FE Report
Speakers have underscored the need for extensive discussion on Bangladesh Financial Reporting Standards (BFRS 9) to be effective from 2018 to understand the key differences with the current BFRS.
They came up with the remarks Thursday at the Institute of Chartered Accountants of Bangladesh (ICAB) members' conference on 'BFRS 9: Financial Instruments-An Overview and Key Changes from Current Standard and Requirements' held in the city.
Ferdous Ahmed Khan, Partner of OCTOKHAN Chartered Accountants, moderated the conference as the session chairman with Secretary of Bank and Financial Institutions Division Yunusur Rahman as the chief guest, while ICAB president Kamrul Abedin welcomed the conference.
Muhammad Mehedi Hasan, Partner of Rahman Rahman Huq Chartered Accountants, presented the keynote paper.
Mr Rahman said the chartered accountants can contribute to the prevention of illegal transactions and tax evasion, while the central bank and other government departments should use the accountancy profession through disclosure of financial instruments for the development of the nation.
"The Ministry of Finance and Bangladesh Bank (BB) have always remained alert to issue necessary guidelines by developing and amending the International Financial Reporting Standards (IFRS) and related laws and regulations", he said.
He also noted that the central bank has issued several directives regarding the financial instruments ensuring appropriate presentation, measurement and disclosure.
However, he mentioned the gap between the BB directives and the standards adopted by the ICAB but all stakeholders, including the BB, banks and other financial institutions will have a standard, which will reduce the arbitrations among them.
Addressing the chartered accountants, Ferdous Ahmed Khan said the discussion on financial reporting standard is a complex issue so that the relevant stakeholders should discuss it intensely to adopt it in due time.
Speaking on the occasion, ICAB President Kamrul Abedin said the Bangladesh Financial Reporting Standard or BFRS 9 is one of the important financial reporting standards, especially for its significance for banks and other financial institutions.
The BFRS 9 will come into an effect from 2018 replacing the earlier Bangladesh Financial Reporting Standards (BFRS) or Bangladesh Accounting Standards (BAS 39) — both are termed as BFRS, for financial instruments, he added.
    ahb_mcj2009@yahoo.com [Read More]

—–
Source: The Financial Express