Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh Number 327

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1 ICAB NEWS BULLETIN Monthly News Briefing from the Institute of Chartered Accountants of Bangladesh Number 327 ICAB Organized SAFA Regional CFO Conference 2017 in Dhaka Hon ble President His Excellency Md. Abdul Hamid inaugurated the conference ICAB organized SAFA Regional CFO Conference ICAB and CIPFA sign MoU to... in Bangladesh ASM Nayeem Appointed as SAFA President President s Communication SAFA Awards Financial Outfits... Disclosure 2015 Permission to Start Practice DU and ICAB sign MoU to allow... AIS students Courtesy Call on Senior Secretary, MoC Meeting with Minister, Housing... Works Ministry Members Achievement CRC-ICAB organized a Seminar... BFRS/IFRS-13 DRC Distributed Blankets among poor A F Nesaruddin in live TV talk show Campus News SAFA Quiz and Elocution Contest 2017 JnU and ICAB sign MoU to allow... AIS students Accountancy Age Report Courtesy Call on BB Governor Meeting with BSEC Chairman Meeting with C&AG Felicitation Adeeb Hossain Khan Takes Over Charge of President ICAB President met Finance Minister SAFA Board Meeting in Dhaka Hon'ble President, People s Republic of Bangladesh His Excellency Md. Abdul Hamid, addressing as Chief Guest in the inaugural session of SAFA Regional CFO Conference 2017 in Dhaka. Iam very impressed to know that a good number of professionals from SAARC countries along with distinguished Chairman of International Accounting Standard Board (IASB) and Chief Executive of International Federation of Accountants (IFAC) have joined this important SAFA Conference. I believe that this conference will surely be enriched by presenting their papers, discussions, deliberations and exchanging and sharing latest knowledge and technology among themselves. His Excellency Md. Abdul Hamid, Hon ble President, People s Republic of Bangladesh said these in his inaugural speech at the SAFA Regional Conference 2017 as the Chief Guest on 28 at the Pan Pacific Sonargaon, Dhaka while A H M Mustafa Kamal, MP, Hon ble Planning Minster, GoB was present as Special Guest. Fayezul Choudhury, Chief Executive Officer, International Federation of Accountants (IFAC) presented the Keynote paper on Navigating Through Digital Transformation Towards Better Accountability in the conference. Hans Hoogervorst, Chairman, International Accounting Standards Board (IASB) and Hedayetullah Al Mamoon, ndc, Senior Secretary, Ministry of Commerce, GoB were present as Guests of Honor. SAFA President ASM Nayeem FCA, ICAB President Adeeb Hossain Khan FCA and SAFA Conference Organising Committee Chairman Muhammed Farhad Hussain FCA also spoke on the occasion. The President said as quoted As you all know that the main challenge of this region is poverty. The members of SAARC countries are fighting against this menace to free their people from the curse of poverty. The governments of this region have taken various initiatives and strategies in this regard to eradicate this burning issue. I believe that concerted efforts are imperative to address this issue both from public and private corner. With the span of time, corporate culture has been emerged as an important driving force to boost and expand economy along with government venture. Huge investment has been made in the economy both from domestic and international sources for attaining sustainable development. As the vanguard of accountancy, I believe, the Chartered ISSN

2 A H M Mustafa Kamal FCA, MP, Planning Minister, GoB addressing as Special Guest. Hedayetullah Al Mamoon, ndc, Senior Secretary, Ministry of Commerce, GoB addressing as Guest of Honor. Accountants of this region have the opportunity to ensure transparency and accountability in financial management and good governance. I hope, SAFA Regional CFO Conference will open a window of opportunity to share and exchange professional knowledge among the Accountants and its bodies. I, once again, extend my sincere thanks and appreciations to the esteemed participants of professional accountants from home and abroad for their collective endeavour. I wish you all a good health, happiness and prosperity in the days to come. With these words, Ladies and Gentlemen, I formally declare the SAFA Regional CFO Conference 2017 Open. The Institute of Chartered Accountants of Bangladesh (ICAB) organized South Asian Federation of Accountants (SAFA) Regional CFO Conference 2017 on the theme of Navigating Through Digital Transformation Towards Better Accountability. ICAB President Adeeb Hossain Khan said that innovation and transformation are two of the key principles that guide society and businesses. Citing example of US General Motors and Hilton Hotels, he said these companies may have their controversies and the valuations may be disputed, but the fact remains that digitalization of these companies is rapidly and irreversibly changing the society and the business. The leadership of this country has correctly given digitalization its due importance in our path of progress, he added. SAFA President ASM Nayeem FCA said that CFO needs to deal with dilemma while there is a conflict of interest situation. But whatever the challenges and difficulties in the digital transformation, the South Asian countries have been experiencing every year an accelerated pace of economic development which creates new opportunities in sustainable manner. Professional accountants, especially CFOs, are expected to play a vital role in the age of digital transformation. Conference Organising Committee Chairman Muhammed Farhad Hussain said that Digital transformation is the profound and accelerating transformation of business activities, processes, competencies and models to fully leverage the changes and opportunities of digital technologies and their impact across the society in a strategic and prioritized way. He added that accountability means the obligation of any individual or organization to account for its activities, accept responsibilities for those and to disclose the results in a transparent manner. Professional accountants, especially CFOs play a leadership role in their respective organizations in this age of digitalization and transformation, he said. Also businesses are continually faced with demands for increasing transparency and accountability. This can lead to conflict of interest situations which finance professionals may face and need to resolve, he further stated. The keynote speaker said the intersection of technology and accountability is vital for the future of not just CFOs, but the businesses or organizations, shareholders and investors and ultimately, the global economy. Fayezul Choudhury, CEO, IFAC presenting the Key-note paper. Hans Hoogervorst, Chairman, IASB delivering speech. 2

3 Adeeb Hossain Khan FCA, President-ICAB addresing the Conference. ASM Nayeem FCA, SAFA President delivering speech. Highlighting three key themes, the keynote speaker Fayezul Choudhury said that the role of the CFO continues to change and evolve, technology helps CFO be more transparent and accountable. Clarifying the Accountability, he said it is vital to building trust, and that trust has been more important in the global economy. He demonstrated the conference paper before the audiences came here across the South Asian region. Referring the McKinsey Global Survey on the role of CFOs, he said, CFOs are finding new demands such as digitizing critical business activities and managing cybercrime, in addition to traditional finance duties. More than half of CFOs reported that their companies risk, regulatory compliance, and M&A transactions and execution report all are depended directly to them, and nearly 40% of CFOs are responsible for information technology. To succeed, business thinking, management and reporting everything are depended on broader information sets and quicker, more sophisticated ways of analyzing the material information for effective decision-making, he stated. SAFA, an Apex Body of SAARC formed in 1984, is a forum of professional accountancy bodies in the SAARC Region for promoting the accounting profession regionally and internationally. Currently it is comprising of Accountancy Bodies in India, Pakistan, Nepal, Bangladesh and Sri Lanka. Bhutan, Maldives & Afghanistan are the observers of SAFA. Its mission is to bring the accounting bodies together at a common platform and facilitate professional cooperation in the areas of education, training, technical and ethical standards in accountancy profession. The full day conference have been designed with beginning of inaugural session and thereafter three (03) technical sessions followed by valedictory session in the evening. M Farhad Hussain FCA, Chairman, Organizing Committee, SAFA Regional CFO Conference 2017 delivering address of welcome. In session one technical paper on Evolving Business Environment: Challenging Role of the CFOs, was presented by Akhter Matin Chaudhury FCA, Chairman & Managing Director, Nuvista Pharma Ltd. In the session, the Panelists were Khalilullah Shaikh FCA, VP, Institute of Chartered Accountants of Pakistan (ICAP), Heshana Kuruppu, Council Member, CA Sri Lanka, Anwaruddin Chowdhury FCA, Council Member and Past President-ICAB, CMA Manas Kumar Thakur, President, Institute of Cost Accountants of India, Zahidul Islam Malita FCA, Finance Director of Unilever Bangladesh Limited and Abdul Kader Joaddar FCA, Chief Financial Officer of MetLife Bangladesh. Partial view of Cultural Programme 3

