Bangladesh aligning accounting framework with global standards

Bangladesh has been making significant strides in aligning its accounting framework with international standards, which is making it easier for investors to understand and engage with public authorities.

Experts made the comment at a webinar jointly organised by the Institute of Chartered Accountants of Bangladesh (ICAB) and the Financial Reporting Council (FRC) on Sunday.

FRC Bangladesh recently developed guidance and framework for various public enterprises (PEs) and statutory public authorities (SPAs), including local authorities.

"All public enterprise should follow level 1, accrual basis IPSAS," said Md Moniruzzaman, president of the ICAB, adding that larger bodies such as SPAs should follow accrual basis IPSAS. "Medium or small entities should follow relevant standards depending on revenue or gross receipts as applicable."

Mohammad Muslim Chowdhury, former comptroller and auditor general of Bangladesh, joined the webinar as chief guest.

Prof Md Hamid Ullah Bhuiyan, chairman of FRC, Nasir Uddin Ahmed, council member of the ICAB, M Anwarul Karim, executive director of standard setting division at FRC, and Shubhashish Bose, chief executive officer, were present.