seen receiving CIP card from Commerce minister Tipu Munshi MP.

Mohammed Humayun Kabir FCA Gets CIPstatus for 2017

Md. Shahadat Hossain Participated in Meeting on Amendment to Companies Act 1994 at Bangladesh Secretariat

ICAB Council Member Md. Shahadat Hossain FCA participated in a meeting on Amendment to Companies Act 1994 at Bangladesh Secretariat on 8 September 2019. The meeting was summoned by the Ministry of Law Justice and Parliamentary Affairs to discuss various aspects of the Companies Act with the relevant stakeholders. The meeting was chaired by the Minister, Ministry of Law, Justice and Parliamentary affairs, GoB. Finance Minister AHM Mostafa Kamal, MP, Tofail Ahmed, MP and Chairman on Parliamentary committee on Ministry of Commerce, GoB and Salman F Rahman, Adviser to the Prime Minister on Private Sector were among others present in the meeting.

N K A Mobin FCA, FCS

N K A Mobin FCA, FCS, Council Member and Vice President (E&E) ICAB and the Managing Director & CEO of Emerging Credit Rating Ltd. (ECRL) has been appointed as the Independent Board Director of Mobil-Jamuna Lubricants (Bangladesh) Limited, a listed company, for the next three years. Currently, Mr. Mobin has been serving as the Government nominated Board Director of Biman Bangladesh Airlines Limited since 2016. He is also the Independent Director at Shasha Denims Ltd., a 100% export oriented Denim factory in DEPZ as well as listed in Stock Exchanges.

Nasir Uddin Ahmed appointed Board Director of CAPA

Nasir Uddin Ahmed, Past President and Council Member of ICAB, has been appointed as the member of the Board of Directors of Confederation of Asian and Pacific Accountants (CAPA), at the Annual General Meeting (Assembly of Delegates) of CAPA held in Vancouver, Canada recently. This newly constituted twelve members’ board, each elected from a different country, will serve for four years during the period of 2019-23. Nasir Uddin Ahmed has been a Council Member of ICAB since 2001 and was the President of ICAB in 2009. He is a practicing Chartered Accountant and currently Senior Partner of MABS & J Partners, Chartered Accountants.

CAPA currently has a membership of 33 Accountancy Organizations from 24 countries in Asia Pacific and North American region.


8.6 We Mourn

Bimalendu Chakraborty FCA (Enrl. No. 425), Proprietor of B. Chakraborty & Co., Chartered Accountants died at his Sylhet residence on 28 February 2019. He was 64. On behalf of the Council of ICAB, President A F Nesaruddin FCA extends condolence to the bereaved family, and sought eternal peace for the departed soul.

Md Ghiasuddin Satiar FCA (Enrl. No. 203) former Partner of Ahsan Zamir & Co., Chartered Accountants died on 16 August 2019 due to old age. (Innah Lillahe... Rajeun).

He was 83.

On behalf of the Council of ICAB, President A F Nesaruddin FCA expressed condolence to the bereaved family and sought eternal peace for the departed soul.

Dewan Nazrul Islam FCA (Enr # 533) passed away 05 September 2019 at Apollo Hospital (Inna... Rajiun). His Namaz-e-Janaza will be held in Tangail today.

On behalf of the Council of ICAB, President A F Nesaruddin FCA expressed condolence to the bereaved family and sought eternal peace to the departed soul.

Md. Salamat Hossain FCA (Enr # 647) breathed his last on 6 November 2019 (Inna... Rajiun).


Md. Saiduzzaman FCA (Enrl-393) breathed his last on 23 May 2019 (Inna... Rajiun).


Serajul Islam Chowdhury FCA (Enrl-186) passed away on 23 September 2019 in Chattogram due to heart failure (Inna... Rajiun).


Md. Siraj Ullah FCA (Enrl-324), Ex Finance Director of BCIC passed away 20 September 2019 at 2 pm at BIRDEM Hospital, Dhaka (Inna... Rajiun). On behalf of the Council of ICAB, President A F Nesaruddin FCA expressed condolence to the bereaved family and sought eternal peace for the departed soul.

Md Abdul Khaleque FCA (Enrl. No. 338), father of Maria Howlader FCA, Council Member-ICAB and Partner of Howlader Maria & Co. Chartered Accountants died due to old age complications on 22 June 2019. (Inna Lillahi Wa Inna Ilaihi Rajiun). He was 69.He graduated in commerce from the University of Dhaka in 1969 and qualified as Chartered Accountant in 1981. He worked for Alico for 7 years as Chief Accountant.On behalf of the Council of ICAB, President-ICAB expressed condolence and sought eternal peace for the departed soul. He was burried at his own village home Kalagachia, Araihazar, Narayanganj.

Mohammad Nurun Nabi FCA (Enrl 370), fellow members and founder Partners of ACNABIN, Chartered Accountants, breathed his last at Sukumvit Hospital, Bangkok, Thailand on 18 September 2018. He was 71 years (Inna Lillahe Wa Inna Illahe Rajeun).


Mohammad Manzurul Ahsan FCA (Enr # 286) passed away on 11 September 2019 at 12.30 pm at his home (Inna lillahi Wa Inna Ilayhi Raji’un).

On behalf of the Council of ICAB, President A F Nesaruddin FCA expressed condolence to the bereaved family and sought eternal peace to the departed soul.

Syed Mohammed Nurul Islam Meahji FCA (Enrl. No. 175), Proprietor of S N Meahji & Co., Chartered Accountants died due to old age complications on 25 February 2019. (Inna Lillahi Wa Inna Ilaihi Rajiun).

He was 75.

On behalf of the Council of ICAB, President A F Nesaruddin FCA extends condolence to the bereaved family, and sought eternal peace for the departed soul.


Cover page of monthly News Bulletin, Journals and other publications displayed in the picture.

9.0COMMUNICATIONS AND PUBLICATIONS

PublicationsSpecial care has been taken to improve the publications in quality and standard. The Journal and News Bulletin were published on time.



9.1 Media Coverage

Some of Newspaper Cuttings on coverage on ICAB events during 2019, are displayed in the picture



9.2 Media Coverage

This year ICAB drew huge media coverages on its national and international events. ICAB Members’ Conferences, Roundtable Discussion on Budget of 2019-20, Trainings and Workshops National and SAFA BPA event etc got huge media coverage in both print and electronic media. Vice Presidents and Members Council and Fellow Members were invited in several electronic media during 2019.

Md. Shahadat Hossain on Live NTV ‘Market Watch’

Md. Shahadat Hossain FCA, Member Council, ICAB appeared on live business talkshow ‘Market Watch’ in NTV on 13 February 2019. The program mainly focussesd on capital market ongoing trends and development. Mr. Hossain exchanged views on contemporary economic issues which have impact on the capital market and the notion of investors. Mr. Hossain participated in the same program on 18 April, 28 May and 3 Septemebr 2019 in the same TV Channel.

ICAB Council Member Md. Shahadat Hossain FCA also participated in a series of live TV talkshows in the month of October 2019. He participated in ‘Ekushey Business’ in ETV on 16 October, ‘Market Watch’ in NTV on 3 September 2019 and 17 October, Capital Market on 3 October and Bond Market on 28 October in Channel-71.

Mohammed Forkan Uddin Participates in TV Talkshow

ICAB Council Member Mohammed Forkan Uddin FCA appeared in business talkshow on RTV on 6 May 2019. He exchanged views on capital market and its impact on country’s economy.

Shahadat Hossain and Sabbir Ahmed in Live TV Talkshow

ICAB Council Members Md. Shahadat Hossain FCA and Sabbir Ahmed FCA participated in the live capital market and economic update TV program ‘Market Watch‘, in NTV on 14 July 2019. They spoke about the economy of the country in macro economic auspect and the ongoing trend of capital market. Mr. Hossain also took part in the same program in the same TV Channel on 24 July 2019.

Mahamud Hosain Moderated Live TV Talkshow

ICAB Council Member Mahamud Hosain FCA, for the first time moderated the live programe on capital market and economic update talkshow ‘Market Watch‘, in NTV on 25 July 2019.

Bonik Barta Editor Made Courtesy Call on President ICAB

Dewan Hanif Mahmud, Editor of the Bonik Barta paid a courtesy call on ICAB president A F Nesaruddin FCA on 25 June 2019 at CA Bhaban. They discussed different issues regarding Budget and Fiscal policies. The editor also expressed interest to undertake joint initiative for holding roundtable discussions.


10.0REGIONAL & OVERSEAS COMMITTEES/CHAPTERS

10.1 DHAKA REGIONAL COMMITTEE (DRC)

DRC-ICAB Annual Picnic 2019



DRC-ICAB Organized Art Competition, Poetry Recitation, Free Medical Check-up and Discussion on Language Movement

The Dhaka Regional Committee (DRC) of ICAB organized an art competition, poetry recitation, free medical check-up for children and a discussion on language movement on 21 February 2019 marking the Amar Ekushey and the International Mother Language Day at ICAB auditorium.

The program was chaired by DRC chairman AHM Ariful Islam FCA and the discussion conducted by DRC secretary Md Amran Hossan FCA. Eminent literary and journalist Fazle Lohani graced the occasion as the chief guest and Professor Dr. Biswajit Gosh, Vice Chancellor of Robindra University as guest of honour. ICAB President AF Nesaruddin was also present. For their valuable contributions to the Bengali literature, awards of apperception were conferred on ICAB members. The meeting offered prayer for the salvation of the departed souls of the language martyrs and discussed their glorious contributions to the country. Being inspired by the lessons of language movement, speakers urged all to work together for the betterment of the country.

They recalled the turbulent time of the language movement in 1952 and also reiterated their commitments to build the nation with the spirit of this movement. A good number of children have participated in the art competition. After the programs, prizes were distributed among the winners.

Distribution of Warm Cloths

DRC-ICAB was organised the warm clothes distribution in collaboration with SPARKLE for the cold hit distressed people in Kapasia, Sundargonj, Gaibandha on 18 January 2019.

Reception Accorded to Newly Qualified CAs

The smiling faces, among others were the newly qualified Chartered Accountants at a program ‘Reception & Way-forward organized by the Institute of Chartered Accountants of Bangladesh (ICAB) on 21 March 2018 at CA Bhaban, Dhaka.

ICAB President AF Nesaruddin FCA, Vice President NKA Mobin FCA, Md. Moniruzzaman FCA, Council Members Dr. Abu Sayed Khan FCA, Md. Shahadat Hossain FCA and Gopal Chandra Ghosh FCA were present on the occasion. They also shared their storeis on how to succeed in career.

ICAB Observed Independence Day


DRC-ICAB Celebrated Pohela Boishakh 1426

Mock Test Feedback Session at Academic Campus

ICAB-Dhaka Regional Committee held Mock Test Feedback Session at the Institute’s Campus on 24 May 2019.

Students learnt about their errors and the way-forward on how they could do well in the examinations.

ICAB President A F Nesaruddin, Vice President N K A Mobin FCA, among others spoke in the session.

DRC-ICAB Quiz Biz 2019

The Dhaka Regional Committee (DRC) of The Institute of Chartered Accountants of Bangladesh (ICAB) organized ‘ICAB Quiz Biz 2019’ on Friday, 22 November 2019 at ICAB Auditorium in the city. In the Quiz Contest University of Dhaka became Champion and North South University secured 1st Runner-up and Jatiya Kabi Kazi Nazrul Islam University 2nd Runner-up respectively.

ICAB President AF Nesaruddin FCA was present as the Chief Guest and distributed prizes among the winners.

Vice Presidents, Council Members and A.H.M Ariful Islam FCA, Chairman, DRC-ICAB & other ICAB members were also present in the program.

10.2 CHITTAGONG REGIONAL COMMITTEE (CRC)

CRC - ICAB Observed International Mother Language Day

In observance of International Mother Language Day, the members of Chittagong Regional Committee (CRC)- ICAB placed a floral wreath at Shaheed Minar in Chittagong.

Greeting to New President and the Council Members

A courtesy meet by CRC team and officials with hon’ble President of ICAB, all Vice Presidents, Council members and DRC fellows at ICAB, Dhaka on 8 Jan 2019.

Bangla New Year 1426 Celebration

To celebrate the Bangla New year 1426, ICAB-Chittagong Regional Committee organized a BOISHAKI MILON MELA for the members and family members of ICAB-Chittagong Region on 18 April 2019 at Ichamati Hall of Hotel Agrabad Limited, Chittagong. A large number of Members including Prof. Md. Salim Uddin FCA, Vice-Present ICAB, Sidhartha Barua FCA, Council Member-ICAB and Past Vice-Presidents of ICAB were present at that program.



ICAB-CRC signed MoU with Max Hospital & Max Diagnostics Ltd.

A Memorandum of Understanding was signed on 4 February 2019 between The Institute of Chartered Accountants of Bangladesh-Chittagong Regional Office and MAX Hospital Ltd. & Max Diagnostic Ltd. for arranging a provision of special benefit/discount for the members , employees and their dependents i.e. father, mother, Wife, Children or any other dependent of the members of The Institute of Chartered Accountants of Bangladesh (ICAB) of Chittagong Region.

The MoU was signed by Imran A. Hasan FCA, Chairman on behalf of Chittagong Regional Committee, The Institute of Chartered Accountants of Bangladesh and Dr. Md. Liakat Ali Khan, Managing Director on behalf of Max Hospital Limited & Max Diagnostics Limited.

Prof. Dr. Md. Salim Uddin FCA, Vice President (T & R), ICAB, Mr. Siddhartha Barua FCA, Council Member-ICAB, Mr. Moddassar Ahmed Siddique FCA, Past Council Member & Vice President-ICAB, Mr. Pradip Paul FCA, Mr. Mohammad Shaheed FCA, Hony. Secretary, CRC and Mr. Abu Salam ACS, Deputy. Secretary, ICAB-CRO were present at the occasion.

Chattogram Regional Committee (CRC) Met ICAB President

Chattogram Regional Committee (CRC), Council members from Chattogram Prof. Dr. Mohammad Salim Uddin FCA, Vice President (T & R) ICAB, Siddhartha

Barua FCA and Past President Showkat Hossain FCA met A F Nesaruddin FCA, President of The Institute of Chartered Accountants of Bangladesh at Chattogram Boat Club on 29 March 2019. Major General Muhammad Imrul Quayes, ndc, psc (retd), Secretary of ICAB was present in the meeting. CRC discussed with the President and Secretary on many issues for the development and way forward of the profession in Chattogram.

President Visited Allotted Land by CDA for Chattogram Regional Office-ICAB

A F Nesaruddin FCA President-ICAB visited the allotted land by Chattogram Development Authority (CDA) for Chattogram Regional Office of ICAB. It is around 12.18Katha land (Plot # MU-03) located in Ananya Residential Area, Chattogram. Major General Muhammad Imrul Quayes, ndc, psc (retd), Secretary of ICAB, Showkat Hossain FCA-Past President of ICAB, Parven Mahmud FCA- Past President of ICAB, Prof. Dr. Md. Salim Uddin FCA-Vice President of ICAB, Siddhartha Barua FCA-Council member of ICAB, Mudassar Ahmed Siddique FCA- Past Vice President of ICAB also members of CRC alos visited the site.

Feedback Session ICAB-CRC Coaching Class and Teachers Meet

A view exchange program titled “Feedback Session ICAB-CRC Coaching Class and Teachers Meet” held on 7 April 2019 at CRO Conference Hall. It was a very interesting interactive session with the Certificate Level students of Jan -Mar session 2019 where most of the Faculty Members were present. CRC Chairman and Secretary were present in the session. Mr. Siddhartha Barua FCA, Council member, ICAB was the Chief Guest of the session.


Members of Chattogram Region Enjoyed Picnic in Thailand

Members of Chattogram Region enjoyed their annual picnic in Thailand with their family from 15 March 2019 to 19 March 2019. This is for the first time that the picnic was held outside the country a long-cherished dream. Around 45 members with their family participated and the team members were around 115 altogether. The tour was very exciting and enjoyable filled with lot of fun and amusements. The team visited many places in Thailand including Pattaya, Bangkok etc.

CRC-ICAB Observed International Accountancy Day

CRC-ICAB Organized Doa Mahfeel

A Quaran Khatom and Doa Mahfeel was held on 6 November 2019 at lCAB-Chittagong Regional Office seeking eternal peace and happiness of late Md. Salamat Hossain FCA (Enr-647), Proprietor, Sarwar Salamat & Co, Chartered Accountants who breathed his last on November 6, 2019. A Doa was also offered for all deceased members of the Institute.

10.3 ICAB NAC CHAPTER

NAC Organized CPD Seminar

ICAB North American Chapter (NAC) organized a CPD seminar on Overview of Canadian T2 Corporate Tax on 27 July 2019 at NAC office, Canada. The Instructor of the CPD seminar was Rafiqul Alam, CPA. The members of the ICAB NAC participated in the seminar. The seminar highlighted the overview of T2 Corporation Tax return, the return called “The Jacket (Jump code: J)”, General Index of Financial Information (GIFI), etc.

10.4 ICAB UK CHAPTER

CPD Program Organized by ICAB UK Chapter

ICAB Vice President Professor Dr. Md. Salim Uddin FCA presented a paper on “Sustainable Development Goals-SDG: A Universal Call for Transforming our World” at a CPD program organized by ICAB UK Management Committee (UK Chapter) at London on 1 October 2019.

Mahbub Ahmed Siddique FCA, Director Technical-ICAB also presented updated information about ICAB in a slot of the program. Fazlur Rahman FCA, Chairman, UK Chapter was present among others and spoke in the seminar.



11.0IT DEVELOPMENT

Online CPD is an imperative feature of ICAB ERP Project and gaining popularity day by day among the members, particularly overseas members and those who could not attend the Members Conference physically. Now about three hundred members are obtaining CPD credit hours through online CPD Programme in a convenient manner saving time, money & getting rid of city’s congestion. In 2019 we conducted ten Online CPD programs in which a significant number of participants attended.

Sl. No.

Online CPD TopicNo. of Online

Participant1. Corporate Transparency &

Sustainability Reporting291

2. Knowledge Management: A Strategic and Dynamic Tool for Success

337

3. Code of Corporate Governance 3444. An Analysis on Macroeconomic

Performance of Bangladesh322

5. Modernizations of Companies Actfor Ease of doing Business

336

6. Bangladesh: Policy Review on Financial Reporting Act (2015)

244

7. Introduction to Block Chain 1908. SMPs in Bangladesh-Challenges

Opportunities & Way Forward253

9. Salient Features of the Finance Bill 2019-2020 25310. Foreign Direct Investment and Integrated

Reporting for Sustainable Development Goals221

Training Session on DIAR System:

DIAR (Digital Identification of Audit Reports) System is a landmark accomplishment of ICAB ERP Project. Anyone can verify the name of the auditing CA Firm putting the company name in DIAR system labelled as “Identify Auditors” tab in ICAB website. It has been a major concern for ICAB members for many years that the number of companies audited by ICAB approved CA Firms has been well below the number of companies registered with the RJSC. It is also possible that certain quarters have been taking advantage of the situation at the cost of CA profession. In order to address such situation, ICAB introduced the DIAR System. This initiative by ICAB has been much lauded nationally. The revenue authorities largely depend on the financial statements duly signed by an auditor to assess the taxpayers and calculate the tax amount; finally, it would leave a positive impact on revenue collection and the economy of the country as a whole.

ICAB IT and QAD Department organized eight sessions of training program on DIAR to explain the implications of DIAR System and demonstrate how to input the names of audited companies in DIAR System. This year 121 CA Firms attended the training session exchanged their views regarding the system.


Introduction of Online Admit Card for ICAB Examinees

ICAB has fullfilled students long standing demand to make Examination Admit Card available online. On 20th December 2019, ICAB President A F Nesaruddin FCA launched the Admit Card Module and made it available for the students appearing in Professional Examination of Nov-Dec 2019 Session. From now onwards, any examinees can download admit card validating her/his registration number and date of birth.