4 Technical paper on Conflict of Interest Situations: Addressing the Dilemma was presented by Masud Khan, Finance Director of Lafarge Surma Cement in session two. In the session the Panelists were Prof. Lakshman Ravendra Watawala FCA, FCMA, FCMA(UK), CGMA, FCPM, President, CMA Sri Lanka, Adeeb Hossain Khan FCA, President of the Institute of Chartered Accountants of Bangladesh (ICAB), Arif Khan FCMA, President of the Institute of Cost & Management Accountants of Bangladesh (ICMAB), AKM Aftabul Islam FCA, Director, Bangladesh Bank, Gillian Fawcett, Head of Governments Faculty of CIPFA, UK and Abrar A Anwar, CEO of Standard Chartered Bank Bangladesh. Discussion on Emerging Regulatory Regime and panel discussion on Financial Reporting: Country Perspective was held in session three. In the session the Panelists were Lasantha Wickremasinghe, President, CA Sri Lanka, Anisur Ur Rehman, VP, the Institute of Cost and Management Accountants of Pakistan (ICMAP), CA. Debashis Mitra, Central Council Member, The Institute of Chartered Accountants of India (ICAI), Md. Humayun Kabir FCA, Council Member and Past President, ICAB, Representatives from the Institute of Chartered Accountants of Nepal (ICAN), Afghanistan, Bhutan and Maldives. In the evening Valedictory Session teahnical paper on Accelerated Pace of Economic Development in a Digital Age: Opportunities and the Way Forward was presented by Ahmed Raihan Shamsi, FCA, Chief Executive Officer, Accenture Communications Infrastructure Solutions Ltd. In the session the Panelists were Saber Hossain Chowdhury, MP, President, Inter-Parliamentary Union, Ian Ball Chairman, CIPFA International, Masud Ahmed, Comptroller and Auditor General of Bangladesh, CA. Sanjay Agarwal, Central Council Member, the Institute of Chartered Accountants of India (ICAI) and Suraiya Zannath Khan FCA, Lead Financial Management Specialist in the Governance Global Practice of the World Bank. Dr. Mashiur Rahman, Economic Adviser to Prime Minister was present as the Chief Guest in Valedictory Session. Dr. Mashiur Rahman, Economic Adviser to PM addressing in Valedictory Session Saber Hossain Chowdhury, MP, President, Inter-Paliamentary Union addressing in Valedictory Session Paper Presenter at Valedictory Session Paper Presenter at Technical Session-I Paper Presenter at Technical Session-II Panelists at Technical Session-III 4

5 ICAB and CIPFA sign MoU to Strengthen Public Financial Management in Bangladesh The Institute of Chartered Accountants of Bangladesh (ICAB) and the Chartered Institute of Public Finance and Accountancy (CIPFA), UK signed a Memorandum of Understanding (MoU) to help strengthen public financial management in Bangladesh. The Chartered Institute of Public Finance and Accountancy (CIPFA) is one of the leading professional accountancy bodies in the UK and the only one which specialises in the public sector financial management. It is responsible for the education and training of professional accountants and for their regulation through setting and monitoring of professional standards. The MoU outlines the future relationship of cooperation and collaboration between the two institutes which seeks to build confidence and capacity, enhancing governance processes in public sector institutions. The signing ceremony took place at the Hotel Pan Pacific Sonargaon, Dhaka with Ian Ball, CIPFA International Chairman and ICAB President Adeeb Hossain Khan FCA on 28. Gillian Fawcett, CIPFA Head of Governments Faculty and ICAB Vice Presidents Mostafa Kamal FCA, Md. Mahamud Hosain FCA and Council Members M Farhad Hussain FCA, Md. Humayun Kabir FCA, Muhammad Farooq FCA, AF Nesaruddin FCA, Dewan Nurul Islam FCA, Md. Shahadat Hossain FCA, Mahmudul Hasan Khusru FCA, Immediate Past President Kamrul Abedin FCA, Past President Md. Abdus Salam FCA, Secretary AKM Rahmat Ullah FCA and Director(Technical) Mahbub Ahmed Siddique FCA were also present. Adeeb Hossain Khan, President of ICAB, said that An efficient system of public financial management is crucial to a sustainable economy and we are looking forward to sharing expertise and experience with CIPFA in order to better serve our country and improve outcomes for the citizens of Bangladesh. CIPFA Representative said, We are very excited at the opportunity to forge closer ties between CIPFA and ICAB. By working together we hope to support and strengthen good public financial management in Bangladesh. Through this closer collaboration, CIPFA will offer advice and advocacy to ensure that the public sector in Bangladesh is contributing to the economic development of the country. ASM Nayeem Appointed as SAFA President ASM Nayeem FCA has been appointed as the President of South Asian Federation of Accountants (SAFA) for the year 2017 w.e.f. 1st. He was the Vice-President of SAFA in SAFA, an Apex Body of SAARC formed in 1984, is a forum of professional accountancy bodies in the SAARC Region. The Institute of Chartered Accountants of India (ICAI) hosts SAFA Permanent Secretariat in New Delhi. Mr. Nayeem is the Past President of the Institute of Chartered Accountants of Bangladesh (ICAB) and also a Council Member of the Institute since Presently, he is a Partner of ACNABIN Chartered Accountants (an Independent member firm of Baker Tilly International). Mr. Nayeem is a Board Director of a number of private and joint venture companies in Bangladesh. He is a former Director of Chittagong Stock Exchange Ltd., Republic Insurance Company Ltd., Sonali Bank Ltd. and Agrani Bank Ltd. He is also a former Chairman of Bangladesh Shipping Agents Association and Port Users Forum of Bangladesh. Besides, Suvod Kumar Karn FCA, Past President of The Institute of Chartered Accountants of Nepal (ICAN) has been appointed as Vice-President of SAFA for the year ASM Nayeem FCA Mahbub Ahmed Siddique FCA, Director (Technical) of ICAB, has been appointed as the Executive Secretary of SAFA for the year

