Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh

ICABICAB NEWS BULLETINDecember 2015

Number 314

ISSN 1993-5366

he Institute of Chartered Accountants of Bangladesh (ICAB), the regulator and national professional accounting body, has elected Kamrul Abedin FCA as President

and Adeeb Hossain Khan FCA, Md Shaifur Rahman Mazumder FCA and Mahmudul Hasan Khusru FCA as Vice Presidents for the year -2016.

The new office bearers of ICAB have been elected by the members of the Council –ICAB shortly before holding 43rd Annual General Meeting chaired by outgoing ICAB President Masih Malik Chowdhury FCA at ICAB auditorium, CA Bhaban on Saturday, 26 December 2015.

Short Profile of the ICAB President: Kamrul Abedin FCA is a Partner of M. J. Abedin & Co., Chartered Accountants, which is an independent member firm of Moore Stephens International Limited. After having his Masters in Accounting from the University of Dhaka, he became Associate Member of

ICAB in 1986 and joined the firm as partner. In the year 1992, he became Fellow Member of ICAB.

Mr. Abedin served ICAB as Vice-President (T & R) in 2014 & 2015. Earlier, he was elected as Member of Dhaka Regional Committee (DRC)-ICAB for consecutive 2 terms 1995-1997 and 1998-2000 and was the Honorary Chairman of DRC-ICAB in 1998 and its Honorary Secretary in 1995.

Short profile of the Vice Presidents: Adeeb Hossain Khan FCA is the Senior Partner of Rahman Rahman Huq, Chartered Accountants, a member firm of KPMG. He has served ICAB in various capacities including being a Council

Member since 2013. He is also a Fellow Member of Institute of Chartered Accountants in England & Wales (ICAEW).

Mr. Khan currently serves on the Board of Metropolitan Chamber of Commerce & Industry (MCCI) and BRAC.

Md Shaifur Rahman Mazumdar FCA is Managing Director of Meenhar Securities Ltd. Chittagong and also a Director of Meenhar Group, Chittagong. He became Associate Member of ICAB in 1999 and Fellow in 2004. He was the Chairman of ICAB Chittagong

Regional Committee (CRC) in 2012. He participated as Key-note Speaker in many Seminars organized by ICAB, ICMAB & SAFA. He is a Director of Bangladesh Frozen Foods Exporters Association (BFFEA).

Mahmudul Hasan Khusru FCA is Director & CEO, InfoFort LLC, UAE, Bangladesh Operation and a Director on the Board of Masco International Ltd. He became Associate Member of the Institute in 2003 and Fellow in 2008. Earlier, he served as the Director Finance of Expolanka

Group, the Controller, Finance of Rangs Group.

He is the Member of Foreign Investors’ Chamber of Commerce & Industries and the Member of Bangladesh Club Ltd. He is a Faculty Member of ICAB at its Academic Campus for 12 years. He was the Chairman of ICAB Dhaka Regional Committee (DRC) in 2011, Founder Joint Secretary & Director- Communication of ISACA-USA, Dhaka Chapter and also Member of The Institute of Internal Auditors- Bangladesh.

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Kamrul Abedin, new President of ICABAdeeb Hossain Khan, Md Shaifur Rahman Mazumdar Mahmudul Hasan Khusru, Vice Presidents for 2016

Kamrul Abedin New President... for 2016

ICAB recognized 24 banks,... Reports 2014

President Communication December 2015

Plaque of BFRSs Books Unveiled

Award Giving Ceremony... Employees

We Mourn

ICAB Participates in CAPA... Conference

ICAB Members’ Night 2015

24th Council Meeting

Campus News

ICAB New Academic... inaugurated

DRC-ICAB Annual Picnic-2015

DRC-ICAB Elects Chairman... for 2016

Congratulations!

43rd AGM of ICAB held at CA Bhaban

CRC-ICAB organized CPD Seminar... Approach’

Kamrul Abedin FCA

Adeeb HossainKhan FCA

Md Shaifur RahmanMazumdar FCA

Mahmudul HasanKhusru FCA

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December 2015 No. 314

he Institute of Chartered Accountants of Bangladesh awarded different publicly listed

organisations and NGOs at a ceremony on Thursday, 10 December 2015.

A total of 24 banks, non-banking financial institutions (NBFIs), insurance companies and non-governmental organisations (NGOs) won the 15th ICAB National Award for their best presented annual reports 2014. Also seven organizations won the certificates of merit.

Honorable Finance Minister AMA Muhith, MP handed over the ICAB National Award to the recipients as the Chief Guest at the ceremony arranged by the Institute of Chartered Accountants of Bangladesh (ICAB) at Bangabandhu International Convention Centre in the capital. Honorable Commerce Minister Tofail Ahmed, MP also graced the occasion as Special Guest.

AMA Muhith said credible information in financial statements and reports is prerequisite for development of business of the country. ICAB have to play very crucial role in ensuring credible information which would benefit the users of the financial statements, he added. CAs should be equipped with updated knowledge about accounting

and auditing standards. They must ensure the compliance of these standards in the financials, he further said.

The awarding to the companies will inspire companies to be more transparent and accountable, the Minister said.

"If the standard of the public administration goes up, the economic development of the country will also improve soon. We need to improve the standard of public administration," Muhith said.

“We also need to use the technologies so that the economic development continues to improve,” he said. “We are going firm to our target of eradication of

the poverty, as the country has been maintaining more than 6 percent GDP growth”

"We cannot make a big market if we remain poor. So we need to improve the economic condition of the people. We need to bring out four crore people from the poverty trap for further economic development and for a big market in the country," Muhith also said.

Tofail Ahmed said the Best Corporate Reports would have surely reflected the accountability of the corporate management and credible financial information, which would create the corporate environment more congenial to foreign and local investment. It would develop the economy of the country, he further said.

