(A statutory body under the Ministry of Commerce) - ICMAB

ANNUALREPORT

(A statutory body under the Ministry of Commerce)

2020

TABLE OF

CONTENTSNotice of AGM

About ICMAB

Vision and Mission

Past Presidents

Council and Office Bearers

President’s Statement

REPORT OF THE COUNCILCouncil and Committees

Members’ Meeting

Education, Examination and Student Affairs

Liaison with Government and other Stakeholders

Conference, Seminar, Workshop and Training

Representation in Regional and Global Forums

Governance, Administration and Infrastructure

Partnering with Entrepreneurs and Employers

Cost Audit and Professional Service Activities

Research and Publications

Role in National Economic Issues

CMA Branding

Media Coverage

We Lost

Members’ Update

Members’ Welfare

Branch and Chapter Activities

Accounts and Others

AUDITED ACCOUNTSAuditors’ Report to the Members

Statement of Financial Position

Statement of Profit or Loss and Other Comprehensive Income

Statement of Changes in Fund

Statement of Cash Flows

Notes to the Accounts

EXECUTIVE OF THE INSTITUTE

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Notice of the

Annual General

Meeting

49th

AGENDA

Notice is hereby given that the 49th Annual General Meeting of the Institute of Cost and

Management Accountants of Bangladesh (ICMAB) will be held on Friday, January 01, 2021

at 11:00 a.m. at ICMAB Ruhul Quddus Auditorium, ICMA Bhaban, Nilkhet, Dhaka to transact

the following businesses:

Md. Munirul Islam FCMASecretary

To confirm the minutes of the 48th Annual General

Meeting held on February 07, 2020.

To consider the Annual Report of the Council and the

Annual Accounts of the Institute for the year 2019-2020

together with the Auditors’ Report thereon.

To appoint the auditors for the year 2020-2021 and fix

their remuneration.

To transact any other business with the permission of the

Chair.

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The InstituteThe Institute of Cost and Management Accountants of Bangladesh (ICMAB) is the national body of the professional Cost and Management Accountants of Bangladesh established with the prime objective of promoting and regulating the Cost and Management Accountancy profession in the country, the Institute offers education and training to the students interested to pursue career in this field and provides highly recognized CMA degree on fulfillment of requisite qualification. The Institute undertakes research in relevant fields and is the sole authority to issue practicing license to its members.

Legal StatusICMAB is a statutory organization constituted by the Government under The Cost and Management Accountants Ordinance 1977 (Ordinance No Llll of 1977) and regulated under the Cost and Management Accountants Regulations 1980 (as amended up to date). Thereafter The Cost and Management Accountants Ordinance 1977 has been replaced by the Cost and Management Accountants Act 2018 (Act No. LXX of 2018), published in the official Gazette on 14 November 2018. It is a member of leading regional and global accounting bodies including International Federation of Accountants (IFAC).

About

ICMAB

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Legacy of the InstituteThe Institute has a long heritage of rendering professional services to the nation. The journey of the glorious profession of Cost and Management Accounting began in the pre-independent Bangladesh with the founding of a branch of The Pakistan Institute of Industrial Accountants (PIIA) in 1958. As we started a fresh journey towards success and prosperity in independent Bangladesh, the profession entered into a new era. In 1972, the Institute was re-established in the name of Bangladesh Institute of Industrial Accountants (BIIA). Thereafter, the members of the Institute through their excellence in various fields proved their credibility in the national and international outfit which started building the credentials for the Institute for gaining acceptability from all concerned and to attain confidence of the government and business community of the country. With the changing need of time the Government of Bangladesh renamed it as The Institute of Cost and Management Accountants of Bangladesh (ICMAB) through promulgation of The Cost and Management Accountants Ordinance 1977 (Ordinance No. LIII of 1977), which was published in the official Gazette on 14 November 1977. Considering the active role of Cost and Management Accountants for accelerated growth of Bangladesh economy, a new Act of Parliament “Cost and Management Accountants Act 2018” ( Act No. LXX of 2018) has been passed by the Parliament on 29th October 2018 and published in the official Gazette on 14 November 2018.

Governance and Management The Institute is presently being governed by a Council which consists of 16 Fellow Members of ICMAB (including one regional representative) elected by the members of the Institute and 5 nominees from the Government of Bangladesh as prescribed in the Cost and Management Accountants Act, 2018. The Council is elected for a period of three years. Every year one President, two Vice-Presidents, one Secretary and one Treasurer are elected as office bearers from amongst the Council Members.

The day to day administrative affairs of the Institute is, however, managed by a team of fully employed executives headed by an Executive Director who acts as the Chief Executive Officer (CEO).

The Institute has three functional divisions and seven departments. Details of divisions/departments are as follows:

Name of Division Name of Functional Departments under the Divisions

Academic Affairs Division• Education Department• Examination Department

Corporate Affairs Division• Administration Department• Finance and Accounts Department• ICT Department

Technical Affairs Division• Research & Publication Department• Member’s Affairs Department

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HeadquarterICMA Bhaban, Nilkhet

Dhaka-1205Tel: 9615460, 9611799, 9615477 58616473, Fax: 88-02-58615703

E-mail: [email protected]: www.icmab.org.bd

Dhaka BranchICMA Bhaban, Nilkhet

Dhaka-1205.Tel: 9615460, 9611799, 9615477

Ext: 138E-mail: [email protected]

Chattogram BranchCMA Bhaban, H # 43, R # 27

CDA R/A, Agrabad, Chattogram Tel : 031-727638

Cell: 01847360700E-mail: [email protected]

Khulna BranchCMA Bhaban, KDA Plot No. 24-25

Mozid Sorani RoadSonadanga, Khulna

Tel. : 041-722335Cell: 01847360701

E-mail: [email protected]

Headquarter, Branches, Study Centres and Chapters

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Rajshahi BranchCMA Bhaban, Holding No-275

Plot No-93, Banalata Commercial AreaBoalia, Rajshahi.Tel: 0721-751092


Cumilla Study CentreCumilla Victoria Government

College, CumillaTel: 081-73686


Overseas ChaptersICMAB Canada Chapter

ICMAB KSA Chapter ICMAB UK Chapter

ICMAB Australia Chapter

Jashore Study CentreJessore College, Shankarpur

Jashore-7400Phone: +88 0421-68520


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Global AffiliationICMAB is Member of following Global Bodies of Professional Accountants:

The International Federation of Accountants (IFAC)

South Asian Federation of Accountants (SAFA)

Confederation of Asian and Pacific Accountants (CAPA)

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Vision

Institute’s vision is to help Bangladesh become an industrialized nation by promoting and regulating Cost and Management Accounting profession to enhance economic competitiveness and quality of life.