In the launching session, ICAB Secretary & CEO Maj. General Imrul Quayes ndc, psc (retd.) informed that this module was developed by the internal resources of IT Department which will overcome the hassle of sending admit cards to students through courier services during every examination session. This will save a good amount of money spent for admit card delivery.

In this session, Arif Hosssain FCA Chairman-DRC, Mahbub Ahmed Siddique FCA Director Technical, Afzal Hossain Controller of Examination and Mohammad Deloar Hossain Database System Manager–ICAB were present. Finally, ICAB President thanked ICAB team behind this contribution.



12.0OTHER IMPORTANT EVENT OF THE INSTITUTE

Feature Editor, The Prothom Alo, Sheela R. Rahman, Consultant, Corporate Governance Advisory Services, South Asia, IFC, Maliha Malik Quadir, MD, Shohoz. Com, Hla Shing Nue, Executive Director, Bolipara Nari Kalyan Somity (BNKS), Tootli Rahman, Entrepreneur & Fashion Designer, Brigadier General Razia Khanam (Retired) were the panelists in the discussion. Zareen Mahmud Hosein FCA moderated the discussion and Shama Rukh Alam FCA summed up the session. Anika Sultana FCA, Member, DRC-ICAB extended the vote of thanks. ICAB Council Members Maria Howlader FCA also spoke on the occasion.

ICAB, WIL-Female Forum Celebrated International Women’s Day in Chattogram

ICAB-Women In Leadership (WIL), Female Forum celebrated International Women’s Day 2019 #IWD2019 #BalanceforBetter at Crystal Ball Room, Hotel Agrabad, Chattogram on 30 March 2019. Waseqa Ayesha Khan MP was the Chief Guest. A F Nesaruddin FCA- President of ICAB and Showkat Hossain FCA- Past President ICAB also joined the program. Many distinguished female personalities took part in a panel discussion to encourage and influence young minds through sharing their inspirational pathbreaking stories. Around a hundred female CA students from different CA firms in Chattogram joined the program. All the female CAs in Chattogram, Council Members from Chattogram and Members of Chattogram Regional Committee (CRC) were present.

1st Advisory Committee Meeting of ICAB

The Institute of Chartered Accountants of Bangladesh (ICAB) held the Advisory Committee Meeting of the Council at CA Bhaban on 20 March 2019. The meeting was chaired by M J Abedin FCA, Past President-ICAB and ICAB President A F Nesaruddin FCA gave a short presentation about the activities of ICAB and the strategic plan during his tenure. He also sought guidelines and advice from the Past Presidents about the Institute.

Narrating his action plan, ICAB President said to ensure transparency and good governance in the financial sector, ICAB is implementing practical IT based audit education and training, trying to implement the IFAC and other compliance requirements and giving the highest importance to the improvement of audit and assurance quality, and capacity building of the Institute. ICAB Council Members and Past Presidents were present in the meeting.

2nd Advisory Committee Meeting of ICAB

The Institute of Chartered Accountants of Bangladesh (ICAB) held Advisory Committee Meeting of the Council at CA Bhaban on 25 August 2019. The

meeting was chaired by AKM Rafiqul Islam FCA, Past President-ICAB. ICAB President A F Nesaruddin FCA gave a short presentation about the activities of ICAB and the strategic plan during his tenure. He also sought guidelines and advice from the Past Presidents regarding further advancement of the Institute. ICAB Vice President and Past Presidents were present in the meeting.

Meeting of Business Initiative Leading Development (BUILD)

ICAB Council Member Md. Shahadat Hossain FCA participated in the 7th meeting of the Financial Sector Development Working Committee (FSDWC) of Business Initiative Leading Development (BUILD) held on 7 August 2019 at DCCI premises, Dhaka.

The meeting was co-chaired by Ahmed Jamal Deputy Governor of Bangladesh Bank and Osama Taseer President of Dhaka Chamber of Commerce and Industry (DCCI).

Mahbub Ahmed Siddique FCA, Director (Technical), Md Afsar Uddin FCA, Deputy Director (QAD), Md. Nasrat Hasan, Deputy Director and Suraiya Parveen, Deputy Director of ICAB attended the meeting.

ICAB Accords Warm Reception to Newly Qualified CAs

A warm reception was accorded to the newly qualified Chartered Accountants at CA Bhaban on 28 October 2019. The Institute of Chartered Accountants of Bangladesh (ICAB) organized the event.

ICAB Observed International Accounting Day 2019

The Institute of Chartered Accountants of Bangladesh (ICAB), one of the first founding members of SAFA, observed the International Accounting Day 2019 on 10 November 2019 in Bangladesh. A rally was brought out by leading members of the Institute and attended by a multitude of pupil from different CA firms, public and private universities to commemorate this day.

The International Accounting Day on the 10th of November to observed every year by countries across the globe. In light of this, the South Asian Federation of Accountants (SAFA), a forum of professional accounting bodies of SAARC countries, decided to join the world in illuminating the importance of accounting and the people in the profession and celebrate the International Accounting Day on November 10th every year.


Balance is not a women's issue, it's a business issue. The race is on for gender-balanced boardroom, a gender-balanced government, gender-balanced media coverage, a gender-balance of employees, more gender-balance in wealth, gender-balanced sports coverage, etc. Gender balance is essential for economies and communities to thrive.

The collective action and shared responsibilities for driving a gender-balanced world is the key. International Women's Day is a global day celebrating the social, economic, cultural and political achievements of women - while also marking a call to action for accelerating gender balance. That was what the speakers said at a program to celebrate International Women’s Day 2019 at CA Baban on 15 March 2019. All the speakers shared their path breaking stories of becoming a women achiever and leader in their own profession. In the program, the of newly qualified female chartered accountants were congratulated by the committee on Women in Leadership of ICAB.

The discussion on IWD2019 was organized by the Institute of Chartered Accountants of Bangladesh (ICAB) on 15 March 2019 with the concentration on theme #IWD2019 #BalanceforBetter. Rasheda K. Chowdhury, Former Adviser, Caretaker Government of Bangladesh and Aroma Dutta, MP, Government of Bangladesh graced the occasion as the Guests of Honor.

AF Nesaruddin FCA, President-ICAB delivered the address of welcome while Parveen Mahmud FCA, Chairman, Women in Leadership Committee (WIL) & Past President-ICAB made the opening remarks. Country’s established Women entrepreneurs and top women executives took part in Panel Discussion: 'Encouraging and Influencing Young Minds to Dream'. They recounted their success stories.

Mahzabin Ferdous Sharna, Head of Brand and Corporate Communication, IPDC, Shumona Sharmin,










Program on International Women’s Day 2019












AF Nesaruddin took over the charge of the President of the Institute of Chartered Accountants of Bangladesh (ICAB) for the year 2019. Simultaneously, the three Vice Presidents NKA Mobin FCA, Prof. Dr. Md. Salim Uddin FCA and Md. Moniruzzaman FCA, have assumed their office as Education & Training (E&T), Training & Research (T&R) and Finance & Accounts (F&A) respectively, for the same tenure.

After taking charge, the new ICAB President sought cooperation and urged all to work for building the image of CA profession. He reiterated his commitment to work hard for the development of the Institute and the profession at large.

Felicitation to Newly Elected President of ICAB

Professional Club congratulates Newly Elected ICAB President A F Nesaruddin FCA.

BIFFL greets Newly Elected ICAB President

Representatives from the Daily Banik Barta greets Newly Elected ICAB President A F Nesaruddin FCA.

AF Nesaruddin Took over Charge of President





Representatives from the Financial Express greetings with flowar bouquet to Newly Elected ICAB President.

ICAB Observed International Mother Language Day

A team of the Institute of Chartered Accountants of Bangladesh (ICAB) placed floral wreath at the Central Shaheed Minar in observance of Amar Ekushey and International Mother Language Day on 21st February 2019. ICAB President A F Nesaruddin FCA, Council Member Md. Shahadat Hossain FCA, Secretary Major General Muhammad Imrul Quayes, ndc, psc (retd) and DRC Chairman AHM Ariful Islam FCA, Secretary Md. Amran Hossan FCA and other Members of the Institute were pictured in the early morning of the day in front of the Institute.

Officials of BFIU Visited ICAB

Yasmin Rahman Bula, Director General and Md. Delour Hussain, Assistant Director of Bangladesh Financial Intelligence Unit (BFIU) of Bangladesh Bank visited CA Bhaban and held a meeting on 18 September 2019 at ICAB Mini Conference Room.


















The 46th Annual General Meeting (AGM) of the Institute of Chartered Accountants of Bangladesh (ICAB) was held on 22 December 2018 at the ICAB Auditorium, Dhaka under the Chairmanship of Dewan Nurul Islam FCA, President-ICAB 2018.

At the outset, members obsrved a minute silence and paid tributes to the departed souls of AK Chowdhury FCA (Enrl. No. 52), G M Munir Ahmed FCA (Enrl. No. 100), Mujibul Huque FCA (Enrl. No. 180), Anup Kumar Mukherjee FCA (Enrl. No. 1170), Sk. Mahbubar Rahman FCA (Enrl. No. 396), Anwaruddin Ahmed FCA (Enrl. No. 506), Md Shahidun Nabi FCA (Enrl. 289) and Syed Mansur Ahmed FCA (Enrl. 87) - all respected members who passed away in 2018.

The minutes of the 45th AGM held on 17 December 2017 were confirmed and the Annual Report of the Council and Financial Statements of the Institute for 2016-2017 were adopted after necessary perusal and discussion. The outgoing President Dewan Nurul Islam FCA introduced the newly elected ICAB office bearers for the year 2019 who are A F Nessaruddin

FCA, President and N K A Mobin FCA, FCS, Dr. Md. Salim Uddin FCA and Md Moniruzzaman FCA, Vice Presidents.

In his speech, the outgoing President Dewan Nurul Islam FCA thanked the Members, the senior management and the employees of the Institute and expressed his gratitude for extending him valuable cooperation, suggestions and guidelines while discharging his responsibility as President. The President also answered the questions arising from the floor discussion.

8.8 Brilliant Students' Award Ceremony 2019 for the children

To award the meritorious children of the members and employees of ICAB, the Institute is going to organize Brilliant Students' Award Ceremony 2019 on 19 December 2019 under the auspices of Members Services and Welfare Committee (MSWC) of the Council ICAB.

46th Annual General Meeting (AGM) of ICAB

Information Session on Mutual Pathway Agreement between ICAB and CPA Australia

A team of CPA Australia led by Leslie Leow, Regional Manager – Middle East & South Asia, CPA Australia, conducted an information session on Mutual Pathway Agreement between ICAB and CPA Australia’ at a slot of a Members’ conference held on 21 October 2019 at ICAB Auditorium. He made a PowerPoint presentation on the pathway agreement.

Celebration of South Asian Federation of Accountants (SAFA) Foundation Day by ICAB on 22 August 2019.


A HR department has been setup at the Institute with a vision to create a performance oriented culture where employees are inspired to perform willingly.

Moreover, an amiable approach is striving to establish between the HR and other departments of the Institute for running the internal activities smoothly. HRD can also take many initiatives to assist the Institute to achieve the goals set forth by the management of the Institute.

During the year 2019, the HR department has taken the following initiatives for providing a better office management.

Employees Role Profile

For the purpose of understanding and clarification of employees’ role, initially, HR initiated a circular to submit employees’ current duties and responsibilities through a prescribed template. This would be one of the major challenges for HR to specify the precise and reasonable volume of job responsibilities for the existing employees in the coming years.

Employees' Particulars

For the purpose of updating personal profiles of the employees, HR introduced ‘Employee Particulars Form’ in order to update personnel file and HR database. The HR database has already been updated by getting information from different sources. Furthermore, all of the regular and contractual employees have been provided new ID card with new ID number from HR Department for their official identity.

Confirmed Employees’ Annual Increment

Based on the present practice of ICAB, annual increment has been given to the 61 number of confirmed employees based on National Pay Scale. Increment of 7 other contractual employees has also been given by the authority.

Employees’ Attendance & Leave Management Status

It is one of the regular duties of HR department to maintain and record the employee attendance and

leave management status appropriately. At the end of the month, on the basis of the status a report is prepared and sent to the authority. This is very crucial for maintaining regular presence of the employee at the office in due time.

Manpower Planning and Organogram

For effectiveness of the Institute, a new Organization Structure alongside manpower planning with transformational positions that might foster synergy across the functional teams and also to accord accountability among the employees is in the process of implementation. The Organogram and manpower budget have already been approved by the Council and is in the implementation process.

Policy Revision and Benefits Scheme

It is congenial for the ICAB to streamline and revamp existing HR Policies and Procedures for sustainable development in line with the ICAB’s vision. Considering the need for revamping standard operating procedure, HR has prioritized and started a review of SOP.

ICAB Placement Services

ICAB Placement Services has been introduced to cover standard forms of sourcing to bridge the gaps of CA professionals between skills needed by different corporate sectors in Bangladesh and skilled employees, as well as innovative solutions to attract the most suitable Chartered Accountant (CA) professionals in the job market. This approach is totally result oriented and so far we have received several CA Professionals’ CVs and managed to place for interviews of some of the professionals in the corporate houses.

Employee Recruitment and Onboarding Status

Out of the vacancies, three persons were appointed in different positions at ICAB along with three Information Officers for Members’ Services. Based upon recommendation from the management, HR has formed the panels for the recruitment.

A GLIMPSE OF HUMAN RESOURCES IN 2019



LET’S WELCOME ICAB’S NEW TEAM MEMBERS

EMPLOYEE SEPARATION STATUS

Name : Md. Shohel Rana ACA Designation : Deputy Director (Chief Financial Officer)Joining Date : April 01, 2019Career Summary : Before joining ICAB, Mr. Rana was at Alif Group as Group Deputy

Head of Internal Audit and before that, MK Fashion Ltd. as DGM in Finance and Accounts. He has completed his Bachelors and Masters in Accounting from the National University of Bangla-desh. He has also completed three years Chartered Accountan-cy Articleship from Hoda Vasi Chowdhury & Co., Chartered Accountants.

Name : Md. Harun-or-Rashid Designation : Senior Head AssistantJoining Date : November 01, 1988Separation Date : October 19, 2019 Mr. Rashid joined as LDA-cum-Typist and served 31 years at

ICAB. During the period, he worked with utmost sincerity and dedication.

Name : Afseen Baten ACA Designation : Deputy DirectorJoining Date : April 01, 2019Career Summary : Before joining ICAB, Ms. Baten was at Eypyllion Group as Deputy

Director. She has completed her BBA from American Internation-al University Bangladesh (AIUB). She has also completed three years Chartered Accountancy Articleship Under the supervision of Mr. ASM Nayeem FCA, FCCA with ACNABIN, Chartered Accountants.

Employee separation, hereby, refers to the process of managing the resignation or retirement. During the year of 2019, total two employee have been separated from ICAB.

Let’s wish them success in future undertakings:

Name : A K M Ziaul Amin Designation : Head of Human ResourcesJoining Date : February 15, 2018Separation Date : November 30, 2019


13.0ICAB MANAGEMENT REFORMS, PROJECT DEVELOPMENT AND CAPACITY BUILDING

From the very first day of the year, initiatives were taken to bring essential reforms and capacity building to the Institute. The weak areas was analysed and efforts were taken for the reform and capacity building. As a first step, we initiated restructuring of the committees which were not able to deliver to keep pace with the time and also to form some new committees to meet the demand of the time.

Some of the committees were not functioning well due to the narrow terms of reference and some committees became irrelevant in the present context.

Thus, we brought the following changes in its existing Committees:

• “The Committee for Amendment of CA Order and Bye-Laws” has been renamed as “The Committee for Amendment of CA Order, Bye-Laws and FRA”.

• “The SAFA, CAPA & International Affairs Committee" and “ICAB-ICAEW Coordination Committee” have been merged into one committee named “International & Regional Affairs Committee”;

• “The Committee on Public Finance and Public Sector Accounting" has been merged with “Professional Development Committee” and;

• “The Member Services & Welfare Committee" has been renamed as “Member Issues, Services & Welfare Committee”.

We formed the following new Committees with clear terms of reference:• Membership Development and Mutual

Collaboration Committee;• Regional & Overseas Management Chapter

Committee and;• Regulators and Trade Bodies Coordination

Committee.

It was observed that there are a large number of Course Completed and part qualified CA professionals in Bangladesh. To bring them under the purview of the Institute we created 'Task Force on Non-member CA Professionals'. We have initiated this matter this year which needs to be taken forward.

We also undertook the initiative to revise the Organogram of the Institute. With the hard work and commitment of the Sub-Committee formed by the Council, the Organogram has been successfully revised. The Organogram has very rightly addressed the demand of the Institute and reshuffled and restructured directorates and departments.

Ongoing Activities Need to Take Forward

• Strengthening Instuitional Capacity of ICAB - Strengthening Technical Capacity of ICAB - E-learning Program established at ICAB - Establishing a Research and Development

(R&D) Unit and a Data Centre• Establishing a Second-tier Professional

Qualification• Strengthening the Capacity of Small and

Medium Practices• Setting-up of a Specialized University-

Chartered University• Facilitating Strengthening Institutional Capacity

of the Regulatory Agencies- FRC, SEC and RJSC

• Project Management, Coordination and Evaluation

• Renovation of CA Bhaban Auditorium• Development of ERP Software for ICAB



14.0REPORT OF QUALITYASSURANCE BOARD (QAB)

On behalf of the Quality Assurance Board (QAB) of the Council-ICAB, I am delighted to present the QAB Report on the Quality Assurance Review (QAR) activities in general and for the year 2019 in particular. These review activities were carried out by the Quality Assurance Department (QAD) of ICAB under the guidance of QAB during the year 2019.

Audit Firms licensed to operate in Bangladesh

ICAB holds the sole and exclusive right to issue practicing licenses to proprietors and partners of firms of chartered accountants to carry out Audit and Assurance services in Bangladesh. As of 1st July 2019, the number of such partnership audit firms licensed by ICAB stood at 94 and the number of proprietorship firms at 63, making a total of 157 firms. The number of members in practice was 376 and the number of members not in practice was 1266. The number of practicing members entitled to train articled students stood at 305.

Issuance/renewal of Certificate of Practice is done annually by ICAB and requires strict adherence to: (a) attaining a minimum number of CPD hours in a year; and (b) submission of Annual Return by the firms within the stipulated time. A circular on imposing monetary penalty for non-submission/late submission of Annual Return and conditions for renewal of Certificate of Practice (CoP) was issued in 2015.

Quality control process of ICAB as regulator and activities of Quality Assurance Department

The responsibility for issuance and renewal of Certificate of Practice to auditors vests with ICAB. In a bid to address the quality control issues and also to upgrade the quality of audit and assurance services by the firms, ICAB has in place the Quality Assurance Department (QAD) with full time qualified professional accountants and staff. Over the years, the Council/QAB/QAD has embarked on the following programs:

• Formed a Quality Assurance Board in the year 2004 with the status of a Standing (i.e. Permanent) Committee, headed by a Past President of the Institute, and reporting directly to the Council.

• After setting up the QAD in 2009, QAB has been monitoring and overseeing QAD for quality assurance related activities of the Institute in accordance with IFAC SMO-1: Quality Assurance.

• In the years 2008 and 2009 ICAB adopted the International Standard on Quality Control.

• In 2009, ICAB Council updated the conditions for Certificate of Practice (COP) where compliance with the requirements of adopted ISQC 1, submission of Annual Returns of firms and QAD visits by ICAB had been inserted in relation to the programme of quality control of the audit firms in Bangladesh.

• The quality assurance review system of ICAB was set up in 2010 with the support of a twinning project with the ICAEW to provide technical support for capacity building of ICAB members, in particular the practicing members of ICAB.

• From the year 2010, ICAB started the Quality Assurance Visits as planned initially.

• QAD adopted a Quality Assurance Visit Manual, designed checklists for evaluating firms’ procedures for quality control, cold file review, whole firm review, etc., closely mirroring the regulations and processes followed by ICAEW.