6 President s Communication Dear Fellow Members, Assalamu Alaikum and greetings to you all, A good beginning is important for a successful end. In that respect, we started the year well with SAFA BPA Awards, SAFA Regional CFO Conference 2017, along with a host of other programmes like SAFA Quiz Competition, MoU signing with CIPFA, SAFA Board and Committee Meetings in January. Most importantly, the gracious presence of Hon'ble President People's Republic of Bangladesh added special significance to the conference. My gratitude to all who were involved in the organising of the events. Let me now share a summary of the main events which took place during the month of. SAFA Regional CFO Conference 2017 in Dhaka; Hon ble President Mr. Md. Abdul Hamid inaugurates: We were extremely delighted that Mr. Md. Abdul Hamid, Hon ble President, People s Republic of Bangladesh inaugurated the SAFA Regional Conference 2017 as the Chief Guest on 28 at the Pan Pacific Sonargaon, Dhaka, while Mr. A H M Mustafa Kamal, MP, Hon ble Planning Minster, GoB was present as Special Guest. Fayezul Choudhury, Chief Executive Officer, International Federation of Accountants (IFAC) presented the Keynote paper on Navigating Through Digital Transformation Towards Better Accountability. Mr.Hans Hoogervorst, Chairman, International Accounting Standards Board (IASB) and Mr.Hedayetullah Al Mamoon, ndc, Senior Secretary, Ministry of Commerce, GoB were present as Guests of Honor. Also distinguished guests of SAFA member bodies, eminent professionals across the South Asia Region participated in the programme. The full day conference started with the inaugural session 6

7 followed by three technical sessions, and ended by the valedictory session in the evening. In session (I), the technical paper on Evolving Business Environment: Challenging Role of the CFOs was presented by Mr.Akhter Matin Chaudhury FCA, Chairman & Managing Director, Nuvista Pharma Ltd. In session (II), the technical paper on Conflict of Interest Situations: Addressing the Dilemma was presented by Mr.Masud Khan, Finance Director of Lafarge Surma Cement. In session (III), the panel discussion was held on the Emerging Regulatory Regime and Financial Reporting: Country perspective. In the evening Valedictory Session technical paper on Accelerated Pace of Economic Development in a Digital Age: Opportunities and the Way Forward was presented by Mr. Ahmed Raihan Shamsi, FCA, Chief Executive Officer, Accenture Communications Infrastructure Solutions Ltd. Dr. Mashiur Rahman, Economic Adviser to Prime Minister was present as the Chief Guest in Valedictory Session. SAFA Best Presented Annual Reports: This year the Institute of Chartered Accountants of Bangladesh (ICAB) hosted the SAFA Best Presented Annual Report (BPA) Awards & SAARC Anniversary Awards for Corporate Governance Disclosures Ceremony 2015 on 27. Mr. Abul Maal Abdul Muhith, MP, Hon ble Minister, Ministry of Finance, GoB handed over the prizes among the winners as the Chief Guest while Mr. Fazle Kabir, Governor, Bangladesh Bank was present as Special Guest. I delivered welcome speech. SAFA President Mr. ASM Nayeem FCA was also present on the occasion. SAFA Quiz and Elocution Contest: Another unique event that took place beside SAFA Conference was SAFA Quiz and Elocution Contest. SAFA Committee on Education, Training and CPD took initiatives for organizing SAFA Quiz and Elocution Contest amongst the students of SAFA member bodies. This was the first of its kind and was organized at ICAB Auditorium. Contestants from the Institute of Chartered Accountants of Bangladesh (ICAB), The Institute of Cost and Management Accountants of Bangladesh (ICMAB), The Institute of Chartered Accountants of India (ICAI) and The Institute of Chartered Accountants of Sri Lanka (ICASL) participated in the event. Representatives from SAFA Committee on Education, Training and CPD played the role of judges. IASB Chairman Mr. Hans Hoogervorst, SAFA President Mr. ASM Nayeem FCA and I, along with ICAB Council Members, SAFA delegates and CA students, were present and enjoyed the programme. At the end of the contests Mr. Hans Hoogervorst, Chairman IASB distributed trophies among the winners. MoU between ICAB and CIPFA: Another significant event, in the side line of SAFA Conference was signing MoU between ICAB and CIPFA, UK. The Chartered Institute of Public Finance and Accountancy (CIPFA) is one of the leading professional accountancy bodies in the UK. Under this MoU, ICAB members will be able to become CIPFA Members subject to meeting certain criteria. MoU between DU and ICAB: It is a matter of great satisfaction that ICAB and AIS Department of Dhaka University signed a Memorandum of Understanding (MoU) on 30 January Under this MoU, the students of AIS Dept. will be exempted from sitting for certain papers in ICAB exams subject to fulfilling certain criteria. In the presence of DU Vice Chancellor Dr. AAMS Arefin Siddique as Chief Guest the signing ceremony took place at the Nabab Nawab Ali Chowdhury Senate Bhaban. MoU between JnU and ICAB: The Signing Ceremony of the Memorandum of Understanding (MoU) between ICAB and the Jagannath University (JnU) took place on 25. Under this arrangement ICAB would allow certain exemptions for the students of the Department of Accounting and Information Systems (AIS), JnU. New SAFA President: It is indeed a great pleasure for all of us that Mr. ASM Nayeem FCA has been appointed as the President of South Asian Federation of Accountants (SAFA) for the year He was the Vice-President of SAFA in I congratulate Mr. Nayeem and believe that he will take SAFA to new heights. Training programme on IS Audit: In 7

8 January ICAB started a six month long training programme on "Certificate Course on Information System Audit (IS Audit)". A total of 45 participants from various national, multinational companies are participating in the training. A workshop on Changes in Lease Accounting under IFRS 16: Leases was held on 14 January at ICAB Center for Professional Excellence (7th floor). Mr. Abu Kibria ACA (ICAB) & CA (Australia) was the resource person. Meeting with different ministries and other regulatory bodies: I along with the Council Member & Past President Mr. Muhammed Farhad Hussain FCA paid a courtesy call on Mr. Abul Maal Abdul Muhith, MP, Minister, Ministry of Finance, GoB at Bangladesh Secretariat on 25 January. We updated him on upcoming SAFA events to be held in Dhaka. The Minister cordially accepted our invitation to grace the SAFA BPA Awards and SAARC Anniversary Awards ceremony as the Chief Guest. A team of ICAB led by me paid a courtesy call on Bangladesh Bank Governor Mr. Fazle Kabir on 11 January at latter's office. We discussed the development of ICAB regarding training and education and invited him to be present in the occasion of SAFA BPA Award as Special Guest. An ICAB delegation led by me paid a courtesy call on Mr. Hedayetullah Al Mamoon, ndc, Senior Secretary, Ministry of Commerce, GoB at Bangladesh Secretariat on 22 January. We also discussed various professional matters with him. Another ICAB delegation led by me held a meeting with BSEC Chairman Professor Dr. M. Khairul Hossain at his Office on 12 January. The discussion included professional matters as well as upcoming SAFA events. We paid a courtesy call on Comptroller and Auditor General (C&AG) Bangladesh Mr. Masud Ahmed at his Office on 18 January. We invited C&AG to be one of the panelists in Valedictory Session of SAFA Regional CFO Conference which he accepted gladly. SAFA Board Meeting in Dhaka: Delegates from SAFA Member Bodies participated in its 46th Board Meeting and 83 SAFA Assembly meeting held on 29 January at ICAB Council Hall. ICAB Council Member and Past President Mr. ASM Nayeem FCA officially assumed the Office of President SAFA for the year Meetings of Council and Standing & Non-standing Committees and Sub-committees The following meetings of the Council and Organizing Committee of the SAFA International Conference 2017 were held during the month of January: Standing Committees: - 1 st Council Meeting was held on 11 at 5:00 pm. - 2 nd Council Meeting was held on 24 at 5:00 pm. Organizing Committee of the SAFA International Conference 2017: - 3 rd Meeting of Organizing Committee of the SAFA International Conference 2017 was held on 3 at 5:30 pm. - Souvenir Sub-committee Meeting of SAFA Regional CFO Conference 2017 was held on 5 at 5:30 pm. - 5 th Meeting of Organizing Committee of SAFA International Conference 2017 was held on 9 January at 5:00 pm. - 6 th Meeting of Organizing Committee of SAFA International Conference 2017 was held on 29 January at 5:00 pm. - 2 nd Meeting of 610 Member Cultural Sub-committee of the Organizing Committee of SAFA International Conference 2017 was held on 23 January 2017 at 5:30 pm. - SAFA Committee Meetings was held on 27 at 9:30 am to 12:30 pm. With best wishes Adeeb Hossain Khan FCA President-ICAB 8