Vision & Mission

Mission

The Institute’s mission is to develop, equip and promote Cost and Management Accountancy profession by maintaining the highest professional standard of its members in order 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 taking 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.

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PAST PRESIDENTS

Late A.N. Hamidullah(1972-74)

Late Habibur Rahman FCMA

(1991 & 1997)

Mr. Mohammed Mohiuddin FCMA

(1995)

Mr. Md. Abdul Aziz FCMA

(2001 & 2010)

Mr. Satipati Moitra FCMA

(2006)

Mr. Mohammed Salim FCMA

(2014 & 2018)

Late Ruhul Quddus FCMA

(1975-86)

Late Muzaffar Ahmed FCMA

(1992)

Mr. Rafiq Ahmad FCMA

(1998 & 2002)

Late Md. Abdur Rashid FCMA

(2003)

Prof. Mamtaz Uddin Ahmed FCMA (2007 & 2012)

Mr. Abu Sayed Md. Shaykhul Islam FCMA

(2015)

Mr. Md. Uttam Ali Miah FCMA

(1987 89)

Late Md. Ishaque FCMA

(1993)

Mr. Muzaffar Ahmed FCMA

(1999)

Mr. A.K.M. Delwer Hussain FCMA

(2004 & 2013)

Late Zahir Uddin Ahmed FCA, FCMA

(2008 & 2011)

Mr. Arif Khan FCMA

(2016)

Late Md. Nurul Hassan FCMA

(1990)

Late Chowdhury Hafizur Rahman FCMA

(1994 & 1996)

Mr. M. Abul Kalam Mazumdar FCMA

(2000 & 2019)

Mr. Md. Ruhul Amin FCMA

(2005)

Mr. A.B.M. Shamsuddin FCMA

(2009)

Mr. Jamal Ahmed Choudhury FCMA (2017)

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Mr. Md. Jasim Uddin Akond FCMA has been elected President of the Institute of Cost and Management Accountants of Bangladesh

(ICMAB) for the term 2020.

Mr. Md. Jasim Uddin Akond FCMA is currently holding the position of Comptroller of Bangladesh University of Engineering & Technology (BUET). Earlier, he was the head of budget division of Bangladesh Steel & Engineering Corporation (BSEC).

Prior to his new role, Mr. Akond was the elected Secretary of ICMAB for consecutive four terms. He served the Institute as Vice President and Treasurer in different terms. He was also the Chairman of Dhaka Branch Council of ICMAB. Throughout his long involvement with ICMAB, he actively participated in different committees of ICMAB and SAFA. He was the Chairman of the Committee of SAFA Best Corporate Award and Member of SAFA Committee on Government and Public Sector Enterprises Accounting.

Mr. Akond is the Independent Director of Renwick Jajneswar & Co. (BD) Ltd. Shyampur Sugar Mills Ltd., BSFIC. He is also the Director of Board of Directors of Bangladesh Institute of Capital Market (BICM), Financial Reporting Counting (FRC), Khulna Shipyard, Dockyard & Engineering Works, Narayangonj, Chittagong Dry Dock Ltd. And Bangladesh Diesel Plant.

He is the Executive Member of CMA Welfare Trust and Life Member of Greater Faridpur Shomity. He participated in various National & International Seminar, Conferences in home and abroad. He did his graduation with honours and post-graduation in Accounting from the University of Dhaka.

CouncilOffice Bearers&

2020

President

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Mr. Md. Mamunur Rashid FCMA, a Fellow Member of the Institute of Cost & Management Accountants of Bangladesh (ICMAB), was born in Bogra

District on the 31st of December 1967. His academic brilliance was revealed when Mr. Rashid obtained his undergraduate degree in Bachelors of Commerce in the year 1987 and his post- graduation degree in Masters of Commerce (Management) in the year 1989, securing First Class 2nd Position and First Class 4th Position respectively both under the educational guidance and accreditation

of University of Dhaka.

Presently Mr. Rashid is serving as Deputy Managing Director at Index Group of Companies. He is also serving as the Independent Director at West Zone Power Distribution Co. Ltd- An enterprise of Bangladesh Power Development Board and Board Director of several sister concern of Index Companies. He has been elected as the Vice President of Bangladesh Ceramics Manufacturers and exporters Association (BCMEA) and the governing body member of Federation of Bangladesh Chamber & Commerce Industry (FBCCI).

His career lifted off when he started as an officer of Bangladesh Steel & Engineering Corporation (BSEC) in the year 1989. After that he accumulated a wealth of experience via serving in the following influential designations and esteemed organizations: He served as Chief Financial Officer at Kazi Farms Group, Director of Finance at Sheba Phone, Financial Controller & Company Secretary at Summit Power Limited, Chief Accountant at BRAC-Aarong, and Finance Manager at Desh Group of Companies. He also served in Government organizations namely, Bangladesh Power Development Board (BPDB) and Bangladesh Parjatan Corporation (BPC).

Mr. Rashid successfully completed a one year International Diploma in MIS & IT, validated by NCC Education Services, United Kingdom (U.K) which was conducted by BRAC Information Technology Institute (BITI), Bangladesh, in the year 2000.

Mr. Abu Bakar Siddique FCMA has been elected Vice President of the Institute of Cost and Management Accountants of Bangladesh (ICMAB)

in its meeting held on 09 February 2020. He was the Chairman of the Dhaka Branch Council of ICMAB for the year 2000 and Member of the National Council for the term 2017-2019.

