eeInstitute of Chartered Accountants of BangladeshAbbreviationInstitute of Chartered Accountants of BangladeshTypeProfessional associationRegion servedBangladeshMembership The Institute is an active member of various International

and Regional accounting bodies like: - The International Federation of Accountants (IFAC) - The International Accounting Standards Board (IASB) - The Confederation of Asian and Pacific Accountants (CAPA) - The South Asian Federation of Accountants (SAFA)Official languagesEnglishWebsitewww.icab.org.bd

Professional accounting body

From Wikipedia, the free encyclopedia (Redirected from Professional accountancy body) Jump to: navigation, search A professional accounting body is a organization or association of accountants in a particular jurisdiction. Usually a persons needs to be a member of such professional accounting body to hold out to the public of the jurisdiction as an accountant. The designations for qualified accountants vary from jurisdiction to jurisdiction, such as Chartered Accountant, Certified Accountant, Certified Public Accountant or Certified Management Accountant. Some countries have a single professional accounting body while others have several. If there is more than one body, such bodies may or may not compete with each other; in some countries, professional accounting bodies are divided according to their field of activity. For example, India has two professional accounting bodies: the Institute of Chartered Accountants of India deals with financial accounting, while the Institute of Cost and Works Accountants of India deals with cost accounting. Order under which ICAB established The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body of Bangladesh established under the Bangladesh Chartered Accountants Order 1973 (Presidential Order No. 2 of 1973). ICAB's Administrative Ministry The Ministry of Commerce, Government of the People's Republic of Bangladesh is the administrative Ministry of ICAB.

ICAB's Vision To meet the ever-changing global economic demands dominated by WTO regime, the ICAB is fast becoming a body of professionals whose expert services will be highly sought after- To anticipate, meet and exceed the rising expectations of the society - To better use of opportunities to face the challenges of fiercer global competition - To recognize the changes in economy/ business and recognize the path to success by adopting changes in knowledge management and acquiring skills - To recognize its role as a regulatory body to equip its members (Chartered Accountants) with top-quality education and values - To recognize the needs known as world Class Advisors. In order to materialize the above vision, ICAB will- Generate Chartered Accountants of high competence through rigorous but useful education and training, who will be able to meet the challenges of the new millennium - Uphold professional integrity and honesty of its members - Advise government on taxation, business law and related matters - Maintain superiority in respect of professional competence - Meet the growing demand for qualified Chartered Accountants in Bangladesh - Create the environment of mutual cooperation - Carry out continuous research and make in-depth study of related subjects and apply findings of research and study in the fields of accountancy profession ICAB's Mission Statement The mission of ICAB is to provide leadership in the development, enhancement and coordination of the Accountancy Profession in Bangladesh in order to enable the profession to provide services of consistently high quality in the public interest. ICAB's Aims and Objectives To achieve the above mission, ICAB will pursue the following objectives: Regulate the Accountancy Profession and matters connected therewith in the country Administer its members and students

 Ensure sound professional ethics and code of conduct by its members Provide specialized training and professional expertise in Accounting, Auditing, Taxation, Corporate Laws, Management Consultancy, Information Technology and related subjects Impart Continuing Professional Education (CPE) to its members Foster acceptance and observance of International Accounting Standards (IAS) and International Standards on Auditing (ISA) and adopt the same as Bangladesh Accounting Standards (BAS) and Bangladesh Standards on Auditing (BSA) respectively. Keep abreast of latest developments in Accounting techniques, Audit methodology, Information technology, Management consultancy and related fields Liaise with international and regional organizations to influence the development of efficient capital markets and international trade in services.

ICAB's Management The Council of ICAB is the Supreme Authority responsible for the administration and management of the Institute. The Council is composed of 20 (twenty) members elected by the members of the Institute from its two regional constituencies in Bangladesh every three years. The Council is headed by an elected President who is the Chief Executive of the Institute. The President and the Vice-Presidents of the Institute are elected by the Council every year to manage the affairs of the Institute. The Council is assisted by various Standing and Other (nonstanding) Committees. For the purpose of assisting the Council in matters concerning its functions, the Council is empowered to constitute Regional Committees. At the moment there are two Regional Committees in Dhaka and Chittagong and two Chapters - UK Chapter and North American Chapter. The day to day running of the Institute is delegated to the Secretariat, headed by the Secretary. The Secretariat is located at Chartered Accountant Bhaban, 100 Kazi Nazrul Islam Avenue, Kawran Bazar, Dhaka-1215, Bangladesh.

Membership As on 20 April 2012, the Institute has 1252 members of whom 766 are fellows and 486 are associates, 1107 members are resident in Bangladesh and 145 are resident abroad. Associate and Fellow memberships are offered by the Institute. Persons passing the qualifying Final Examination of the Institute are offered Associateship (ACA) while fellowship (FCA) is offered to members having at least five years post-associateship experience and fulfilling relevant other

requirements. Out of 1252 members, 344 are practicing as public accountants and the rest 908 are serving in various key positions in public and private organizations-both at home and abroad.

Affiliation The Institute is an active member of various International and Regional accounting bodies like: - The International Federation of Accountants (IFAC) - The International Accounting Standards Board (IASB) - The Confederation of Asian and Pacific Accountants (CAPA) - The South Asian Federation of Accountants (SAFA)

FUNCTIONS OF CHARTERED ACCOUNTANTS ENGAGED IN PUBLIC PRACTICES: Chartered Accountants engaged in public practice mainly carry out the following functions:

- Perform professional services involving auditing or verification of financial transactions, books, accounts or records, or preparation, verification or certification of financial, accounting and related statements; - Render professional services or assistance in or about matters of principles or details relating to accounting procedures, costing techniques, or recording, presentation or certification of financial facts or data; - Render professional services or assistance as Management Consultant in or about matters of accounting methods, systems and techniques involving forecasting, in order to assist management in its task of formulating polices, programmes, management systems and procedures for maintaining and improving efficiency.