9 SAFA Awards Financial Outfits in SAARC Countries for Best Presented Annual Reports and SAARC Anniversary Awards for Corporate Governance Disclosure 2015 South Asian Federation of Accountants (SAFA) distributed awards for best presented annual report (BPA) awards and SAARC Anniversary Awards for Corporate Governance Disclosure to the listed and non listed entities in SAARC countries in 13 different categories including banks, non-banking financial institutions (NBFIs), insurance companies, manufacturing, financial service, ICT and non-governmental organisations (NGOs) for their best presented annual reports This year SAFA introduced a new award category Excellence in Integrated Reporting. A total of 46 entities won the Awards. In addition 41 organizations and entities won the certificates of merit. This year the Institute of Chartered Accountants of Bangladesh (ICAB) hosted the SAFA Best Presented Annual Report (BPA) Awards & SAARC Anniversary Awards for Corporate Governance Disclosures Ceremony 2015 on 27 at Ball Room at the Pan Pacific Sonargaon, Dhaka. Abul Maal Abdul Muhith, MP, Hon ble Minister, Ministry of Finance, GoB handed over the prizes among the winners as the Chief Guest while Fazle Kabir, Governor, Bangladesh Bank was present as Special Guest. ICAB President Adeeb Hossain Khan FCA delivered welcome speech. SAFA President ASM Nayem FCA was also present on the occasion. Presidents of different CA Institutes & Heads of different organizations in SAARC countries, delegates from IFAC, CAPA and the ICAB Council Members, Past Presidents, distinguished members and eminent citizens attended the program. SAFA is an Apex Body of SAARC formed in 1984, a forum of professional accountancy bodies in the SAARC Region. Following SAFA Evaluation Criteria, SAFA Committee for Improvement in Transparency, Accountability and Governance headed by Lasantha Wickremasinghe, ICA Sri Lanka evaluated the annual reports of the entities nominated from SAFA Member Bodies. B a n g l a d e s h i Organizations who won 1st, 2nd and 3rd prize of ICAB National Awards 2015 took part in the SAFA BPA competition and SAARC Anniversary Award In last year, the Institute of Chartered Accountants of Pakistan(ICAP) hosted the event in Lahore. The Finance Minister said that transparency and accountability in financial management of the entities are now the prime concern of the government. SAFA and ICAB are both jointly giving priority in their activities to ensure better accountability in the organisations' functions. Through BPA awards for best presented annual reports, entities are being tremendously encouraged in maintaining transparent features of their accounts and reports, which would definitely leave good impact on business and trade of the country, he hoped. Bangladesh Bank Governor Fazle Kabir said that Bangladesh will reach middle income country by To achieve this goal lots of investment is required. To enhance the investment flow from both home and abroad, the quality Annual Reports and good accounting are required, he added. Muhammed Farhad Hussain FCA, Chairman, SAFA Regional CFO Conference Organizing Committee said the wining companies would continue their best performance in the Award Competition for Best Presented Annual Report in coming days. Transparency and Accountability are the foundation of financial statements. SAFA is encouraging the entities to prepare financial statements in accordance with the International Accounting Standards through building trust and cooperation between the organizations through this Award, he said. SAFA President ASM Nayeem FCA said definitely the wining companies have performed excellence in their BPA Reports. Promoting transparence through communication with proper information in annual report is the prime criteria for selecting the wining entities of the awards, he added. Annual Report is the key element of good governance and strong governance is meant to fight corruptions heavily, he further said. ICAB President Adeeb Hossain Khan FCA said less information in Annual Report leads to less scrutinity and less questions. SAFA is relentlessly working for promoting 9

10 international best practices in accounting with adequate information in Annual Report. The accounting encompasses ICT is much capable of fighting corruption, he added. Among the Bangladeshi entities, in private sector banks category Prime bank limited is joint winner and United Commercial Bank limited jointly first runner up while IDLC Finance Limited and LankaBangla Finance Limited are joint winner in financial service sector. Uddipon is joint winner while BRAC is first runner up and Sajida Foundation joint second runner up in NGOs Sector. IDLC Finance Limited is the winner while Prime Bank limited is first runner up in SAARC Anniversary Award for Corporate Governance, and Infrastructure Development Company Limited (IDCOL) is the joint winner in public sector entities. In clockwise, Bangladesh Bank Governor Fazle Kabir, IASB Chairman Hans Hoogervorst, IFAC Chief Executive Officer Fayezul Choudhury, SAFA President ASM Nayeem FCA, ICAB President Adeeb Hossain Khan FCA and SAFA Regional CFO Conference Organising Committee Chairman M Farhad Hussain FCA were seen speaking in the ceremony. Category specific winners from the SAARC countries Sector Country Company Sector Rank Bangladesh Prime Bank Limited Joint Winner Sri Lanka Commercial Bank of Ceylon PLC Joint Winner Private Sector Banks (including Cooperative Banks) Bangladesh United Commercial Bank Ltd. Joint First Runner-up Sri Lanka Hatton National Bank PLC Joint First Runner-up Sri Lanka Sampath Bank PLC Second Runner-up Sri Lanka Bank of Ceylon Winner Public Sector Banking institutions Sri Lanka People's Bank First Runner-up Sri Lanka National Savings Bank Second Runner-up Sri Lanka HNB Assurance PLC Winner Insurance Sector Sri Lanka Union Assurance PLC First Runner-up Sri Lanka Asian Alliance Insurance PLC Second Runner-up Bangladesh LankaBangla Finance Limited Joint Winner Financial Services Sector Bangladesh IDLC Finance Limited Joint Winner Sri Lanka L B Finance PLC First Runner-Up Sri Lanka People's Leasing & Finance PLC Second Runner-Up Pakistan Fauji Fertilizer Company Limited Winner Manufacturing Sector Sri Lanka CIC Holdings PLC First Runner-UP India ACC Limited Joint Second Runner-Up Pakistan Maple Leaf Cement Limited Joint Second Runner-Up Communication and Information India Mindtree Limited Winner Technology Sector Sri Lanka Sri Lanka Telecom PLC First Runner-Up 10