The award-giving ceremony was addressed, among others by Masih Malik Chowdhury FCA, President of the ICAB, and Abbas Uddin Khan FCA, Chairman of the Review Committee for Published Accounts and Reports, ICAB.

Masih Malik Chowdhury said that the awards recognize disclosure in the Annual Report related for preparing and presenting Annual Accounts and Reports, rather than evaluate their performance. Thus the Best Published

ICAB Recognized 24 Banks, NBFIs, Insurance Companies and NGOs for their Best Presented Annual Reports 2014

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December 2015No. 314

Accounts Winners do not mean the Top Performers, he added. ICAB’s endeavor is to create awareness in the corporate sector about the value of timely publishing audited Financial Statements, he said. To establish transparency and accountability in the corporate world reporting in time is the premier threshold to ensure optimum

use of resources which will bring in success to the business and again safeguard the interest of the stakeholders in the long run, he further said.

The award was given in eight separate categories for preparing and publishing their annual reports 2014. ICAB gives the award annually since 2001.

Abbas Uddin Khan FCA said that the Review Committee of ICAB diligently evaluated and assessed the Annual Reports of 2014 of the organizations objectively with the disclosures,

information particularly within the framework of International Accounting Standards and IFRS as applied by the entities in the preparation of their financial statements and reports.

It is pertinent to mention here that organizations adjudged as 1st, 2nd and 3rd are having the best of the best Annual Reports for the financial year 2014 were also nominated for SAFA forum in recognition of their excellence and meaningful reporting, he added. I can proudly share here that this year, Bangladeshi entities secured 10 distinct awards including overall Winner and 7 merit certificates under 8 categories in the SAFA Best Published Award Competition 2014, he further said.

Due to technical reason

ICAB withheld the awards in

the position of 3rd prize to

Union Capital limited under

category of financial service

sector, 3rd prize to Prime

Insurance Company Ltd

under category of Insurance

sector, 1st prize to

Investment Corporation of

Bangladesh under category

of public sector entities and

1st prize to Union Capital

Ltd under category of

corporate governance

disclosure.

Category wise winnersCategory 1st Position 2nd Position 3rd Position Certificate of Merit

Private Sector Banks United Commercial Bank Ltd.

Bank Asia Ltd. Islami Bank Bangladesh Ltd.

• Prime Bank Ltd.• Southeast Bank Ltd.• Social Islami Bank Ltd.

Financial Services Sector IDLC Finance Ltd. LankaBangla Finance Ltd. • Prime Finance and Investment Ltd.

Manufacturing Sector GlaxoSmithKline Bangladesh Ltd.

Orion Pharma Ltd. Summit Power Ltd. • Singer Bangladesh Ltd.• Ibn Sina

Pharmaceuticals Ltd. • BSRM Steels Ltd.

Communication and Information Technology Sector

Grameenphone Limited- - -

Non-Governmental Organization

Sajida Foundation BRAC UDDIPAN-

Agricultural Sector Golden Harvest Agro Industries Ltd.

- - -

Insurance Sector Green Delta Insurance Company Ltd.

Reliance Insurance Ltd.- -

Corporate Governance Disclosures

-Reliance Insurance Ltd. IDLC Finance

Limited-

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December 2015 No. 314

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Assalamu Alaikum and Greetings to you all,

Dear fellow members, my tenure as the President will be at end by mid night as the clock clicks 11:59on 31st December 2015. From the beginning

of New Year 2016 new President will be taking over. He will I hope, be having more understanding, patience, cooperation, etc from you dear members of fraternity. He will be working more relentlessly under the newly elected Council, I fervently hope.

Throughout the year the Institute has walked ahead well in many folds. As leader I felt it was our council’s pledge bound duty to persevere and work hard to extract opportunity for the betterment of CA Profession. We endearingly tried to deliver the best. However, I believe that there are always better ways for doing things.

At the tail of my Strategic Plan 2015, the renovated & modernized ICAB Academic Campus was inaugurated by University Grant Commission (UGC) Chairman Professor Abdul Mannan on 28 December evening. As you know the 7th floor was also opened a month before. Most of the infrastructure development initiatives have been completed. At the offshoot of FRA, the Institute needs prudent initiatives to ensure professionalism in the bedrock of FRC. Our passion, hard work & visionary leadership were all dedicated for the betterment of CA

President’sCommunicationDecember 2015

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December 2015No. 314

profession. Our future leadership may work more efficiently and lead our dearest profession to a newer height of dignity and professional excellence. They would spend much time & energy to deal with the emerging issues, I expect. The members enmasse have reposed their trust on the new council in the backdrop of my and old council’s alleged failure to hold FRC off.

My journey as the President of ICAB 2015 had begun taking in some limitations regarding HR& vision to go ahead with little internal resources. These limitations may not have all been eliminated in my year. But improvements in these aspects were made through formation of the ManCom and the Member Secretaries Committees, first of its kind in ICAB history. I expect the new office bearers will continue operation of these committees as these are contained in the SOP already. Again the minutes of all committee meetings are now being completed in following 4 working days in all situations as per new provisions of SOP.

Throughout the year massive changes & reforms have been completed in all the sections of the Institute. All of our efforts were concerted & dedicated for development of the Institute &our dear CA profession.

Let me present a Brief on our activities during the month of December 2015:

Best Presented Annual Reports 2014 Award Giving Ceremony

ICAB organized 15th ICAB National Award Giving ceremony at Bangabandhu International Convention Centre on 10 December. The Presence of honorable Finance Minister Mr. AMA Muhith as the Chief Guest has made the occasion a unique one amidst the presence of honorable Commerce Minister Mr. Tofail Ahmed, MP as Special Guest.

It added extra color to the occasion. We are proud to have two top notch Ministers of Government in a single dais. A total of 24 banks, non-banking financial institutions (NBFIs), insurance companies and non-governmental organisations (NGOs) attained the benchmark to win the 15th ICAB National Award for their best presented Annual Reports 2014. Additionally, 7 organizations won certificates of merit.