FUNCTIONS OF CHARTERED ACCOUNTANTS EMPLOYED IN TRADE, COMMERCE, INDUSTRY, FINANCE, ETC.: After qualifying, a Chartered Accountant may not necessarily go for public practice either on his/her own or in partnership with other Chartered Accountant(s) but may go for employment in trade, commerce, industry, finance, etc. Many positions of trust and responsibility are open to a Chartered Accountant such as Chief Executive, Member Finance, Finance Director, Company Secretary, Chief Accountant, Finance Controller, Systems Analyst, Internal Auditor, Cost Accountant, etc. in Listed Companies/ Autonomous bodies or in industrial, financial, commercial or educational enterprises. A Chartered Accountant can also serve on the Board of Directors of various organizations, particularly financial institutions. Such positions of responsibility, trust, honour and dignity are offered to Chartered Accountants because of their excellent educational & training background, professional know-how & technical expertise and sound financial knowledge & experience , thus enabling them to contribute towards solving accounting, financial, educational and business problems at top levels.

ICAB's PUBLICATIONS : - Members Hand-book on Bangladesh Chartered Accountants Order 1973 & The Institute of Chartered Accountants of Bangladesh Bye-laws 2004 and Council Directives/Decisions - Annual Council Report and Annual Audited Financial Statements as at 30th June every year - Annual List of Members & CA Firms as of 1st July every year - The Bangladesh Accountant (Quarterly Journal) - News-Bulletin (Monthly News Letter) - Students' Guide (Information booklet) - Fees Schedule (Effective from 01 July 2004) - Students Study Manuals on various subjects - Students Suggested Answers Booklets on past exam. Questions on various subject - Bangladesh Accounting Standards (BASs) and Bangladesh Financial Reporting Standards (BFRSs) Volume -I (BAS 1 - BAS 25) - Bangladesh Accounting Standards (BASs) and Bangladesh Financial Reporting Standards (BFRSs) Volume -II (BAS 26 - BAS 41 and BFRS 2 - BFRS 6) - BSQC1 & Quality Assurance Requirements

- Audit Practice Manual - Manuals and Technical guides on various professional and technical subjects REGIONAL OFFICE ADDRESSES: (a) Chairman/ Hony. Secretary Dhaka Regional Committee-ICAB Chartered Accountant Bhaban 100 Kazi Nazrul Islam Avenue Dhaka-1215 Tel: +880-2-9115340, 9117521, 9137847, 9129057, 9112672 Fax: +880-2-8119399 E-mail: drc@icab.org.bd Web: www.icab.org.bd

(b) Chairman/Hony. Secretary Chittagong Regional Committee-ICAB HBFC Building 1/D Agrabad Com. Area Chittagong Tel:+880-31-724674 Fax :880-31-813579 E-mail : icab@spnetctg.com

(b) Chairman ICAB UK Chapter Management Committee 782 Garrat Lane, London SW17 0LZ, UK Tel: +44 207 3728 777 Fax:+44 208 6790 721 E-mail: email@hahmed.co.uk

(d). Chairman ICAB North American Chapter 3205 Respond Road Mississauga, L5M 7X5 Ontario, Canada Tel: (905) 828 1581

Fax: (416) 944 5828 E-mail: shahed.sharfuddin@td.com, shahed.sharfuddin@yahoo.com For any enquiry about Institute matters, please contact: Secretary The Institute of Chartered Accountants of Bangladesh Chartered Accountant Bhaban 100 Kazi Nazurl Islam Avenue Dhaka-1215 Bangladesh Telephone: +880 2 9115340, 9117521, 9137847 (Off.) +880 2 9336206 (Res) Fax: 880 2 8119399 E-mail: secretary@icab.org.bd Web: www.icab.org.bd

Accounting in Bangladesh
From Wikipedia, the free encyclopedia Jump to: navigation, search In Bangladesh, the profession of accountancy developed during the British colonial period. Today it is represented by two professional bodies, the Institute of Cost & Management Accountants of Bangladesh (ICMAB) and the Institute of Chartered Accountants of Bangladesh (ICAB). Chartered Accountants complete their training in practising firms and specialise in financial accounting, financial audit and tax. CMAs receive particular training in cost audit, management audit and management accounting, as well as general accounting and taxation. Both the ICMAB and ICAB are under the administrative control of the Ministry of Commerce. The Government of Bangladesh considers both type of professional accountants equal in respect of employment in government services.[1] The Generally Accepted Accounting Principles (GAAP) in Bangladesh are based upon standards set by the ICAB, which has stated its intention to adopt International Financial Reporting Standards. As of 2001, 23 such standards had already been adopted, and listed companies are required to use IFRS.[2]

nstitute of Cost and Management Accountants of Bangladesh

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(December 2009)

Institute of Cost and Management Accountants of Bangladesh

Established 1951 Type President Students Location Campus Professional accountancy body Mr. Momtaz Uddin Ahmed. FCMA >13,000 Dhaka, Bangladesh Dhaka Head Office, Dhaka Camp Office, Chittagong, Khulna, Rajshahi, Comilla International Federation of Accountants and International Accounting Standards Board Official Website of ICMAB

Affiliations Website

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) at Nilkhet, Dhaka, Bangladesh is the only institution in the country dedicated to Cost and Management

Accounting education and research. It is managed as an autonomous professional body under the Ministry of Commerce.[1] As well as education, it is also engaged in regulating and promoting the profession of cost and management accounting in Bangladesh. The Institute is managed by a National Council of 16 members. It is a member of the International Federation of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA), and South Asian Federation of Accountants (SAFA).[2] ICMAB members are known as CMAs with their designatory title ACMA and FCMA. They play leading roles in the accountancy and finance profession in Bangladesh. 30% of members live and work in UK, USA, Canada, Australia and Gulf Countries. ICMAB UK Chapter is a lively forum for members working in the UK.[2]

Contents

1 Vision 2 Mission 3 Objectives 4 International association 5 Syllabus and training 6 National and international recognition 7 International chapters 8 References

Vision
Institutes vision is to help Bangladesh become an industrialized nation by promoting and regulating Cost and Management Accounting profession towards market economy to enhance economic competitiveness and quality of life

Mission
The Institute mission is to enable them to provide better services to the society.The Institute is entrusted with the formulation and implementation of National Accounting as well as Cost Accounting Standards and take other necessary steps with a view to regulating the Cost and Management Accounting profession commensurate with global standard with the ultimate objective of developing Bangladesh's human and natural resources to ensure common welfare and to enrich our shared future.