Mr. Siddique is the Executive Vice President & CFO of Kohinoor Chemical Co. (BD) Ltd. and Group Reedisha. He is a long experienced personality and served different organizations in different capabilities. He was the General Manager of Sinha Textile Group, Financial Management and Accounting Specialist of a project of LGED, Research Officer of ERD, Ministry of Planning, Government of Bangladesh, UNDP & GoB funded project of ICMAB as Project Director, Accounting Consultant of the project of BPDB & DESA and as Chief Executive as Director of ICMAB.

He actively participated in various committees of ICMAB. He served as a Member of Accounting Standard Committee of SAFA. He received Atish Dipankar Gold Medal-2016 for special contribution in Business and Commerce awarded by Atish Dipankar Smriti Parishad. He participated in many training programs and seminars on financial issues in home and abroad.

He obtained his post-graduation degree in Management from the University of Dhaka and stood 1st class 3rd position. He obtained training on Program & Project Development and Management from Asian Institute of Management (AIM), Manila, Philippines.

Vice President

Vice President

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Mr. Md. Munirul Islam FCMA has been elected Secretary of the Institute of Cost and Management Accountants of Bangladesh (ICMAB)

for the term 2020. He is currently working as Head of Human Resources in Aristopharma Limited, one of the top 10 pharmaceuticals companies in Bangladesh. He served as a council member for the last two terms of 2014-2016 & 2017-2019 and has been elected again for the term of 2020-2022.

Mr. Islam has been actively associated with the activities of Dhaka Branch Council (DBC) and National Council of ICMAB for around 20 years in multiple capacities. He was the Chairman of Dhaka Branch Council in 2011 and Vice/

Acting Chairman in 2010. He was also the Secretary of DBC in 2009. He also served this institution as a Part-Time faculty member for around 15 years.

Mr. Islam is the founding President of Bangladesh Pharma HR Society (BPHRS), Director of Federation of Bangladesh Human Resource Organization (FBHRO), Life Member of HR Club, President at Lions Club of Dhaka Lilly Garden and Life Member of Bangladesh Numismatic Collector Society.

Mr. Islam is presently working as a part-time faculty at Southeast University. He was former part-time faculty of East West University and guest faculty of AIUB and Stamford University. He is also a trainer for Financial Management, Cost Accounting, Technical & Managerial Skill Development and Implementation of HR practices under the Quality Management System. Mr. Islam did his M. Com and MBA in Accounting & Information System (AIS) from the University of Dhaka.

Mr. Islam was born in Dhaka and his home district is Chandpur. He is the 5th son of Late Abdul Hamid Pathan, a professional banker & Late Anwara Khatun. He is married and blessed with one son. His wife Ms. Tahmina Shema is also a professional lady and previously worked in Beximco Group for about 15 years. His only son Mr. Zulkarnain Islam (Rahil) is presently pursuing his BBA at Institute of Business Administration (IBA), University of Dhaka.

Mr. Md. Ali Haider Chowdhury FCMA has been elected Treasurer of the Institute of Cost and Management Accountants of Bangladesh (ICMAB)

in its meeting held on 09 February 2020. Prior to his new role, Mr. Md. Ali Haider Chowdhury FCMA served the ICMAB as a Chairman of Dhaka Branch Council (DBC) in 2014.

Mr. Md. Ali Haider Chowdhury FCMA is leading ALOHA Bangladesh as Managing Director (UECSL) a sister concern of Unicom Group. He started his career with Nestlé Bangladesh in 1994 and during his 12 years tenure in Nestlé Bangladesh

he established “Standard Cost Budget”, “Costing Standard for Distribution” and “White Collar Productivity” basis ABC (Activity Based Costing). Later in 2004 Nestlé Bangladesh deputed him to Nestlé India as “Business Controller” as reward of his professional competency and great contribution to the company. During his 3-year service period in Nestlé India, he was involved with the implementation of SAP and VAT.

Mr. Chowdhury is a Founder President of CMA Bangladesh Tigers Toastmaster Club, registered under Toastmaster International, California, USA. He obtained his MBA in Accounting and Information Systems (AIS) & Masters in Finance from Dhaka University.

Mr. Chowdhury is the proud father of twin daughters, who are currently having their postgraduate degree in Melbourne University, Australia.

He has been actively associated with the National Council of ICMAB. Currently he is serving as the Council member of the National Council of ICMAB. He has also served as Vice- Chairman in the year 2004 and Secretary in 1999 & 2002 of the Dhaka Branch Council of ICMAB. Mr. Rashid served as the Executive Secretary of South Asian Federation of Accountants (SAFA) for the year 2013. He has been blessed with his wife Jesmin Sultana and two daughters Tanha & Tahiya.

Secretary

Treasurer

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Mr. Mohammed Salim FCMAMember

Mr. Md. Abdul Aziz FCMAMember

Mr. Abu Sayed Md. Shaykhul Islam FCMAMember

Mr. A.K.M. Delwer Hussain FCMAMember

Mr. Arif Khan FCMAMember

Mr. Md. Abdur Rahman Khan FCMAMember

Mr. Mahtab Uddin Ahmed FCMAMember

Mr. Md. Kausar Alam FCMAMember

Mr. Imtiaz Alam FCMAMember

Mr. A.K.M. Kamruzzaman FCMAMember

Kazi Muhammad Ziauddin FCMAMember

Mr.Md.Hafizur RahmanMember

Mr. Md. Mahfuzul Alam KhanMember

Mr. Mohammad SalauddinMember

Dr. Mohammad MohiuddinMember

Mr. Abdullah Al MamunMember

Council Members

Council Members (Govt. Nominated)

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Dear Members,

Assalamualaikum.

Hope you are doing well with your family members during the pandemic. I pray to Almighty Creator for your sound health and mental happiness. I also pray for the departed souls and the people who are affected by the pandemic COVID-19 virus.

I would like to remember with deep respect Father of the Nation Bangabandhu Sheikh Mujibur Rahman, the vivacious leader of the Bengali nation, the architect of independent Bangladesh and the greatest Bengali of all times, at his 100th birth anniversary. I would like to show my gratitude for his remarkable contribution for establishing the Institute of Cost and Management Accountants of Bangladesh (ICMAB). We should work all together to materialize the dream of Bangabandhu Sheikh Mujibur Rahman for building the country as “Sonar Bangla”.

