Forma # 1.ai - ICAB

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EDIT ORIAL The Perspective Plan and the Roadmap to Vision 2021 The Institute of Chartered Accountants (ICAB) is the premier accounting body in the Country. It is the thought leader in accounting matters and is charged with upholding the highest standards of the accounting profession in Bangladesh. ICAB has come a long way since its inception. The Institute has produced highly skilled accountants. The qualification it offers is highly prized. The letters ACA and FCA are a matter of great pride for all those whose privilege it is to suffix these to their names. ICAB membership boasts leaders in every sphere of the national life of Bangladesh. The geographical spread of its membership is impressive with significant presences in UK, North America, the Middle East, Africa and Asia. Recently, under a twinning project, the syllabi and examination system of the Institute have been elevated to that of the Institute of Chartered Accounts in England and Wales, the premier global accounting body. It is a matter of great pride that the qualifications of those who pass under the new system will be recognised in England and Wales. The quarterly Journal of the ICAB does an admirable job of disseminating professional information to its members and keeping them abreast of the latest developments in the accounting profession. The publication has to keep pace with changing times and evolve to fulfil its onerous responsibilities. It must remain relevant to its readership at all times. The Journal should not only inform and educate but also be an attractive and interesting purveyor of its contents. It is in this spirit that the Journal sports a new look. The contents of the Journal have also been planned to cater to the needs of a broad range of professional interest. It should also be a medium for debate and a melting pot of opinions and views on matters of professional interest and interpretation. A dearth of material, however, often impedes the ideal mix. Members are therefore requested to contribute material for future issues. It is also intended that the Journal should appeal to wider readership including corporate bodies, executives and decision makers. A subscription drive to enrol such stakeholders will be conducted soon. It is particularly intended that students of chartered accountancy would find the Journal useful in their pursuance of qualification. Towards this end, each issue will contain a special section for students. We hope this will encourage them to subscribe to it. As a further incentive, the Journal is being offered to students at a very special rate. The Editorial Board hopes that you will enjoy reading the Journal and continue to benefit from it. Your feedback would be appreciated. Akhter M Chaudhury Chairman, Editorial Board 02 January - March 2011 The Bangladesh Accountant
From the Desk of the President Focusing on Members “The Accountants,” ICAB’s quarterly journal has undergone a makeover and adopted a new look with the current issue. Credit goes to the Editorial Board Committee for the initiative. I thank the committee for regularly providing a space in the journal from now on for the ICAB President. ICAB was established under the Bangladesh Chartered Accountants Order 1973 as a supreme and sovereign regulator of the accounting profession of the accountants. Its membership has grown from 78 to more than 1400 over almost four decades. This figure includes 34 female “ Every chartered accountant has the responsibility members. As the institute and its membership grow, we have to work more effectively as a body to address the needs of our members and communicate with each other to strengthen our profession. As president, my first task was to review and form committees for 2011. Through review, Professional Development committee for Women was merged with Professional Development committee of the Council. In addition, five new non-standing committees were formed for professional advancement. Each committee is chaired by a member of the council. The chairman will be responsibile to ensure that committee views are ascertained on key policy issues and clearly communicated to the council. Addition of new committees increases workload of the secretariat. We are working to overcome this limitation by ensuring that the committee chair and members work more proactively and regularly follow-up with the secretariat. Every chartered accountant has the responsibility to uphold the integrity of our profession. We as professionals have to be prompt but transparent in sharing information with ICAB, our clients, our prospective clients as well other stakeholders. Quality Assurance Board (QAB), a committee and monitoring cell of ICAB is working to identify areas of improvements of member firms to ensure adequate transparency in information sharing. Our Investigation Disciplinary committee is contributing to ensure that our members are held to the highest standards of professionalism and integrity. My goal is to strengthen ICAB’s capacity at par with to uphold the integrity of our profession” any other professional accounting body globally. In order to do so, ICAB has to be managed in a more businesslike manner. Currently, the secretariat are not able to fully serve the needs of our members due to lack of resources and effective The Bangladesh Accountant January - March 2011 03
Page 1: The Bangladesh Accountant January-M
Page 6 and 7: management and communication. There
Page 8 and 9: Uniform Accounting a must for Energ
Page 10 and 11: Management Accountants, Auditors ha
Page 12 and 13: A delegation of the Institute of Ch
Page 15 and 16: Bangladesh Capital Market Opportuni
Page 17 and 18: Budget for the sake of so called ec
Page 19 and 20: 8.Capital gain: The capital gain ma
Page 21 and 22: Avoiding Losses in the Share Market
Page 23 and 24: putting up anything-or very little.
Page 25 and 26: Table 11: Major Indicators related
Page 27 and 28: ) Huge inflow of new investors in t
Page 29 and 30: On one occasion, those who hold the
Page 31 and 32: It is widely accepted that the curr
Page 33 and 34: Figure 17: Overseas Migraon from Ba
Page 35 and 36: Source: BMET. Figure 18: Market Spe
Page 37 and 38: • Government should continue the
Page 39 and 40: These relative developments among t
Page 41 and 42: management which often readjusts th
Page 43 and 44: Fundamentals to Safeguard Investmen
Page 45 and 46: come in stock market to make profit
Page 47 and 48: Capital Market Review Volatility in
Page 49: current crisis in the capital marke
Page 52 and 53: “The stock market is but a mirror
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“The stock market is filled with
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“Oh, for the good old days when p
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everything eventually boil down to
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Number of Qualified Accountants wor
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espect, the Ministry of Finance, In
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ody in the social development secto
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Opportunities and Challenges for Ad
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at cost less any accumulated amorti
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Students’ Section Sanjida Kasem F
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13. Take breaks: Do not study at a
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Students’ Section Subject Duratio
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Students’ Section 10. The student
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Students’ Section 1/15/ICAB-2010
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