Objectives
The major objectives of the Institute are to:

Regulate and develop the Cost and Management Accounting (CMA) profession in Bangladesh Provide and confer the highest professional degree in Cost and Management Accounting Impart education and training to the members, corporate managers and intending students of CMA for enhancing their capability in the fields of Cost and Management Accounting Develop knowledge, skills and competence of the CMAs needed to support economic development of the country and, thus, to prepare capable manpower needed for various national and international development activities according to the requirements of the millennium Help development, adoption and implementation of International Financial Reporting Standards (IFRS) in Bangladesh Formulate, adopt and implement Cost Accounting and Auditing Standards (CAAS) in Bangladesh and international arena. Implement statutory Cost Audit as provided in the Companies Act, 1994 Conduct research in the field of Cost and Management Accounting in order to promote and develop the profession to meet the requirement of the time.

[3]

International association
ICMAB is a member of the following international accounting bodies:

International Federation of Accountants (IFAC) Confederation of Asia Pacific Accountants (CAPA)[4] South Asian Federation of Accountants (SAFA)[5] International Accounting Standard Board (IASB)[6]

Syllabus and training

ICMAB's syllabus and training is one of the toughest in Bangladesh which is updated regularly to adapt with the changing business environment. A student required to complete 20 courses and an internship to qualify as a Cost & Management Accountant. The current syllabus includes Principles of Accounting, Business Communication and Office Management, Quantitative Techniques (Business Mathematics & Statistics),Business Economics And International Business,Intermediate Financial Accounting,Cost Accounting,Management And Marketing Management,Information Technology,Advanced Financial Accounting-I,Management Accounting,Commercial & Industrial Laws, Taxation, Advanced Financial AccountingII,Advanced Cost Accounting,Corporate Laws, Governance & Secretarial Practice,Corporate Governance & Secretarial Practice,Auditing,Financial Management, Strategic Management Accounting,Strategic Management and Organizational Behavior,Cost & Management Auditing and Internship.

National and international recognition

The ICMAB qualification is recognised by many professional bodies nationally and internationally. The bodies that have granted exemption to ICMAB members or qualified students are:

Chartered Institute of Management Accountants (CIMA), UK Association of Chartered Certified Accountants (ACCA), UK Institute of Management Accountants (IMA), USA Society of Management Accountants of Canada (CMA Canada) Certified General Accountants Association of Canada (CGA-Canada) Institute of Certified Financial Consultants (IFC), USA & Canada Institute of Certified Project Accountants (ACPA) , USA Institute of Public Accountants (IPA), Australia Institute of Chartered Accountants of Bangladesh (ICAB)

==Publications== The Institute publishes a bi-monthly journal Cost and Management and a bi-monthly newsletter. Various regional chapters e.g. Dhaka and Chittagong also produce regular newsletters.

Financial Accounting Standards

Accounting standards are needed so that financial statements will fairly and consistently describe financial performance. Without standards, users of financial statements would need to learn the accounting rules of each company, and comparisons between companies would be difficult. Accounting standards used today are referred to as Generally Accepted Accounting Principles (GAAP). These principles are "generally accepted" because an authoritative body has set them or the accounting profession widely accepts them as appropriate.

Securities and Exchange Commission (SEC) The Securities and Exchange Commission is a U.S. regulatory agency that has the authority to establish accounting standards for publicly traded companies. The Securities Act of 1933 and the Securities Exchange Act of 1934 require certain reports to be filed with the SEC. For example, Forms 10-Q and 10-K must be filed quarterly and annually, respectively. The head of the SEC is appointed by the President of the United States. When the SEC was formed there was no standards-issuing body. However, rather than set standards, the SEC encouraged the private sector to set them. The SEC has stated that FASB standards are considered to have authoritative support.

Committee on Accounting Procedure (CAP) In 1939, encouraged by the SEC, the American Institute of Certified Public Accountants (AICPA) formed the Committee on Accounting Procedure (CAP). From 1939 to 1959, CAP issued 51 Accounting Research Bulletins that dealt with issues as they arose. CAP had only limited success because it did not develop an overall accounting framework, but rather, acted upon specific problems as they arose.

Accounting Principles Board (APB) In 1959, the AICPA replaced CAP with the Accounting Principles Board (APB), which issued 31 opinions and 4 statements until it was dissolved in 1973. GAAP essentially arose from the opinions of the APB. The APB was criticized for its structure and for several of its positions on controversial topics. In 1971 the Wheat Committee (chaired by Francis Wheat) was formed to evaluate the APB and propose changes.

Financial Accounting Standards Board (FASB) The Wheat Committee recommended the replacement of the Accounting Principles Board with a new standards-setting structure. This new structure was implemented in 1973 and was made up of three organizations:

Financial Accounting Foundation (FAF) Financial Accounting Standards Board (FASB) Financial Accounting Standards Advisory Council (FASAC).

Of these organizations, FASB (pronounced "FAS-B") is the primary operating organization. Unlike the APB, FASB was designed to be an independent board comprised of members who have severed their ties with their employers and private firms. FASB issues statements of financial accounting standards, which define GAAP. The AICPA issues audit guides. When a conflict occurs, FASB rules.

International Accounting Standards Committee (IASC) The International Accounting Standards Committee (IASC) was formed in 1973 to encourage international cooperation in developing consistent worldwide accounting

principles. In 2001, the IASC was succeeded by the International Accounting Standards Board (IASB), an independent private sector body that is structured similar to FASB.

Governmental Accounting Standards Board (GASB) The financial reports of state and local goverment entities are not directly comparable to those of businesses. In 1984, the Governmental Accounting Standards Board (GASB) was formed to set standards for the financial reports of state and local government. GASB was modeled after FASB.
http://www.quickmba.com/marketing/]

The International Accounting Standards Board (IASB) is the independent, accounting standard-setting body of the IFRS Foundation.[1] The IASB was founded on April 1, 2001 as the successor to the International Accounting Standards Committee (IASC). It is responsible for developing International Financial Reporting Standards (the new name for International Accounting Standards issued after 2001), and promoting the use and application of these standards.