Though COVID -19 has been affecting us all around the world for last couple of months, but we do not stop our development activities rather we are working continuously through taking the life risk for the development of the institute. You will be happy to know that ICMAB is now offering online education, training and CPDs in large scale. In the meantime, we successfully organized so many international and national webinars such as “The challenges and Role of Professional Accountants amid and post COVID-19 era”, “Challenges and Role of Professional Accountants amid and post Covid-19 era”, “CMA’S Role Ensuring Compliance in Financial Reporting”, “Post-Budget discussion session on national budget 2020-21”, “Public Financial Management in Bangladesh”, and “International Accounting Day” etc. using the digital platform and provide the online CPD opportunities to enhance the knowledge of members. We emphasized particularly on ensuring Cost Audit Certification for all listed companies. I added that CMA professionals can create a great impact by putting their expertise for ensuring clarity in various economic aspects. I requested the honorable guests to create more scope for the CMA professionals in relevant fields so that they can give their effort for the development of this country.

We are consistently organizing series of webinar programs using the online and physical platforms for the development of the institute as well as our members. I convey my sincere gratitude to the all the resource persons, and members for their active participation and cooperation in the national and international webinar programs. We are also trying to stand with our beloved members and students by giving financial assistance and engaging doctor’s service when necessary.

South Asian Federation of Accountants (SAFA) celebrated August 22 as the SAFA foundation day and organized a webinar on the theme “COVID-19 Pandemic: Changing Dynamics of the Accountancy Profession”. I joined the webinar as panelist and shared my opinion how the professional accountants of Bangladesh are managing the situation due to COVID-19. We are maintaining the professional relationship with IFAC, SAFA, CAPA and other professional bodies regularly and developing our institute with an international standard. We have decided to arrange the International SAFA Conference with the presence of international resource persons on IFRS and Information technology. We are covering all programs in the electronic and print media extensively and branding our CMA profession in the national and international arena.

It is very unfortunate that the cost audit in all public limited companies has not yet been ensured although notice was issued in this regard in 2001. We are determined to implement cost audit and certification of

President�sStatement

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cost of goods sold statement by the CMA members and we are trying our level best to convey our message to the Government and related parties like Chairman of Financial Reporting Council (FRC), Chairman and all commissioners of the Bangladesh Securities and Exchange Commission (BSEC), Secretary, Ministry of Commerce, top officials of Dhaka Stock Exchange (DSE) and other parties of the Government. We discussed with the Chairman and all Commissioners of Bangladesh Securities and Exchange Commission (BSEC) and gave our suggestions to the BSEC for amendment of code of corporate governance on various professional issues. We also requested to the BSEC about inclusion of Cost and Management Accountants professionals as an independent director.

Moreover, we are planning to develop our institute in a new height. We have taken the initiative to reform the existing education and examination systems. We are working on revising the course curriculum based on the market demand and we are expecting to introduce a new syllabus at the beginning of coming year i.e. 2021. We incorporate the articleship as a milestone in the syllabus instead of internship. We have also taken the initiative to develop the Learning Management System (LMS) to facilitate the various activities for the students and members of the institute. This learning management system will change the learning management environment and all the students and members will be benefited using the new system. We are using asset-management effectively for the development of the institute. We have taken the initiative of vertical extension of Dhaka, and Khulna ICMA office building as well as extension and renovation of Chittagong ICMA office building. We are going to launch study center in the central areas of different cities. We are working on finalization of the service rules and cost accounting standards. We are going to recruit skilled human resources including the directors for smooth operational activities of the institute. We will organize the ‘Best Corporate Award’ in the month of January, 2021. We have the plan to organize Convocation for the qualified CMAs. We have taken the initiative to start the student skill development program for the first time in the history of ICMAB. We are going to recruit the full time faculty members to ensure quality education for our students. We are trying to collaborate with other professional bodies. Moreover, we regularly participate and discuss with professionals, businessman, industrialists, top officials of different bodies to develop the image our profession and maintain the professional relationship. In the meantime, we are going to sign a Memorandum of Understanding (MoU) with Dhaka Chamber of Commerce and Industry (DCCI) about mutual professional interest. We will provide training around 4,500 officials of DCCI under the MoU agreement. We are going to brand our CMA profession extensively by providing training to the VAT officials of National Board of Revenue (NBR).

We observed the National Mourning Day on 15 August, 2020 and arranged a ‘Doa Mahfil’ in the premises of ICMAB. Finally, I would like to congratulate all the newly qualified students who passed CMA final examination recently. I request the newly qualified candidates to take responsibility of this profession and institute in future with due care and give their best effort for the development of the country.

I am expecting that the world as well as Bangladesh would overcome the pandemic very soon and will restart a fresh journey of growth again with you all. I am seeking your full hearted support, cooperation, guidance and blessing to face the challenges due to COVID-19 and I firmly believe that with your support and blessing we will implement our strategic plan and uphold the image of the CMA profession in a new height.

President’s Statement

“Let us keep physical distance, wash our hands,think of others and play our part all together.”

