A high-level delegation from the Institute of Cost and Management Accountants of Bangladesh (ICMAB), led by its President, Md. Kausar Alam FCMA paid a courtesy visit to Dr. Md. Sajjad Hossain Bhuiyan, Chairman of the Financial Reporting Council (FRC), at the FRC office to discuss key developments in financial reporting and regulatory reforms, a press release said.
The ICMAB delegation included Vice President S. M. Zahir Uddin Haider FCMA, Secretary Monjur Md. Shaiful Azam FCMA, Treasurer Professor Dr. Md. Musfiqur Rahman FCMA, and Executive Director Md. Mahbub-Ul-Alam FCMA.
During the meeting, both sides reviewed the progress of adopting Cost Accounting Standards and Cost Audit Standards under FRC oversight and agreed to expedite committee-level assessments to facilitate final approval by the Council. Md. Kausar Alam FCMA said, “These standards will significantly improve compliance, transparency, and the overall quality of cost accounting and audit practices, which are essential for sound corporate and economic governance.”
The discussion also covered ongoing Corporate Governance reforms, with both institutions emphasizing the need for stronger governance frameworks to ensure accountability, investor confidence, and sustainable business growth. Emerging financial reporting issues related to Public Interest Entities (PIEs) were also reviewed, with ICMAB assuring full professional and technical support to the FRC in this area.
The ICMAB delegation further highlighted the role of Cost Audit in improving operational efficiency, optimizing resource utilization, and strengthening economic accountability across industries.
Both organizations reaffirmed their commitment to continued collaboration in strengthening financial reporting standards, enhancing regulatory effectiveness, and promoting best governance practices in Bangladesh.