11 Sector Country Company Sector Rank Service Sector (Excluding Financial Services & Communication &IT Sector) Non-Governmental Organizations Non- Governmental Organizations (including NPOs) Agricultural Sector SAARC Anniversary Award for Corporate Governance Public Sector Entities Diversified Holdings Integrated Reporting Sri Lanka Aitken Spence Hotel Holdings PLC Joint Winner Pakistan K-Electric Limited Joint Winner Sri Lanka John Keells Hotels PLC First Runner-Up Sri Lanka Hayleys Advantis Limited Second Runner-Up Bangladesh Uddipan Joint Winner Pakistan The Citizens Foundation Joint Winner Bangladesh BRAC First Runner-Up Bangladesh Sajida Foundation Joint Second Runner-Up Sri Lanka The Association of Accounting Technicians of Sri Lanka Sri Lanka Watawala Plantations PLC Winner Joint Second Runner-Up Sri Lanka Kelani Valley Plantations PLC First Runner-Up Sri Lanka Talawakelle Tea Estates PLC Second Runner-Up Bangladesh IDLC Finance Limited Winner Bangladesh Prime Bank Limited First Runner-Up Sri Lanka Commercial Bank of Ceylon PLC Second Runner-Up Bangladesh Pakistan Infrastructure Development Company Limited (IDCOL) Oil and Gas Development Company Limited Joint Winner Joint Winner Pakistan Pakisatan Petroleum Limited First Runner-Up Pakistan Crescent Steel and Allied Products Limited Winner Sri Lanka John Keells Holdings PLC Joint First Runner-Up Sri Lanka Hayleys PLC Joint First Runner-Up Sri Lanka Diesel & Motor Engineering PLC Second Runner-Up Sri Lanka Diesel & Motor Engineering PLC Winner Sri Lanka Mercantile Investments & Finance PLC First Runner-Up Sri Lanka L B Finance PLC Second Runner-Up Permission to Start Practice The following members have been permitted to Start Practice as Public Accountants with effect from the date mentioned against their respective names: Name Effective Date MBM Lutful Hadee FCA (1006) 01 November 2016 Proprietor Hadee Lutful & Co. Chartered Accountants House #77 (2 nd Floor) Road#04, Block# C Banani, Dhaka-1213 Mohammad Al Maruf Khan FCA (667) 16 November 2016 Partner Howladar Yunus & Co. Chartered Accountants House #14 (4 th Floor) Road # 16A, Gulshan-1 Dhaka-1212 Sultan Moheuddin ACA (1530) 20 November 2016 Partner G. Kibria & Co. Chartered Accountants Sadharan Bima Sadan (5 th Floor) 24-25, Motijheel Com. Area Dhaka-1000 AKM Monirul Haque ACA (1135) 28 December 2016 Proprietor Haque Monirul & Co. Chartered Accountants 22 Dilkusha Com. Area Dhaka-1000 Wasequl Huq Reagan ACA (1517) 28 December 2016 Partner Mahfel Huq & Co. Chartered Accountants BGIC Tower (4 th Floor) 34, Topkhana Road Dhaka

12 DU and ICAB sign MoU to Allow Subjects Waiver for AIS Students The Institute of Chartered Accountants of Bangladesh (ICAB) and AIS Department of the University of Dhaka signed a Memorandum of Understanding (MoU) on 30 to allow exemption on subjects of Knowledge Level of ICAB examination to the students of Department of Accounting and Information Systems (AIS) of the University of Dhaka subject to fulfilling certain criteria. Under this MoU, the students will be eligible for exemption in the subjects of Accounting, Business and Finance, Management Information, Business and Commercial Law and IT Knowledge. In the presence of the University of Dhaka Vice Chancellor Dr. AAMS Arefin Siddique as Chief Guest, the signing ceremony took place at the Nabab Nawab Ali Chowdhury Senate Bhaban, with ICAB President Adeeb Hossain Khan FCA and the University s Treasurer Prof. Dr. Md. Kamal Uddin signing the MoU. Mr. Arefin Siddique said this MoU will help to build career in Chartered Accountancy. Stressing on culture of accountability in society, he said under the dynamic leadership of chartered accountants, proper utilization of wealth and its accountability would be ensured. Every professional should have the responsibility to ensure accountability in every sphere of life, he stated. He said, I believe this signing of MoU is the foundation for realisation among the students about accountability which would lead them to success in career. ICAB President Adeeb Hossain Khan FCA said that learning partnership with the University of Dhaka is the long awaited initiative which takes DU students one step closer to Chartered Accountancy qualification. He urged the students of AIS department to make best use of this opportunity. Professor Mamtaz Uddin Ahmed and ICAB Council Member Mahmudul Hasan Khusru FCA delivered inspirational speech for the aspiring CA students. Among others spoke on the occasion were, DU Treasurer Dr. Md. Kamal Uddin, AIS department Chairman Professor Abdul Hakim and Professor Dr. Mahfuzul Hoque. Courtesy Call on Senior Secretary, Ministry of Commerce An ICAB delegation including ICAB President Adeeb Hossain Khan FCA, Vice President Mostafa Kamal FCA, Council Member & Past President Muhammed Farhad Hussain FCA, Secretary-ICAB AKM Rahmat Ullah FCA paid a courtesy call on Hedayetullah Al Mamoon, ndc, Senior Secretary, Ministry of Commerce, GoB at Bangladesh Secretariat on 22. Meeting with Minister, Housing & Public Works Ministry ICAB team led by its President Adeeb Hossain Khan FCA met Engineer Mosharraf Hossain, Minister, Ministry of Housing & Public Works, GoB on 8 January at latter's office, to discuss the land issues and other matters relating to CA profession. The other members of the team were ICAB Vice President Md. Mahamud Hosain FCA, Council Member and Past President ASM Nayeem FCA, Past President AK Chowdhury FCA and Senior Fellow Member Ajit Kumar Paul FCA. 12