Md. Jasim Uddin Akond FCMAPresident

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OF THE COUNCILREPORT

2020

In accordance with the provisions of Section 26(4) of the Cost and Management Accountants Act, 2018, the Council is pleased to publish its Annual Report

on the activities for the year 2020 together with the Audited Accounts of the Institute for the year ended June 30, 2020 to the honorable members of the

Institute of Cost and Management Accountants of Bangladesh. A

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17 th Council Election-2019 of ICMAB

Election of 17th Council of the Institute for the term 2020-2022 was held on the 48th Annual General Meeting on February 7, 2020. A three-member Election Commission chaired by Mr. A.K.M. Jashim Uddin FCMA (F-0185), Mr. Md. Anowar Hossain FCMA (F-0089) and Mr. A. E. Muhammed Ali Choudhury FCMA (F-0437) as the Members was formed under the CMA Regulations 1980 and Mr. Md. Mahbub Ul Alam FCMA (Executive Director, ICMAB) was the Secretary of the Election Commission. The commission released the election schedule on January 5, 2020. Thirty-two candidates expressed their interest to serve the Institute as Council Members. Out of 1271 electoral, 1202 casted their votes during the election schedule. After counting of votes the Chairman of the Election Commission handed over the result of election to the President in the evening. The President announced the election result before the members. The 16 (Sixteen) elected Council Members for three-year term (2020-2022) are as follows:

Sl.No. Name of the Candidates Fellowship Number

1. Mr. Md. Abdul Aziz FCMA F-0151

2. Mr. Abu Bakar Siddique FCMA F-0181

3. Mr. Abu Sayed Md. Shaykhul Islam FCMA F-0192

4. Mr. A. K. M. Delwer Hussain FCMA F-0215

5. Mr. Mohammed Salim FCMA F-0218

6. Mr. Md. Jasim Uddin Akond FCMA F-0291

7. Mr. Arif Khan FCMA F-0304

8. Mr. Md. Abdur Rahman Khan FCMA F-0305

9. Mr. Md. Mamunur Rashid FCMA F-0314

10. Mr. Md. Ali Haider Chowdhury FCMA F-0404

11. Mr. Md. Munirul Islam FCMA F-0412

12. Mr. Mahtab Uddin Ahmed FCMA F-0414

13. Mr. Md. Kausar Alam FCMA F-0440

14. Mr. A.K.M. Kamruzzaman FCMA F-0497

15. Mr. Imtiaz Alam FCMA F-0556

16. Kazi Muhammad Ziauddin FCMA F-0870

COUNCIL AND COMMITTEESA

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COUNCIL & COMMITTEES

Election of Office Bearers As per section 8 of the Cost and Management Accountants Act, 2018 following five members were elected from amongst the Council Members to run the Office for the year 2020:

01. Mr. Md. Jasim Uddin Akond FCMA President

02. Mr. Abu Bakar Siddique FCMA Vice-President

03. Mr. Md. Mamunur Rashid FCMA Vice-President

04. Mr. Md. Munirul Islam FCMA Secretary

05. Mr. Md. Ali Haider Chowdhury FCMA Treasurer

Office Bearers of the Institute for 2020

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Five Standing Committees, namely Executive Committee, Education Committee, Examination Committee, Research & Development

Committee and Disciplinary Committee for the year 2020 were subsequently formed. Further details of the Committees are given at page 127-128.

The Council also approved 33 other Committees for smooth functioning of the activities of the Institute. The details of other Committees are given at page 129-130.

The election to the Branch Councils for Dhaka, Chattogram and Khulna regions for the year 2020 and Chapter Councils of the Institute for UK

and KSA for the year 2020-21 were held in due course. Ten members for each of Dhaka, Chattogram and Khulna Branches and eight members for UK & KSA Chapter Council were elected by the members of respective Branches and Chapters. The Council as per rule nominated two members for each of the Branches and Chapter Councils. The Councils of the Branches and the Chapters elected their Office Bearers which is given at page 131. Australia Chapter Council (Adhoc) has been formed in this year.

Standing and Other Committees

Branch Councils and Chapters

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Eleven meetings of the Council and nineteen meetings of the Executive Committee (EC) were held till November 26, 2020. Moreover, all the Standing

Committees held several meetings based on the operational requirement throughout the period. In addition to Council, EC and Standing Committees, 33 other Committees have held their meetings during the period under review. These committees played a very active role throughout the year and made remarkable contribution in carrying out the overall activities of the Institute. Many of their decisions have been implemented while some are in progress. Further details of the meetings including the records of attendance by the Council Members in Council, EC and Standing Committees are given at page 132-135.

Khondoker Mostafizur Rahman, Additional Secretary, Ministry of Industries; Mr. Md. Shakhawat Hossain, Additional Secretary, Ministry

of Commerce; Mr. Md. Jalal Uddin, Joint Secretary, Ministry of Finance; Mr. Biswajit Bhattacharya Khokon ndc, Additional Secretary, Ministry of Finance and Mr. Sultan Mahmud, Additional Secretary, Ministry of Industries who have served the Council as Government nominee were replaced by concerned ministry. The Council recalls with appreciation the invaluable contribution they made for the CMA profession as a Council Member of the Institute. Three new members namely, Mr. Md. Hafizur Rahman, Additional Secretary, Ministry of Commerce; Mr. Md. Mahfuzul Alam Khan, Joint Secretary, Ministry of Finance and Mr. Mohammad Salauddin, Joint Secretary, Ministry of Industries joined the Council during the period under review.

Meetings of Council, Standing and Other Committees

Changes in the Council

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Institute’s newly elected President Mr. Md. Jasim Uddin Akond FCMA is congratulated by immediate past President Mr. M. Abul Kalam

Mazumdar FCMA on February 09, 2020 after assuming his presidentship.

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The present Councilors and past Presidents and Past Vice Presidents of the Institute were invited by the immediate Past President Mr. M. Abul Kalam Mazumadar FCMA to kindly participate in a President’s Dinner at Pan Pacific Sonargaon Hotel, Dhaka held on February 09, 2020 and to offer suggestions for betterment of the Institute and the profession. Among the Past Presidents Mr. Rafiq Ahmad FCMA, Mr. Muzaffar Ahmed FCMA, Mr. Md. Abdul Aziz FCMA, Mr. Abu Sayed Md. Shaykhul Islam FCMA, Mr. A. K. M. Delwer Hussain FCMA and Mr. Mohammed Salim FCMA attended the dinner. The Council members also attended the dinner.