Contents

1 Foundation 2 Members o 2.1 Chairmen 3 Due process 4 Funding 5 See also 6 References 7 External links

Foundation
On January 25, 2001, the International Accounting Standards Foundation (IASF) was incorporated as a tax-exempt organization in the US state of Delaware.[2] On February 6, 2001, the International Financial Reporting Standards Foundation was also incorporated as a taxexempt organization in Delaware.[3] The IFRS Foundation is the parent entity of the International Accounting Standards Board (IASB), an independent accounting standard-setter based in London, England.[4] On 1 March 2001, the IASB assumed accounting standard-setting responsibilities from its predecessor body, the International Accounting Standards Committee (IASC). This was the

culmination of a restructuring based on the recommendations of the report Recommendations on Shaping IASC for the Future. The IASB structure has the following main features: the IFRS Foundation is an independent organization having two main bodies, the Trustees and the IASB, as well as a IFRS Advisory Council and the IFRS Interpretations Committee (formerly the IFRIC). The IASC Foundation Trustees appoint the IASB members, exercise oversight and raise the funds needed, but the IASB has responsibility for setting International Financial Reporting Standards (international accounting standards).

Members
The IASB has 14 Board members (12 are full time members and 2 are part time) each with one vote. They are selected as a group of experts with a mix of experience of standard-setting, preparing and using accounts, and academic work.[5] At their January 2009 meeting the Trustees of the Foundation concluded the first part of the second Constitution Review, announcing the creation of a Monitoring Board and the expansion of the IASB to 16 members and giving more consideration to the geographical composition of the IASB. The IFRS Interpretations Committee has 14 members. Its brief is to provide timely guidance on issues that arise in practice.[1] A unanimous vote is not necessary in order for the publication of a Standard, exposure draft, or final "IFRIC" Interpretation. The Board's 2008 Due Process manual stated that approval by nine of the members is required.[6] The members (as of July 2011) are:[5]

Hans Hoogervorst (Chairman), Netherlands, former Minister of Health, Minister of Finance Ian Mackintosh (Vice-chairman), New Zealand, former Coopers & Lybrand, Chief Accountant Australian Securities and Investments Commission Stephen Cooper, UK, UBS Investment Research Phillipe Danjou, France, former Arthur Andersen, AMF (Financial Markets Authority of France)

International Accounting Standards Committee was founded in June 1973 in London and replaced by the International Accounting Standards Board on April 1, 2001. It was responsible for developing the International Accounting Standards and promoting the use and application of these standards. The IASC was founded as a result of an agreement between accountancy bodies in the following countries[1]:

Australia (Institute of Chartered Accountants in Australia (ICAA) and the CPA Australia (formerly known as Australian Society of Certified Practising Accountants (ASCPA)) Canada (Canadian Institute of Chartered Accountants (CICA))

France (Ordre des Experts Comptable et des Comptables Agrees (Order of Accounting Experts and Qualified Accountants)) Germany (Institut der Wirtschaftsprfer in Deutschland (IDW) (Institute of Auditors in Germany) and the Wirtschaftsprferkammer (WPK) (Chamber of Auditors)) Japan Nihon Kouninkaikeishi Kyoukai (Japanese Institute of Certified Public Accountants, JICPA)) Mexico (Instituto Mexicano de Contadores Publicos (IMCP) (Mexican Institute of Public Accountants)) (removed from the board in 1987 due to non-payment of dues; resumed in 1995). the Netherlands (Nederlands Instituut van Registeraccountants (NIVRA) (Netherlands Institute of Registered Auditors)) the United Kingdom and Ireland (counted as one) (Institute of Chartered Accountants in England and Wales (ICAEW), Institute of Chartered Accountants of Scotland (ICAS), Institute of Chartered Accountants in Ireland (ICAI), Association of Chartered Certified Accountants (ACCA), Chartered Institute of Management Accountants (CIMA), and the Chartered Institute of Public Finance and Accountancy (CIPFA) the United States of America (American Institute of Certified Public Accountants (AICPA))

Accounting in Bangladesh
From Wikipedia, the free encyclopedia (Redirected from Accountancy profession in Bangladesh) Jump to: navigation, search

In Bangladesh, the profession of accountancy developed during the British colonial period. Today it is represented by two professional bodies, the Institute of Cost & Management Accountants of Bangladesh (ICMAB) and the Institute of Chartered Accountants of Bangladesh (ICAB). Chartered Accountants complete their training in practising firms and specialise in financial accounting, financial audit and tax. CMAs receive particular training in cost audit, management audit and management accounting, as well as general accounting and taxation. Both the ICMAB and ICAB are under the administrative control of the Ministry of Commerce. The Government of Bangladesh considers both type of professional accountants equal in respect of employment in government services.[1] The Generally Accepted Accounting Principles (GAAP) in Bangladesh are based upon standards set by the ICAB, which has stated its intention to adopt International Financial Reporting

Standards. As of 2001, 23 such standards had already been adopted, and listed companies are required to use IFRS.[2]
association of certified public accountants { acpa{

Special Offer!
Learn the History of the AAA
For a limited time, the AAA is offering two landmark works, documenting the history of the American Accounting Association, at a very special price! The offering includes American Accounting Association, Its First 50 Years19161966, by Stephen A. Zeff (reprinted in 1991), and The Third-Quarter Century of the American Accounting Association19661991, by Dale L. Flesher (published 1991). Previously available to members and non-members at a cost of $10 each, the set of both volumes can now be purchased for $12 (including library rate shipping). American Accounting Association, Its First 50 Years19161966 By Stephen A. Zeff. An excerpt from "The Setting:" "The first two decades of the twentieth century were a formative period for accounting in the United States: three of today's four major national accounting organizations were founded; an accounting literature sprouted and grew; and most important, accounting education had its true beginnings." The Third-Quarter Century of the American Accounting Association19661991 By Dale L. Flesher. An excerpt from the Preface: "The completion of this work coincides with the 75th anniversary of the American Accounting Associationthe premiere organization in the world for accounting educators. This volume is intended as an extension of the 50th anniversary history published in 1966, and thus does not overlap any material found in the earlier history."

5717 Bessie Drive Sarasota, FL 34233-2399 Phone: (941) 921-7747 Fax: (941) 923-4093 Email: info@aaahq.org

The American Accounting Association promotes worldwide excellence in accounting education, research and practice. Founded in 1916 as the American Association of University Instructors in Accounting, its present name was adopted in 1936. The Association is a voluntary organization of persons interested in accounting education and research.
There are three Accounting Professional institute in Bangladesh ICAB, ICMA and AAT in Bangladesh (on test)

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ICAB
Published by on May 14, 2012 | 1 Response

The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body of Bangladesh established under the Bangladesh Chartered Accountants Order 1973 (Presidential Order No. 2 of 1973). The Ministry of Commerce, Government of the Peoples Republic of Bangladesh is the administrative Ministry of ICAB. The mission of ICAB is to provide leadership in the development, enhancement and coordination of the Accountancy Profession in Bangladesh in order to enable the profession to provide services of consistently high quality in the public interest. It is a member of The International Federation of Accountants (IFAC), The International Accounting Standards Board (IASB), The Confederation of Asian and Pacific Accountants (CAPA) and The South Asian Federation of Accountants (SAFA). ICMAB members are known as CAs with their designatory title ACA and FCA. They perform management consultant and professional services involving auditing or verification of financial transactions, books, accounts or records, or preparation, verification or certification of financial, accounting and related statements.
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CAPA
Published by on December 12, 2011 | 1 Response

The Confederation of Asian and Pacific Accountants (CAPA) represent national accountancy organization in the Asia-Pacific region. Today, CAPA has a membership of 34 accountancy organizations in 24 jurisdictions. CAPA is by far the largest regional accountancy organization and its geographical area spans half the globe! The idea of CAPA was conceived at the First East Conference of Accountants that was held from November 28 to December 1, 1957 in Manila, Philippines. However, it was only in 1976 that the Confederation of Asian and Pacific Accountants was formerly established. CAPAs mission is to provide leadership in the development, enhancement and coordination of the accounting profession in the Asia-Pacific region. To enable the profession to provide services of consistently high quality in the public interest. To achieve this mission, CAPA has a commitment to assist the accounting profession in emerging countries in the Asia-Pacific region. CAPA region which spans from Canada in the east to Pakistan in the west have diverse economies of varying levels of maturity. The diverse resources and skills of these members are a unique strength of CAPA, which is used to benefit all its members. CAPA also has an important role to establish better communication and understanding amongst members in order to encourage greater cross border activities in the accounting and business arena. CAPA also aims to enhance the accountancy standards and development of the profession by promoting harmonisation through the adoption of IF AC and IASC standards. Website: www.capa.com.my shareshareshareshare

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International Accounting Standards (IAS)
Published by on May 22, 2012 | Leave a response

International Accounting Standards has developed a set of standards for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial item. From 1973 to 2000, international accounting standards (IAS) were issued by the Board of the International Accounting Standards Committee (IASC). IAS has developed 39 principles for stating how particular types of transactions and other events Read more shareshareshareshare

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ICAB
Published by on May 14, 2012 | 1 Response

The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body of Bangladesh established under the Bangladesh Chartered Accountants Order 1973 (Presidential Order No. 2 of 1973). The Ministry of Commerce, Government of the Peoples Republic of Bangladesh is the administrative Ministry of ICAB. shareshareshareshare

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GAAP
Published by on February 28, 2012 | 1 Response

GAAP are the foundation, and ground rules of accounting practice. GAAP are followed by accountants all over the world. Definition of GAAP: The accounting profession has developed a common set of standards that are generally accepted and universally practiced. This common set of standards is called generally accepted accounting principles (GAAP).

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IFAC
Published by on February 20, 2012 | Leave a response

IFAC stand for International Federation of Accountants which is a global organization for the accountancy professional. The International Federation of Accountants was founded on October 7, 1977 in Munich, Germany at the 11th World Congress of Accountants. The organziations headquarters have been based in New York City since its founding. Sixty-three professional accountancy bodies from 51 countries were signatories of Read more shareshareshareshare

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SAFA
Published by on February 20, 2012 | Leave a response

South Asian Federation of Accountants (SAFA) was formed in the year 1984 to serve the accountancy profession in the South Asian Region anduphold its eminence in the world of accountancy. SAFA is an Apex Body of the South Asian Association of Regional Co-operation (SAARC) and a Regional Grouping of International Federation of Accountants (IFAC). SAFA represents over 170000 accountants having Read more shareshareshareshare

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CIMA
Published by on February 20, 2012 | Leave a response

The Chartered Institute of Management Accountants (CIMA) is a United Kingdom based professional body offering training and qualification in management accountancy and related subjects, focused on accounting for business; together with ongoing support for members. shareshareshareshare

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ICWAI
Published by on February 20, 2012 | Leave a response

The Institute of Cost and Works Accountants of India (ICWAI) is a statutory Professional body established on May 28, 1959 under the Cost and Works Accountants Act, 1959 (Act No.23rd of 1959) enacted by the Parliament of India to regulate the profession of Cost and Management Accountancy in India over the years, the ICWAI has emerged as a leading professional Read more shareshareshareshare

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CAPA
Published by on December 12, 2011 | 1 Response

The Confederation of Asian and Pacific Accountants (CAPA) represent national accountancy organization in the Asia-Pacific region. Today, CAPA has a membership of 34 accountancy organizations in 24 jurisdictions. CAPA is by far the largest regional accountancy organization and its geographical area spans half the globe! shareshareshareshare

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CPA
Published by on November 13, 2011 | Leave a response

Certified Public Accountant (CPA) is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have not met additional state education and experience requirement for certification-as a CPA. Individuals who have passed the Exam but have not either accomplished the required on-the-fob experience, or have previously met it but-in the Read more shareshareshareshare

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CGA
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Certified General Accountant (CGA) is the designation of professionals who are jointly members of the Certified General Accountants Association of Canada (CCA-Canada) and a provincial or territorial CGA association or a CGA association overseas. Provincial, territorial and offshore CGA affiliate associations work collaboratively with CGA-Canada as part of a federation. The national association, first known as the Canadian Accountants Association, Read more shareshareshareshare