13 AKM Rahmat Ullah Becomes Member of CIPFA, UK AKM Rahmat Ullah FCA (Enrolment No. 719) has become member of the Chartered Institute of Public Finance and Accountancy (CIPFA), UK recently. Mr. Rahmat Ullah, is a Fellow Member and the Secretary of ICAB. He did his Masters in Accounting from the University of Dhaka in He was qualified as Chartered Accountant in He has wide range of AKM Rahmat Ullah FCA professional experiences with different renowned organizations in various capacities including the Central Bank of Bangladesh. He conducted many Professional Trainings as Resource Person and also been accredited with many Professional Trainings at home and abroad. He performed as reviewer of Journal of Bangladesh Bank Training Academy (BBTA). Members Achievement Md. Salim Uddin Reappointed Director of the Board, Rupali Bank Ltd. Dr. Md Salim Uddin FCA (Enrolment No. 710) has recently been reappointed by the Government as Director of Rupali Bank Ltd for second term. Mr. Salim Uddin is also a fellow member of the Chartered Institute of Public Finance and Accountancy (CIPFA), UK. Now he is a faculty member of in the Department of Accounting, University of Chittagong. CRC-ICAB Organized Seminar on Fair Value-How to Measure and Accounted as per BFRS/IFRS-13 Chittagong Regional Committee (CRC) of ICAB organised a Seminar on Fair Value-How to Measure and Accounted as per BFRS/IFRS-13 on 21 January 2017 at the Conference Hall of ICAB-Chittagong Regional Office, Chittagong. Dr. Md Salim Uddin FCA He worked as Independent Director of Premier Bank Ltd, and also worked as Director and Chairman of audit committee of Chittagong Stock Exchange Ltd. He went to Belgium to study MBA at the University of Brussels and obtained his MBA degree with the grade of distinction. A F Nesaruddin in live TV talk show Mohammad Saif Uddin MBA, CISA, FCA, Director & Branch In-charge, Rahman Rahman Huq and Mohammad Arif ACA, ACMA, Chief Financial Officer, BSRM Steels Limited have jointly presented the Keynote paper. A panel discussion was held thereafter. A F Nesaruddin FCA, Council Member-ICAB participated in live TV talk show aired on DBC Channel on 8. He spoke about FRA, capital market, etc. DRC Distributed Blankets among Poor The Dhaka Regional Committee of ICAB distributed warm clothes among the cold hit distressed people in Bishwambarpur Upazila, Sunamganj on 6. Besides, 18 ICAB Secretary AKM Rahmat Ullah FCA, Director (Technical) Mahbub Ahmed Siddique FCA along with DRC Chairman Muhammad Aminul Hoque FCA posed for photograph shortly before the team left the Institute with warm clothes for Lalmonirhat. Co-ordinated by Sparkle, DRC-ICAB also distributed warm clothes among the poor at Mogolhat Union, Lalmonirhat. 13

14 ICAB Academic Campus News The Pre-examination Classes for Professional Stage-Knowledge Level (15th Batch, Sections: A-I) which were started from 06 December 2016 for Examination Session: May-June 2017, will now be concluded on 27 February 2017.There are 436 students joining with 114 teachers for the Class Session: December 2016-February As a result, the cumulative number of participated students of ICAB under new curriculum has risen to 12,480, till January 31, The regular classes for the students of Professional Stage-Application Level (14th Batch) & Advanced Stage (13th Batch) would commence from Tuesday, 01 March 2017 at ICAB Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka A Notice has already been issued in this matter and all the concerned students are advised to enroll the classes by 23 February 2017, and adhere the session accordingly. On the other hand, day time classes for Knowledge Level (1st Batch) are going to be held from Sunday, 19 February 2017 at ICAB Academic Campus. Within the month of, the Hon'ble Vice President (E&T)-ICAB, Mostafa Kamal FCA has visited the ICAB Academic Campus on 14 & 20, during the class-hour in the evening shift and Fridays' session. He met with the students and faculty members, to know about the areas needed to improve with a view to make the campus environment, services and activities more congenial for study. He advised all the concerned for proper implementation of the outcomes of his visits as well. Besides, the refurbishments of ICAB Academic Campus at 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka-1215, has mostly been done, and the rest works of mezzanine floor would be completed by March The Programme and Session have been organised by the Additional Director & Team at ICAB Academic Campus, under the supervision of the Vice President (Education & Training)-ICAB, Mostafa Kamal FCA, with the guidance and consent of the Chairman, Board of Studies-ICAB, ABM Azizuddin FCA & President of ICAB, Adeeb H. Khan FCA. Resource Persons: ICAB Academic Campus (December 2016-February 2017) Name of Resource Persons (Sections- A-L of PS-KL-15th Batch) Abdullah Al Mamun FCA Md Al- Amin Siddiki FCA Kamruzzaman FCA Kutub Uddin Ahmad FCA Nirmol Chandra Sarker FCA Md Ziaul Alam ACA Shankar Chandra Karmaker FCA Uttam Kumar Saha FCA Md Mahamud Hosain FCA Jone Kumer Gupta FCA Md Amirul Islam FCA Abdulla Al Mahmud FCA Md Raghib Ahsan FCA Gopal Chandra Ghosh FCA Sajib Sarkar ACA Faker Ahmed FCA Md Farhad Husain Suman ACA Sayeed Ahmed FCA Muhammed Forkan Uddin FCA Zakir Hossain FCA Md Din Islam Miah FCA Mohammad Abdul Matin Mohammed Zakaria FCA Muhammad Abu Hanif Meah ACA Mohammad Redwanur Rahman FCA Parymal Kumer Sarker ACA Shaheduzzaman Choudhury FCA Shahriar Istiaq Halim FCA Mohammad Monowar Hossain ACA K S Omar Faruk ACA Mahmudul Hasan Khusru FCA Md Mohiuddin Ahmed FCA Shyamal Krishna Roy FCA Abdullah Al Yousuf Mohammed Ariful Hoque FCA Md Fokrul Islam FCA Shafiq Musharrof FCA Shib Pada Dey FCA G S Ashiqur Rahman Bhuyian FCA Masud Parvez FCA Amanat Ahmed ACA Masud Khan FCA-India Abdul Hamid FCA Md Razib Hossain ACA Snehasish Barua FCA Yasin Miah FCA Miltan Bepari ACA Palash Mallik Md Ebadat Hossain Bhuiyan FCA Ajit Kumar Paul FCA (GT) Sk. Md Tarikul Islam FCA Anup Kumar Sarker ACA 14