• In the fourth three-year cycle (2019-2021), starting in 2019 in addition to three surprise visits, 50 firms were visited including 25 firms


who had branch or branches as first phase and five special visits were conducted. Among these, three Firms were found to have significant non-compliance with quality assurance requirements and were referred to IDC through Council-ICAB.

• QAD completed the first, second and third three-year cycles (2010–2012, 2013-2015 and 2016-2018) of quality assurance visits to all audit firms with a priority of audit firms having listed clients and then firms having other Public Interest Entity (PIE) clients. The QAD completed its first three-year cycle (2010-2012) successfully covering visits of all the firms and the second three-year cycle (2013-2015) of visits of firms in the year 2015 where a significant progress has been achieved as the number of grossly non-compliant firms has been reduced to 50%.

• A further significant progress has been noticed during the third three-year cycle (2016-2018) of visits of firms, as the number of grossly non-compliant firms has been reduced significantly.

• More than 60 firms have been referred by Council to IDC during the year for non-compliance of quality assurance matters from 2011 to 2019 so far as reported by QAD and recommended by QAB

• In 2017, the previous Audit Practice Manual (APM) along with a Case Study has been updated, published and disseminated among all of its practicing members.

• QAD conducted a number of workshops for all practicing members, qualified managers and articled students on draft Dummy Audit Working Paper files at Dhaka.

• QAD assisted the Investigation and Disciplinary Committee (IDC) of the Institute to contemplate actions against the firms having major non-compliances with quality assurance requirements, issues relating to professional misconduct and unsatisfactory results arising out of the quality assurance review.

• QAD developed in the years 2017 and 2018 a dummy audit working paper file (based on manufacturing sector) for the practicing members which is under review for finalization.

• QAD conducted a number of workshops for all practicing members and qualified managers on use of draft Dummy Audit working paper file at Dhaka and Chittagong.

• QAD developed in the year 2018, in cooperation with IT department, a database based on firms’ annual returns 2016 in ICAB ERP system to digitally identify and confirm the names of audit firms linked to their audit clients. This searching will be done through ICAB web site with a view to identifying the authenticated information relating to audited companies and their audit firms. Anybody from anywhere can do the searching.

• QAD conducted training programmes on Digital Identification of Audit Reports (DIAR) for all CA Firms at Dhaka and Chittagong in the year 2018.

• QAD identified in the year 2018 the differences between audit clients’ lists collected from RJSC and the lists of audit clients as per related Annual Returns 2016 in respect of a good number of firms, and referred the matter to IDC in the case of significant differences confirmed after further checking by QAD with the firms.

QAD-CAPACITY BUILDING

• • The QAD is a department of the Technical Directorate of ICAB. The QAD functions directly under the control and guidance of the QAB. The present human resources capacity of QAD includes one qualified Chartered Accountants and one part qualified Executive. QAD needs at least four more full time qualified chartered accountants for whom QAD has already made requests to the ICAB Secretariat.

• ICAB has adopted the ICAEW model for Quality Assurance, and ICAEW imparts training to the QAD on an ongoing basis. Mr. Mahbub Ahmed Siddique FCA visited ICAEW in London to gain first-hand knowledge and experience in 2011 and also later on. He was seconded to the ICAEW team to visit the audit firms and was also invited to observe the proceedings of the Disciplinary Committee hearings of the ICAEW.

• Despite lack of adequate human resources, the entire activities of QAD are running smoothly, maintaining the IFAC requirements in this regard. We are also constantly liaising with ICAEW and receiving ongoing advice and



guidance as and when needed. ICAB also emphasizes the importance of quality assurance issues through workshops (for the practicing members, qualified managers and articled students) and CPD seminars.

Procedures followed by the QAD

(a) Annual Returns of Firms

The QAD work starts after the practicing firms submit their Annual Returns. Such annual submission, starting from 2010, mainly includes summary of clients, number of qualified and part qualified staff and students, and other relevant information. This information covers the calendar year (Jan–Dec) and is due for submission to ICAB by 15 February of the following year. In accordance with the directives of the Council, no Practicing Certificates are to be issued or renewed without receipt of the Annual Returns from the concerned firms. It may be mentioned that in 2019, foy Practicing Certificates were not renewed because of failure in submission of annual return by their firms.

(b) QAD Visits

The next step involves a selection of firms for visits by the QAD Reviewers. The QAB policy is to cover all firms under QAD visits within each three-year cycle. The QAD reviewer maintains formal procedures and documentation in compliance with IFAC SMO-1 and as guided by ICAEW. A Checklist, earlier prepared and approved by the QAB, is used for this purpose and the following key areas are covered:

Leadership – highlights the responsibility of the Partners to maintain adequate quality control procedures in performing audit engagements (Lead the firm from the top - giving consistent messages on the importance of quality control);

Ethical Requirements – to establish written policy on ethical requirements including annual confirmation of independence and ICAB requirements (Always act ethically in accordance with the relevant standards and pronouncements);

Acceptance and Continuance – of new and existing clients: to develop written procedures on acceptance and continuance of new and existing clients and maintain those procedures in addition to ICAB’s specific requirements in this regard (Focus on the right clients being matched by the right skills with emphasis on integrity and competencies);

Human Resources – to develop written policies on recruitment, training, compensation, skills, competence, ethical requirements, appraisals, etc. (Maintain capable and competent staff giving due attention to the firm’s human resources policies and procedures);

Engagement Performance – to develop quality control procedures and apply in appropriate manner for ensuring quality in audit and assurance service (Deliver quality audits, consultation on difficult or contentious matters and meeting requirements for engagement quality control review);

Monitoring – to develop a monitoring system of quality control of the firm (Monitor the firm’s system of quality control and carry out a periodic objective inspection of a selection of completed audit engagements);

Documentation – to establish a well-organized documentation procedure and maintain the permanent and current working files (Document the operation of the quality control system so that the firm complies with ISQC 1 documentation requirements).

In line with the procedures for firm visits, 15 days’ prior notice is given to the firms for such visits. The visits are carried out in a very professional manner and all findings are discussed with the firm’s partners prior to completion of the visit. Following an internal review by the QAB, the reports are then issued to the respective firms and a written response is requested on the actions which the firm plans to initiate to address the shortcomings.

(C) Report on results of QAD Visits

QAD classifies the results of the visit as either Satisfactory or Unsatisfactory, and the results are placed before the QAB, without disclosing the names of the firms being reported upon, for necessary guidance and decision. A Satisfactory rating means no immediate action is required and the firm will be covered again in the next cycle of visits, usually three years from the date of the last visit. An Unsatisfactory rating triggers a different set of actions – the firm is given a second opportunity to demonstrate improvement. A follow up visit is made, usually six months later. And if the results still do not meet the requirements, the case is then referred by QAB to the Investigation & Disciplinary Committee (IDC) through the Council for necessary action as per the Institute’s Bye Laws.


Though the QAD started its journey from the year 2009, much progress has been achieved so far. A lot of work still needs to be done to bring our audit quality control standard up to a level that we all can be proud of.

Future Plan of QAD: 2020

In addition to its normal activities, the QAD has a plan to focus on the following in the year 2020:

(a) To strengthen the manning of QAD by recruiting at least 4 more qualified accountants.

(b) To conduct more training to update and upgrade the professional knowledge and skill of the members in practice, thus facilitating capacity building of the firms.

(c) To carry out more in-depth review of the working papers of firms engaged in providing statutory audit services to public interest

entities (particularly listed companies, banks and non-financial institutions) at fees much lower than those in the Recommended Fee Schedule of ICAB.

(d) To finalize the dummy audit working paper (manufacturing sector) file and disseminate to all the practicing members of ICAB.

(e) To coordinate with the Financial Reporting Council (FRC) and strengthen the capacity building programmes of the practicing firms in the areas as may be focused by FRC and ICAB Council.

Kamrul Abedin FCAChairman, Quality Assurance Board and

Member Council and Past President - ICAB



On behalf of the Real Estate Committee (REC) of the Council-ICAB, I am pleased to report on the various activities of the REC for the year 2019.

In 2019, 03 (three) meetings of REC were held. Furthermore, Renovation Committee (RC) of ICAB supported the REC throughout the year in execution of the activities of the REC. As many as fourteen meetings of Renovation Committee four formal and 10 informal meetings) were held. Like previous years, Real Estate Committee (REC) of ICAB has put its best endeavour for the development work of ICAB as under:

- Completed the renovation of the 5th Floor of CA Bhaban. The sitting arrangements for the top officials of ICAB and shifting of ICAB Exam Section including sitting arrangement for the resource persons were made at the 5th Floor of CA Bhaban . The approved budget for the project was Tk. 1,53,86,130 (Taka one crore fifty-three lac eighty-six thousand one hundred thirty) only;

- Completed the renovation of the 8th Floor of CA Bhaban (old examination department of ICAB). The space of the old examination department has been converted into three meeting rooms namely Camellia, Jasmine and Tulip.

- With a view to expanding the space of Academic Campus for the increased number of activities for the increased number of students, an additional space measuring 2000 (two thousand) sft has been taken on lease on the ground floor ICAB Academic Campus Building situated at 51, 52 and 53 Kazi Nazrul Islam Avenue, Dhaka 1215. The renovation of the said space has been completed. Renovation work has been done keeping the following main facilities:

(a) Students Admission and Registration (b) Students Counselling Centre (c) Cash Counter and (d) Other related facilities.

The approved budget for the project was Tk.41,57,240 (Taka forty one lac fifty seven thousand two hundred forty )only .

- Last year ICAB got a plot of land measuring one bigha at the Purbachal New Town Project of RAJUK. Efforts are being made to increase the size of the land.

- REC has done the feasibility study for renovation of ICAB Auditorium on the 9th floor of CA Bhaban by technical experts. Hope to start the renovation work early 2020 (January 2020);

- REC has collected quotation for Procurement and Installation of 550 KVA Diesel Generator. Hope to procure and install the 550 KVA Generator within November 2019.

REC was very active during the year for the development work of ICAB. Renovation work is a continuous process by its nature. A lot of works are still need to be done. On behalf of the REC, I express gratefulness to President, Vice Presidents, Councilors, Members of REC & Renovation Committee and the employees of the Institute who actively participated and contributed to the activities of the Committee during the year

Muhammad Farooq FCAChairman, Real Estate Committee (REC) and

Member Council - ICAB

15.0REPORT OF REAL ESTATE COMMITTEE (REC)


On behalf of the Professional Development Committee (PDC) of the Council-ICAB, I am pleased to report on the various activities of the PDC for the year 2019. In 2019, two PDC meetings including a meeting of Practicing members were held. Three Workshop/Knowledge sharing sessions were organized with the initiative of PDC:

1. Audit of Insurance Companies;

2. Implementation of New Audit Report for listed entities other than Banks and Financial Institutions and Insurance Company; and

3. Audit Quality and Implementation of ICAB Fees Schedule (Jointly organized by FRC and ICAB).

As many as five Working Groups/Team were formed and most of which were active during the year:

Conveners of the Working Groups kept regular communication with their relevant regulators throughout the year to establish close link and professional developments. Throughout the year several meeting with the regulatory bodies/other organizations including, IDRA, FRC, Bangladesh Bank, etc ) were held where the importance of recruitment of more CAs in public and private sectors etc and enhancement of audit fees (implementation of ICAB Fees Schedule) were discussed and requested them to take actions.

I express my sincere thanks to the President, Council Members and all members of PDC and members of different working groups/teams for their kind support and active participation in PDC.

Muhammad Farooq FCAChairman, Professional Development Committee and

Member Council - ICAB

16.0PROFESSIONAL DEVELOPMENT COMMITTEE (PDC)

Sl. # Name of the Working Group

1. Working Group for Banks and Financial Institutions

2 Working Group/Team for communication with C & A G Office

3 Working Group/Team for meeting of Practicing Members

4 Working Group/Team for RMG

5 Working Group/Team for Implementation Fees Schedule



17.0REPORT OF TAXATION AND CORPORATE LAWS COMMITTEE (TCLC)

On behalf of the Taxation and Corporate Laws Committee (TCLC), I am pleased to report on the activities of the TCLC for the year 2019.

Area of Activities during the year

The scope of work of TCLC, a non-standing committee of the Council of the Institute are as follows:

i. On the basis of the suggestions/ recommendations received from the members of the Institute -

a) Preparation of a set of recommendations for submitting to NBR on fiscal laws (relating to Income Tax Ordinance and Rules, VAT and Supplementary Duty Act and Rules, Customs Act etc.) for their consideration to incorporate the same into the National Budget;

b) Providing opinions/recommendations on the draft amendments on the Companies Act, Banking Companies Act, Corporate Governance, Labor Act and other Acts/Regulations relating to and affecting the profession and the business as a whole;

c) Representing the Institute in meeting with different ministries and regulating authorities on fiscal & corporate law matters, and to safeguard the interest of the Institute and its members.

ii. Organizing CPD seminar(s) on Income Tax Ordinance 1984, Income Tax rules or on any new law proposed in this regard, VAT Act, 2012 and rules thereon prior to finalization of Finance Bill 2019;

iii. Arrangement of CPD seminars both in Dhaka and Chittagong on Company Law and other related subjects, as and when deemed fit, in respect of changes in the provisions of Companies Act, the Securities & Exchange Ordinance and Rules thereon.

iv. Contributing internationally in relation to Statement of Membership Obligations of International Federation of Accountants and other regional professional bodies through dissemination of its knowledge and providing required input as demanded by them time to time.

Number of Meetings Held

Five (05) meetings of TCLC were held in the year 2019.

Submission of ICAB Proposals to NBR and discussion with NBR

The Committee submitted a set of constructive proposals on Income Tax Ordinance and Rules, VAT & Supplementary Duty Act and Rules, Customs Act to NBR for incorporation in the Finance Act 2019. ICAB's proposals were for revenue increase as well as rationalization of some of the existing provisions of the Acts. Mr. A F Nesaruddin FCA ICAB President, Mr. Md. Humayun Kabir FCA Chairman of TCLC and Mr. Snehasish Barua FCA ICAB member participated in the discussion held in NBR on 08 April 2019.

Further, ICAB delegates met with the high officials of NBR on 19 June 2019 along with some recommendations on Finance Bill 2019. They mainly discussed the recommendation to amend Section 130 of the VAT and Supplementary Duty Act 2012 and SRO 202-Law/2019/59-VAT dated 13 June 2019 re inclusion of Chartered Accountant as authorized VAT practitioner/representative. After several meetings and communication with the NBR officials, NBR finally amended the aforementioned provision of VAT and Supplementary Duty Act (i.e. Section 130 of the VAT and Supplementary Duty Act 2012 and SRO 202-Law/2019/59-VAT dated 13 June 2019). Now, a Chartered Accountant having 5 (five) years’ experience will be eligible to get VAT practicing license without sitting in the examination but will be required to apply for VAT practicing license.


Events and activities of TCLC in 2019 at a glance

Dates Events and ActivitiesFebruary 06, 2019 Meeting with the Executive Chairman of BIDA re updating of 3rd schedule of

Income Tax Ordinance 1984.March 10, 2019 Submission of Proposals/recommendations on Income Tax Ordinance and Rules,

VAT and Supplementary Act and Rules to NBR for their consideration to incorporate the same in the National Budget 2019-2020.

March 10, 2019 Proposals/recommendations on Income Tax Ordinance and Rules, VAT and Supplementary Act and Rules were sent to FBCCI as per their request.

March 24, 2019 Press Conference on National Budget for the year 2019-2020 titled ‘AvMvgx RvZxqev‡R‡Ui Dci PvU©vW© GKvD‡›U›U‡`i fvebvÕ

April 02, 2019 Submission of Proposals/recommendations on Customs Act 1969 to NBR for their consideration to incorporate the same in the National Budget 2019-2020.

April 02, 2019 Proposals/recommendations on Customs Act were sent to FBCCI as per their request.

April 08, 2019 Meeting with NBR high officials to discuss on ICAB Budget Proposals.April 18, 2019 Pre-Budget roundtable discussion jointly organized by ICAB and the Daily

Prothom Alo. June 15, 2019 Post-Budget discussion jointly organized by ICAB and the Daily Star. June 16, 2019 CPD Seminar on ‘Salient Features of Finance Bill 2019-2020’.June 19, 2019 Meeting with NBR high officials to incorporate the recommendations on Finance

Bill 2019 of ICAB in the Finance Act 2019.June 22, 2019 CPD Seminar on ‘Salient Features of Finance Bill 2019-2020’ at Chittagong.July 20, 2019 CRC-ICAB organized a CPD Seminar on ‘Income Tax Ordinance 1984 and the new

Vat & SD Act 2012-Changes brought by Finance Act 2019’July 23, 2019 CRC-ICAB organized a workshop on ‘New VAT and Supplementary Duty (SD) Act

2012’July 24 and 30, 2019 ICAB organized two workshops on ‘VAT & Supplementary Duty (SD) Act, 2012-

Highlights and Challenges’July 27, 2019 CPD seminar on overview of Canadian T2 Corporation Tax Return, the return

called ‘The Jacket (Jump Code: J)’, General Index of Financial Information (GIFI)organized by North American Chapter (NAC)

Press Conference on National Budget for the year 2019-2020 titled ‘AvMvgx RvZxq ev‡R‡Ui Dci PvU©vW© GKvD‡›U›U‡`i fvebvÕ

The Institute of Chartered Accountants of Bangladesh (ICAB), the apex body of accountants, organized a press conference and shared its thoughts on the National Budget 2019-2020 before the media at CA Bhaban on 24 March 2019. About 45 journalists from the print and electronic media attended the conference and the outcome of which was well circulated in the national newspapers and the electronic media. A F Nesaruddin FCA ICAB President, Md. Humayun Kabir FCA Chairman of TCLC, N K A Mobin FCA Vice President (E & T), Md. Moniruzzaman FCA Vice President (F & A), Nasir Uddin Ahmed FCA ICAB Council Member & Past President, Dr. Md. Abu Sayed Khan FCA ICAB Council Member, Mohammed Forkan Uddin FCA

ICAB Council Member, Maria Howlader FCA ICAB Council Member, Snehasish Barua FCA ICAB member, Rakesh Saha FCA ICAB member, Major General Muhammad Imrul Quayes, ndc, psc (retd) Secretary-ICAB and Mahbub Ahmed Siddique FCA Director (Technical)-ICAB were present in the press conference.

The proposals/recommendations of ICAB submitted to NBR for inclusion in the National Budget 2019-20 were explained in detail in said press meet. ICAB proposals/recommendations were focused on to reduce the corporate tax rate to encourage the local & foreign (FDI) investors to invest more funds following such cut and help generating additional employment opportunities. They suggested NBR to take measures to increase the taxe collection through NBR by widening the tax net, introduction of new tax slab for individual assessee and modernization of tax administration.



Roundtable Pre-Budget Discussion

A National Pre-Budget roundtable discussion was jointly organized by ICAB and the Daily Prothom Alo in Dhaka on 18 April 2019. The outcome of which was well circulated in the national newspapers and the electronic media. Md. Mosharraf Hossain Bhuiyan, Senior Secretary, Internal Resources Division (IRD) and Chairman, National Board of Revenue (NBR), GoB was present as Chief Guest in the roundtable discussion. The Roundtable discussion was also participated by distinguished personalities, a number of council members, past presidents of ICAB and members of ICAB including: Rasheda K Chowdhury, former adviser to caretaker government and the Executive Director of Campaign for Popular Education, Faruq Ahmed Siddique, Former Secretary and Former Chairman of Bangladesh Securities and Exchange Commission, Dr. Fahmida Khatun, Executive Director, Center for Policy Dialogue (CPD), Mushfiqur Rahman, Vice President, Bangladesh Association of Software and Information Services (BASIS), Kamrul Islam FCA, Former Senior Vice President of DCCI, Md. Nasir Uddin Chowdhury, President of Bangladesh Merchant Bankers Association, Mohammad Mahfuz Kabir, Research Director of Bangladesh Institute of International and Strategic Studies, A F Nesaruddin FCA, President of ICAB, Md. Humayun Kabir FCA, Chairman-TCLC and Member Council & Past President of ICAB, Kamrul Abedin FCA, Member Council and Past President ICAB, Md. Shahadat Hossain FCA, Member-TCLC and Member Council- ICAB, Prof. Dr. Md. Salim Uddin FCA, Member Council and Vice President-ICAB, Snehasish Barua FCA, Member-TCLC, Ahmed Raihan Shamsi FCA, Fellow Member ICAB, Abdul Quayum, Associate Editor-Prothom Alo.