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48th AGM of ICMAB

The 48th Annual General Meeting

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The 48th Annual General Meeting of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) was held on February 7, 2020 at ICMAB

Ruhul Quddus Auditorium, ICMA Bhaban, Dhaka. Mr. M. Abul Kalam Mazumadar FCMA, President of the Institute presided over the Meeting. Mr. Md. Abdur Rahman Khan FCMA, Secretary of the Institute presented the Annual Report for the year 2018-2019. Prof. Dr. Swapan Kumar Bala FCMA, Treasurer of the Institute presented the Audited Accounts and Financial Reports for the year 2018-2019. Significant Fellow and Associate members of the Institute spontaneously participated in the discussion on Annual General Meeting. The President, Vice Presidents, Secretary & Treasurer of the Institute replied to the questions raised by the members relating to the Examination, Education, Administration, Finance and other matters of the Institute. Past Presidents, Council Members and a large number of Fellow & Associate Members of the Institute attended the Annual General Meeting. President of the Institute Mr. M. Abul Kalam Mazumdar FCMA announced the name of the 16 newly elected Councilors of 17th Council of ICMAB and declared the AGM closed at 7:45 p.m.

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Appointment of AuditorsM/s. J.U. Ahmed & Co., Chartered Accountants, House # 170 (1st floor), Lane-3, new DOHS, Mohakhali, Dhaka who was appointed as Auditor of the Institute in the 48th AGM conducted audit for the year 2019-20.

The Auditors retires at this AGM and being eligible has expressed their willingness to continue in office for the term 2019-20. The appointment of the auditors for the year 2019-20 and the fixation of remuneration are placed herewith in this AGM for approval.

The Office Bearers of the Institute met with the Chairmen and Vice Chairmen of different Committees on August 14, 2020 to discuss and find out the strategies for facilitating timely achievement of

the goal. President of the Institute Mr. Md. Jasim Uddin Akond FCMA presided over the meeting. The President drew attention to the role of the committees in achieving the targets set for the year. Detailed discussions were held on the ToR of the Committees. The Chairmen and Vice Chairmen expressed their views on different aspects of the Institute and offered valuable suggestions. They assured their full support in realizing the goals set by the Council. Among others Past Presidents Mr. Md. Abdul Aziz FCMA, Mr. Abu Sayed Md. Shaykhul Islam FCMA and Mr. A. K. M. Delwer Hussain FCMA were present in the meeting.

Discussion Meeting with the Chairmen and Vice Chairmen of Different Committees

Meeting with the Chairmen and Vice Chairmen

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ICMAB organized 2nd Accounting Educators Conference

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) organized a day long program for the Accounting Educators from all over the country. The program- ‘2nd Accounting Educators Conference’ on “Management Accounting Profession in Technology Driven Society” was held at the Institute’s Auditorium on 6th December 2019 Friday. The first conference was held at 27th October, 2017.

The day long program started with an inaugural session where the Institute and the profession were briefly described. Later on, it continued with 3 technical sessions and a valedictory session at the end. 141 accounting academicians of College and University joined this program from all over the country. Mr. Jamal Ahmed Choudhury FCMA, Vice President, ICMAB & Chairman, Education Committee, ICMAB made the welcome address to the participants. He gave his heartfelt thanks to the participants from all over the country for their spontaneous involvement. In his brief speech he gave importance to get attached with the changes happening around us. He also stressed on acquiring and adopting with the new knowledge and learning’s. Mr. M. Abul Kalam Mazumdar FCMA, President, ICMAB described the present scenario of accounting profession mentioning the challenges and obstacles in his speech. He said that as the global environment is changing, the accountants need to give new and different services. Mentioning the necessity of this profession and professionals- he stated that the number of professional accountants is around 4000 only, whereas the population of our country is almost 170 million! He said that, in this condition, the educators have a great role to play for creating a strong and solid pool of professional accountants. Dr. Nikhil Chandra Shil FCMA, Associate Professor, East West University & Consultant – Academic Affairs, ICMAB gave a presentation titled “Introducing the Institute of Cost and Management Accountants of Bangladesh (ICMAB)” where he gave a brief history of this institute and its present curriculum. Mr. Md. Abdur Rahman Khan FCMA, Secretary, ICMAB and Joint Secretary, Finance Division gave the vote of thanks. The first technical session was themed ‘Changing Role of Accountants’ and the topic

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was `Digital Transformation: Is the Accounting Profession Ready?’ Mr. Mahtab Uddin Ahmed FCMA, Managing Director and CEO, Robi Axiata Limited gave a presentation in this session. In this interactive presentation, Mr. Mahtab mentioned about the upcoming changes and 4th industrial revolution saying that it will affect all the professions including professional accounting. So, it is high time to adopt new skills and acquire relevant knowledge which is needed. Mr. Hasnain Toufiq Ahmed FCMA Finance Director, GlaxoSmithkline Bangladesh Limited also repeated this necessity in his comment. The session was chaired by Mr. Parthapratim Deb, Additional Secretary & Executive Director, Bangladesh Computer Council (BCC).The second technical session was themed ‘Emerging Corporate Reporting Frameworks’ and the topic was ‘Sustainability Reporting- Aligning with the 2030 Agenda’. Mr. Arif Khan FCMA, Vice President of ICMAB and CEO & Managing Director, IDLC Finance Limited chaired this session. Dr. Yousuf Kamal, Professor, Department of Accounting & Information Systems, Faculty of Business Studies, University of Dhaka presented a technical paper and Mr. Md. Touhidul Alam Khan FCMA, Deputy Managing Director & Chief Business Officer, Prime bank Limited gave a speech as commentator. The third technical session was themed on ‘Corporate Governance’ and the topic was ‘Recent Developments in Corporate Governance’. Professor Dr. Swapan Kumar Bala FCMA, Treasurer, ICMAB and Commissioner, Bangladesh Securities and Exchange Commission (BSEC) participated in this session as session chairman. Mr. Abdul Matin Patwary FCMA, Chief Financial Officer, Dhaka Stock Exchange Limited presented a technical paper and Mr. Elias Ahmed FCMA, Chief Financial Officer, Marico Bangladesh Limited gave a speech as commentator in this session. The program was ended with a valedictory session where the participants expressed their opinions regarding various issues relevant to the profession. ICMAB office bearers, past presidents, Council members, fellow and associate members, students and other participants were present in this program.