15 Zoinul Abedin Sakil ACA Md Mahedi Masud ACA Md Lutfar Rahman FCA Md Nasir Uddin ACA Ranjan Kumar Bhowmik FCMA Rakesh Saha FCA Md Wahid Murad FCA Tanvir Hasan FCA Nazmul Hussain Siddique ACA Shah Md Mohin Uddin ACA Md Shihabur Reza ACA Muhammad Aminul Hoque FCA Md Saiful Hasan ACA Mohammad Aslam FCA Abu Kamal Mohammod Pasha ACA S M Rahmatul Mujeeb FCA Md Fuad Uddin Khan ACA Abu Hena Mustafa Kamal ACA Mahbub Alam ACA Md Jashim Uddin Ahmed Dr Jakerul Abedin S M Ashfaqur Rahman ACA MAKH Hasif Sowdagar FCA Md Amran Hossan ACA Obaidur Rahman FCA Muhammad Kamruzzaman ACA Chitta Ranjan Halder FCA Ms Tasnuva Ahmed ACA Ruhul Amin ACA Sujan Kumar Saha ACA Shibly Ahmed FCA Shadhan Chandra Das FCA Md Selim Reza FCA Rajesh Kumar Yadav FCA A.B.M. Ahasan Ullah Afratul Kawsar ACA Ms Naima Sultana ACA Md Saifur Rahman ACA Mohammad Ibrahim Khalil FCA Md Akber Hossain Khan ACA Md Boni Amin ACA Ramdas Howlader ACA Afzal Ahmed ACA Rajesh Chandra Kuri ACA Md Ali Akther Rezvi FCA Md Shariful Islam ACA Syed Mohammed Kowser Hossain Dr ASM Hossain Tayiab FCA AHM Ariful Islam ACA Md Kishlur Rahman FCA Mohammad Rostam Hosain FCA Md Kamruzzaman ACA Md Tareq Kamal ACA Sarker Nahidul Islam ACA AKM Mesbahul Karim ACA Md Arshadul Kabir ACA Md Reajul Islam FCA Md Zakir Hossain Badal Chandra Rajbangshi FCA Mohammad Fakhrul Alam Patwary ACA Md Anisur Rahman Md Abdullah Al Amin ACA Visiting Faculties (for Ongoing Session) Name of Visiting Faculties Adeeb H. Khan FCA Mostafa Kamal FCA Md Mahamud Hosain FCA Moddassar Ahmed Sidique FCA ABM Azizuddin FCA Anwaruddin Chowdhury FCA A S M Nayeem FCA Muhammed Farhad Hussain FCA Md Humayun Kabir FCA Md Syful Islam FCA Md Abdus Salam FCA Kamrul Abedin FCA Gopal Chandra Ghosh FCA A F Nesaruddin FCA Mahmudul Hasan Khusru FCA Masud Khan FCA-India Abdul Khalek FCA Md Amirul Islam FCA Md Akbar Hossain FCA 15 Sabbir Ahmed FCA (E-770) Mohammad Mehedi Hasan FCA Ajit Kumar Paul FCA Md Abu Bakar FCA Dr. Jakerul Abedin Syed Mohammed Kowser Hossain Muhammed Asaduzzaman Nur Abdullah Al Yousuf Md Zakir Hossain Md Jehad Uddin Md Jashim Uddin Ahmed A H Mostafa Kamal Khan Announcement (Classes of Next Session) The New Session (March-May 2017) for the Students of Professional Stage-Applicaation Level (14th Batch) and Advanced Stage (13th Batch) will start from Tuesday, 01 March 2017 at ICAB Academic Campus, 51-53, Kazi Nazrul Islam Avenue, Kawran Bazar Commercial Area, Dhaka A Notice has already been issued in this regard and all the concerned students are advised to enroll the classes by 23 February 2017, and join the session accordingly. On the other hand, day time classes for Knowledge Level (1st Batch) are going to be held from Sunday, 19 February 2017 at ICAB Academic Campus. By issuing a-special notice, all practicing members of the Institute entitled to train articled students are requested to kindly notify their students to enroll the classes and kindly give permission to the stdents to attend the day shift classes within the schedule in the interest of the Profession. Source: ICAB Campus

16 SAFA Quiz and Elocution Contest 2017 SAFA Committee on Education, Training and CPD took initiatives for organizing SAFA Quiz and Elocution Contest amongst the students of SAFA member bodies.it is viewed that by participating in the Contest, students will get motivated to study specially in relation to financial reporting including accounting standards, role of professional accountants as business leaders and potentials of SAARC economy. ICAB is immensely proud to have this blooming opportunity by organizing such a splendid event as a first journey in the history of SAFA on 27 at ICAB Auditorium in a gorgeous manner. Contestants from the Institute of Chartered Accountants of Bangladesh (ICAB), The Institute of Cost and Management Accountants of Bangladesh (ICMAB), The Institute of Chartered Accountants of India(ICAI) and The Institute of Chartered Accountants of Sri Lanka(ICASL) participated in the SAFA Quiz and Elocution Contest. Komal Surana from ICAI was the Champion of the Elocution Contest whereas Sami Mymoon Akash and Aurpa Saha from ICAB were in the position of 1st Runner-up and 2nd Runner up respectively. In Quiz Contest, team- ICAI was awarded as Champion and team ICASL took Runner-up position.representatives from SAFA Committee on Education, Training and CPD played the role of Judges of the contests. IASB Chairman Hans Hoogervorst, SAFA President ASM Nayeem FCA, ICAB President Adeeb Hossain Khan FCA, ICAB Council Members, SAFA delegates and CA students were present and enjoy the program. At the end of the contests Hans Hoogervorst, Chairman IASB distributed trophies among the winners. Winners and Judges of SAFA Quiz and Elocution Contest-2017 along with IASB Chairman Hans Hoogervorst, SAFA President ASM Nayeem FCA and ICAB President Adeeb Hossain Khan FCA pose for photograph. Sami Mymoon Akash and Aurpa Saha from ICAB, bagged 1st Runner-up and 2nd Runner-up respectively in Elocution Contest, are seen among others in the picture. Contestants from the Institute of Chartered Accountants of Bangladesh (ICAB), The Institute of Cost and Management Accountants of Bangladesh (ICMAB), The Institute of Chartered Accountants of India(ICAI) and The Institute of Chartered Accountants of Sri Lanka (ICASL) participating in the SAFA Quiz and Elocution Contest

17 ICPE News Training Program on Certificate Course on Information System Audit (IS Audit) The Institute of Chartered Accountants of Bangladesh (ICAB) has organized a six month long Training Program on Certificate Course on Information System Audit (IS Audit) started from 7. A total of 45 participants from various national and multinational companies are participating in the training. ICAB President Adeeb Hossain Khan FCA inaugurated the training program. Vice President (Education & Training) Mostafa Kamal FCA, Vice President (Accountants & Finance) Md. Mahamud Hosain FCA and the resource persons of the course were also present in the inaugural session. Meeting between ICAB Vice President (E&T) and Commissioner, Taxes, LTU, NBR A discussion meeting between ICAB Vice President (E & T) Mostafa Kamal FCA and Md. Alamgir Hossain, Commissioner of Taxes, Large Taxpayer Unit (LTU), NBR was held on 17 at LTU Office. Mr. Alamgir requested ICAB to arrange a training program on IFRS for LTU officials. Besides, Khairul Islam, Additional Commi- ssioner of Taxes and Md. Jehad Uddin, Joint Commissioner of Taxes, LTU were also present in the meeting. Workshop on Changes in Lease Accounting under IFRS 16: Leases A workshop on Changes in Lease Accounting under IFRS 16: Leases was held on 14 at ICAB Center for Professional Excellence (7th floor). The discussion topic were Introduction to IFRS 16 and the key requirements. Abu Kibria ACA (ICAB) & CA (Australia) was the resource person. At the closing session ICAB President Adeeb Hossain Khan FCA handed over the certificates to the participants. 17