Receiving the Awards from the Honorable Finance Minister Mr. AMA Muhith and the Honorable Commerce Minister Mr. Tofail Ahmed all the winners have made the event a fascinating one. It was a great time for their respective organizations in photo frame and media history.

ICAB’s this endeavor have been aimed to create awareness in the corporate sector about the value of timely publishing the audited Financial Statements. This year the award was given in nine separate categories.

It is worth mentioning that due to technical reasons ICAB withheld the awards in the position of 3rd prize to Union Capital limited under category of financial service sector, 3rdprize to Prime Insurance Company Ltd under category of Insurance sector, 1st prize to Investment Corporation of Bangladesh under category of public sector entities and 1st prize to Union Capital Ltd under category of corporate government disclosure although, the winning companies name were published in the souvenir. For the first time in 15 years ICAB had to do it or judgmental evaluation. Thanks to council for allowing me to decide and lastly appreciating it.

Award Giving Ceremony 2015 for Brilliant Children of ICAB Members & Employees

Award giving ceremony for brilliant children of the members and employees was organized in a

gorgeous manner under the gamut of the Members Services and Welfare Committee (MSWC) of the Council ICAB on 12 December 2015 at ICAB Auditorium. A total of 18 meritorious children of ICAB Members and Employees have been awarded for their brilliant results in JSC, SSC, HSC, O-Level and A-Level Examinations 2015. Mr. Nazrul Islam Khan, immediately Rtd. Hon’ble Secretary, Ministry of Education, GoB graced the occasion as the Special guest, where Planning Minster did not turn up despite his prior commitment.

43rdAnnual General Meeting of ICABThe office bearers of ICAB for 2016 have been elected by the members of the Council –ICAB in its meeting held shortly before the 43rdAnnual General Meeting.It was chaired by me on 26 December 2015.

The New Council 2016-18, elected Mr. Kamrul Abedin FCAas 2016 President and Mr. Adeeb Hossain Khan FCA, Mr. Md Shaifur Rahman Mazumder FCA and Mr. Mahmudul Hasan Khusru FCA as Vice Presidents. Congratulation!

We expect the new office bearers will work more prudently and efficiently for development of CA profession bechmarking on my year 2015 as President. They will have better opportunity to have more cooperation from you, dear members.

In the AGM members had a lively question-answer session amidst floor discussion. I had replied to various questions raised e from the floor.

36th Annual General Meeting of DRC

The 36th Annual General Meeting of Dhaka Regional Committee (DRC), ICAB was held on 22 December 2015. The meeting elected Mr. Md. Al Amin Siddiki FCA and Mr. Md.

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December 2015 No. 314

Sarwar Hossen FCA as Chairman and Secretary respectively for the year 2016, Congratulations!

They will take the office on 1 January 2016. My special thanks go for the existing DRC for their best willingness to hand over the office before the end of the year 2015.

ICAB Members’ Night 2015

ICAB Members’ Night 2015 was organised at Hotel PanPacific Sonargaon, Dhaka on 28 December 2015. President 2016, Council Members, Past Presidents, Members and their spouses participated in the Night. It was adorned with colored banners, festoons and colorful lights. There was stage performance by a number of celebrities which had given entertaining pleasure to the Members and their relatives. The members have made the Night a memorable one with huge participation in stage program & the dinner. The number of participants surpassed all past records.

BICM Meetings

As ICAB Representative, I participated in 8th Annual General Meeting (AGM) of Bangladesh Institute of Capital Market held at Hotel Pan Pacific Sonargaon, Dhaka on 29 December 2015. Prior to joining in AGM, the 41st BoardMeeting ofBICM was attended by me on the same venue and day. Earlier, on 7 December the 40th BoardMeeting was also attended by me at BICM Conference Room. BICM documentary also took a snapshot interview of me in the ICAB president’s office.

We Mourn

Mohammed Akhtar Kamal FCA (Enrollment No. 102) passed away on 22 December 2015 due to old age complications. He was a Senior

Partner of Ahmad & Akhtar, Chartered Accountants. Mr. Kamal was also a Fellow Member of the Chartered Institute of Management Accountants, England.

On behalf of the Council we expressed our deep sorrow and have prayed for the salvation of the departed soul. May Allah give the bereaved family the strength and courage to bear the irreparable loss.

Bank Account of MSW Trust

A cheque of Tk. 1 crore was funded to the new bank account of MSW Trust of ICAB mentioning with Dutch Bangla Bank, Kawran Bazar Branch. This is the seed money in the MSW Trust of ICAB members as approved by the Council-ICAB. The condition to pay the cheque was that before registration of Trust, no transaction will take place. Also it is an Endowment Fund.

Meetings of Council and Standing & Non-standing Committees

The following meetings of the Council, Standing and Non-standing Committees of ICAB were held during the month of December 2015:

Standing Committees:

- 24th Council Meeting was held on 03 December 2015 at 5:00 pm.

- 6thTechnical & Research Committee (TRC) was held on 13 December 2015 at 5:30 pm.

- 25th Council Meeting was held on 15 December 2015 at 5:00 pm.

- 10thInvestigation & Disciplinary Committee (IDC) was held on 19 December 2015 at 10:30 am.

- 11th Executive Committee (EC) was held on 23 December 2015 at 5:00 pm.

- 26th Council Meeting was held on 23 December 2015 at 5:00 pm.

- 7th Articled Students Committee (ASC) was held on 27 December 2015 at 5:00 pm.

- 27th Council Meeting was held on 26 December 2015 at 12:00 Noon.

- 12th Executive Committee (EC) was held on 30 December 2015 at 2:00 am.

Non-standing Committees:

- 6th Taxation and Corporate Laws Committee (TCLC) meeting was held on 01 December 2015 at 5:00 pm.

- 6thInformation & Communication Technology Committee (ICTC) was held on 05 December 2015 at 5:00 pm.

- 5thMembers Services & Welfare Committee (MSWC) was held on 8 December 2015 at 5:00 pm.

- 7thEditorial Board (EB) was held on 14 December 2015 at 5:00 pm.

- 6thMembers Services & Welfare Committee (MSWC) was held on 22 December 2015 at 4:00 pm.

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With gratitude & best regards!

Masih Malik Chowdhury FCAPresident

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December 2015No. 314

bul Maal Abdul Muhith, MP, hon’ble Minister for Finance, GoB and Tofail Ahmed, MP, hon’ble Minister for Commerce, GoB on Thursday, 10

December 2015 unveiled the plaque of the Bangladesh Financial Reporting Standards 2015 (Volume-I & II) books at ICAB Nation Award giving ceremony. ICAB President Masih Malik Chowdhury FCA, Vice President (Technical & Research) and Chairman Technical & Research Committee Kamrul Islam FCA, Member Council & Past President Abbas Uddin Khan FCA, ICAB Secretary AKM Rahmat Ullah FCA and ICAB Technical Director Mahbub Ahmed Siddique FCA also seen on the dais.

Mohammed Akhtar Kamal FCA, FCMA (Enrollment No. 102) died on 22 December 2015 due to old age complications. Mohammed Akhtar Kamal FCA, was a Senior Partner of Ahmad & Akhtar, Chartered Accountants. A Bachelor of Commerce from the University of Dhaka Mr. Kamal also obtained Management Accountancy degree from Chartered Institute of Management Accountants, England in 1975.

He worked in Senior Management positions of various government entities and Sector Corporations like Chairman of Chittagong Port Authority, Member (Finance) of Civil

Aviation Authority and Chittagong Port Authority, Director (Finance) of Bangladesh Chemical Industries Corporation and Director General of Department of Shipping, Government of Bangladesh.

Lately, he worked in Ahmad & Akhtar, Chartered Accountants for about a decade as Senior Partner.

On behalf of the Council, President of ICAB Masih Malik Chowdhuy FCA expressed deep sorrow at the sad demise of Mr. Kamal and prayed for the salvation of his departed soul. May Allah give the bereaved family the courage to bear the irreparable loss.

We Mourn

The Institute has organized award giving ceremony for brilliant children of the members and employees in a gorgeous manner under the folder of the Members Services and Welfare Committee (MSWC) of the Council ICAB on 12 December 2015 at ICAB Auditorium, CA Bhaban, Dhaka.

A total of 18 meritorious children of ICAB members and employees got the award for their brilliant results in JSC, SSC, HSC, O-Level and A-Level Examinations 2015.

The criteria for the Award for 2015 as decided by MSWC Committee as follows:

Examination Minimum GPA/

Grade Requirement

JSC-2014 GPA 5.00

SSC & HSC 2015 GPA 5.00

“O” Level January and June 2015 6 As

“A” Level January and June 2015 3 As

Nazrul Islam Khan, Immediate Rtd. Hon’ble Secretary, Ministry of Education, GoB graced the occasion as the Special guest.

In his welcome speech, ICAB President Masih Malik Chowdhury FCA said the winners of this award are definitely hard working & meritorious. They would be able to face any challenge in life to attain further success, he hoped. Besides, scratching good results in examinations, you need to be good & honest in personal and social life, he suggested. Citing successes of ICAB members in career, he said they are the pioneers who may show the path to success in your life.

Award Giving Ceremony 2015 for Brilliant Children of ICAB Members & Employees

Plaque of BFRSs Books Unveiled

A

Mohammed Akhtar Kamal FCA

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December 2015 No. 314

Anwaruddin Chowdhury, Member Council and Past President ICAB and Director CAPA Board, participated in the Confederation of Asian and Pacific Accountants (CAPA) Assembly of Delegates (AOD), CAPA Board and Directors meetings, and PSFM Committee meeting held on 26-27 October and in the 19th CAPA Conference on the theme "Asian Accountants - Leading the Way, Inspiring the Future" on 28-29 October 2015. Both the CAPA Meetings and the Conference were hosted by the KICPA in Coex Intercontinental hotel and Coex Convention Centre respectively, in Seoul, Korea

The PSFM Committee Meeting, held on 26 October, discussed the strategic activities, including its Action List, Update on Financial Reforms for Economic Development (FRED) 2, completion of its proposed project and publication titled "Attracting and Retaining Finance Personnel in the Public Sector". The CE, Brian Blood, briefed the Committee on Outcomes of ADB Regional Workshop on Public Sector Accounting in Kuala Lumpur and PASAI Congress held in Vanuatu; IFAC Strategies around public sector related matters, including Accountability. Now; and update on WB sponsored FRED 2. The Committee confirmed holding its next outreach meeting and Stakeholders Roundtable in Dhaka in 1st week of February 2016.

As ICAB representative, Anwaruddin briefed the PSFMC on the progressive status of public sector accounting and auditing, particularly as regards implementation of IPSAS (and IFRS) and ISSAIs (and ISAs) by the OCAG and public sector institutions, entities in Bangladesh.

He emphasized the supportive role of the WB in strengthening public sector reporting and auditing. He emphasized on IPSAS Workshop and ICAB MOU with CPA Ireland for CPA Certification in IPSAS FR; and Presentation of ‘Concept Note on Financial Reporting Framework for Public Sector Entities.

CAPA Directors Meeting, held in two sessions on 26-27 October, dealt on a d m i n i s t r a t i v e , governance matters and reflecting on the Board meeting. Outgoing and Incoming Director Meetings were held, and a new Deputy President, Mr Manoj Fadnis, President ICAI, was elected for a two-year term. The TORs for PAODC and PSFMC were revised and approved.

The 31st CAPA Board Meeting, was held on 27 October, chaired by the President and ably supported by the Chief Executive. It was participated by all the Board Directors and some Technical Advisers, other non-Board

members like CMA bodies, PICPA Philippines, Fiji, PNG, Mongolia, Russia (Samara) and PAOs from other jurisdictions. It was also attended by affiliate members from the ICAEW, ACCA and CIPFA,

(UK) and IPA Australia. There were two important Presentations by IFAC President, Olivia Kirtley on IFAC's activities and plans, including Role of CAPA and other regional organisations; and by President DIPAC, which was recently accepted by CAPA to represent the two French PAOs, CNCC and CSOEC.

Anwaruddin briefed the Board, on ICAB updates - including ICAB Meeting with WB on ROSC Reports; Members' Discussion on FRA 2015;

ICAB's Participation in World Standard Setters Meeting; and ICAB meetings

with ICAEW on mutual collaboration and strengthening of relationships. He also briefed on the recent ICAB CPD Conferences.

Assembly of Delegates (AOD) - The AOD witnessed Sujeewa Mudalige of CA SL passing over the helm to new President Ms Jackie Poirier from CPA Canada. There were 23 full member PAOs present from among 33 CAPA member PAOS.

The 23 eligible voter PAOs elected the 9 Directors from among 14 eligible candidates as follows: Australia (CPA Australia); Bangladesh (ICAB); Canada (CPA-deemed elected ); China (CICPA); India (ICAI); Japan (JICPA); Korea (KICPA); New Zealand (CAANZ); Sri Lanka (CASL); and USA.

ICAB Participates in CAPA Seoul Meetings and KICPA Conference

Anwaruddin Chowdhury seen with PSFM Committee members

Anwaruddin Chowdhury seen with CAPA Board Directors

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December 2015No. 314

The 19th CAPA Conference, organised by Institute of Certified Public Accountants of Korea (KICPA), on the theme "Asian Accountants- Leading the way, Inspiring the future", was reportedly a huge success with 1400 participants from 24 jurisdictions. The Conference attracted strong support from the Korean government, including the Governor of Financial Supervisory Service. The Prime Minister of Korea delivered a video message to congratulate KICPA and demonstrate his support for the Conference.

There were 3 Plenary sessions on: "Professional Accountants in Asia in 2030"- A look into the future and what it means for the profession?; "Basic Building Blocks"- Are Asian businesses built on solid foundations; and "Confidence in Financial Reporting"- Are the public and investors receiving the right information". Supporting the 3 Plenary, there were 12 Concurrent sessions.

ICAB President, New President 2016, Council Members, Past Presidents, Members and their spouses participated in ICAB Members’ Night 2015 organised at Hotel Panpacific Sonargaon, Dhaka on 28 December 2015. This year the Night was adorned with colorful banners, festoons, colorful lights with stage performance by a number of celebrities. The Members & spouses and relatives have enjoyed the Night with huge participation in stage program. ICAB presented token gifts to the Council Members, to make the day a memorable one.

ICAB Members’ Night 2015

Anwaruddin Chowdhury seen at CAPA Board Meeting with President IFAC Olivia Kirtley and President CAPA Jackie Poirier

24th Council Meeting

ICAB President Masih Malik Chowdhury FCA presiding over the 24th Council Meeting of ICAB at its Council Hall on 3 December 2015. As part of regular activities of the Institute, the Meeting discussed various professional issues.

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December 2015 No. 314

ICAB Academic Campus NewsThe Pre-Examination Classes for Professional Stage-Knowledge Level (13th Batch, Sections: A-L) have started from Sunday, 06 December 2015 for Examination Session: May-June 2016. The session will be continued up to 27 February 2016. There are 721 students enrolled and 150 teachers engaged for the Class Session of December 2015-February 2016.

As a result, the cumulative number of participated students of ICAB under new curriculum has come to 10,197 till December 29, 2015.

The Special Classes for the Students of Professional Stage-Knowledge Level for Examination Session: May-June 2016, who were engaged in Union Parishad Audit Works and staying outside Dhaka, or missed the schedule of classes due to unavoidable circumstances, will start from Tuesday, 01 March 2016. The

students will have to be required to enroll/register their names on or before 15 February 2016, for joining the session at ICAB New Academic Campus.

On the other hand, at new session for the students of Professional Stage- Application Level (12th Batch) & Advanced Stage (11th Batch) will commenced from Tuesday, 01 March 2016 at Campus. A Notice has already been issued in this regard and all for concerned students are advised to enroll the classes by 24 February 2016, and to join the classes accordingly at Campus.

Meanwhile, the inauguration ceremony of ICAB New Academic Campus was held on Monday, 28 December 2015 at 5:00pm at 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215. The Chairman of University Grants Commission (UGC), Professor Abdul Mannan, was the Chief

Guest and inaugurated the occasion. Teachers, students, guests, office bearers, councillors and officials of ICAB, were participated in the programme. The New Academic Campus is situated on the ground of 27,000 sft in three storied building. There are 12 (twelve) class rooms, 7 (seven) car parking space, teachers' room, officials room, prayer & common rooms for teachers & students and canteen lodged at campus.

The Programme and Session have been organised by the Additional Director & a Team at ICAB Academic Campus under the supervision of the Vice President (Education & Training)-ICAB, A F Nesaruddin FCA with the consent and guidance of President- ICAB, Mr. Masih Malik Chowdhury FCA, the Chairman of Board of Studies-ICAB, ABM Azizuddin FCA and Co-chairman Md Abdus Salam FCA.

Resource Persons: ICAB Academic Campus (Session: December 2015-February 2016)Name of Resource Persons(Sections- A-L of PS-KL-13th Batch)

Mr Mohammed Tofazzul Hussain FCAMr Abdullah-Al-Mamun FCAMr Kamruzzaman FCA Mr Kutub Uddin Ahmad FCA Mr Nirmol Chandra Sarker FCA Mr Anup Kumar Mukherjee FCA Mr Mahbub Alam FCA Mr Uttam Kumar Saha FCA Mr Md Mahamud Hosain FCAMr Jone Kumer Gupta ACA Mr Md Amirul Islam FCAMr Abdullah-Al-Mahmud FCAMr Md Raghib Ahsan FCAMr Gopal Chandra Ghosh FCAMr Muhammed Moshiur Rahman FCAMr Faker Ahmed FCAMr Md Ziaul Alam ACAMr Mohammad Showket Akber FCAMr Masud Khan FCA-India (GT)Mr Muhammed Forkan Uddin FCA Mr Zakir Hossain FCA Mr Md Din Islam Miah FCA

Mr Yasin Miah FCA Mr Mohammad Abdul MatinMr Mohammed Sabir Ahmed FCAMr Mohammed Zakaria FCAMr Mohammad Redwanur Rahman FCA Mr Md Abu Bakar FCAMr Masud Parvez FCAMr Mohammad Salahuddin Chowdhury FCAMr Shankar Chandra Karmaker FCAMr Sujan Kumar Saha ACAMr Mohammad Abdul Ohab Miah FCAMr Md Jasim Uddin FCAMr Imtiaz Lutful Baset FCAMr Md Selim Reza FCAMr Palash MollickMr Md Mahsudur Rahman FCAMr Md Fokrul Islam FCAMr Shib Pada Dey FCA Mr Shekhar Kumar Halder FCAMr Shaheduzzaman Choudhury FCAMr Shahriar Istiaq Halim FCAMr Sayeed Ahmed FCAMr Mahmudul Hasan Khusru FCA Mr Md Mohiuddin Ahmed FCAMr Md Golam Kibria FCA

Mr Abdullah Al Yousuf (GT)Mr Shamim-Al-Mamun FCAMr Md Ebadat Hossain Bhuiyan FCAMr Ajit Kumar Paul FCA (GT)Mr Muhammad Aminul Hoque FCAMr Sk. Md Tarikul Islam ACAMr Bibhuti Bushan Biswas FCAMr Sandip Halder FCAMr Md Lutfar Rahman ACA Mr Md Nasir Uddin ACAMr Ranjan Kumar Bhowmik FCMA (GT)Mr Rakesh Saha FCAMr Wahid Murad FCAMr Tanvir Hasan ACAMr Nazmul Hussain Siddique ACAMr Shah Md Mohin Uddin ACAMr S M Ashfaqur Rahman ACAMr Md Saiful Hasan ACAMr Anup Kumar Sarker ACAMr Mohammad Aslam FCAMr K M Atiqul Islam ACAMr Masud Bin Majid FCAMr Md Noor-Ul-Alam ACAMr Md Jehad Uddin (GT)Mr Shadhan Chandra Das FCA

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December 2015No. 314

Announcement(Classes of Next Session)

The New Session (March-May 2016) for the Students of Professional Stage (Knowledge & Applications Levels) and Advanced Satage will start from Tuesday, 01 March 2016 at ICAB New Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215. A Notice has already been issued in this matter, and all the concerned students are advised to enroll for the classes by 24 February 2016, and join the session accordingly.

Source: ICAB Campus

Dr Jakerul Abedin (GT)Mr Md Abdullah-Al-Amin ACAMr MAKH Hasif Sowdagar FCAMr Md Amran Hossan ACAMr Md Humayan Kabir FCAMr Md Abdul Ahad ACAMr Chitta Ranjan Halder FCAMs Tasnuva Ahmed ACAMr Mahmudur Rahman ACAMr Ruhul Amin ACA Mr Zafar Ullah Khan FCAMr Mahbub Alam ACAMr Muhammad Shariful Islam Shiplu FCA Mr G M Latiful Quader FCA Mr Mohammed Ariful Hoque FCAMr Mohammad Shibbir Hossain FCA Mr Md Shihabur Reza ACAMr Sajib Sarkar ACA Mr Parymal Kumer Sarker ACAMr Md Shahariar Ahmed ACA Ms Mashruna Alam Chowdhury ACAMr Mohammad Monowar Hossain FCA Mr K S Omar Faruk FCA Mr Khairul Basher FCA Mr Snehasish Barua FCAMr Syed Mohammed Kowser Hossain (GT)Mr Md Ruhul Quddus ACAMr Md Al- Amin Siddiki FCA Mr Md Jamal Uddin ACAMr Md Kamruzzaman ACAMr Md Tareq Kamal ACAMr Mohammad Mazharul Haque FCAMr Md Mahbub Hasan ACAMr Sheikh Tareq Zahir FCAMs Farjana Yeasmin ACAMr Md Reajul Islam FCAMr Md Abdus Satter Sarker ACAMs Sharmina Tasneem FCAMr Md Zahurul Islam ACAMr AHM Ariful Islam ACAMr Mohammad Rostam Hosain ACAMr Md Kishlur Rahman FCAMr Obaidur Rahman FCA Mr Muhammad Kamruzzaman ACAMr Md Akber Hossain Khan ACA Mr Md Bani Amin ACAMr Faruq Ibn Hossain ACA Mr Ramdas Howlader FCADr ASM Hossain Tayiab FCAMr Md Razib Hossain ACA Mr Shyamal Krishna Roy FCAMr Rajesh Kumar Yadav FCAMr Mohammad Aminul Islam ACAMr Afratul Kawsar ACAMs Naima Sultana ACAMr Amiya Bhousan Bhowmik FCAMr Sazib Kumar Saha ACAMr Dipok Kumar Roy FCA

Mr Anowar Hossain ACAMr Md Arshadul Kabir ACAMr Shibly Ahmed FCAMr Abu Hena Mustafa Kamal ACAMr Tariquzzaman Khan FCA Mr Md Mohayminul Islam Miltan Bepari FCAMr Md Anisur RahmanMr Muhammad Abu Hanif Meah ACAMr Shafiq Musharrof FCAMr Md Abdur Rouf FCAMr Arif Hossain ACAMr Mohammad Mohasin Khan ACAMr Amanat Ahmed ACAMr S M Rahmatul Mujeeb FCAMr Md Fuad Uddin Khan FCAMr Md Ali Akther Rezvi FCAMr Md Shariful Islam ACAMr Badal Chandra Rajbangshi FCAMr Mohammad Fakhrul Alam Patwary ACAMr Asfaq-e-Azam

