DHAKA, Nov 6, 2024 (BSS) - National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan underscored the need of establishing a strong and efficient 'Financial Reporting and Regulatory Framework' for both the public and private sectors.
 
"This is crucial for creating a robust governance system that ensures transparency and accountability in the country's financial management," he said.
 
The NBR chairman said this while addressing the inaugural discussion on 'Financial Reporting and Regulatory Framework: Public and Private Sector' as the chief guest at a city hotel on Tuesday, said a press release today.
 
Finance Division in collaboration with the World Bank organized the discussion.
 
At the discussion, Khan said that financial transparency is a collective responsibility.
 
"It goes beyond the NBR and taxpayers, and should be regarded as a national duty to combat corruption and pave the way for a prosperous nation," he added.
 
The NBR chief pointed out the challenges faced by State-Owned Enterprises (SOEs), autonomous bodies, and statutory organizations in adhering to international accounting standards due to inadequate infrastructure.
 
He emphasized the need for academic excellence and the development of robust systems, supported by skilled professionals, to ensure effective financial reporting in preparation for the next ROSC exercise.
 
The 2003 and 2015 ROSC reports significantly influenced Bangladesh's financial regulatory landscape. The 2003 report identified weaknesses, recommended adopting IFRS, and establishing a Financial Reporting Council (FRC). By 2015, progress was seen with IFRS adoption, but challenges in enforcement and compliance remained, necessitating ongoing reforms.
 
Presided over by Bilquis Jahan Rimi, Additional Secretary (Budget-1) and National Program Director, Strengthen Public Financial Management Program to Enable Service Delivery (SPFMS), Finance Division, the function was addressed by Marga Peeter, EU Delegation Project Manager Union Delegation to Bangladesh as Special Guest while Suraiya Zannath, Lead Governance Specialist (Financial Management), the World Bank as the key note speaker.
In a significant move towards improving financial reporting and regulatory frameworks, Bilquis Jahan Rimi focused on both the public and private sectors, underscores Bangladesh's commitment to fostering a financial ecosystem that prioritizes transparency, accountability, and resilience.
 
She said the government is working towards enhancing financial reporting and regulatory frameworks, particularly in the public sector.

By aligning with international standards, Bangladesh aims to improve government resource management, service delivery, and national development outcomes, thereby fostering greater public trust and economic stability, she added.
 
Marga Peeters emphasized on raising awareness among SOEs about the SOE monitoring cell which can aid their compliances with financial reporting requirements and some continue to experience audit package.
 
She reaffirmed that EU remains committed to supporting Bangladesh's journey towards a full mature financial reporting framework, one that aligns closely with IFRA standard and the objective of ROSC framework.
 
The presentation by Suraiya Zannath focused on the Financial Reporting and Regulatory Framework, highlighting the World Bank and IMF's Report on the Observance of Standards and Codes - Accounting and Auditing (ROSC A&A).
 
This initiative assesses countries' compliance with international accounting and auditing standards to enhance financial systems, transparency, and private sector growth.
 
The open discussion at the event, with representatives from government ministries, professional bodies, and development organizations, highlighted a shared commitment to a financial framework that promotes transparency in the public sector and equitable growth in the private sector.