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ACCA
Published by on August 20, 2011 | Leave a response

The Association of Chartered Certified Accountants (ACCA) is a British accountancy body which offers the Chartered Certified Accountant(Designator letters ACCA or FCCA) qualification worldwide. It is one of the worlds largest and fast growing accountancy bodies with 140000 members and 404000 affiliates and students in 170 countries (as at April 2010). The Institutes headquarters are in London with the principal administrative office being based in Glasgow. In addition the ACCA has a network of nearly 80 staffed offices and other centres around the world. The ACCA is a founding member body of the Consultative Committee of Accountancy Bodies (CCAB) and the International Federation of Accountants (IFAC) The term Chartered in ACCA qualification refers to the Royal Charter granted in 1974 by Her Majesty the Queen in the United Kingdom. ACCA can trace its history back to 1904 when eight people formed the London Association of Accountants. This was done in order to allow more open access to the profession than was available through the existing accounting bodies. at the time, notably the Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants of Scotland: As of 2006, the goal of ACCA is to become the worlds leading global professional body by size. Since Chartered Certified Accountant is a legally protected term, individuals who describe themselves as Chartered Certified Accountants must be members of ACCA and, if they carry out public practice engagements, must comply with additional regulations such as holding a practicing certificate, being insured against any possible liability claims and submitting to inspections. Website: www.accaglobal.com shareshareshareshare

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ICMAB
Published by on August 20, 2011 | Leave a response

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) is a leading professional body in Bangladesh that offers professional qualification in Cost and Management Accountancy, with a focus on accounting for business. ICMAB programme has been designed to meet the evolving needs of business today and tomorrow. The Institute is a statutory constituted by the government -under the cost and management Accountants Ordinance 1977 (Ordinance No. LIII of 1977) and regulated under the cost and Management Accountants Regulations, 1980 (as amended upto date. It is managed as an autonomous professional body under the Ministry of Commerce. Apart from education, it is also engaged in regulating and promoting the profession of cost and management accounting in Bangladesh. The Institute of Cost and Management Accountants of Bangladesh is the only national institute of the country imparting training and education in the field of cost and management accounting. It has branches. in Chittagong, Rajshahi, Comilla and Khulna along with its main branch in Dhaka. The Institute. is managed by a National Council of 16 members. It is a member of the International Federation of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA), and South Asian Federation of Accountants (SAFA). ICMAB members are known as CMAs with their designatory title ACMA and FCMA. They play leading roles in the accountancy and finance profession in Bangladesh. 30% of members live and work in UK, USA, Canada, Australia and Gulf Countries. Website: www.icmab.org.bd
You are here: Home International Accounting Standards (IAS)

International Accounting Standards (IAS)

Published by on May 22, 2012 | Leave a response

International Accounting Standards has developed a set of standards for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial item. From 1973 to 2000, international accounting standards (IAS) were issued by the Board of the International Accounting Standards Committee (IASC). IAS has developed 39 principles for stating how particular types of transactions and other events should be reflected in financial statements. In 2001, IASC was replaced by International Accounting Standards Board (IASB) and is now responsible to issue the international financial reporting standards (IFRS).
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IFAC
Published by on February 20, 2012 | Leave a response

IFAC stand for International Federation of Accountants which is a global organization for the accountancy professional. The International Federation of Accountants was founded on October 7, 1977 in Munich, Germany at the 11th World Congress of Accountants. The organziations headquarters have been based in New York City since its founding. Sixty-three professional accountancy bodies from 51 countries were signatories of IFACs first Constitution Beginning with 63 members in 1977; IFACs membership has grown over the past 30 years to now include 157 members and associates in 123 countries and jurisdictions, worldwide. IFAC members and associates, which are primarily national professional accountancy bodies, represent 2.5 million accountants employed in public practice, industry and commerce, government, and academia. Through its independent standard-setting boards, IFAC develops international standards on ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to support professional accountants in business, small and medium practices, and developing nations. In addition, IFAC issues policy positions on topics ofpublic interest and comment letters on matters relevant to the profession. Website: www.ifac.org
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SAFA
Published by on February 20, 2012 | Leave a response

South Asian Federation of Accountants (SAFA) was formed in the year 1984 to serve the accountancy profession in the South Asian Region anduphold its eminence in the world of

accountancy. SAFA is an Apex Body of the South Asian Association of Regional Co-operation (SAARC) and a Regional Grouping of International Federation of Accountants (IFAC). SAFA represents over 170000 accountants having membership of the national chartered accountancy and cost and management accountancy institutions in the South Asian countries namely Bangladesh, India, Nepal, Pakistan and Sri Lanka. SAFA came into existence at the initiative of the accounting professional bodies in the South Asian Region, which has a bong of culture and homogeneity of professional environment. Birth of SAFA The idea to form an alliance of accountancy bodies in South Asian Regional was conceived by Mr Ashok Kumbhat, the then President of ICAI, at the third National Conference of Chartered Accountants of Sri Lanka held in December 1982. At the meeting of the heads of accountancy bodies from Bangladesh, India, Pakistan and Sri Lanka held in August 1984 at New Delhi, the Constitution of the Body was signed. The meeting was attended by the heads of accounting bodies in South Asian Region. Mission of SAFA SAFA as a forum of professional accountancy bodies is committed to positioning, maintaining and developing the accountancy profession in South Asian Association for Regional Cooperation (SAARC) Region and ensuring its continued eminence in the world of accountancy; in the public interest and towards broad economic development of the region. Objectives of SAFA SAFA shall, in the public interest work towards strengthening the accountancy profession and sub serve in the interest of the broad economic development of SAARC Region. For this purpose SAFA shall undertake such functions as are necessary for achievement of its mission including the following:
1. To understand the profession in the regional context and continuously work towards its development in keeping with global trends; 2. T o participate and play the leadership role on the international forums; 3. To promote harmonize accountancy profession in SAARC Region and in keeping with global development; 4. To play promotional role for the countries within its jurisdiction, where the accountancy. profession does not exist or is not sufficiently developed; 5. To promote and set professional standards. 6. To act as interface between international bodies and member-bodies; and 7. To carry out such other activities as are considered incidental or ancillary to the above or Considered expedient in furtherance of the development of Accountancy profession in the SAARC Region. You are here: Home ICWAI