Visiting Faculties(for Ongoing Session)

Name of Visiting FacultiesMr. Masih Malik Chowdhury FCAMr. A F Nesaruddin FCAMr. ABM Azizuddin FCAMr. Anwaruddin Chowdhury FCAMr. Md Syful Islam FCAMr. Md Abdus Salam FCA

Mr. Gopal Chandra Ghosh FCAMr. Abdul Khalek FCAMr. Md Amirul Islam FCAMr. Sabbir Ahmed FCA (E-770) Mr. Mohammad Mehdi Hasan FCA Mr. Ajit Kumar Paul FCADr. Jakerul Abedin Mr. Md Jehad UddinMr. Syed Mohammed Kowser HossainMr. Sheikh Noor Mohammad Mr Abdullah- Al Yousuf Mr. A H Mostafa Kamal Khan

ICAB New Academic Campus Inaugurated

Chairman of University Grants Commission (UGC) Professor Abdul Mannan was inaugurating the ICAB New Academic Campus by untying red ribbon on 28 December 2015. ICAB President Masih Malik Chowdhury FCA, Vice President AF Nesaruddin FCA and Council Member & Past President Muhammed Farhad Hussain FCA among others were present. Later Mr. Mannan visited the Campus Complex.

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December 2015 No. 314

The 36th Annual General Meeting of Dhaka Regional Committee (DRC) of the Institute of Chartered Accountants of Bangladesh (ICAB) was held on 22 December 2015 at ICAB Auditorium of the Institute. The meeting approved and adopted Financial Statements of DRC for the year 2014-2015. In the meeting Md. Al Amin Siddiki FCA and Md. Sarwar Hossen FCA were elected as Chairman and Secretary of DRC-ICAB respectively for the year 2016.

Mr. Amin Siddiki enrolled into chartered accountancy in the year 2006 and became an Associate Member in the year 2010 and a Fellow Member in the year 2015. He has been actively engaged in various standing and non-standing committees and academic activities of ICAB for the past five years. He is specialised in financial

management, corporate reporting and assurance process. Currently, he is working as Chief Financial Officer of Prime Finance Investment Properties Limited. He is a believer of accountants’ significant role in promoting transparency and social welfare and is one of the founding members of SPARKLE, an alliance of professional accountants, to achieve this goal.

Md. Sarwar Hossen FCA qualified as a Chartered Accountant from the Institute of Chartered Accountants of Bangladesh (ICAB) in 2008. Mr. Hossen has recently obtained the CMA degree from CIMA-UK. Mr. Hossen, a registered graduate of Dhaka University in BBA and MBA from Accounting Dept. and is also a Fellow Member of ICMAB. At present, he is working as the Group Chief

Financial Officer of Biopharma Limited. He is actively involved with the academic activities of ICAB and also a faculty member of ICAB coaching classes.

Other members of DRC-ICAB are Mohammad Mohiuddin Ahmed FCA, Md. Selim Reza FCA, Md. Ashraful Azim FCA, Muhammad Aminul Hoque FCA, Md. Jasim Uddin FCA, Abdul Mannan FCA and Md. Ali Akther Rezvi FCA.

DRC-ICAB Elects Chairman and Secretary for 2016

Md. Al Amin Siddiki FCA Md. Sarwar Hossen FCA

DRC-ICAB Annual Picnic-2015The members, employees of the Institute of Chartered Accountants of Bangladesh (ICAB) and their spouse and children passed a joyful and cheerful day at Shilpi Kunja Picnic Spot, Chandra, Kaliakair, Gazipur on Friday, 18 Decmber 2015 as the annual picnic of ICAB Dhaka Regional Committee was held there amid full enthusiasm, cultural bonanza and sports activities.

It was a day of pleasure and fun for about hundreds of picnickers. They immensely enjoyed the warmth and beauty of the nature. The children along with their parents were in great delight as they participated in the games and sports arranged at the picnic spot.

Everyone looked absolutely contented and happy while returning back from the picnic. Every year, ICAB Dhaka Regional

Committee arranges the picnic to keep them away from the monotonous routine of daily hustle and bustle of city life.

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December 2015No. 314

Congratulations!Admission as Fellows

The following members have been admitted as Fellows of the Institute with effect from the dates mentioned against their names:Name Effective DateMr. Md. Sirajul Haque FCA (1172) 12 October 2015DGM-Finance & AccountsMeridian Group, Macro Hunts Building (7th floor)42, M.M. Ali Road, Dampara, WASAChittagong

Ms. Khairul Mobasserin FCA (1188) 13 October 2015Sr. Manager (F&A)Abul Khair Ceramic Industries Ltd.13, Dilkusha Com. AreaDhaka-1000

Mr. Md. Forhad Hossain FCA (1178) 13 October 2015Chief Financial OfficerUnion Capital Limited, Noor Tower (5h floor)73, Sonargaon RoadDhaka-1205

Mr. Syed Ahmed FCA (1193) 21 October 2015Sr. Manager, Corporate AccountingAbul Khair Group, DT Road, PahartaliChittagong

Mr. Mohammad Johirul Islam FCA (1191) 28 October 2015General Manager, Financial AccountingEdotco Bangladesh Co. Ltd. Uday Tower (16th floor)57, 57A, Gulshan Avenue, Gulshan-1Dhaka-1212

Mr. Subrata Gupta FCA (1163) 12 November 2015Fakir Moulavi Badee1726, Sheikh Mujib RoadThana-DoublemooringAgrabad, Chittagong

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

Name Effective DateMr. Md. Masudur Rahman FCA (1162) 17 November 2015PartnerK.M. Alam & Co.Chartered Accountants46, Mohakhali C/A (12th floor)Dhaka-1212