The participants discussed, the ways to increase the revenue for higher GDP-Tax ratio and focused on introducing inheritance tax to reduce income equality; introducing education tax for developing education sector, especially primary education; to cut discriminatory power of tax officials during auditing tax files and reduce harassment; simplification of online tax-payment system and to bring all tax payers under online tax systems gradually; stressing on increasing tax collection, initiative are required to encourage businessmen to online VAT registration and submission of tax return, alongside structural reformation in NBR and training to field officials for easy implementation of new VAT law; to take steps to bring transparency in tax collection, modernization of tax administration and elimination of harassment to remove people’s apprehension, proper utilization of revenue for equal sustainable development; for establishing Bangladesh Tax intelligent Unit as like

Tariff Commission, whose main functions would be tax planning, tax survey, anti-money laundering and transfer pricing to increase FDI and to ensure inclusive growth and digitalization of society safety net program.

Post-Budget Discussion

A National Post-Budget discussion was jointly organized by ICAB and the Daily Star in Dhaka on 15 June 2019. The outcome of which was well circulated in the national newspapers and the electronic media. Planning Minister Mr. M A Mannan, MP was present as Chief Guest in the discussion. The discussion was also participated by distinguished personalities, a number of council members, past presidents of ICAB and members of ICAB including: Ahsan H Mansur, Executive Director, Policy Research Institute (PRI), Syed Mahbubur Rahman, Chairman ABB, Abul Kasem Khan, Former President DCCI, Dr. Nazneen Ahmed, Senior Research Fellow BIDS, Mohammad Ali Khokon President BTMA, Rakibur Rahman, Former President DSE, A F Nesaruddin FCA ICAB President, Md. Humayun Kabir FCA Council Member & Past President-ICAB, Md. Shahadat Hossain FCA Council Member-ICAB, Snehasish Barua FCA Fellow Member-ICAB, Prof. Dr. Md. Salim Uddin FCA Council Member & Vice President of ICAB, Shahedul Anam Khan Acting Editor, the Daily Star.

The participants discussed on the National Budget 2019-2020 & Finance Bill 2019 and challenges of their implementation. In addition to the issue of Income Tax, the participants focused on the newly announced VAT and Supplementary Duty Act. They mentioned that new VAT law may increase the cost of many goods and services, and hurt consumers. Introduction of so many rates go against the fundamentals of the law. Since there are no rebate facilities for products and services that have less than 15 percent VAT, cost could increase by 38 percent for some products. They also added that businesses would enjoy VAT rebate facilities only if they pay 15 percent VAT. They suggested that the government review the impact of not allowing input tax credit on products and services that have less than 15 percent VAT and also suggested allowing proportionate rebate for businesses that would pay less than 15 percent VAT. They pointed that globally it is well accepted that Chartered Accountants have vast experience in International Financial Reporting and Auditing Standards, VAT and other relevant Acts, and overall applied knowledge on financial statements. But it is surprising and sad to see the exclusion of Chartered Accountants from authorized VAT practitioners/representatives which is indeed unjustified and will impact the smooth and successful


implementation of VAT Act. Even under section 46 of VAT Act 1991, Chartered Accountants were included, so the proposed section should be replaced by the section in VAT Act 1991.

CPD Seminars and others

There were 4 CPD seminars and 3 workshops organized by ICAB in 2019. The 1st CPD seminar was held on 16 June 2019 titled ‘Salient Features of Finance Bill 2019-2020’. Mr. Mosharraf Hossain Bhuiyan, ndc, Senior Secretary, Internal Resources Division (IRD) & Chairman National Board of Revenue (NBR), Ministry of Finance, GoB was the Chief Guest. Mr. Md. Shahadat Hossain FCA, Council Member of ICAB and Mr. Snehasish Barua FCA, Partner, Snehasish Mahmud & Co., Chartered Accountants jointly presented the conference paper and Mr. Md. Humayun Kabir FCA Member Council & Past President of ICAB was the Session Chairman. Mr. A F Nesaruddin FCA, ICAB President and Prof. Dr. Md. Salim Uddin FCA Council Member and Vice President of ICAB were also present in the seminar.

The 2nd CPD seminar was held on 22 June 2019 titled ‘Salient Features of Finance Bill 2019-20’ at Chittagong which was arranged by Chittagong Regional Committee (CRC). Mr. Mohammad Solaiman FCA, Proprietor, M Solaiman & Co. Chartered Accountants was the Session Chairman. Prof. Dr. Md. Salim Uddin FCA Council Member and Vice President of ICAB, Mr. Sidhartha Barua FCA Council Member of ICAB, Mr. Shekhar Ranjan Kar FCA, Group CFO & Company Secretary, BSRM Group were present as panelists in the seminar.

The 3rd CPD seminar was held on 20 July 2019 titled ‘Income Tax Ordinance 1984 and the new Vat & SD Act 2012-Changes brought by Finance Act 2019’ at Chittagong which was arranged by Chittagong Regional Committee (CRC). Mr. Md. Iqbal Hossain, Commissioner of Taxes, Taxes Zone-1, Chittagong was the Chief Guest. Mr. Snehasish Barua FCA, Partner, Snehasish Mahmud & Co., Chartered Accountants presented the conference paper and Mr. Md. Humayun Kabir FCA Member Council & Past President of ICAB was the Session Chairman. Prof. Dr. Md. Salim Uddin FCA Council Member and Vice President of ICAB was also present in the seminar.

The 4th workshop was held on 23 July 2019 titled ‘New VAT and Supplementary Duty (SD) Act 2012’ at Chittagong which was organized by Chittagong Regional Committee (CRC). Dr. Md. Abdur Rouf, Founder Chairman, Bangladesh VAT Professional Forum conducted the session as resource person.

The 5th workshop was held on 24 July 2019 titled ‘VAT & Supplementary Duty (SD) Act, 2012-Highlights and Challenges’. Mr. Snehasish Barua FCA, Partner, Snehasish Mahmud & Co., Chartered Accountants, Mr. Rakesh Saha FCA, Partner, Ahmed Mashuque & Co., Chartered Accountants and Dr. Abdul Mannan Shikder, Member (VAT Policy), Customs, Exercise & VAT, NBR conducted the session as resource persons.

The 6th seminar was held on 27 July 2019 and highlighted the overview of Canadian T2 Corporation Tax Return, the return called ‘The Jacket (Jump Code: J)’, General Index of Financial Information (GIFI) which was organized by North American Chapter (NAC). Mr. Rafiqul Alam, CPA conducted the session as resource person.

The 7th workshop was held on 30 July 2019 titled ‘VAT & Supplementary Duty (SD) Act, 2012- Highlights and Challenges’. Mr. Snehasish Barua FCA, Partner, Snehasish Mahmud & Co., Chartered Accountants, Mr. Rakesh Saha FCA, Partner, Ahmed Mashuque & Co., Chartered Accountants and Dr. Abdul Mannan Shikder, Member (VAT Policy), Customs, Exercise & VAT, NBR conducted the session as resource persons.

Gratitude

I would like to thank to the members and employees of the Institute who actively participated and contributed to the activities of the Committee during the year. My special thanks to Mr. Snehasish Barua FCA for his hard work and active contribution. Without their creative inputs, dedicated services & relentless works, it would not be possible to carry out the activities of TCLC successfully.

Conclusion

TCLC and its sub-committees worked hard during the year in the interest of the Institute and its Members. However, the competing forces also appeared stronger and more vigilant than ever before. Members' integrity, alertness and unity are the need of the hour to achieve the goals. May Almighty guide and grant us success.

Md. Humayun Kabir FCAChairman, Taxation & Corporate Laws Committee

and Member Council & Past President-ICAB



18.0REPORT OF INVESTIGATIONAND DISCIPLINARY COMMITTEE (IDC)

SUMMARY OF IDC MEETINGS

The summary of the IDC meetings held during the period from 01 January 2019 to 08 December 2019 as follows:

Meeting No. Date No. of Agenda No. of Members Attendance

DECISIONS TAKEN BY COUNCIL-ICAB IN THE YEAR 2019 BASED ON IDC RECOMMENDATION

1. 12.03.19 08 20 132. 30.03.19 04 20 163. 24.04.19 06 20 114. 29.06.19 05 20 105. 06.07.19 06 20 116. 25.07.19 06 20 097. 27.08.19 06 20 118. 17.09.19 06 20 119. 29.10.19 06 20 1010. 19.11.19 05 20 08

On behalf of the Investigation & Disciplinary Committee (IDC) of the Council-ICAB, I am presenting the report on the function of Investigation & Disciplinary Committee (IDC) of the Institute for the period from 01 January 2019 to 08 December 2019.

Complain Based Approach

1 The IDC investigated the observations of Quality Assurance Board (QAB), ICAB and recommended to the Council-ICAB.

10 Six (06) cases have been disposed of by imposing monetary penalty of Tk. 100,000, for each case, upon the concerned Proprietor/Partner/Member of CA Firm. One (01) case has been disposed of by imposing monetary penalty of Tk. 100,000 upon the partners of a CA firm. The partners have deposited the penalty amount accordingly.One (01) case has been disposed of by imposing monetary penalty of Tk. 100,000 upon a partner of a CA cirm (presently non-practicing member). The membership of the concerned has been suspended for 01 year on non-payment of penalty amount.One (01) case has been disposed of by deleting the name of a member from the list of practicing members and the name of the CA firm has been removed from the List of Firms of ICAB.One (01) case has been closed on the death of concerned practicing member (Proprietor).The name of the CA Firm has been removed from the list of CA Firms of ICAB.

2. The IDC investigated the complaints of Bangladesh Bank (BB) and recommended to the Council-ICAB.

01 The case has been disposed of by imposing monetary penalty of Tk. 200,000 upon a practicing member of the Institute. The member has deposited the penalty amount accordingly.

Sl. # BasisNo. of Cases

Summary of Decisions


3. The IDC investigated the complaints of a CA Firm and recommended to the Council-ICAB.

01 The case has been disposed of by imposing monetary penalty of Tk. 200,000 upon a practicing member of the Institute. The member has deposited the penalty amount accordingly.

4. The IDC investigated the complaints of Chittagong Stock Exchange and recommended to the Council-ICAB.

02 One (01) case has been disposed of by suspending the membership of a partner of a CA Firm for one (01) year and the decision has been stayed by Hon’ble High Court.One (01) case has been disposed of as the concerned practicing member has discontinued the public practice as recommended by IDC.

Information Based Approach

5. Financial Reporting Council (FRC)

01 The Council decided not to renew the Certificate of Practice of a practicing member for his non-cooperation to the Institute to perform on the request of FRC. The matter is sub-judice as the order of the Council has been stayed by the Hon’ble High Court.

Total 15

RECOMMENDATIONS OF IDC FOR THE YEAR 2019 AWAITING FOR COUNCIL DECISION

The summary of the activities dealt by IDC during the period from 01 January 2019 to 08 December 2019 is as follows:

Sl. #

BasisNo. of Cases

Summary of IDC Recommendations

Complain Based Approach

1. The IDC investigated the observations of Quality Assurance Board (QAB), ICAB

04 One (01) case has been recommended to the Council-ICAB to revoke the Certificate of Practice of Partners of concerned CA Firm.One (01) case has been recommended to Council-ICAB to impose monetary penalty of Tk. 100,000 upon the Partners of concerned CA Firm.One (01) case has been closed on the death of proprietor of a Firm.One (01) case is under investigation.

2. The IDC investigated the complaints of members and recommended to the Council-ICAB.

02 One (01) case has been recommended to the Council to impose monetary penalty of Tk. 16 lac upon the concerned Practicing Member of the Institute.One (01) case has been disposed of without recommending any action as IDC did not find any merit of the complaints.

Information Based Approach

3. Bangladesh Securities & Exchange Commission (BSEC)

01 The case has been recommended to the Council-ICAB to reprimand the engagement partner.

Total 07

Sl. # BasisNo. of Cases

Summary of Decisions

I thank the Council ICAB and the President for selecting me, once again, as the Chairman of IDC for this year. I partic-ularly thank the members of the IDC who have worked very long hours in each of the meetings. This was necessary to ensure that IDC arrives at a fair decision in every case. The members of the Committee cooperated whole hearted-ly to enable us to dispose of all the matters placed before IDC. Members of the Committee deserve special thanks for their dedication.

Thank you.

Sheikh A. Hafiz FCAChairman, Investigation & Disciplinary Committee



The Audit Committee of the Council of ICAB has been formed to assist the Council in discharging its function and responsibilities with specific Terms of Reference (ToR) so that the Committee can act independently. ToR of the Audit Committee has been revised and approved by the Council on 13 December 2017. This revised ToR of the Committee includes the composition of the Committee with one of the Past Presidents of ICAB as the Chairman of the Committee, two Council Members other than members of the Executive Committee and at least four Independent Members of the Institute.

The mandate of the Committee is to assist the Council in fulfilling its oversight responsibilities in respect of monitoring the financial operations of the Institute, integrity of financial statements, risk management and internal control management, compliance with legal and regulatory requirements, evaluation performance of the Institute, review report of external auditors, compliance of ICAB Bye-Laws & Council Directives, and to carry out any other function(s) as may be assigned to the Committee by the Council. Scope of responsibilities also includes:

1. To assist, guide and support to the institution for its adequate internal control;

2. To assist, develop and institutionalize risk matrix, report to the Council and monitor;

3. To give recommendation to appoint External Auditor.

4. To review internal audit plan and annual audit calendar.

The Audit Committee for 2019 consists of 14 Members. A Past President of ICAB not being a council member is the Chairman, 2 Council Members and 12 are independent members. Technical Adviser of ICAB who is also a member of the Institute is the Member Secretary of the Committee.

The expectation from this committee in 2019 were:

Complete ongoing activities/project;

Make internal audit department /section functional;

Oversee the Council’s Implementation of internal audit manual/ procedure;

Review of internal audit reports at regular intervals. We did not find any internal audit reports.

Complete review of 2017-18 Management Reports, monitor implementation status and report to Council; and

Any other item as may be identified by the committee on requirement from Council.

During the year 2019, the Audit Committee had four meetings till December 12, 2019 which conducted the following main businesses:

1. Reviewed the financial operations and the financial statements of the Institute;

2. Reviewed the risk and internal control management;

3. Reviewed the compliance with the legal and regulatory requirements;

The Minutes of the Audit Committee meetings containing various suggestions and recommendations to the Management have been duly placed before the appropriate authorities for necessary actions at its end.

On behalf of the Audit Committee,

Md. Syful Islam FCAChairman, Audit Committee & Past President

19.0REPORT OF AUDIT COMMITTEE


20.0MEETINGS OF COUNCIL AND COMMITTEES

Council MeetingTotal Meetings: 10 (As on 12 December 2019)

Summary of the Meeting as of the Different Standing Committees/Boards held in 2019

Sl # Standing Committees / Boards No. of Meetings held in 2019

1 Executive Committee 062 Examination Committee 063 Investigation & Disciplinary Committee (IDC) 114 Articled Students Committee (ASC) 075 Technical & Research Committee (TRC) 046 Board of Studies (BoS) 047 Quality Assurance Board (QAB) 04

Summary of the Meeting as of Non-Standing Committees/ Boards held in 2019

Sl # Other Non-Standing Committees / Boards Nos. of Meetings held in 2019

1 Real Estate Committee (REC) 032 Editorial Board 043 Taxation & Corporate Laws Committee (TCLC) 054 Review Committee for Published Accounts & Reports (RCPAR) 055 Information & Communication Technology Committee (ICTC) 046 Continuing Professional Development Committee (CPDC) 047 Committee for Small and Medium Practitioners (SMP) 038 Audit Committee 049 Committee on Professional Accountants in Business (PAIB) 03

10 Media & Branding Committee 0211 Committee for Women in Leadership (WIL) 0312 Advisory Committee 0213 Members Issues, Services & Welfare Committee (MISWC) 0614 Committee on ICAB Management Reforms, Project Development and

Capacity Building02

15 International and Regional Affairs Committee (IRAC) 0416 Professional Development Committee (PDC) 0217 The Committee for Amendment of CA Order & Bye-Laws and FRA 0518 Regulators and Trade Bodies Coordination Committee (RTBCC) 0319 Membership Development and Mutual Collaboration Committee (MDMCC) 0420 Regional Committee and Overseas Management Chapter Committee (RCOMCC) 0221 Taskforce on N on-Member CA Professional 0122 Committee for foreign owned Entities and foreigners 02



The Council sincerely puts on record its gratitude and appreciation to all members of ICAB, in particular, those who spared their precious hours for the Institute in various Committees and Sub-Committees of the year 2019.

ICAB Council appreciates the sincere efforts of extranal Auditors for auditing the financial statements of ICAB for the year 2018-2019.

The Council acknowledges the contributions of the respective Regional Committees and Chapters Management Committees for their wholehearted support in carrying out the activities of the Institute throughout the year.

The Council is sincerely grateful to the different Ministries of the Government for their support to ICAB and its causes. Ministry of Commerce as the administrative Ministry of ICAB extended their immense cooperation in materializing ICAB’s goal.

ICAB is thankful to the National Board of Revenue (NBR) and Bangladesh Bank (BB), C&AG office for their alliance with ICAB in the mission of bringing financial discipline in the country.

ICAB Council takes the opportunity to convey gratitude to the Local Government Division of the Ministry of Local Government, Rural Development & Co-operative (LGRD & C) in regards to Annual External Audit, Performance Assessment and Fiduciary & Safeguard Compliance Assessment of Union Parishads under the Local Governance

Support Project. The Council acknowledges continuous support from SEC, DSE, CSE, IDRA, BIDA and other Government, Non-Government Organizations (NGO) and other Professional Institutions for their cooperation and collaboration with ICAB. ICAB also gratefully acknowledges the support of World Bank in reforms and capacity building.

ICAB Council sincerely acknowledges the mutual cooperation and guidance of the International Federation of Accountants (IFAC), Confederation of Asian & Pacific Accountants (CAPA) and the South Asian Federation of Accountants (SAFA) along with other Regional Professional Institutes. The Council extends its gratitude to the IFRS Foundation and ICAER for their assistance.

ICAB also acknowledges the wholehearted support of CIPFA, UK and CPA Australia for their mutual collaboration with ICAB.

Last but not the least, the Council ICAB appreciates ICAB employees for their hard work in discharging their duties and responsibilities and make 2019 another successful year.

By the order of the Council.

