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IFRS-9 implementation vital for better accounting standards

Published : Tuesday, 21 March, 2023 at 12:00 AM  Count : 339

International Financial Reporting Standard-9 (IFRS-9) should be implemented for standardizing accounting in the country Financial Reporting Council (FRC) Chairman Dr Md Hamid Ullah Bhuiyan said on Monday.

He said the bank's assets will be reduced by 40 per cent if the IFRS is followed in Bangladesh. "We want all companies to follow full IFRS."

Dr Md Hamid Ullah Bhuiyan  was speaking as the chief guest at a meeting organized by Capital Market Journalists Forum (CMJF) in the city on Monday.

Let the banks come to a settled position by returning all the figures of the banks. But it is not possible. It is never accepted by Bangladesh Bank. "I have tried many time," he said adding "if it is being followed, there will be reflections on the banks correct figures."

"Defaulted loans are being dragged on for years. Will this money ever be paid back? If you are able to collect then there is no problem. What we see in our country's culture is that defaulted loans cannot be recovered. Instead, they are converted back into regular loans by depositing two percent," the FRC chairman said.

The FRC chairman said if a company's revenue is Tk500 million or more, that company will be considered as a public interest company. There are about 3,400 such institutions in the country now. Apart from this, there are about 2500 microcredit institutions. These will also be considered as institutions related to public interest. In all, about 5,500 institutions will be considered as public interest related. These institutions cannot be audited unless an auditor is registered with the FRC.

He said that emphasis is being placed on the supervision of companies listed in capital market. If the financial rules are finalized, fraud in the preparation of financial reports of the company will be greatly reduced. Action will be taken against anyone resorting to irregularities.

The CMJF president Ziaur Rahman presided over the program conducted by CMJF General Secretary Abu Ali.






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