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Proposed financial reporting act sparks debate

ICAB honours Transcom Group Chairman Latifur Rahman at its members1 conference

Star Business Desk
The enactment of the Financial Reporting Act and the setting up of the Financial Reporting Council will be irrational now, said Md Syful Islam, president of the Institute of Chartered Accountants of Bangladesh (ICAB).
He said the act will increase the cost of doing business and fail to achieve the ultimate objectives of financial transparency, accountability and efficiency.
He spoke at the members' conference of the ICAB on "entrepreneurship and ethics of business" at the ICAB auditorium at CA Bhaban in Dhaka on Monday.
The event's chief guest, Law Minister barrister Shafique Ahmed said the government is determined to root out the unholy practices that a section of traders are adopting.
"The businessmen who make excessive profit by taking unusual means will be punished", he said.
He also said nothing would be included in the proposed act that contradicts the existing chartered accountants laws.
Terming the role of the chartered accountants important, the minister urged them to perform their tasks with integrity; honesty and sincerity.
On the act, Mahbubur Rahman, president of the International Chamber of Commerce-Bangladesh (ICCB), said: "I understand that the Financial Reporting Act 2010 is almost at the final stage. This act is of utmost importance for businesses to ensure
transparency in audits and accounts."
"A Financial Reporting Council will be formed after the act is passed. I would strongly urge the ICAB to extend all support to the council so that it becomes an effective financial regulatory body."
ICAB President Islam said ethics have an enormous role to play in business as they give a guideline as to which business practices are socially and morally acceptable and which are not.
In cases, where there are no laid-down rules on the right and wrong ways of doing business, ethics fill the gap and give the much-needed direction, he said.
It is through awareness of ethics that
entrepreneurs abstain from engaging in business practices that lead to the violation of human rights or bring about gain at the unfair cost of the public interest, he said.
Islam also congratulated Latifur Rahman, chairman and chief executive officer of Transcom Group of Companies, who recently received the internationally acclaimed Oslo Business for Peace Award 2012.
"We appreciate his reverence for the accounting professionals; there are 20 members of qualified chartered accountants and as many as 100 partly qualified CA professionals, besides 10,000 employees, in his corporate management."
"His smart handling of corporate governance is the proof of accountability, transparency, efficiency and effectiveness through every corner of business," Islam said.
On ethics, Rahman of the ICCB said: "In today's free market global economy, it is necessary for our entrepreneurs to maintain certain ethical business norms to be in line with the international businesses."
About the Oslo peace award, he said the award is an honour for the Bangladeshi businesses as a whole. This is the highest distinction given to a businessperson for outstanding accomplishments in the area of ethical business, Rahman said.
"So we can see that following internationally accepted business ethics will not only bring recognition to our businesses but also help them in executing international business transactions."
There are companies in Bangladesh who are doing good and have been proved to be at par with global standards, said Latifur Rahman of Transcom. "But we have to hold our position in the long run."
For that, good financial reports contribute a lot, he said. In this respect, he urged the authorities concerned to give due attention to the opinions of the ICAB.
The law minister handed a crest to Latifur Rahman on behalf of the ICAB for winning the award.
Md Humayun Kabir, a former president of the ICAB, presented the conference paper, while AKM RafiquI Islam, another former president of the institute, was present.