Maj Gen Muhammad Imrul Quayes, ndc, psc (Retd)Secretary & CEO-ICAB

21.0ACKNOWLEDGEMENT

AUDITORS’ REPORTFINANCIAL STATEMENTS 2018-19



The Institute of Chartered Accountants of BangladeshSTATEMENT OF FINANCIAL POSITION

As at 30 June 2019

2018-19 2017-18 2016-17 2015-16 2014-15 Financial Position Fixed Assets 101,833 100,210 84,538 92,763 73,401 Advances and Deposits 86,572 28,414 12,365 35,206 31,579 Current Assets 388,452 425,044 475,898 439,428 435,879 Current Liabilities 60,489 42,307 59,139 42,419 46,388 Net Current Assets 327,963 382,737 416,759 397,009 389,491 Net Assets 516,369 511,361 513,661 524,978 494,471 Represented by:Land & Building Fund 236,221 236,221 236,221 236,204 236,172 General Fund 211,649 212,120 210,986 224,118 219,645 Members’ Welfare Fund - - - 89 1,356 Employees’ Gratuity Fund 60,501 56,581 59,512 57,741 30,903 Scholarship Fund 7,812 6,253 6,757 6,640 6,207 Relief Fund 186 186 186 186 186 Total 516,369 511,361 513,661 524,978 494,471 Cash FlowsOperating Activities 3,440 (49,610) 15,895 34,828 84,849 Investing Activities (36,830) (20,348) 6,789 (43,588) (84,823)Financing Activities 1,558 (503) (70) (803) (2,206)Cash & Cash Equivalents at Year-end 126,647 158,479 228,940 227,389 234,959 Income & ExpenditureIncome 262,715 272,536 276,020 255,786 253,680 Expenditure 263,186 271,402 282,935 251,314 184,382 Operating Surplus (471) 1,134 (6,915) 4,472 69,297

Taka in Thousand

FIVE YEARS COMPARATIVE DATA

(50,000)

-

50,000

100,000

150,000

200,000

250,000

300,000

2018-19 2017-18 2016-17 2015-16 2014-15

26

2,7

15

272

,536

276

,02

0

255

,78

6

253

,68

0

26

3,18

6

271

,40

2

28

2,9

35

251

,314

184

,38

2

(471

)

1,13

4

(6,9

15)

4,47

2

69

,29

7

Income Expenditure Operating Surplus


FINANCIAL HIGHLIGHTSFive Years Data

(Taka in Thousand)

26

2,7

15

272

,536

276

,02

0

255

,78

6

253

,68

0

240,000

245,000

250,000

255,000

260,000

265,000

270,000

275,000

280,000

2018-19 2017-18 2016-17 2015-16 2014-15

Income

26

3,18

6

271

,40

2

28

2,9

35

251

,314

184

,38

2

-

50,000

100,000

150,000

200,000

250,000

300,000

2018-19 2017-18 2016-17 2015-16 2014-15

Expenditure

(471

)

1,134

(6,9

15)

4,47

2

69

,29

7

(20,000)(10,000)

-10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000

2018-19 2017-18 2016-17 2015-16 2014-15

Operating Surplus

60

,48

9

42

,30

7 59,1

39

42

,419

46

,38

8

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2018-19 2017-18 2016-17 2015-16 2014-15

Current Liabilities

126

,64

7

158

,479

22

8,9

40

22

7,38

9

234

,959

-

50,000

100,000

150,000

200,000

250,000

2018-19 2017-18 2016-17 2015-16 2014-15

Cash & Cash Equivalents

388

,452

42

5,0

44

475

,89

8

439

,42

8

435

,879

-50,000

100,000 150,000

200,000 250,000 300,000 350,000 400,000 450,000 500,000

2018-19 2017-18 2016-17 2015-16 2014-15

Current Assets

Income Expenditure

Operating Surplus Current Liabilities

Cash & Cash Equivalents at Year-end Current Assets



FINANCIAL HIGHLIGHTS

11%10%3%

57%

10%

2%

5%

2%

Income 2018-19

Members' fees

Training & workshops

Income from academic services

Grant income

Income from events

Income from investment property

Interest on Bank deposits

Write backs of provisions & liabilities

Other income

11%2%

52%11%

2%1%

10%

10%1%

Income 2017-18

Members' fees

Training & workshops

Income from academic services

Grant income

Income from events

ICAB Students Summit

Income from investment property

Interest on Bank deposits

Other income


FINANCIAL HIGHLIGHTS

3%2%

23%

4%

2%60%

1% 2% 2% 1%Expenditure 2018-19

Members services

Training and workshop expenses

Academic services

Expenses for MoU with universities

Events & programs expenses

Contribution to Regional Committees

Administrative expenses

ICAB membership subscription & renewal fees

Media & branding expenses

Impairment & write offs

Other expenses

3%2%

26%

2%

4%2%

53%

1% 2%3% 2%

Expenditure 2017-18

Members services

Training and workshop expenses

Academic services

ICAB Students Summit

Expenses for MoU with universities

Events & programs expenses

Contribution to Regional Committees

Administrative expenses

ICAB membership subscription & renewal fees

Media & branding expenses

Impairment & write offs

Other expenses



FINANCIAL HIGHLIGHTSFive Years Data

Particulars 2018-19 % 2017-18 % 2016-17 % 2015-16 % 2014-15Income & Expenditure Income 262,715 100 272,536 100 276,020 100 255,786 100 253,680 Expenditure 263,186 100 271,402 100 282,935 103 251,314 98 184,382 Operating Surplus (471) (0) 1,134 0 (6,915) (3) 4,472 2 69,297

Capital and Liabilities General Fund 211,649 37 212,120 38 210,986 37 224,118 39 219,645 Land & Building Fund 236,221 41 236,221 43 236,221 41 236,204 42 236,172 Members’ Welfare Fund - - - - - 89 0 1,356 Employees’ Gratuity Fund 60,501 10 56,581 10 59,512 10 57,741 10 30,903 Scholarship & Relief Fund 7,998 1 6,440 1 6,943 1 6,826 1 6,394 Current Liabilities 60,489 10 42,307 8 59,139 10 42,419 7 46,388 Total 576,858 100 553,668 100 572,800 100 567,397 100 540,859 Assets Fixed Assets (WDV) 101,833 18 100,210 18 84,538 15 92,763 16 73,401 Advances and Deposits 86,572 15 28,414 5 12,365 2 35,206 6 31,579 Current Assets 388,452 67 425,044 77 475,898 83 439,428 77 435,879 Total 576,858 100 553,668 100 572,801 100 567,397 100 540,859

Vertical Analysis

Horizontal Analysis

Income & Expenditure Income 262,715 (4) 272,536 (1) 276,020 8 255,786 1 253,680Expenditure 263,186 (3) 271,402 (4) 282,935 13 251,314 36 184,382Operating Surplus (471) (142) 1,134 (116) (6,915) (255) 4,472 (94) 69,297 Capital and Liabilities General Fund 211,649 (0) 212,120 1 210,986 (6) 224,118 2 219,645Land & Building Fund 236,221 - 236,221 (0) 236,221 0 236,204 0 236,172Members’ Welfare Fund - - - - - (100) 89 (93) 1,356Employees’ Gratuity Fund 60,501 7 56,581 (5) 59,512 3 57,741 87 30,903Scholarship & Relief Fund 7,998 24 6,440 (7) 6,943 2 6,826 7 6,394Current Liabilities 60,489 43 42,307 (28) 59,139 39 42,419 (9) 46,388Total 576,858 4 553,668 (3) 572,800 1 567,397 5 540,859 Assets Fixed Assets (WDV) 101,833 2 100,210 19 84,538 (9) 92,763 26 73,401Advances and Deposits 86,572 205 28,414 130 12,365 (65) 35,206 11 31,579Current Assets 388,452 (9) 425,044 (11) 475,898 8 439,428 1 435,879Total 576,858 4 553,668 (3) 572,801 1 567,397 5 540,859

Particulars 2018-19

Changeover Preceding

Year (%)


Year (%)


Year (%)


Year (%)

2017-18 2016-17 2015-16 2014-15

Taka in Thousand


INDEPENDENT AUDITORS’ REPORTto the Members of

The Institute of Chartered Accountants of Bangladesh

Opinion

We have audited the accompanying financial statements of The Institute of Chartered Accountants of Bangladesh hereinafter referred to as “the Institute”, which comprise the statement of financial position as at 30 June 2019 and the statement of income and expenditure, statement of changes in funds and statement of cash flows for the year then ended and a summary of significant accounting policies and other explanatory notes.

In our opinion, the financial statements present fairly, in all material respect, the financial position of the Institute as at 30 June 2019 and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) and other applicable laws and regulations.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Institute in accordance with the ethical requirement that are relevant to our audit of the financial statements in Bangladesh, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of Management and Those Charged with Governance for the Financial Statements and Internal Controls

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with IFRSs and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Institute’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Instituteor to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Institute’s financial reporting

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Institute’s internal control.



• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Institute’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Institute’s to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Report on Other Legal and Regulatory Requirements

We also report that,

a. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit and made due verification thereof;

b. In our opinion, proper books of account as required by law have been kept by the Institute so far as it appeared from our examination of those books and

c. The statement of financial position and statement of income and expenditure dealt with by the report are in agreement with the books of account and returns.

Snehasish Barua FCA Auditor

Md. Raghib Ahsan FCAAuditor

Place: DhakaDated: 26 November, 2019


The Institute of Chartered Accountants of BangladeshStatement of Financial Position

As at 30 June 2019

Non-current AssetsProperty, plant & equipment 3 74,560,489 71,917,523 55,283,629Investment property 4 26,563,051 27,456,116 28,000,221Intangible assets 5 709,753 836,044 1,254,002Advances and deposits (non-current portion) 6 86,572,316 28,414,064 12,364,840

Total Non-current Assets 188,405,608 128,623,747 96,902,692Current Assets

Inventories 7 6,153,891 4,349,724 3,622,099Receivables 8 19,707,073 15,858,448 17,449,043Advances, deposits and prepayments (current portion) 9 7,043,079 11,552,623 8,275,290Short-term investment in Fixed Deposits Receipts 10 228,901,017 234,804,553 217,611,141Cash and cash equivalents 11 126,647,002 158,479,117 228,940,285

Total Current Assets 388,452,063 425,044,465 475,897,858Total Assets 576,857,671 553,668,213 572,800,550

FundsGeneral Fund * 12 211,649,142 212,119,962 210,985,947Land and Building Fund 13 236,220,643 236,220,643 236,220,643

Total Funds 447,869,785 448,340,605 447,206,590Long-term Liabilities

Employees' Gratuity Fund (non-current portion) 14 60,500,958 56,581,120 59,511,980General Scholarship Fund 15 7,811,511 6,253,171 6,756,585Relief Fund 186,345 186,345 186,345

Total Long-term Liabilities 68,498,814 63,020,636 66,454,910Current Liabilities

Grants received in advance 16 2,517,517 2,517,517 7,282,630Payables & accruals* 17 31,874,213 29,641,378 38,196,791Advance fees, rent & deposits 18 23,633,801 8,669,757 12,426,049Employees' Gratuity Fund (current portion) 14 2,453,540 1,468,320 1,233,580Other liabilities 19 10,000 10,000 -

Total Current Liabilities 60,489,071 42,306,972 59,139,050Total Funds and Liabilities 576,857,671 553,668,213 572,800,550

Funds and Liabilities

Assets

Particulars Notes2019 2018 2017

As at 30 June

Figures in Taka

Restated*Restated*



Dated: 26 November, 2019

Chief Financial Officer Secretary & CEO

The annexed notes 1 to 42 form an integral part of these financial statements.

Signed as per the annexed report of the same date.

President Vice President



The Institute of Chartered Accountants of BangladeshStatement of Income and Expenditure

For the Year Ended 30 June 2019

Income

Members' fees 20 27,925,500 29,713,600

Training & workshops 8,664,500 6,200,870

Income from academic services 21 148,453,882 140,524,180

Grant income 22 27,558,250 30,573,378

Income from events 23 5,215,240 5,435,592

ICAB Students Summit - 2,340,000

Income from investment property 24 14,007,478 27,452,190

Interest on Bank deposits 25 26,327,755 26,482,065

Write backs of provisions & liabilities 26 596,950 -

27 3,965,422 3,814,042

Total Income 262,714,977 272,535,917

Expenditure

Members’ services 28 8,915,042 9,065,723

Training and workshop expenses 5,473,176 4,903,664

Academic services 29 61,098,441 69,757,806

ICAB Students Summit - 6,564,666

Expenses for MoU with universities 183,557 1,457,247

Events & programs expenses 30 10,402,488 10,133,560

Contribution to Regional Committees (DRC & CRC) 31 4,836,234 6,076,929

Administrative expenses * 32 156,763,813 143,603,595

ICAB membership subscription & renewal fees 33 2,848,308 2,282,962

Media & branding expenses 34 4,943,744 4,360,006

Impairment & write offs 35 5,089,390 7,251,548

Other expenses 36 2,631,603 5,944,195

Total Expenditure 263,185,796 271,401,902

Excess of (Expenses)/Income over Income/Expenditure (470,820) 1,134,015

Other income

Particulars Notes2019 2018

Year Ended 30 June

Figures in Taka

Restated*



Dated: 26 November, 2019

Chief Financial Officer Secretary & CEO

The annexed notes 1 to 42 form an integral part of these financial statements.

Signed as per the annexed report of the same date.

President Vice President


Particulars GeneralFund

Land &Building Fund

NetIncome/(Deficit) Total

199,933,566 236,220,643 - 436,154,209

- - 11,052,381 11,052,381

11,052,381 - (11,052,381) -

210,985,947 236,220,643 - 436,154,209

- - 1,134,015 1,134,015

1,134,015 - (1,134,015) -

212,119,962 236,220,643 - 884,494,814

212,119,962 236,220,643 - 884,494,814- - (470,820) -

(470,820) - 470,820 -

Balance as at 01 July 2017

Prior years errors ( Note 17.1a)

Transfer during the year

Restated opening balance as at 01 July 2017

Excess of income over expenditure

Transferred to General Fund during the year

Balance as at 30 June 2018

Balance as at 01 July 2018Excess of expenditure over income

Transferred to General Fund during the year

Balance as at 30 June 2019 211,649,142 236,220,643 - 447,869,785

Figures in Taka

The Institute of Chartered Accountants of BangladeshStatement of Changes in Funds


Chief Financial Officer Secretary & CEO President Vice President



The Institute of Chartered Accountants of BangladeshStatement of Cash Flows


A) Cash Flows from Operating Activities

B) Cash Flows from Investing Activities

C) Cash Flows from Financing Activities

D) Net Increase / (Decrease) (A+B+C)E) Beginning Cash and Cash EquivalentsF) Ending Cash and Cash Equivalents (D+E)

Receipts:Members' fees 39,375,330 25,726,167Training & workshops 7,832,078 3,926,292Income from academic services 149,152,532 139,735,719Income from events 5,215,240 4,935,592ICAB Students Summit - 2,340,000Interest on Bank deposits 6,152,546 7,716,647Government Grant 27,558,250 26,000,000World bank Grant - 208,265Less: Adjustments Salaries (26,400,000) (25,018,000) Electricity, Water and Others (1,158,250) (982,000) World Bank Project Expenditures - (4,573,378) IT Project Expenditures - (400,000)

- (4,765,113)Other Income 5,542,044 1,414,730

213,269,770 181,030,034Payments:Members’ services 8,915,042 9,065,723Training and workshop expenses 4,942,141 3,623,271Academic services 58,783,199 76,106,380ICAB Students Summit - 6,564,666Expenses for MoU with universities 183,557 1,457,247Events & programs expenses 10,402,488 10,133,560Contribution to Regional Committees (DRC & CRC) 4,851,234 6,076,929Administrative expenses 111,021,977 108,646,316ICAB membership subscription & renewal fees 3,155,204 3,234,981Media & branding expenses 4,943,744 4,360,006Other expenses 2,631,603 1,370,817

209,830,189 230,639,8963,439,581 (49,609,862)

Addition to non-current Assets (72,832,655) (47,666,188)Short-term investment in Fixed Deposits Receipts (FDRs) (30,000,000) (75,000,000)Encashment of short-term investment in FDRs 54,219,156 74,194,237Proceed on Disposal of Non-current Assets - 56,000Income from Investment Property 11,783,460 28,068,060Net cash used in investing activities

Net cash generated from/(used in) operating activities

(36,830,039) (20,347,891)

General Scholarship Fund 1,558,342 (503,414)Net cash provided by/(used in) financing activities 1,558,342 (503,414)

(31,832,116) (70,461,167)158,479,117 228,940,285

126,647,002 158,479,117

Particulars2019 2018

Year ended 30 June

Figures in Taka



v) Application of Standards

The following IASs and IFRSs are applicable for the financial statements for the year under review:

IAS 1 Presentation of Financial Statements

IAS 2 Inventories

IAS 7 Statement of Cash Flows

IAS 8 Accounting policies, Changes in Accounting Estimates and Errors

IAS 10 Events after the Reporting Period

IAS 16 Properties, Plant and Equipment

IFRS 15 Revenue from Contracts with Customers

IAS 19 Employee Benefits

IAS 20 Accounting for Government Grants and Disclosure of Government Assistance

IAS 21 The Effects of Changes in Foreign Exchange Rates

IAS 26 Accounting and Reporting by Retirement Benefit Plans

IAS 32 Financial Instruments: Presentation

IAS 36 Impairment of Assets

IAS 37 Provisions, Contingent Liabilities and Contingent Assets

IAS 38 Intangible Assets

IFRS 9 Financial Instruments: Recognition and Measurement

IFRS 7 Financial instruments: Disclosures

IAS 40 Investment Property

2.2 Statement of Cash Flows

Statement of Cash Flows has been prepared under the direct method for the period, classified by operating, investing and financing activities.

2.3 Functional and Presentation Currency

These financial statements are presented in Taka, which is the Institute’s functional currency.

2.4 Foreign Currency Translation

Foreign currency transactions are recorded at the applicable rates of exchange ruling at the transaction date in accordance with IAS 21: The Effects of Changes in Foreign Exchange Rates. Foreign currency transactions are translated at the exchange rate ruling on the date of transaction. Foreign currency monetary assets and liabilities at the reporting date are translated at the rates prevailing on that date. The result in the exchange differences at the reporting date are recognized in the Statement of Income and Expenditure.

2.5 Reporting Period

These financial statements cover one year starting from 01 July 2018 to 30 June 2019.

2.6 Comparative Information

Comparative information in respect of the previous year have been presented in all numerical information in the financial statements and the narrative and descriptive information where it is relevant for understanding of the current year’s financial statements.

2.7 Property, Plant & Equipments

Tangible assets are accounted for according to IAS 16: Property, Plant and Equipment, at historical cost less cumulative depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the institute and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the Statement of Income and Expenditure during the financial period in which they are incurred.

Land is not depreciated. Depreciation on other assets is calculated using the straight-line method. Depreciation on additions is charged from the month on which the asset is available for use and on the month of disposal of property, plant and equipment no depreciation will be charged.

The rates of depreciation applied are as follows:

Particulars Rate

Land Nil

Building 2%

Civil and other works (including renovation) 10%

Exterior glass work 25%

Furniture and fixture 10%

Books and periodicals 20%

Office equipment 20%

Electrical equipment 20%

Air conditioners 20%

Vehicle 25%

Computers and IT equipment 25%

Intangible assets 33.33%

2.8 Investment Property

The Investment Property is accounted for under Cost Model in compliance with IAS-40: Investment Property. The property is measured at cost price including directly attributable expenditures. All other day-to-day expenditures including repair & maintenance are charged to the Statement of Income and Expenditure during the financial period in which they are incurred.

The Investment Property is depreciated using Straight Line Method @ 2%. Depreciation on additions is charged from the month on which the asset is available for use and on the month of disposal of investment property, no depreciation will be charged.

2.9 Renovation of Rented Academic Campus

Institute has rented a building to be used as academic campus from 01 September 2015. A renovation work was done to make the academic campus ready. As the building is a rented arrangement, the depreciation is chargeable upto the period of rent contract (5 years) i.e. @ 20% for all civil, interior and exterior woks (the inseparable units). Except the above-mentioned assets other assets purchased for academic campus such as Air-Conditioner, Furniture and Fixture, Computer and IT Equipments were depreciated at the rate as specified in note 2.7 as those assets can be used even after the completion of contract.

2.10 Intangible Assets

Intangible assets are carried at cost less any accumulated amortization and impairment losses, if any, under IAS 38: Intangible Assets. The cost of intangible asset is amortized over their estimated useful lives, using the straight-line method. Amortization is charged from the month the assets are available for use at the rate of 33.33% per annum. Intangible assets consist of office software and ERP software. Development of ERP software is in progress.

2.11 Inventories

Inventories consist of Study Materials, IAS, ISA and Audit Practice Management Guide, Sundry Stationery, Suggested Answers, etc. and are valued at the lower of cost and net realizable value under IAS 2: Inventories. The costs of inventories are measured on First in First out (FIFO) basis. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an expense in the period that the write-down or loss occurs.

2.12 Advances, Deposits and Prepayments

ICAB recognizes advances, deposits and pre-payments as assets and discloses them at their book value in the categories of long term and short-term advances, deposits and pre-payments. Short term advances, deposits and pre-payments are those which are expected to be settled or recovered within the 12 months’ period from the date of reporting while the long term one remains unsettled or unrealizable for a longer period of twelve months or more unless there is any significant doubt of recovery for which appropriate provision are made.

2.13 Financial Instruments

Financial Instruments are recognized in the statement of financial position when ICAB becomes a party to the contractual provisions of the instruments under IFRS 9 Financial Instruments: Recognition and Measurement.

i) Receivables

Receivable are carried at original invoice amount based on a review of all outstanding amounts at the year-end.

ii) Payables

Liabilities are recorded at the amount payable for settlement in respect of goods and services received by the ICAB.

2.14 Impairment of Assets

At each statement of financial position date, ICAB reviews the carrying amounts of its assets except building to determine whether there is any indication of impairment under IAS 36 Impairment of Assets, if any such indication exists, impairment is measured by comparing the carrying values of the assets with their recoverable amounts. Recoverable amount is the higher of net selling price and value in use.

An impairment loss is recognized as an expense in the Statement of Income and Expenditure.

2.15 Cash and Cash Equivalents

It includes cash in hand, bank deposits for use by the ICAB without any restriction, and there was insignificant risk of changes in value of these current assets.

2.16 Financial Risk Management

ICAB Secretariat directly controls day-to-day policies and operations. The Council takes regular update on any significant issues relating to financial risk management. The major financial risks to which ICAB is exposed are summarized below.

i) Currency Risk

The whole of ICAB’s transactions are carried out in BDT except few transactions as regards overseas seminar, conference and subscription to professional bodies. There are no other transactions taking place in foreign currencies. Therefore, ICAB is not exposed to any significant currency risk.

ii) Credit Risk

Working capital and long-term funds are held in interest bearing (FDR) bank account and ICAB’s management covers risk management issues. In respect of receivables, ICAB is not exposed to any significant credit risk. The majority of the counterparts are members and tenants. The management of ICAB continuously monitors defaults of counterparts and incorporate this information into credit risk policies.

2.20 Provisions

Provisions are recognized when the ICAB has a present legal or constructive obligation because of past events under IAS: 37 Provisions, Contingent Liabilities and Contingent Assets. It is probable that an outflow of resources embodying economic benefits will be repaid to settle the obligation, and a reliable estimate of the amount of the obligation can be made.

2.21 Revenue Recognition

Revenue is the gross inflow of economic benefits during the period arising in the course of the ordinary activities of the ICAB when those inflows result in increases in fund, other than increases relating to contributions from fund participants. Revenue shall be measured at the fair value of the consideration received or receivable. Revenues are recognized following the conditions of IFRS 15: Revenue from Contracts with Customers. Major item-wise recognition policies are briefly described as under:

i) Membership Fees

Income from fees and subscriptions is recognized in the accounting period to which the services are related. Fees and subscription received in advance are considered as liability.

ii) Education, Training and Examination:

a) Student Registration Fees

Income from Student Registration Fees is recognized based on the number of applications for registration with proper documentation received from the registration department during the period.

b) Examination Fees

Examination fees income is recognized twice in a year at the time of examination based on the applicable fees for individual examinees as determined by the Council from time to time.

c) Training Fees

Income from training fees is recognized on accrual basis in the accounting period to which the training is completed.

iii) Bank Interests

Interest Income on Bank Deposits is recognized on accrual basis.

iv) Rental Income

Rental Income is recognized on accrual basis.

v) Other Income

Other Income is recognized when ICAB’s right to receive such income has been reasonably determined.

2.22 Events after the Reporting Period

Events after the reporting period have been accounted for under IAS-10: Events after the statement of financial position date that are not adjusting events are disclosed.

2.23 General

i. Where necessary, comparative figures and accounts titles in the financial statements have been rearranged to conform to the current year’s presentation.

ii. The figures appearing in the financial statements have been rounded off to the nearest Taka.

1. Corporate History

The Institute of Chartered Accountants of Bangladesh (ICAB or the Institute) was, established under the Bangladesh Chartered Accountants Order 1973 (P.O.No.2 of 1973), for the purpose of regulating the profession of accountants and for matters connected therewith. ICAB’s headquarter is located at Dhaka with regional offices in Dhaka, Chattogram and overseas chapters namely UK, North America & Asia Pacific in London, Toronto & Australia respectively.

ICAB is a permanent member of several international and regional accounting bodies including IFAC (International Federation of Accountants), CAPA (Confederation of Asian and Pacific Accountants) and SAFA (South Asian Federation of Accountants), CA worldwide.

1.1. Objectives and Nature of Activities

The objectives of ICAB are to conduct the professional examinations, award membership of the Institute to qualified Chartered Accountants, issue practicing certificates to the members, maintain the status and standard of professional qualifications and regulate the members of the Institute within the purview of the Bangladesh Chartered Accountants Order 1973 and the Bangladesh Chartered Accountants Bye-laws 2004.

2. Summary of Significant Accounting Policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The specific Accounting Policies selected and applied by the ICAB’s Council for significant transactions and events that have a material effect within the framework of IAS 1 Presentation of Financial Statements, in preparation and presentation of financial statements.

2.1 Basis of Preparation of the Financial Statements

i) Accounting Standards

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and other applicable laws and regulations.

ii) Accounting Convention

The financial statements have been prepared under the historical cost convention. The Institute classified the expense using the function of expense method as per International Financial Reporting Standards (IFRS).

iii) Compliances

The financial statements have been prepared and the disclosures of information made in accordance with International Financial Reporting Standards (IFRS). Pursuant to the Sub section-3 of Section 100 of the CA Bye-Laws 2004, the financial statements of the regional committees of the Institute are subject to a separate audit and shall be adopted the same at its respective annual general meetings. Therefore, the financial statements of these regional committees have not been consolidated in the accompanying financial statements.

iv) Critical Accounting Estimates, Assumptions and Judgments

The preparation of the financial statements is in conformity with IFRS requires the use of certain critical accounting estimates. It also requires Council to exercise its judgment in the process of applying the Institute’s accounting policies.

The Institute of Chartered Accountants of BangladeshNotes to the Financial Statements


iii) Liquidity and Interest Rate Risk

ICAB policy is to maintain strong statement of financial position with cash and cash equivalent and therefore it does not have significant exposure to liquidity risk. Liquidity position is monitored on day-to day basis to fulfill the short-term needs. Excess funds are invested in appropriate interest bearing deposits.

2.17 Employee Benefits

Short-term Employee Benefits

Short-term employee benefits are employee benefits (other than termination benefits) that are due to be settled within twelve months after the end of the period in which the employees render the related service.

Festival Bonus

ICAB recognizes the cost of festival bonus payment when it has a present legal or constructive obligation to make such payments as a result of past events and a reliable estimate of the obligation can be made under IAS 19: Employees Benefit. Festival bonus is a present obligation of ICAB as it has no realistic alternative but to make the payment.

Defined Contribution Plan

Provident Fund

ICAB maintains contributory provident fund for its permanent employees except for the employees employed on contractual basis. Provident fund is administered by a Board of Trustees and is funded by contribution from both employers and employees equally @ 10% of the basic salary. ICAB recognizes the contribution payable to provident fund when an employee has rendered service to ICAB during a period under IAS 19: Employees Benefit.

Defined Benefit Plan

Gratuity Fund

The ICAB also maintains an unfunded gratuity scheme for its permanent employees except for the employees employed on contractual basis. Employees are entitled to receive gratuity benefit after completion of their minimum five years’ service equivalent to 2 months last basic pay for each completed year in respect of the employees eligible for this benefit.

Leave Encashment

The ICAB also maintains a leave encashment scheme for its permanent employees except for the employees employed on contractual basis. Employees are entitled to receive leave encashment benefit at the time of separation from employment.

2.18 Government Grants

ICAB receives funds from Bangladesh Government for salaries & allowances of ICAB employees and utility expenses. In addition, the World Bank and ICT Division of the Peoples Republic of Bangladesh granted ICAB Fund for implementing projects. The Government Grant has been accounted for in accordance with IAS 20: Accounting for Government Grants and Disclosure of Government Assistance. Government Grants received are initially recorded as Grants Received in Advance. Grant Income is recognized to equal to the allowed expenditures for the respective project.

2.19 General Scholarship Fund

Some of the Past-presidents of ICAB, Chartered Accountants Firms, Senior ICAB Members and Foundations are sponsoring scholarship to the articled students to promote the Chartered Accountancy Profession in Bangladesh. The Scholarship Fund is created with their financial contribution. The eligibility criteria for getting scholarship are determined by the respective sponsors but ICAB is entrusted in all matters in connection with the award of the scholarship.

ICAB is operating Scholarship Fund through separate savings bank account with AB Bank Limited. The idle amount of this fund is normally invested in FDR in favor of respective sponsors. The interest income generated in savings account is allocated amongst the sponsor’s available balance.






IAS 2 Inventories
































Particulars Rate

Land Nil

Building 2%








Vehicle 25%










2.11 Inventories






i) Receivables


ii) Payables









i) Currency Risk


ii) Credit Risk


2.20 Provisions




i) Membership Fees





b) Examination Fees


c) Training Fees


iii) Bank Interests


iv) Rental Income


v) Other Income




2.23 General















iii) Compliances









Festival Bonus



Provident Fund



Gratuity Fund


Leave Encashment











IAS 2 Inventories
































Particulars Rate

Land Nil

Building 2%








Vehicle 25%










2.11 Inventories






i) Receivables


ii) Payables









i) Currency Risk


ii) Credit Risk


2.20 Provisions




i) Membership Fees





b) Examination Fees


c) Training Fees


iii) Bank Interests


iv) Rental Income


v) Other Income




2.23 General















iii) Compliances









Festival Bonus



Provident Fund



Gratuity Fund


Leave Encashment












IAS 2 Inventories
































Particulars Rate

Land Nil

Building 2%








Vehicle 25%










2.11 Inventories






i) Receivables


ii) Payables









i) Currency Risk


ii) Credit Risk


2.20 Provisions




i) Membership Fees





b) Examination Fees


c) Training Fees


iii) Bank Interests


iv) Rental Income


v) Other Income




2.23 General















iii) Compliances









Festival Bonus



Provident Fund



Gratuity Fund


Leave Encashment











IAS 2 Inventories
































Particulars Rate

Land Nil

Building 2%








Vehicle 25%










2.11 Inventories






i) Receivables


ii) Payables









i) Currency Risk


ii) Credit Risk


2.20 Provisions




i) Membership Fees





b) Examination Fees


c) Training Fees


iii) Bank Interests


iv) Rental Income


v) Other Income




2.23 General















iii) Compliances









Festival Bonus



Provident Fund



Gratuity Fund


Leave Encashment












IAS 2 Inventories
































Particulars Rate

Land Nil

Building 2%








Vehicle 25%










2.11 Inventories






i) Receivables


ii) Payables









i) Currency Risk


ii) Credit Risk


2.20 Provisions




i) Membership Fees





b) Examination Fees


c) Training Fees


iii) Bank Interests


iv) Rental Income


v) Other Income




2.23 General















iii) Compliances









Festival Bonus



Provident Fund



Gratuity Fund


Leave Encashment








Notes2019 2018

As at 30 June

3. Property, plant & equipment

Cost 190,974,313 173,188,495

Less: Accumulated depreciation 116,413,825 101,270,973Written-down value 74,560,489 71,917,523

4. Investment property

Cost 44,653,274 44,653,274

Less: Accumulated depreciation 18,090,223 17,197,158Written-down value 26,563,051 27,456,116

Details of the investment property are given below:

FloorsArea (sqft)

30 June 2019 30 June 2018

TK Bhaban 12th 10,031 14,700 14,000

CA Bhaban Ground 3,200 12,600 12,000

CA Bhaban 1st 6,206 12,600 12,000

CA Bhaban 4th 6,206 12,600 12,000

CA Bhaban 5th 6,206 12,600 12,000

5. Intangible assets

Cost 2,793,262 2,493,262

Less: Accumulated amortization 2,083,509 1,657,218Written-down value 709,753 836,044

6. Advances and deposits (non-current portion)

Advances for land 6.1 79,758,260 20,600,000

Security deposits 6.2 5,599,605 5,599,605Rent for academic campus (adjustable within 60 months) 6.3 1,214,451 2,214,459Closing balance 86,572,316 28,414,064

6.1 Advances for land:

West Tejturi Bazar 6.1.1 22,000,000 22,000,000

Uttara, Purbachal and Chattogram 6.1.2 79,758,260 20,600,000 101,758,260 42,600,000

Less: Provision against advance for land 6.1.3 22,000,000 22,000,000Total 79,758,260 20,600,000

Cost PricePer (Sqft)

2,712

-

-

-

-

Details of Investment property are stated in "Annexure-B"

Details of Intangible assets are stated in “Annexure-C"

Current MarketPrice Per (Sqft)

Particulars

A schedule of Property, plant & equipment is given in “Annexure-A"

Figures in Taka



Notes2019 2018

As at 30 June

6.1.1 Advance against land-West Tejturi Bazar

6.1.2 Advance against land

Uttara 6.1.2.1 5,000,000 5,000,000

Purbachal 6.1.2.2 15,600,000 15,600,000

Chattogram 6.1.2.3 59,158,260 -Total 79,758,260 20,600,000

6.1.2.1 Uttara 3rd phase plot for ICAB academic campus Date

19-Nov-13 2,500,000 2,500,000

21-Jan-18 2,500,000 2,500,000

Total 5,000,000 5,000,000

6.1.2.2 Purbachal plot for ICAB academic campus

26-May-15 1,500,000 1,500,000

26-Dec-17 1,500,000 1,500,000

20-May-18 12,600,000 12,600,000

Total 15,600,000 15,600,000

Advance payment of Tk. 2.20 crore was paid for purchasing land measuring 30.02 decimals located at 263, Kawran Bazar (West Tejturi Bazar), Dhaka vide registered Baina Nama No. 3078 & 3084 dated 16 & 17 May 2010 respectively. Finding disputes in the land, the Council in its meeting held on 22-09-2012 decided not to purchase the land rather to put efforts to recover the advanced money since the Vendors are not in a position to hand over the possession of land to ICAB.

ICAB filed two Money Suits (Civil cases) No. 22/2013 and 23/2013 in the 4th Joint District Judge, Dhaka against the vendors in 2013 to get back the money paid as advance for purchasing of 02 plots of land stated above.

As regards Money Suit number 22/2013, the honorable Court (4th Joint District Judge Court, Dhaka) on 27-9-2016 has given expert judgment (without cost) in favour of ICAB and directed the Vendor (Defendant) to pay Tk. 1.00 (one) crore (advanced amount) to ICAB within 60 days of the judgment. The Court also issued decree in favour of ICAB and against the defendant (Vendor). As per the Court Order, failure to pay the money to ICAB by the defendant within the stipulated time, the plaintiff (ICAB) can be able to recover the money through the Court. As regards Money Suit number 22/2013, the honorable Court (4th Joint District Judge Court, Dhaka) on 13-2-2017 has given expert judgment (without cost) in favour of ICAB and directed the Vendors (Defendants) to pay Tk. 1.20 crore (advanced amount) to ICAB within 60 days of the judgment. The Court also issued decree in favour of ICAB and against the defendants (Vendors). As per the Court Order, failure to pay the money to ICAB by the defendant within the stipulated time, advanced money can be recovered by the plaintiff (ICAB) through the Court.

As regard the next course of actions of ICAB to get back the money paid as advance to the vendors, legal opinion was taken from Mr. Sarder Md. Suruzzaman, Advocate, Supreme Court of Bangladesh (ICAB's lawyer on the land issue). As per the legal opinion of Advocate Sarder Md. Suruzzaman, failing to pay the advanced money as mentioned above by the defendants (Vendors) within 60 (sixty) days of Court Order, Execution case can be filed to the Court against the Vendors (within 03 years) by ICAB. Failing to pay the advanced money within the stipulated time after filing execution case (decree notification) case, land in questions and other properties in the possession of the defendants (vendors) can be attached and sold out through the Court for realization of the ICAB's advanced money.

A team led by President ICAB consisting of Chairman, Real Estate Committee (REC), ICAB, Secretary and Deputy Secretary-ICAB met with Mr. ABM Siddique, Managing Director of Kranti Housing Ltd. on 17 July 2017 who claimed himself as an owner of the land. As per decision of the Council-ICAB taken in its meeting held on 25-7-2017, Legal Adviser of ICAB on land matters has been advised to initiate legal steps to obtain permanent injunction on said land, which includes but not limited to, transfer of ownership, establishment of any structures (whether permanent or temporary), or utilization of said land in any form, in addition to lodging suits for realization of said advanced money. For realization of money, money suite decree suit no 1/2018 and 2/2018 was filed on 8 March 2018. In May 2019, the honorable 4th Joint District Judge Court issued a show cause notice to the Respondents mentioning that why the said land should not be croked against an application made by the Institute in this regards on 23 January 2019. However, no response has been obtained from the respondents till to date. In this circumstances, the Institute is maintaining communication with its legal advisor and the next course of action will be taken as to be advised by the legal advisor.

However, based on prudence, full provision for the said advanced amount has been made in the accounts.

Figures in Taka


Notes2019 2018

As at 30 June

6.1.2.3

6.1.3

6.2 Security deposits

ICAB Academic Campus, Dhaka (Rented from 01 September 2015) 3,346,485 3,346,485

ICAB Branch Office, Chattogram (Equivalent to 6 months' rent) 1,495,188 1,495,188

ICAB Library, Chattogram (Equivalent to 6 months' rent) 749,232 749,232

BTTB 6,700 6,700

Dhaka Bank locker 2,000 2,000Total 5,599,605 5,599,605

6.3 Rent for academic campus

Opening balance 2,214,459 3,214,467

Adjustment made during the year 1,000,008 1,000,008Closing balance 1,214,451 2,214,459

2019 2018

7. Inventories Qty Qty

Study manuals 4,902 8,975 1,719,228 2,718,506

Suggested answer, question books, etc. 16,426 5,879 1,411,920 489,621

IAS, ISA and Audit Practice Management Guide 3,365 1,040 2,641,042 760,098

Sundry stationery - - 381,701 381,499Closing balance 6,153,891 4,349,724

8. Receivables

Annual fees from members: 11,049,996 7,117,109

In practice 8.1 488,900 412,700

Not in practice 8.2 10,561,096 6,704,409

IDC penalty 8.3 3,350,000 3,750,000

Council members' contribution for welfare - 75,000

Rental income receivable 8.4 4,102,944 2,385,584

Advertisement against National Award 2017 500,000 500,000

Local Governance Support Project (LGSP) 193,940 1,067,690

Auditorium rent - 30,000

Receivable from members' welfare fund 510,194 101,066

Receivable against stall booking-ICAB student summit - 100,000

Receivable against scholarship fund - 732,000Closing Balance 19,707,073 15,858,448

This provision was created based on prudence against advance for land at West Tejturi Bazar, Dhaka and in no way diminish ICAB's legitimate claim on the amount as well as on the land for which payment was made. Advance was made on 16 & 17 May 2010 and subsequently it was revealed that there are dispute over land ownership. ICAB filed case to (Civil cases) No. 22/2013 and 23/2013 to competent court and the same is pending for disposal.

ICAB received an allotment letter for a plot of 12.18 katha located at Annonyna Residential Area, Oxyzen, opposite site of Apollo Hospital Chattogram Vide letter dated 9 October 2018 from Chattogram Development Authority (CDA) at a total price of Tk. 59,158,260. It is expected that the registration of the land in the name of the Institute will be obtained in the upcoming year which will likely incur cost an amount of Tk. 20,000,000 (approx.).

Figures in Taka



Notes2019 2018

As at 30 June

8.1 Ageing of receivables from practicing members

Current year 346,600 241,400

More than 1 year but less than 2 years 116,000 80,400

More than 2 years but less than 3 years 26,300 90,900Total 488,900 412,700

8.2 Ageing of receivables from non-practicing members

Current year 6,213,570 4,818,366

More than 1 year but less than 2 years 3,093,100 1,125,431

More than 2 years but less than 3 years 794,431 544,012

More than 3 years 513,312 216,600Total 10,614,413 6,704,409

8.3

8.4 Rent receivables

Enam Express Ltd. - 9,880

Media Star Ltd. 8.4.1 1,568,861 1,496,871

Premier Cement Ltd. - T K Bhaban 12th Floor 8.4.1 2,498,083 842,833

Canteen rent of academic campus, Dhaka 36,000 36,000Total 4,102,944 2,385,584

8.4.1 These amounts have been realized subsequently.

9. Advances, deposits and prepayments (current portion)

Advances 9.1 6,921,891 11,435,335

Security deposits with City Filling Station 89,530 85,630

Prepaid insurance (net) 31,658 31,658Closing balance 7,043,079 11,552,623

9.1 Advances

Advances to employees 9.1.1 3,024,376 8,275,319

Advances against goods and services 9.1.2 3,897,515 3,160,016Total 6,921,891 11,435,335

9.1.1 Advances to employees

Against salary 2,536,616 3,626,136

Against renovation and other expenses 487,760 4,649,183Total 3,024,376 8,275,319

The receivable consists of IDC monetary penalty imposed by the Council on ten (10) separate cases on different occasions. Out of which the Hon'ble High Court Division in the Suprem Court of Bangladesh issued stay order against writ petitions filed by the nine (9) petitioner during the year. As such the receivables are yet to be realized.

Figures in Taka


Notes2019 2018

As at 30 June

9.1.2 Advances against goods and servicesDhaka University and others 37,580 37,580ERP Software 9.1.2.1 504,000 659,382Documentary of ICAB (Clapstick) - 180,000Renovation work for 5th floor (M/S Farhana Sharmin) 220,000 -Renovation work for ground floor-academic campus, Dhaka 50,000 -Training and workshop 15,000 531,035Chittagong Regional Office (CRO) 1,00,000 100,000Advance to professional bodies 9.1.2.2 1,258,914 952,019Preparation of AV (Mengo) 9.1.2.3 500,000 500,0006th floor glass works (Glass Garden) - 200,000Coffee table books (M/S Nymphea) 430,500 -Utility bills paid to land lord of academic campus, Dhaka 550,886 -Switchgear for substation (M/S United General Electric) 200,000 -Office stationeries (M/S Bashundhara Paper Mills Ltd.) 30,634 -Closing balance 3,897,515 3,160,016

9.1.2.1

9.1.2.2 Advance to professional bodiesAdvance subscriptions to:Confederation of Asian and Pacific Accountants (CAPA) 95,062 -Chartered Accountants Worldwide (CAW) 623,724 581,111International Federation of Accountants (IFAC) 540,128 370,908Total 1,258,914 952,019

9.1.2.3

10. Short-term investment in Fixed Deposits Receipts (Maturity period of 6 to 12 months)

Fixed Deposit Receipts (FDRs) with BanksOpening balance 234,804,553 222,376,254Add: Investment made during the year 30,000,000 75,000,000

Interest earned during the year 18,315,621 11,622,53548,315,621 86,622,535

Less: Encashment during the year 54,219,156 74,194,237Closing balance 228,901,017 234,804,553

Details of sources for fixed deposits receipts:ICAB's own fund 158,135,008 184,437,354Employees' gratuity fund 62,954,498 43,845,098Scholarship fund 7,811,511 6,522,100Closing Balance 228,901,017 234,804,553

Investment period grouping of fixed deposits receipts with banks:Six (6) months 95,301,368 114,106,445Twelve (12) months 133,599,650 120,698,107Total 228,901,017 234,804,553

The above amount has been paid on September 2017 for starting the 2nd phase work of Developing Integrated Information System for ICAB as sign off money. The supplier was supposed to complete the 2nd phase work within four (4) months however, the supplier was not able to complete the work in time and even within repeated extended periods of time due to unknown reasons. Therefore, the management decided to recover the money from the vendor and which is in process.

The above amount has been paid for preparation of documentary, however planned program has been cancelled. As such, the amount is to be realized from the vendor as decided by the management which is in process.

Figures in Taka



Bank-wise breakup of fixed deposits receipts with banks:

Brac Bank Ltd. 10,087,671 -

Delta Brac Housing Finance Corporation Ltd. 23,991,632 22,380,198

IDLC Finance Ltd. 24,686,429 53,061,821

LankaBangla Finance Ltd. 88,654,117 96,521,073

NRB Bank Ltd. 33,066,332 30,345,411

Shahjalal Islami Bank Ltd. 10,463,940 -

Southeast Bank Ltd. 37,950,896 32,496,050Total 228,901,017 234,804,553

11. Cash and cash equivalentsCash in hand 201,517 202,628Cash with bank: 126,445,485 158,276,489

Current accounts 11.1 20,490,291 6,427,322Savings accounts 11.2 4,877,363 852,542Fixed deposits receipts 11.3 101,077,832 150,996,625

Closing Balance 126,647,002 158,479,117

11.1 Current accounts Dhaka Bank Ltd. -General Fund A/C 18,284,237 5,698,173Southeast Bank Ltd. -Exam Fees Fund A/C 1,039,970 66,726Sonali Bank Ltd. -London Branch, UK A/C 11.4 605,860 605,860Bank Asia Ltd. -General Fund A/C 560,223 56,562Dhaka Bank Ltd. -Exam Fees Fund A/C 1 1Total 20,490,291 6,427,322

11.2 Savings accounts Dhaka Bank Ltd. -Chattogram Land Project A/C 15,916 15,916AB Bank Ltd.-Employee Gratuity Fund A/C 41,892 53,123AB Bank Ltd. -ICAB Center for Professional Excellence A/C 2,775,559 364,114AB Bank Ltd. -ICAB IDC Penalty Deposit A/C 294,049 189,074AB Bank Ltd. -ICAB Scholarship Fund A/C 5,755 102,935Social IslamicInvestment Bank Ltd. -Chattogram A/C 230,220 127,380AB Bank Ltd. -MJ Abedin Scholarship Fund FDRs (Custodian) 1,513,973 -Total 4,877,363 852,542

Notes2019 2018

As at 30 June

11.3 Fixed Deposit Receipts (FDRs) with Banks*Opening balance 150,996,625 204,101,131Add: Investment made during the year - 70,000,000

Interest earned during the year 8,136,528 7,132,5368,136,528 77,132,536

Less: Encashment during the year 58,055,322 130,237,042Closing balance 101,077,832 150,996,625*Fixed Deposits Receipts (FDRs) with maturity period up to three (3) months are reported under cash & cash equivalent.

Bank-wise breakup of fixed deposits receipts with banks:Delta Brac Housing Finance Corporation Ltd. 33,472,592 30,362,260One Bank Ltd. - 41,661,830Social Islami Bank Ltd. 2,194,476 2,075,590Southeast Bank Ltd. 65,410,764 76,896,945Total 101,077,832 150,996,625

Figures in Taka


Notes2019 2018

As at 30 June

Figures in Taka

11.4

12. General FundOpening balance 212,119,962 210,985,947Add/(less): Surplus/(deficit) during the year (470,820) 1,134,015Closing balance 211,649,142 212,119,962

13. Land and Building Fund466,245 466,245

2,090,501 2,090,5014,500,000 4,500,00038,505,681 38,505,681

190,000,000 190,000,000658,216 658,216

Closing balance 236,220,643 236,220,643

14. Employees' Gratuity FundOpening balance 58,049,440 60,745,560Add: Provision for the year 6,594,043 8,001,780

64,643,483 68,747,340Less: Payments to retired/outgoing employees 14.1 1,688,985 10,697,900Closing balance 62,954,498 58,049,440

Maturity grouping of the fund is as follows:2,453,540 1,468,320

60,500,958 56,581,120Total 62,954,498 58,049,440

14.1 Payment to retired employeesMr. Md. Mokhteruzzaman Khan - 4,892,880Ms. Khayrun Nahar - 3,212,580Mr. Md Abul Hashem - 1,330,760Mr. Md. Anisur Rahman - 1,261,680Mr. Tayab Ali 1,465,365 -Mr. Rana (Deceased) 223,620 -Total 1,688,985 10,697,900

Non-current liabilities

Interest

Development fund account Building fund

Current liabilities

Council members contribution Corporate contribution

Chattogram land project

Sonali Bank Ltd has issued a letter to ICAB on 11 September 2017 relating to the closure of the Sonali Bank UK branch due the closure of Sonali Bank (UK) Ltd. Therefore, the reported amount of Tk. 605,860 is to be withdrawn and deposited into ICAB general fund which is in process.

Land and building fund was created for the permanent establishment of Dhaka campus and Chattogram regional office. Initially, this fund was build up by some contributions from the Council members and corporate bodies.



Notes2019 2018

As at 30 June

Figures in Taka

15. General Scholarship Fund

Name of scholarshipSl. #

abcdef

ghijkl

mno

ACNABIN ScholarshipABM Azizuddin ScholarshipAKM Mizanur Rahman ScholarshipBhola Foundation ScholarshipHawlader Yunus ScholarshipM.J. Abedin Scholarship ICAB ScholarshipMasihur Rahman Memorial Scholarship RRH ScholarshipSyful Shamsul Alam ScholarshipSF Ahmed Foundation ScholarshipSena Kallayan Sangstha ScholarshipPresident ScholarshipRRH Associates ScholarshipA F Mujibur Rahman Foundation ScholarshipTotal

Opening

915,550634,332

-1,069,626

--

182,614384,055720,273

-18,2173,145

2,325,357--

6,253,171

Contribution

-10,00024,000

-60,000

1,608,000---

150,000

120,000--

120,000

144,000

2,236,000

Interests

52,86237,347

-64,089

-13,97311,323

18,23335,731

-1,129

195140,461

--

375,342

Disbursement

63,00042,00024,00036,00060,000

--

90,000144,000150,000120,000

-60,000

120,000144,000

1,053,000

Closingbalance

905,412639,679

-1,097,715

-1,621,973

193,937312,288612,004

-19,346

3,3412,405,818

--

7,811,511

Closingbalance

915,552634,332

-1,069,626

--

182,614384,055720,273

-18,2173,145

2,325,357--

6,253,171

16. Grants received in advanceOpening balance Add: Grant received during the year

Less: Grant used for CAATT SoftwareTransferred to income

Closing balance

16.1 Grant received during the YearGovernment assistance World bank fund

16.1

16.2

16.1.116.1.2

Total

16.1.1 Government assistance:

Total

2,517,51727,558,25030,075,767

-27,558,250

2,517,517

27,558,250-

27,558,250

6,889,7506,889,7506,889,7506,889,000

27,558,250

7,282,63026,208,26533,490,895

400,00030,573,378

2,517,517

26,000,000208,265

26,208,265

6,500,0006,500,0006,500,0006,500,000

26,000,000

16.1.2

16.2 Transferred to income Government assistance expenses 22

22World Bank Fund Strengthening Financial ReportingFramework and Audit PracticeTotal

27,558,250

-27,558,250

26,000,000

4,573,37830,573,378

20-Sep-175-Dec-17

Details of disbursement from scholarship fund are stated in "Annexure-D"

Date of fund received2018-2019

4-Nov-1825-Feb-1930-May-19

30-Sep-182017-2018

22-Mar-1811-Jun-18

The fund of Tk. 208,265 (equivalent to USD 2,679.68 @ Tk 77.72) was received on 28-Sep-2017 from World Bank for implementing the "Strengthening Financial Reporting Framework and Audit Practice Project" as final settlement of the total project cost of Tk 11,275,518.


Notes2019 2018

As at 30 June

Figures in Taka

17. Payables and accrualsRemuneration of resource personnelSalaries & allowancesPrinting and stationery expensesAdvertisement expensesRepair and maintenanceUtility billsOffice rent and othersArticled students Installment of ScholarshipWithholding tax payableInvigilators remunerationAudit feesHolding tax (12th floor of TK bhaban)Legal and professional fees payableVideo documentaryExamination hall rent/ auditorium rentPayables to TK bhabanProvision for leave encashment 17.01

17.1a

32.1

Sundry payables and accruals Closing balance

17.1 Provision for leave encashmentOpening balance less: Payment during the yearClosing balance

5,343,3001,020,622

818,428326,273

-792,491359,362

--

6,181,8893,039,000

609,500438,513

298,000-

201,700-

5,825,9986,619,138

31,874,213

8,241,0412,415,043

5,825,998

17.1a Provision for leave encashment

Closing balance as on 30.06.18Less: Prior years errorsAdd: Reversal written backRestated closing balance as on 30.06.18 *

5,235,349561,638324,167113,87317,000

1,322,44369,498

256,700323,000

4,195,98435,000

609,500438,51328,000

323,250194,250185,694

8,241,0417,166,479

29,641,378

9,809,9141,568,873

8,241,041

18,557,093(11,052,381)

736,3298,241,041

18. Advance fees, rent and depositsAnnual fees from members:

In practiceNot in practice

Students' association feesAgainst tenants and othersAdvance training and workshop feesSecurity depositsSpecial coaching class feesClosing balance

19. Other LiabilityCAATT FundClosing balance

19,907,18411,635,200

8,271,984811,479

2,036,138575,000212,00092,000

23,633,801

10,00010,000

4,284,3682,003,3002,281,068

204,8292,536,1381,407,422

237,000-

8,669,757

10,00010,000

*As per Employees Service Rules, 1998 of the Institute of Chartered Accountants of Bangladesh (ICAB), every employee is entitled to earned leave on full basic pay at the rate of thirty (30) days for each calendar year and a maximum of three (3) months' earned leave can be accumulated. As such, provision for leave encashment has been made on the basis of the lower of maximum three (3) months and actual accumulated earned leave at the reporting date. However, in prior periods excess provision for leave encashment has been made which are now reversed to align with the Service Rules requirements.



Notes2019 2018

Year Ended 30 June

20.

Annual fees from members 24,766,800

Admission and other fees 2,618,700

Firms inspection fee 540,000Total 27,925,500

21. Income from academic services

Coaching classes registration fees 30,498,500

Student registration fees 14,166,400

Exam registration fees 87,849,900

Library card and ID card charges 4,587,900

Transcripts fees 283,000

Sale of study manuals 7,693,456

Sale of suggested answers 2,868,608

Sale of IFRS, IAS, ISA and audit practice management guide 491,026

Sale of syllabus and list of firms 15,092Total 148,453,882

22. Grant income

Government assistance 27,558,250World Bank projects -Total 27,558,250

23. Income from events

National awards advertisement 3,963,740

National awards sponsorship 504,000

National awards members contribution 118,000

Annual dinner members contribution 629,500Total 5,215,240

24. Income from investment property

CA Bhaban ground floor Media Star Ltd. 372,024

CA Bhaban 1st floor Media Star Ltd. 446,832

CA Bhaban 4th floor Media Star Ltd. 4,840,680

CA Bhaban 5th floor Media Star Ltd. 403,390

TK Bhaban 12th floor Premier Cement Ltd. 7,944,552Total 14,007,478

25. Interest on Bank deposits

Interest on fixed deposits 25.1 20,624,785

Interest on other deposits 25.2 64,577

Total interest realized 20,689,363

Add: Accrued interest 25.3 8,319,123

29,008,486

Less: Tax deducted at source 2,680,731Total 26,327,755

25,335,300

3,818,300

560,00029,713,600

26,580,000

12,058,200

90,250,150

4,111,600

309,000

4,706,850

2,421,410

76,500

10,470140,524,180

26,000,000

4,573,37830,573,378

3,396,492

1,400,000

269,100

370,0005,435,592

4,464,288

5,361,984

4,840,680

4,840,686

7,944,55227,452,190

20,582,526

219,145

20,801,671

7,570,922

28,372,593

1,890,52826,482,065

Members' fees

Figures in Taka


2019 2018

Year Ended 30 June

25.1 Interest on fixed depositsName of Bank/NBFI FDR Number Rate Tenure Amount Amount

AB Bank FDR-3482113 7.5 6 - 114,019

AB Bank FDR-3482114 7.5 6 - 252,348

AB Bank FDR-3482240 7.5 6 - 22,430

AB Bank FDR-3498807 7.5 6 - 15,669

Delta Brac Housing FDR-71000150306 8.5 12 935,648 595,265

Delta Brac Housing FDR-71000155819 7 12 246,077 222,740

Delta Brac Housing FDR-57737/71000173006 10.75 3 404,580 -

IDLC Finance FDR-10252204231801 10.75 12 977,652 655,929

IDLC Finance FDR-10252204231803 9 12 259,008 222,666

IDLC Finance FDR-10552204231802 10.75 6 1,243,584 -

LankaBangla Finance TDR-0009 20100000105 11 6 522,450 361,068



LankaBangla Finance TDR-0014 22800000171 11 12 4,410,395 2,997,233

LankaBangla Finance TDR-0019 29200000 001 11 6 296,918 -

LankaBangla Finance TDR-0009 22800000696 11 6 - 1,234,543

LankaBangla Finance TDR-0009 22800000934 9.75 6 1,300,727 1,258,350

NRB Global Bank FDR-04738/1013030097442 10 6 2,567,250 -

One Bank FDR-0124120028139 8.5 3 840,348 833,377

Southeast Bank FDR-7101698/24500011343 9 12 53,720 30,762

Southeast Bank FDR-7037131/24500004660 8 12 - 310,915














Southeast Bank FDR-7149304/24500012278 7.5 3 - 25,639






Figures in Taka



2019 2018

Year Ended 30 June

Figures in Taka

Southeast Bank FDR-7149581/24100000838 7.5 3 - 499,293Southeast Bank FDR-7149582/24100000839 7.5 3 - 499,293Southeast Bank FDR-7149583/24100000840 7.5 3 - 499,292Southeast Bank FDR-7149587/24100000842 7.5 3 - 98,175Southeast Bank FDR-7149664/24500012371 7.5 3 - 354Southeast Bank FDR-7149799/24300012387 9 3 430,414 451,368Southeast Bank FDR-7149800/24300012388 9 3 214,609 225,129Southeast Bank FDR-7164159/24300012713 7.5 3 - 238,907Southeast Bank FDR-7164160/24300012714 7.5 3 - 238,907Southeast Bank FDR-7164161/24300012715 10 3 251,548 401,021Southeast Bank FDR-7164162/24300012716 10 3 251,548 401,021Southeast Bank FDR-7164473/24400003629 7.5 3 - 454,889Southeast Bank FDR-7164474/24400003630 7.5 3 - 454,889Southeast Bank FDR-7164539/24300012943 9 3 366,320 383,176Southeast Bank FDR-7164540/24300012944 9 3 366,320 383,176Southeast Bank FDR-7164541/24300012945 9 3 366,320 383,176Southeast Bank FDR-7164542/24300012946 9 3 366,320 383,176Southeast Bank FDR-7317002/24300013241 7.5 3 - 388,997Southeast Bank FDR-7317003/24300013242 7.5 3 - 388,996Southeast Bank FDR-7317004/24300013243 7.5 3 - 388,996Southeast Bank FDR-7317005/24300013244 7.5 3 - 388,996Southeast Bank FDR-7317016/24300013254 6 3 59,462 53,028Southeast Bank FDR-7317046/24300013278 6 3 72,766 83,982Southeast Bank FDR-7317560/24300013738 7.5 3 - 48,875Southeast Bank FDR-7317561/24300013739 7.5 3 - 48,875Southeast Bank FDR-7317562/24300013740 7.5 3 - 48,875