Seminar held at Bangladesh University of Professionals (BUP)

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) in collaboration with the BUP Accounting Forum, an extracurricular club of Bangladesh University of Professionals, organized a special session in BUP Bijoy Auditorium on Saturday, 7 December 2019. The special session was titled ‘Cost and Management Accounting Profession in Bangladesh: Creating Leaders for the Corporate World’. The entire program was held as a part of BUP-arranged ‘1st National Accounting Olympiad

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2019’ where ICMAB was attached as the associate partner of the event. Brig Gen Muhammad Wasim-Ul-Haq, ndu, afwc, psc was the Chief Guest of the session while Lt. Col Alauddin Al Mamun, Chairman, Dept. of Business Administration in Accounting & Information Systems, BUP; Mohammed Moin Uddin Reza, Lecturer, Dept. of Business Administration in Accounting & Information Systems, BUP and Moderator of BUP Accounting Forum attended the session. On the other hand, Mr. Mohammed Salim FCMA, Past President of ICMAB, Mr. Md. Abdur Rahman Khan FCMA, Secretary, ICMAB and Joint Secretary, Finance Division, Ministry of Finance, Government of the People’s Republic of Bangladesh, Mr. Jamal Ahmed Choudhury FCMA, Past President and current Chairman of the Education Committee of ICMAB were present in the occasion as Guests of Honor. Dr. Nikhil Chandra Shil FCMA, Academic Advisor of ICMAB, was present as Key Note Speaker. Mr. Mohammed Salim FCMA emphasized that if the CMA qualification can be added with the university degree, the local and international job markets are easily accessible to the young learners of this competition. He mentioned how the employers’ expectation from a new employee (intelligence, energy and integrity) can be inbuilt within the willing students through professional CMA education and training. Bringing his personal experiences with ICMAB, he has tried to convince the students to pursue cost and management accounting education without further delay to keep themselves competent to the head hunters and the future job market competition. Mr. Md. Abdur Rahman Khan FCMA told about the necessity of the CMA education in the upcoming development scenario mentioning about various development projects of our country. He said that, if our students can make themselves competent enough for this profession, our country can save a huge amount of money which our companies have to pay to their foreign professionals. He also announced that the top 10 winners of the competition can get admitted to ICMAB without any admission fee. Mr. Jamal Ahmed Choudhury FCMA evaluated the education system of ICMAB which is globally endorsed. He gave importance to get attached with the changes happening around us by acquiring and adopting with the new learning and knowledge. He thanked the BUP Accounting Forum for organizing such a good event for the young talents from all over the country. Dr. Nikhil Chandra Shil FCMA described how this professional degree can add a splendid value in career of the young learners and how they should decide, fix and get prepared for their future profession and establishment. He gave an elaborated idea and glimpse about the CMA degree, how to start and how to carry it from the very beginning of their graduation to get better output and opportunities in the future. After the session, BUP Accounting Forum entertained the guests and audiences with a nicely crafted cultural show. At the end, honorable guests gave crests and prize money to the winners of the competition.


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Seminar held at Southeast University

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) in collaboration with the Faculty of Business Studies, Southeast University of Bangladesh organized a seminar on “Cost and Management Accounting Profession in Bangladesh: Creating Leaders for the Corporate World” on Wednesday, February 26, 2020 at Southeast University Auditorium. Prof. Dr. Serajul Islam, Advisor, Southeast Business School, Southeast University was the Special Guest of the program. On the other hand, Mr. Md. Mamunur Rashid FCMA, Vice-President, ICMAB and Deputy Managing Director, Index Group of Companies; Mr. Md. Munirul Islam FCMA, Secretary, ICMAB and Head of Human Resources (HR), Aristopharma Limited were present in the occasion as Guests of Honor. Mr. C. M. Sadat Ullah FCMA, Advisor, Rahimafrooz Group, was present as Key Note Speaker. ICMAB Dhaka Branch Council Chairman Mr. Md. Abdus Satter Sarkar FCMA also participated in the program. Mr. Abu Sayed Nooruddin Ahmed ACMA, Assistant Professor and Director of BBA & MBA Program, Southeast University arranged and coordinated the program to acknowledge the business background students of Southeast University about ICMAB. In his welcome address, Mr. Nooruddin Ahmed thanked ICMAB for coming to SEU. He mentioned that if ICMAB provide specialize educational advantage for SEU students, they’ll be more attracted to get into this professional study. Mr. Md. Munirul Islam FCMA emphasized that if the CMA qualification can be added with the university degree, the local and international job markets are easily accessible to them. He mentioned that every organization needs professional of accounting background. Brining his personal experiences with ICMAB, he has tried to convince the students to pursue cost and management accounting education without further delay to keep themselves competent to the head hunters and ensure a successful career and cozy life. Mr. Md. Mamunur Rashid FCMA evaluated the education system of ICMAB which is globally endorsed. He also inspired the students sharing his personal experiences with ICMAB. He said that this professional accounting degree can give the students a great career, high position and better earning than the rest competitors from different profession in the current job market. He has requested all to capture the great opportunity of pursuing professional education concurrently with academic degrees. Prof. Dr. Serajul Islam, Advisor, Southeast Business School thanked ICMAB for arranging such a significant seminar to distribute students with professional knowledge which will help them in career planning. He highlighted his personal attachment with ICMAB and described the institute as a valuable place for the future accounting professionals. He said that ICMAB wants to build an accountable society and it is working enthusiastically to create future corporate leaders.


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Mr. C. M. Sadat Ullah FCMA presented key note speech on the theme of the seminar. He spoke on the management accounting profession in Bangladesh and the pathways to be a global professional accountant with CMA designation. After his presentation, floor was opened for all and there were a lively question and answer session.

A training session on “Conducting online classes using BdREN Zoom Platform for the Part Time Teachers of ICMAB”During the Pandemic of Covid-19, ICMAB has decided to conduct Online classes for the remaining number of Classes of January-June 2020 Session through Zoom Platform. To make Teachers familiar with the Zoom features, ICMAB had arranged an online training program on “Conducting Online classes using BdREN Zoom Platform” from June 29, 2020 to July 1, 2020 for the teachers of January-June 2020 Session. Various aspect of Zoom platform related issues were discussed at the training.