ICWAI
Published by on February 20, 2012 | Leave a response

The Institute of Cost and Works Accountants of India (ICWAI) is a statutory Professional body established on May 28, 1959 under the Cost and Works Accountants Act, 1959 (Act No.23rd of 1959) enacted by the Parliament of India to regulate the profession of Cost and Management Accountancy in India over the years, the ICWAI has emerged as a leading professional institute in India and the second largest management accounting body in the world with focus on knowledge, training and research in the field of Management Accounting and Financial and Cost Management. The ICWAI syllabus, research, publications, training, MDP are renowned for exhaustive breadth and depth of knowledge. The ICWAI is recognized by the Government of India as a-Scientific and Industrial Research Organization (SIRO). The ICWAI is committed

To develop the Cost and Management Accountancy profession. To develop the body of members and properly equip them for functions. To ensure sound professional ethics. To keep abreast the latest developments in Management Accountancy, Cost and Financial Management

The ICWAI is a Founder Member of International Federation Of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA), South Asian Federation of accountants (SAFA). The Graduate/Associate/Fellow members of the ICWAI are the professional Cost and Management Accountants of India.The headquarters of ICWAI is situated in Kolkata, and operates through four regional, councils (Kolkata, Chennai, Delhi and Mumbai), 94 chapters in India and 6 chapters abroad. Website: www.icwai.org Certified Public Accountant (CPA) is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have not met additional state education and experience requirement for certification-as a CPA. Individuals who have passed the Exam but have not either accomplished the required on-the-fob experience, or have previously met it but-in the meantime have lapsed their continuing professional education are, in many states permitted the designation CPA Inactive or an equ ivalent phrase. In most US states only CPAs who are licensed are able to provide to the public attestation (including auditing) opinions on financial statements. The exceptions to this rule are Arizona, Kansas, North Carolina and Ohio where, although the CPA designation is restricted, the practice of auditing is not.

Many states have a lower tier of accountant qualification (below that of CPA), usually entitled Public Accountant (with designatory letters PA). However the majority of states have closed the designation Public Accountant to new entrants, with only about 10 states continuing to offer the designation. Many PAs belong to the National Society of (Public) Accountants. Many states prohibit the use of the designations Certified Public Accountant or Public Accountant (or the abbreviations CPA or PA) by a person who is not certified as a CPA or, PA in that state. As a result, in many circumstances, an out-of-state CPA is restricted from using the CPA designation or designatory letters until a license or certificate from that state is obtained. Texas additionally prohibits the use of the designations accountant and auditor by a person not certified as a Texas CPA, unless that person is a CPA .in another state, a non-resident of Texas, and otherwise meets the requirements for practice in Texas by out-of-state CPA firms and practitioners. Many other countries also use the title CPA to designate local public accountants. The equivalent in formerly British countries is the chartered accountant. Certified General Accountant (CGA) is the designation of professionals who are jointly members of the Certified General Accountants Association of Canada (CCA-Canada) and a provincial or territorial CGA association or a CGA association overseas. Provincial, territorial and offshore CGA affiliate associations work collaboratively with CGA-Canada as part of a federation. The national association, first known as the Canadian Accountants Association, was founded in 1908 by a trio of Canadian Pacific Railway accountants in Montreal, Quebec. Five years later, in 1913, the General Accountants Association, as it was then known, was granted a charter from the government of Canada. By the mid-1940s, association chapters were established from coast-to-coast. Provincial, territorial and regional (offshore) chapters were later established under their own Charters. CGA is an accounting professional with expertise in finance, taxation, business strategy, editing, management and business leadership. CGAs must meet the education, experience and examination requirements established, and regularly enhanced, by CGA-Canada. CGA-Canada had 47,500 members and 25,500 students in 2009, making it the fastest growing and second largest professional accounting designation in Canada. The CGA program of professional studies is offered in Canada, Bermuda, the Caribbean, Hong Kong and mainland China. CGAs work throughout the world in industry, commerce, finance, government, public practice and the notfor-profit sector. In the twenty first century Chartered Accountancy (CA) has emerged as a unique Profession of paramount importance and is now discussed at various economic seminars, capital markets, investments and such other forums. To cope with the increasing demand in the field of economy, innovative financial instruments are being constantly introduced and the profession world-wide, apart from accounting, taxation, financial management and other financial consultancy is in the forefront in launching these financial products. In today's free globalized world, Chartered Accountants are in public practice, in all sizes of accounting firm from sole practitioners to affiliates of large international firms. They are also employed in industries, finance and commerce playing a wide variety of financial, management

and senior policy making roles both at home and abroad. The members of the Institute of Chartered Accountants of Bangladesh are known as the Chartered Accountants of Bangladesh.

1. Objectives The Institute of Chartered Accountants of Bangladesh(ICAB), the National Professional Accounting Body of Bangladesh established under the Bangladesh Chartered Accountants Order 1973(President's Order No. 2 of 1973).The Institute have the following objectives: Regulates the accounting Profession and matters concerned there with in the country Administers its members and students Ensures sound professional ethics and code of conduct by its members Provides specialized training and professional expertise in Accounting, Auditing, Taxation, Corporate Laws, Management Consultancy, Information Technology and related subjects Imparts Mandatory continuing Professional Education (CPE) to its members Fosters acceptance and observance of International Accounting Standards(IAS)and International Standards on Auditing (ISA)and adopt IAS & ISA in Bangladesh as Bangladesh Accounting Standards(BAS)and Bangladesh Standards on Auditing (BSA) respectively Keeps abreast of latest developments in Accounting techniques, Audit methodology, Information technology , Management consultancy and related fields Liaises with regional and international organizations to influence the development of efficient capital markets and international trade in services.

2. Mission In order to enable the profession to provide services of consistently high quality in the public interest the mission of the Institute has been identified by the Council as: To provide leadership in the development, Enhancement and coordination of the Accountancy profession in Bangladesh

3. What is Chartered Accountancy Chartered Accountancy is the specialized field of Accounting. The qualification of a Chartered Accountant is being increasingly acclaimed as the best professional qualification in this millennium of free market economy and globalization of trade and services. Education and training system of Chartered Accountants is such that after qualifying, a Chartered Accountant may go for public practice either on his/her own or in partnership with other Chartered Accountant(s) or he/she may go for employment in trade, commerce, industry, finance, etc.