Mr. Subrata Gupta FCA (1163) 17 November 2015ProprietorS. Gupta & Co.Chartered AccountantsFakir Maulavi Badee1726, Sheikh Mujib RoadAgrabad, Thana-DoublemooringChittagong

Mr. Sumon Chandra Dey ACA (1371) 17 November 2015PartnerMRH Dey & Co.Chartered AccountantsR.B. Court54, Agrabad Com. AreaChittagong

Mr. Md. Abdus Satter Sarkar ACA (1522) 17 November 2015PartnerMahfel Huq & Co.Chartered AccountantsBGIC Tower (4th floor)34, Topkhana RoadDhaka-1000

New BranchARUN & ANJAN, Chartered Accountants has been permitted to open a New Branch at Dhaka to practice as Public Accountant. Details are as follows:

Name and Address Effective DateMr. Arun Kumer Kundu ACA (1217) 17 November 2015Partner & Branch In-chargeARUN & ANJANChartered AccountantsHouse # 558 (4th floor)Kazipara, Kafrul, MirpurDhaka-1216

Ahmed Zaker & Co., Chartered Accountants has been permitted to open a New Branch at Chittagong to practice as Public Accountant. Details are as follows:

Name and Address Effective DateMr. Arup Chowdhury FCA (893) 17 November 2015Partner & Branch In-chargeAhmed Zaker & Co.,Chartered Accountants522, Sk. Mujib RoadAgrabadChittagong

ICAB President in BICM AGM As ICAB Representative, President Masih Malik Chowdhury

FCA participated in 8th Annual General Meeting (AGM) of

Bangladesh Institute of Capital Market held at Hotel Pan

Paci�c Sonargaon, Dhaka on 29 December 2015. Prior

joining in AGM, he attended the 41st Board Meeting of the

Institute on same venue and same day. Earlier, on 7

December he also attended 40th Board Meeting at BICM

Conference Room.

Source: ICAB Secretariat

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December 2015 No. 314

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

Chittagong Regional Committee: Chairman Mr. Mohammad Saif Uddin FCA, HBFC Building (3rd Floor), 1/D Agrabad Commercial Area, Chittagong, Bangladesh, Tel: +880-31-724674, Fax: 880-31-2523579, E-mail: icabctg@yahoo.comUK Chapter: Chairman Mr. AKM Fazlur Rahman FCA, 77, Valleyfield Road, Streatham, London SW 16 2HX UK, Tel: +44 20 86822905, Fax: +44 2087676097, E-mail: frahman101@aol.comNorth American Chapter: Chairman Mr. AKM Asaduzzaman FCA, 54 Pharmacy Avenue, Scarborough, ON M1L 3E5, Canada, Tel: +41 64395557, E-mail: awahid@ncn.ca

Chittagong Regional Committee (CRC) of ICAB organised a CPD Seminar on BAS 16: Property Plant and Equipment-A Practical Approach on 19 December 2015 at the Conference Hall of ICAB-Chittagong Regional Office, Chittagong.

Professor Dr. Jahangir Alam, Dean, Faculty of Business Administration, University of Chittagong was present as Chief Guest. Md. Salim Uddin FCA, FCMA, Professor, Department of Accounting & Information Systems, University of Chittagong was the Session Chairman. Md. Shaifur Rahman Mazumdar FCA, FCMA, Past Chairman, ICAB-CRC and Managing Director, Meenhar Securities Limited presented the keynote paper in the programme.

CRC-ICAB Organized CPD Seminar on BAS 16: Property Plant and Equipment-A Practical Approach

43rd AGM of ICAB held at CA Bhaban

he 43rd Annual General Meeting (AGM) of the Institute of Chartered Accountants of Bangladesh (ICAB)

was held on 26 December 2015 at the ICAB Auditorium, Dhaka under the Chairmanship of Masih Malik Chowdhury FCA, President-ICAB of 2015.

At the outset of the meeting, members paid tributes to the departed soul of Jamal Uddin Ahmad FCA (Enrollment No. 19), Khaled Nurul Kabir FCA (Enrollment No. 476), Mohammed Abul Fazal FCA (Enrollment No. 67), Syed Fazle Ali FCA (Enrollment No. 36), Aftabuddin Ahmed FCA (Enrollment No. 21), Mohamed Abdul Baree FCA (Enrollment No. 482), Rezaur Rahman FCA (Enrollment No.11), Mohamed Asaddar Ali FCA (Enrollment No. 88),

Joachim Andrew Gomes FCA (Enrollment No. 04), Ata Uddin Khan FCA (Enrollment No. 12) and Md. Abdul Ali Bhuiyan FCA (Enrollment No. 641).

The minutes of the 42nd AGM held on 28 December 2014 were confirmed and the Annual Report of the Council and Financial Statements of the Institute for 2014-2015 were adopted after necessary perusal and discussions.

The outgoing President Masih Malik Chowdhury FCA introduced the newly elected ICAB office bearers for the year 2016 who are Kamrul Abedin FCA, President and Adeeb Hossain Khan FCA, Md Shaifur Rahman Mazumder FCA and Mahmudul Hasan Khusru FCA, Vice Presidents of 2016.

In his speech, the outgoing President Masih Malik Chowdhury FCA thanked the Members, the senior management and employees of the Institute and expressed his gratitude for extending and giving him valuable cooperation, suggestions and guidelines while discharging his responsibility as President.

The newly elected President Kamrul Abedin FCA thanked all the honourable Councilors and Members of the Institute for electing him as President-ICAB for 2016. He shared his visionary thoughts and guidelines for the activities to be under taken in 2016. He sought cooperation from all to enable him to discharge his responsibilities and uphold the image of the Institute and the profession.

ICAB President Masih Malik Chowdhury FCA speaking at 43rd Annual General Meeting 2015 held at ICAB Auditorium on 26 December 2015

T