Name of Bank/NBFI FDR Number Rate Tenure Amount Amount

Southeast Bank FDR-7317847/24300013988 7.5 3 - 261,508Southeast Bank FDR-7377842/24400003731 9 6 343,566 -Social Islami Bank, Ctg. FDR-28213 6 3 71,370 4,915Social Islami Bank, Ctg. FDR-33941 6 3 45,763 -Shahjalal Islami Bank FDR-326698 8 6 285,987 -Shahjalal Islami Bank FDR-326699 8 6 122,566 -Total 20,624,785 20,582,526

25.2 Interest on other deposits

Name of Bank/NBFI Type of A/c A/c Number Amount Amount

AB Bank Savings 4002 089 478 301 1,600 142,167AB Bank Savings 4002 792 795 441 47,713 36,806AB Bank Savings 4002 792 454 441 5,657 17,321AB Bank Savings 4002 792 456 441 4,214 15,115Bank Asia Current 063 3600 0059 5,393 7,735Total 64,577 219,145


2019 2018

Year Ended 30 June

25.3 Accrued interest

Name of Bank FDR Number Rate Tenure Amount AmountBrac Bank FDR-1547304309833001 10 12 87,671 -Delta Brac Housing FDR-71000150306 8.5 12 118,889 135,209Delta Brac Housing FDR-71000155819 7 12 503,254 484,471Delta Brac Housing FDR-57737/71000173006 10.75 3 2,758,967 362,260IDLC Finance FDR-10252204231801 10.75 12 143,592 141,324IDLC Finance FDR-10252204231803 9 12 667,492 500,940IDLC Finance FDR-10552204231802 10.75 6 - 353,425LankaBangla TDR-0009 20100000105 11 6 164,293 150,667LankaBangla TDR-0009 20100000106 11 6 164,293 150,667LankaBangla TDR-0009 20100000107 11 6 164,293 150,667LankaBangla TDR-0014 22800000171 11 12 269,689 245,463LankaBangla TDR-0009 22800000934 9.75 6 299,692 275,185LankaBangla TDR-0019 29200000001 11 6 - 524,384NRB Bank FDR-04738/1013030097442 10 6 411,540 345,411One Bank FDR-0124120028139 8.5 3 - 896,830Shahjalal Islami Bank FDR-326699 8 6 32,672 -Shahjalal Islami Bank FDR-326698 8 6 76,269 -Social Islami Bank, Ctg FDR-28213 6 3 2,476 3,052Social Islami Bank, Ctg FDR-33941 6 3 13,908 18,590Southeast Bank FDR-7149239/24500012257 9 12 31,544 29,263Southeast Bank FDR-7317016/24300013254 6 3 10,000 15,747Southeast Bank FDR-7317046/24300013278 6 3 33,699 14,844Southeast Bank FDR-7101698/24500011343 9 12 105,494 106,951Southeast Bank FDR-7149139/24500012230 9 12 94,942 97,870Southeast Bank FDR-7149140/24500012231 9 12 190,337 196,089Southeast Bank FDR-7149141/24500012232 9 12 185,229 190,829Southeast Bank FDR-7149142/24500012233 9 12 190,337 196,089Southeast Bank FDR-7149143/24500012234 9 12 190,337 196,089Southeast Bank FDR-7149144/24500012235 9 12 190,337 196,089Southeast Bank FDR-7149315/24300012089 9 3 138,903 149,179Southeast Bank FDR-7149362/24300012125 9 3 153,357 162,659Southeast Bank FDR-7149799/24300012387 9 3 154,086 163,182Southeast Bank FDR-7149800/24300012388 9 3 76,820 81,378Southeast Bank FDR-7164161/24300012715 10 3 - 149,859Southeast Bank FDR-7164162/24300012716 10 3 - 149,859Southeast Bank FDR-7164539/24300012943 9 3 130,450 136,212Southeast Bank FDR-7101915/24500011809 10 12 - 191,554Southeast Bank FDR-7164540/24300012944 9 3 130,450 136,212Southeast Bank FDR-7164541/24300012945 9 3 130,450 136,212Southeast Bank FDR-7164542/24300012946 9 3 130,450 136,212Southeast Bank FDR-7377842/24400003731 9 6 172,911 -Total 8,319,123 7,570,922

Figures in Taka



Notes2019 2018

Year Ended 30 June

26. Write backs of provisions & liabilities

Liabilities written back 26.1 596,950 -596,950 -

26.1 Liabilities written back

Liability for repair & maintenance 17,000 -

Liability for video documentary 323,250 -

Refundable/Payable to article students 256,700 -596,950 -

27. Other income

Auditorium rent 80,000 82,000

Advertisement income through journal 237,600 183,332

IDC penalty 400,000 1,800,000

QAD penalty 185,000 -

Donation received for Chittagong library - 1,350,000

Sale of nomination papers for Council Election 2018 840,000 -Hall rental income form Chittagong Regional Office 30,768 -

Proceeds from sale of old & wastage goods 1,222,280 -

Gain on sale of non current assets - 56,000

Miscellaneous income 969,774 342,710Total 3,965,422 3,814,042

28. Members’ servicesCPD seminar expenses 1,933,964 2,382,021

Firm inspection expenses 840,000 418,083

Journal and news bulletin 2,846,886 3,729,940

Meetings entertainment 3,055,812 2,535,679

Reception of new members 238,380 -Total 8,915,042 9,065,723

29. Academic servicesExamination hall rentals and entertainment 3,679,457 3,876,842

Remuneration to resource personnel 32,445,082 40,615,006

Printing materials 29.1 1,971,491 4,838,634

Academic campus rent 17,693,828 15,393,828

Advertisement 62,790 229,425

Grant, scholarship and other payment to BCACP 29.2 3,314,540 3,314,977

Others (education, training & exams expenses) 1,931,253 1,489,094Total 61,098,441 69,757,806

Some liabilities have been carried forward in the accounts for long. There has been no claims for the amounts and the respective parties became untraced. As such the long time unclaimed amounts have been written back to income. Details are as follows:

Figures in Taka


Notes2019 2018

Year Ended 30 June

Figures in Taka

29.1 Printing materials

Opening stock 3,968,225 3,157,877Add: Purchased during the year 7,246,451 5,648,982Less: Closing stock-before written off 9,243,185 3,968,225Consumption during the year 1,971,491 4,838,634

29.2 Grant, scholarship and other payment to BCACPGeneral grant 840,000 840,000Scholarship 1,680,000 1,680,000Office rent and utilities 794,540 794,977Total 3,314,540 3,314,977

30. Events & programs expensesNational awards 6,595,149 6,410,886Other cultural programme 195,292 250,359Annual dinner & cultural function 2,877,943 1,820,915CA Women's Forum 734,104 1,651,400Total 10,402,488 10,133,560

31. Contribution to Regional Committees (DRC & CRC)Contribution to Dhaka Regional Committee (DRC) 31.1 3,732,764 5,568,315Contribution to Chittagong Regional Committee (CRC) 31.2 1,103,470 508,614Total 4,836,234 6,076,929

31.1 Contribution to Dhaka Regional Committee (DRC)ICAB-DRC Annual Picnic 2,000,000 1,500,000Celebration of International Accountancy Day 800,000 765,235Distribution of warm cloths 250,000 250,000DRC-ICAB Quiz Biz & Elocution Contest 2017 - 438,250Mock Test - 538,000Reimbursement for Celebration of Omar Ekushey 2017 - 254,383Celebration of International Mother Language Day 331,935 204,721Celebration of Independence Day 50,829 71,050Celebration of Pohela Boishakh 300,000 233,890Celebration of Bijoy Dibosh 2017 - 165,000ICAB Quiz Biz 2017 - 822,000Annual General Meeting of DRC - 325,786Total 3,732,764 5,568,315

31.2 Contribution to Chittagong Regional Committee (CRC)CRC Annual Picnic 550,000 508,614Celebration of Boishakhi Milon Mela 153,470 -ICAB CRC Fellowship Night 400,000 -Total 1,103,470 508,614



Notes2019 2018

Year Ended 30 June

32. Administrative expensesSalaries and allowances 32.1 103,488,932 96,857,320Office expenses 32.2 10,751,113 10,712,943Rent, rates and taxes 32.3 5,526,489 5,526,489Legal and professional fees 32.4 1,054,190 1,106,250Travelling and conveyance 32.5

32.1a

17.1a

8,884,420 3,623,195Electricity and water 8,112,726 9,357,769Repairs and maintenance 2,483,735 2,275,237Depreciation - property plant and equipment 15,142,852 12,833,369Depreciation - investment property 893,065 893,065Amortization - intangible assets 426,291 417,958Total 156,763,813 143,603,595

32.1 Salaries and allowancesRegular employees* 89,400,851 88,143,888Outsourced employees 14,088,081 8,713,432

103,488,932 96,857,320

32.1a Regular employeeesExpenses for the year 2017-18 87,407,559Add: prior years errors* 736,329Restated expenses for the year 2017-18 88,143,888

32.2 Office expensesDrinking water 660,423 652,144Printing & stationeries 32.2.1 3,569,604 3,744,410Fuel and power 388,972 343,243Telephone, internet and fax 787,023 1,295,012Annual General Meeting (AGM) of ICAB 234,330 184,646Postage and courier 472,305 681,857Advertisement (general) 1,482,872 1,167,618Newspaper and periodicals 206,168 105,600Office entertainment 1,927,385 1,303,540Insurance premium 239,819 199,447Photography & videography 55,200 88,400MoU Ceremony Expenses 34,888 83,830Employee medical expenses 19,405 -Employee training expenses 114,220 -Miscellaneous expenses 558,499 863,196Total 10,751,113 10,712,943

32.2.1 Printing & stationeriesOpening stock 381,499 464,222Add: Purchased during the year 3,569,806 3,661,687Less: Closing stock 381,701 381,499Consumption during the year 3,569,604 3,744,410

32.3 Rent, rates and taxesCity corporation tax 364,317 364,317Chattogram Branch office rent and utility 3,438,936 3,438,936Chattogram Branch office library rent and utility 1,723,236 1,723,236Total 5,526,489 5,526,489

*An amount of Tk 736,329 relating to reversal of leave encashment of previous years now reversed to allign with service rules requirement.

Figures in Taka


Notes2019 2018

Year Ended 30 June

Figures in Taka

32.4 Legal and professional feesAudit fees 609,500 689,500Legal fees 444,690 416,750Total 1,054,190 1,106,250

32.5 Travelling and conveyanceForeign (participation in SAFA, CAPA and IFAC events) 8,176,228 3,091,341Local 708,192 531,854Total 8,884,420 3,623,195

33. ICAB membership subscription & renewal feesConfederation of Asian and Pacific Accountants (CAPA) 193,365 275,145Chartered Accountants Worldwide (CAW) 1,204,837 1,122,281International Federation of Accountants (IFAC) 922,130 365,360International Financial Reporting Standards (IFRS) 340,976 338,676South Asian Federation of Accountants (SAFA) 187,000 181,500Total 2,848,308 2,282,962

34. Media & branding expensesMedia & branding advisory fee 2,400,000 2,580,000Audio visual 15,000 300,000CA brochure and note book 138,575 -Complimentary gifts 1,113,745 365,350Celebreting International Women's Day 83,400 111,550ICAB promotional shopping Bags 87,500 52,800ICAB social media page maintenance charge 326,299 -ICAB Student Summit Documentary 2017 70,000 -ICAB lift door branding 16,170 -Seminar on career excellence 693,055 425,482Creative concept and design development charge - 115,000New Logo and Trademark Registration - 248,975Programme on "Dream Career: Day with the Leaders" - 120,849Stall booking at "DU Career Fest 2018" - 40,000Total 4,943,744 4,360,006

35. Impairment & write offsMembership fees receivable 35.1 240,100 7,251,548Inventories - Stock of books & study materials 35.2 3,470,995 -Receivables 35.3 1,014,880 -Advances 35.4 363,415 -Total 5,089,390 7,251,548

35.1 Membership fees receivableDeceased members (6 members) 240,100 -Delisted members (99 members) - 7,251,548Total 240,100 7,251,548

35.2 Inventories - Stock of books & study materials

Bangladesh Standards on Auditing (BSA) 540,080 -Study manual - Knowledge Level 1,235,070 -Study manual - Application Level 1,678,025 -Study manual - Advanced Level 17,820 -Total 3,470,995 -

Due to revision of International Standards on Auditing and change of syllabus, previously printed BSA/ISA and study materials such as manuals and suggested answers, etc. for all level of CA examination became obsolete. As such the stock of such obsolete/out dated items has been written off. Details are given below:



Notes2019 2018

Year Ended 30 June

35.3 Receivables

Utility expenses reimbursement 9,880 -Auditorium rent receivable 30,000 -Welfare Fund receivable 75,000 -IDC penalty receivable* 600,000 -Scholarship Fund receivable 300,000 -Total 1,014,880 -

35.4 Advances

36. Other expenses

Bank charges 290,723 363,217Donation and CSR 190,000 430,000Contribution to employees' picnic 450,000 350,000Contribution to award ceremony program - 200,000Illumination of CA Bhaban-independence and victory days 110,000Election expenses 1,487,280 -

-

World bank project's expenses - 4,573,378Recruitment Service (Outside) - Expenses 103,600 27,600Total 2,631,603 5,944,195

37. Reserve for Members' Welfare Fund (MWF)

Opening balance - -Add: Members' contributions 1,738,000 1,848,579

1,738,000 1,848,579Less: Disbursements during the year 1,738,000 1,848,579Closing balance - -

38. Financial Risk Management

38.1 Liquidity Risk

b. Advance, Deposits and Prepayments on the basis of their term of maturity;c. Receivable and Inventories on the basis of their maturity period and past trend;

e. Advance fees and rent on the basis of their trend and contract;f. Various fund on the basis of their behavioral past trend and adjustment.

The liquidity risk is measured as per following basis:a. Cash and cash equivalent on the basis of their term;

d. Non-current Assets are on the basis of their useful lives;

* Due to non payment of IDC monetary penalty imposed by the Council on the five (5) practicing members within the three (3) months from the date of communication of the Disciplinary Order, the council has suspended their membership for different periods on different occasions. As such the IDC monetary penalty has been written off.

This long outstanding receivables have become unrealizable as the parties concerned are out of reach for long time. Hence, the said long outstanding receivables considering bad have been written off. Details are as follows:

Advances given to different suppliers remained unrealized/unadjusted for many years. These suppliers are now out of reach. As a result, considering bad these advances have been written off.

Figures in Taka



Notes2019 2018

Year Ended 30 June

38.2 Credit Risk The maximum exposure to credit risk at the reporting date is as follows:Advance against land 22,000,000Annual membership fees 11,103,313Rental dues 4,506,334Advances to employees -Security deposits -Total 37,609,647

Analysis of receivable and advances is as follows:37,609,647

Total 37,609,647

4,506,3346,560,1703,209,100

23,334,043Total 37,609,647

38.3 Market RiskThe Institute does not expose to any interest rate risk or exchange rate risk.

39. Re-arrangement of Last Years Figure

40. Capital Commitment

41. Events after Reporting Period

42.

More than 2 year

Domestic receivables

The ageing of receivablesNot past duePast due up to 1 year

Previous year's figures in some places have been rearranged to conform current year's presentation.

Bank balances including fixed deposits are held only in reputable banks with high quality credit rating.

Past due 1-2 year

As at 30 June 2019, there are capital commitments of Tk. 2,100,000 (approx.) against which work order has been issued but the work is yet to be completed. This is in connection with renovation of 5th floor of CA Bhaban and ground floor of ICAB academic campus building.

No such significant favorable or unfavorable event has been occurred between the end of the reporting period and the date of financial statements are authorized for issues which requires to be made disclosure.

The Council of the Institute of Chartered Accountants of Bangladesh in its meeting held on 26 November 2019 approved the financial statements for the year ended 30 June 2019 and authorized the same for issue.

Figures in Taka



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The Institute of Chartered Accountants of BangladeshStatement of Disbursement of Scholarship Fund


Sl.# Particulars Name & Reg No. Date Amount in

Taka Total Amount

in Taka

1. ACNABIN Scholarship Mr. Miraj Ibne Nazmul, 29232/18 31-Mar-19 9,000Mr. Asadur Rahman, 29757/18 31-Mar-19 9,000Mr. Badrul Islam, 28227/17 31-Mar-19 9,000Ms. Nusrat Kabir, 29670/18 31-Mar-19 12,000Ms. Fariha Tabassum, 29138/18 31-Mar-19 12,000Ms. Abida Sultana, 29426/18 31-Mar-19 12,000 63,000

2. ABM Azizuddin Scholarship Mr. Abdullah Bin Jasim, 28507/17 31-Mar-19 42,000 42,000

3. AKM Mizanur Rahman Scholarship Mr. Sonjit Biswas, 29763/18 25-Mar-19 24,000 24,000

4. Bhola Foundation Scholarship Mr.Md. Salam Morshadi, 28662/17 30-Mar-19 36,000 36,000

5. Howlader Yunus Scholarship Zuria Mati, 29116/18 31-Mar-19 30,000Mr. Md. Aminul Ehsan, 29756/18 2-Apr-19 30,000 60,000

6. Mashiur Rahman Memorial Scholarship Mr. Mahdi Hassan, 28323/17 19-Feb-19 30,000Mr. Abdullah Al Romman, 29962/18 31-Mar-19 30,000Ms. Tasnim Ara, 29120/18 31-Mar-19 30,000 90,000

7. RRH Scholarship Mr. Enayet Hossen Imran, 29580/18 31-Mar-19 36,000Mr. Md. Nurul Alam, 229436/18 31-Mar-19 36,000Mr.Gilbert Proloy Gomes,29672/18 31-Mar-19 36,000Mr. Shoriful Islam, 29543/18 31-Mar-19 36,000 144,000

8. RRH Associates Scholarship Ms. Jafrin Akter, 29437/18 31-Mar-19 60,000Mr. Mehedi Ahsan, 29708/18 31-Mar-19 60,000 120,000

9. Syful Shamsul Alam Scholarship Mr. Enamul Hoque, 28666/17 25-Mar-19 30,000Ms. Samia Khanam, 28453/17 25-Mar-19 30,000Mr. Promit Debnath, 28134/17 25-Mar-19 30,000Mr. Syed Towfiqul Kader, 29102/18 25-Mar-19 30,000Mr. Sumit Sarkar, 28106/17 19-Feb-19 30,000 150,000

10. S F Ahmed Foundation Scholarship Mr. Rabbi-Al-Sifat, 29671/18 2-Apr-19 60,000Ms. Ummahni, 28132/17 1-May-18 60,000 120,000

11. President Scholarship Mr. Mahbubur Rahman, 28230/17 30-Mar-19 30,000Mr. Rayhan Sarker, 28894/17 30-Mar-19 30,000 60,000

12. A F Mujibur Rahman FoundationScholarship

Mr. Akib-Bin-Hamid, 26564/16 20-Feb-19 24,000Mr. Aliul Islam, 29137/18 20-Feb-19 24,000Mr. Mabubur Rahman, 29769/18 20-Feb-19 24,000Mr. Alif Mohammad Foysal, 29883/18 20-Feb-19 24,000Mr. Joy Saha, 27975/17 20-Feb-19 24,000Mr. Imtiaz Ahmed Rasid, 29706/18 20-Feb-19 24,000 144,000

Total 1,053,000

ANNEXURE-D

w w w. i c a b . o r g . b d

CA Bhaban

100 Kazi Nazrul Islam Avenue

Dhaka 1215, Bangladesh

880 2 9115340, 9117521, 9137847 (Off.)

9612612100 (Hotline)

880 2 9125266

[email protected]

facebook.com/ca.bangladesh

www.icab.org.bd

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INSPIRING BUSINESS CONFIDENCE · 2019ANNUAL REPORT ICAB website provides the required information for students, members and other stakeholders. 09 WEBSITE facebook ... Social Islami