4. Benefits of being a Chartered Accountant A Chartered Accountant is a Professional who is trained in and possesses the expertise to perform the various types of work such as Accounting, Taxation, Auditing, Financial Management, Project Appraisal, MIS, IT, Computer Auditing, Consultancy etc. In certain areas, like audit, they have the monopoly. The practising Chartered Accountants mainly carry out audit, inter alia, of financial statements of various enterprises/organizations as Public Accountants under the banners of approved Chartered Accountant Firms. Chartered Accountants engaged in public practice mainly carry out the following functions: Perform professional services involving auditing or verification of financial transactions, books, accounts or records, or preparation, verification or certification of financial, accounting and related statements; Render professional services or assistance in or about matters of principles or details relating to accounting procedures, costing techniques, or recording, presentation or certification of financial facts or data; Render professional services or assistance as Management Consultant in or about matters of accounting methods, systems and techniques involving forecasting, in order to assist management in its task of formulating policies, programmes, management systems and procedures for maintaining and improving efficiency. Management Consultancy services encompass, inter alia, the following areas: Valuation of business and shares Designing of accounting, internal control and operational systems for organization. Rendering of services like maintaining computerized financial accounts of companies, business process reengineering, management selection and recruitment, disinvestment of government enterprises, etc. Apart from these CA Firms are also engaged in:

Taxation services Business Information System (BIS) Statutory and Liquidation services, etc. Many positions of trust and responsibility are open to a Chartered Accountant such as Chief Executive, Member Finance, Finance Director, Company Secretary, Chief Accountant, Finance Controller, Systems Analyst, Internal Auditor, Accountant, etc. in Listed Companies, Corporations/ Autonomous bodies or in industrial, financial, commercial or educational enterprises. A Chartered Accountant can also serve on the Board of Directors of various organizations, particularly financial institutions. Such positions of responsibility, trust, honour and dignity are offered to Chartered Accountants because of their excellent educational & training background, professional know-how & technical expertise and sound financial knowledge & experience, enable them to contribute towards solving accounting, financial, educational and business problems at top levels.

5. Linkage to International bodies The Institute is a permanent active member of several International and Regional Accounting Bodies like:

International Federation of Accountants (IFAC ), the apex body of the accounting profession in the world and sole authority for adoption and implementation of Auditing Standards Ethics etc. International Accounting Standards Committee (IASC ),the sole custodian for adoption and implementation of Uniform Accounting Standards for member countries Founder member of South Asian Federation of Accountants (SAFA ), the Regional Accounting Organisation of South Asia Confederation of Asian and Pacific Accountants(CAPA) International Accounting Standards Boards(IASB) Moreover, the Institute has to make liaison with various government agencies, local and international Chamber Bodies and business houses.

6. Career Prospects in Comparison with other Professions CA is an internationally relevant and accessible qualification a go-anywhere passport to a successful career. In an age of growing globalization and intensified competition, modern business demands timely and accurate financial information. That is why CAs' are sought after by companies across the world. They are commercial business managers with wide-ranging skills. With this globalization, the world economic scenario is rapidly evolving. Innovative financial instruments are being constantly introduced in the twenty first century, and the Chartered Accountancy (CA) Profession world-wide is in the forefront in launching these financial products. Chartered Accountancy (CA) has emerged as a unique profession of paramount importance. Anybody will find Chartered Accountancy as a satisfying and rewarding profession. Apart from exciting opportunities and attractive pay-packages, Chartered Accountancy qualification is recognized internationally, and its reputation and value are maintained through high standards of assessment and regulation. It is the professional qualification of choice for businesses worldwide. The profession of Chartered Accountancy is looked upon with great honour and dignity. Chartered Accountants have developed this over the years through sincerity, devotion, and integrity. Business promoters and owners cannot deal with every detail of their business. The People they employ to conduct their business do a lot of things on each of those where they cannot lay their finger tips. Promoters and owners engage Public Accountants to let them know net results of their business activities and repose full confidence in Public Accountants to dig out truths, where necessary. Due to the increasing demand for their services, the average earnings/ remuneration packages of Chartered Accountants has also steadily increased in recent past. Hence a student, on successful completion of examinations and training, could look forward to a comfortable compensation package. Today's world is governed by commerce and trade. Only the Chartered Accountants can control the matters related to commerce and trade. So there is a increasing demand of Chartered Accountants worldwide. And that is why the Chartered Accountancy is best among all other professions. Chartered Accountancy in Bangladesh In Bangladesh where resources are limited, support of the government for starting an activity at national level is greatly needed. Government of Bangladesh has given total support to the development of accounting profession in the country. Policy makers of the country are taking keen interest in the activities of the profession. Chartered Accountancy is the most lucrative and remunerative job, not only in Bangladesh but, over the world. ICAB is the only organization to train the most prestigious professionals and to regulate Chartered Accountancy profession in the country. During the year 2010-11, the Institute granted registration to 1082 students for Article ship, 1392 students completed their Article ship training and 46 Articled Students discontinued Article ship due to various reasons. In Course

Articled Students during the year 2010-11, 3570 students were registered for Article ship with the Institute. Though it is apparent that the path for accomplishment of the C.A. qualification is not an easy task, but with the unique combination of rich inputs and active processes in a supportive environment has been made by ICAB, the results is now well worth your endeavors and CA profession has become preferential one day by day. ICAB has now grown to a membership size of 1252 of which 766 are Fellow Members and the rest 486 are Associate Members. (As on 20 April 2012) F emale in CA Profession in Bangladesh Females are also playing a vital role as Chartered Accountants in Bangladesh and taking leading role gradually to become co-partner of the profession. ICAB has 42 female members (as on 20 April 2012) who are occupying the high ranking positions in CA firms, NGOs and international organizations like, the World Bank. Female students are increasing tremendously and are becoming matured adequately. ICAB wishes to have many more qualified (and part-qualified) female Chartered Accountants in the near future.