18 JnU and ICAB sign MoU to Allow Subject Waiver for AIS Students The Signing Ceremony of the Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of Bangladesh (ICAB) and the Jagannath University (JNU) was held on 25 at the conference room of Vice Chancellor to allow exemption for the students of the Department of Accounting and Information Systems (AIS), JnU for aspiring CA students. The MoU was signed by President ICAB Adeeb Hossain Khan FCA and Prof. Mijanur Rahman, Vice Chancellor, Jagannath University. Initially ICAB will allows exemption on subject of Accounting and Management Information of Knowledge Level. ICAB Vice President Mostafa Kamal FCA, Immediate Past President Kamrul Abedin FCA, Council Member Mahmudul Hasan Khusru FCA, Jagannath University Treasurer, Professor Md. Salim Bhuiyan, Registrar Engr. Md. Ohiduzzaman and Chairman Accounting and Information System Dept. Dr. Md. Ali Noor were present during the MoU signing ceremony. Accountancy Age Report Tax Fraud Loses HMRC 16bn A total of 16bn was lost through tax fraud last year, according to estimates released by Pinsent Masons. The law firm said that despite HMRC collecting an addition 5bn in revenue through its Fraud Investigation Service, the 16bn lost represents almost half of HMRC s tax gap, which stands at 34bn. Out of the 5bn collected over the past 12 months, 2.2bn came from HMRC criminal investigations, and 2.7bn from civil investigations. The Fraud Investigation Service responsible for the collection was set up in July 2015 and includes specialist tax and criminal justice experts to deal with serious investigations. Civil investigations are conducted using the Contractual Disclosure Facility, designed to encourage taxpayer cooperation. Under the civil procedures and CDF, a taxpayer enters into a contract with HMRC and avoids a criminal investigation, so long as they fulfill their obligations under the contract and fully disclose all details to the authorities. Brand Strength Leads to Fee Income Growth for RSM RSM has reported 7.6% global fee income growth for the year ending 31 December The growth comes following the first full year in which RSM operated as a unified, global brand, the firm said. The total fee income for the year increased to $4.87bn. RSM launched its global brand in October RSM firms worldwide have used the past year to embed and strengthen the RSM brand in their national markets, focusing on a unified vision to be the provider of choice to middle market businesses, the RSM statement said. The firm also reported a 20% rise in the number of cross-border referrals the result of a single, consistent and identifiable brand. The consulting service area increased by 8.1%, while tax services rose by 7.5%. The number of staff across the network jumped by 8%, with 41,420 people now working across 793 offices. The number of partners across the world increased by 5%. With regard to firm growth, fee income in Latin America grew 21%, with 19% growth reported in Sub-Saharan Africa. Growth in both Asia Pacific and Europe rose by 8%, while Middle East and North Africa and North America regions increased by 7%. This news comes following a recent wave of appointments at the firm in the UK, including two partner appointments in East Anglia and head of corporate tax in Birmingham. RSM UK also announced a merger with RSM Northern Ireland in January this year. HMRC nets 2.6bn in corporate tax from big businesses Investigations conducted by HMRC into payment of corporation tax by the UK s largest businesses netted the tax authority an additional 2.6bn in revenue in the year , law firm Pinsent Masons has said. The revenue was collected by HMRC s Large Business Directorate, which oversees compliance of the 2,100 largest businesses in the UK. However, the law firm said that the overall amount of additional corporate tax collected by HMRC fell by 25% from 3.5bn in the previous year. Reasons behind the reduced revenue include lower corporation tax rates and complex nature of the cases being dealt with by HMRC. Pinsent Masons commented that the future revenue figure could be higher, as transfer pricing enquiries increase. The law firm reported in November 2016 that the tax under consideration the estimate of the maximum potential additional tax liability across all open enquiries before investigations have been completed by HMRC for transfer pricing increased by 60% to 3.8bn in the last year. 18

19 Courtesy Call on BB Governor A team of ICAB led by its President Adeeb Hossain Khan FCA paid a courtesy call on Bangladesh Bank Governor Fazle Kabir on 11 at latter's office. They discussed the development of ICAB regarding training and education. They also discussed about the upcoming SAFA Regional CFO Conference and SAFA, BPA & SAARC Anniversary Award Ceremony to be held in Dhaka and invited him to be present in the occasion of SAFA BPA Award as Special Guest. The other member of the team were Vice Presidents Mostafa Kamal FCA & Md. Mahamud Hosain FCA, Council Member & Past President Muhammed Farhad Hussain FCA and Secretary AKM Rahmat Ullah FCA. Meeting with C&AG ICAB President Adeeb Hossain Khan FCA along with Vice Presidents Mostafa Kamal FCA & Md. Mahamud Hosain FCA, Council Member & Past President Muhammed Farhad Hussain FCA and Council Member Mahmudul Hasan Khusru FCA paid a courtesy call on Comptroller and Auditor General (C&AG) Bangladesh Masud Ahmed at his Office on 18. The ICAB delegates invited C&AG to be one of the panelists in Valedictory Session of SAFA Regional CFO Conference on 28 in Dhaka. Besides, they discussed about different Professional matters and initiatives to strengthen bi-lateral relations between ICAB and the Office of the Comptroller and Auditor General. Felicitation Meeting with BSEC Chairman Bangladesh Chartered Accountancy Chhatra Parishad (BCACP) congratulates Newly Elected ICAB President Adeeb Hossain Khan FCA. ICAB delegates including its President Adeed Hossain Khan FCA, Immediate Past President Kamrul Abedin FCA, Council Member & Past President Muhammed Farhad Hussain FCA and Secretary AKM Rahmat Ullah FCA held a meeting with Bangladesh Securities & Exchange Commission (BSEC) Chairman Professor Dr. M. Khairul Hossain at his Officer on 12. The discussion encompassed CA Professional Development and upcoming SAFA events. Representatives from Rahman Rahman Huq, Chartered Accountants, congratulates Newly Elected ICAB President Adeeb Hossain Khan FCA. 19

20 Adeeb Hossain Khan Takes Over Charge of President-ICAB Adeeb Hossain Khan FCA has taken over the charge of the President of the Institute of Chartered Accountants of Bangladesh (ICAB) for 2017 at a formal ceremony held at ICPE Training room on 2 January Mr. Khan has replaced outgoing President Kamrul Abedin FCA who led the ICAB during the year Three New Vice-Presidents of ICAB: Moddassar Ahmed Siddique FCA; Mostafa Kamal FCA; and Md. Mahamud Hosain FCA also took the charge of their respective offices for the year After taking charge, the new President of ICAB sought cooperation and urged all to work for building image of CA profession. He reiterated his commitment to work for the development of the Institute and the profession at large. He also requested the members and all others involved with the Institute to put up their best efforts to bring momentum in ICAB s activities. He urged ICAB personnel to be instrumental for all the activities that ICAB will take in the year He also hoped that ICAB employees will be more dynamic in managing their time and concentrate more for finishing their assigned jobs efficiently and timely. Expressing gratitude, the outgoing president Kamrul Abedin FCA said that he was eternally grateful to the Members of Council -ICAB, other Members and the staff of the Institute for providing valuable supports. He also urged all the members to join together in affirming the common commitment. ICAB President met Finance Minister ICAB President Adeeb Hossain Khan FCA and Council Member & Past President Muhammed Farhad Hussain FCA paid a courtesy call on Abul Maal Abdul Muhith, MP, Minister, Ministry of Finance, GoB at Bangladesh Secretariat on 25. They discussed about professional matters with the Minister. The Minister paid a patient hearing to the ICAB delegates and appreciated ICAB's initiatives for the development of Accountancy Profession in the Country. The ICAB delegates also updated the Minister about the upcoming SAFA events hosted by ICAB in Dhaka where a number of high power foreign delegates and officials from the Government and Private Organizations are expected to participate in. SAFA Board Meeting in Dhaka Delegates from SAFA Member Bodies captured in frame after their participation in 46 Board Meeting and 83 Assembly Meeting held on 29 at ICAB Council Hall. ICAB Council Member and Past President ASM Nayeem FCA officially assumed the Office of the President SAFA for the year Published by the Editorial Board of the Council, The Institute of Chartered Accountants of Bangladesh (ICAB) 100 Kazi Nazrul Islam Avenue, Dhaka 1215; Tel , , , Fax: , secretary@icab.org.bd, Website: