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Govt moves to assess state enterprises

Gazi Towhid Ahmed
The government issued a circular last week to 'evaluate' and 'revaluate' asset and liabilities of state owned enterprises (SoEs) to offload their shares in the stockmarket.
The state enterprises that will apply for direct listing or initial public offerings with financial reports on asset and liabilities cannot be more than a year old from the date the companies submit their financial reports, according to guidelines.
The Securities and Exchange Commission (SEC) will make a list of valuation firms in line with the securities rules to evaluate asset and liabilities of the state firms.
The guidelines that came out with the circular will help measure the actual financial strength of the state firms and set the sizes and prices of their shares, said an official of the finance ministry.
The guidelines were prepared following the norms of Bangladesh Accounting Standards (BAS) and Bangladesh Financial Reporting Standards (BFRS) as those comply with international standards of revaluation of assets and liabilities of firms, said an SEC official.
The government's steps will help the SoEs to list on the bourses and to create a positive impact on the market, he added.
Asset and liabilities into the balance sheet of SoEs would be evaluated by valuation firms following the rules and regulations of BAS and BFRS.
The valuation firms will have to consider fixed assets and current assets to
evaluate assets of a firm, while current liabilities and long-term liabilities will be considered to evaluate liabilities.
As per the guidelines, land, plant and machinery, building, intangible asset, long-term investment, inter-company balance and fixed assets such as vehicles, computer, power generating equipment and office equipment will be considered as fixed assets.
On the basis of market criteria, intangible assets will be valued based on industry-wise acceptable best practices, for example, mobile phone company and airlines for route and network.
Trade and other payables and government liabilities will be considered as current liabilities of state enterprises. Trade and other payables should be verified by valuation companies, while government liabilities should be separated from deposit against share, said the guidelines.
Tax liabilities, gratuity, pension fund and contingent liabilities will be considered as long-term liabilities.
Any defaulting audit firm which faced punishment for any wrongdoings will not be considered as an evaluation firm. The policy said any audit firm, already appointed by any of the SoEs concerned as auditor or actuary or which performed similar job in the last three years, will be disqualified to be an evaluation firm. In case the managing director or adviser had relations with the audit firm it cannot be appointed as evaluation firm of the concerned enterprise, said the policy.
gazitowhid@thedailystar.net