Inauguration of ICMAB Online ClassesThe difficult situation of COVID-19 created a bad impact on the overall education sector, but in this age of modern technology, nothing can be stopped forever. Distance learning and online classes are now quite popular among academic arena. The Institute of Cost and Management Accountants of Bangladesh (ICMAB) has also take initiative for online class for the students effective from 1st July 2020. ICMAB President Mr. Md. Jasim Uddin Akond FCMA inaugurated the online class on 30th June 2020 at 8.30 pm in presence of the faculties. He said, we have to stay strong in this difficult moment and we need to move forward with available resources. Online class process is a modern and helpful approach for everyone. He hopes that ICMAB students will be developed and get helps from this online classes towards their path of learning. The Vice President of ICMAB and Chairman of Education Committee Mr. Md. Mamunur Rashid FCMA emphasized on the on line classes at this pandemic situation. In future there is a plan for online admission, examination, classes, etc. CPD and training for the members will be conducted through online, he added. Moreover, the education systems will be run through Learning Management Systems (LMS), which other professional bodies in the world have already adopted. He mentioned in his speech that the reforms in education and examination is very much required to meet up the demand of the stakeholders. Therefore a reform board has been formed and they are working on it. He sought all out support from the faculties for the greater interest of the CMA profession. Amongst other Mr. Arifur Rahman Meethu FCMA, Consultant, Executive Director Mr. Md. Mahbub Ul Alam FCMA, Director Mr. Md. Nazmus Salehin and faculty of the various subjects were participated in the program through zoom.


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Student Enrollment A total of 1209 new students got admitted in ICMAB during 2020. The record of new admission and level registration of last 5 years is given below:

Year New Admission Level Registration Total

2016 2118 1115 3233

2017 2295 1007 3302

2018 1889 1342 3231

2019 1701 1493 3194

2020 1209 775 1984

CMA April 2020 Special Examination Held

CMA April 2020 Special examination for the students of old syllabus only held successfully maintaining social distance and health safety policy and all other guidelines stipulated by the Health Authority of the Government of Bangladesh. The examination was started from August 08, 2020 and ended on August 22, 2020. Proper sanitization and masks were provided to each student before entering examination centers. Mr. Md. Mamunur Rashid FCMA, Vice President of ICMAB and Chairman of the Education Committee handed over 300 masks to the Director, Academic Affairs of ICMAB.

Registration for ExaminationDuring the year the Institute conducted 3 (Three) examinations; namely December-2019, April-2020 (special) and June-2020 at its examination centers at Dhaka, Chittagong, Khulna, Rajshahi, Cumilla and Doha. A total number of 7767 students (3294 under old and 4443 under new syllabus) were registered for these examinations.


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Examination ResultsA total of 62 students have passed CMA Final Examination during the year 2020. Besides, the numbers of students who have passed different levels under old and new syllabuses are shown below:

(a) Old Syllabus:

Level December-2019 April-2020

CMA Final Examination 33 29

Professional Level-IV 35 28

Professional Level-III 29 32

Professional Level-II 18 08

Professional Level-I 04 17

Foundation Level 02 02

(b) New Syllabus:

Level CMA December-2019

CMA Final Examination 00

Strategic Level 00

Management Level 06

Operational Level 12

Business Level 84

Knowledge Level 60

The Number of Students who have passed Different Levels (Old & New Syllabuses)

April2020

FinalExamination

29 (25%)

ProfessionalLevel-IV 28 (24%)

ProfessionalLevel-III 32 (27%)

ProfessionalLevel-II 8 (7%)

ProfessionalLevel-I 17 (15%)

FoundationLevel 2 (2%)

December2019

FinalExamination

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Professional

Level-IV 35 (2

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ProfessionalLevel-III 29 (24%)

ProfessionalLevel-II 18 (15%)

ProfessionalLevel-I 4 (3%)

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KnowledgeLevel-60 (37%)

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An online training program on ‘’Attending Online Classes using Zoom platform’’ for Students of ICMAB

Due to Covid 19 pandemic, ICMAB has decided that the classes of July-December 2020 Session will

be conducted online. Teachers as well as students will participate these classes through “BdREN

Zoom” platform. To make students familiar with the features of zoom, ICMAB had arranged an online

training program on “Attending Online Classes using Zoom platform” on September 13, 2020 at 7.30

p.m. for the newly admitted students of July-December, 2020 Session. Mr. Arifur Rahman Meethu

FCMA, Consultant, Academic Affairs were present at the training Session. Various aspect of Zoom

platform related issues were discussed at the training. About 160 students were present at the

training.

A training session on “Conducting Online classes using BdREN Zoom Platform for the Part Time Teachers of ICMAB”


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In the time of Unprecedented Pandemic Covid-19, ICMAB has decided to conduct the Class of July-December 2020 Session through Zoom Platform. To make Teachers comfortable with the Zoom features, ICMAB had arranged an online training program on “Conducting Online classes using BdREN Zoom Platform” on September 15, 2020 at 7.30 p.m. for the teachers of July-December, 2020 Session. Mr. Arifur Rahman Meethu FCMA, Consultant, Academic Affairs was present at the training program. Veteran teacher Prof. Anisur Rahman was also present at the training from Australia. Various aspect of Zoom platform related issues were discussed at the training. About 13 teachers were present at the training.

Meet the TeachersThe Council members of the Institute met all the Teachers of the July-December, 2020 session at “Meet the Teachers” program held on Thursday, September 17, 2020 at 8:00 p.m. at the Council Room of ICMA Bhaban, Nilkhet, Dhaka physically as well as online using Zoom platform to exchange views about different education and class related matters.

The Chairman of the Education Committee of the Institute Mr. Md. Mamunur Rashid FCMA conducted the meeting while Md. Jasim Uddin Akond FCMA President of the Institute presided over the meeting as chief guest. It is also mentioned that, Mr. A. K. M. Delwer Hussain FCMA, Past President and Council Member of the Institute was also present in the meeting as the Special Guest. More than 15 teachers participated at the meeting and expressed their views about class, education and other topics. The program ended with the vote of thanks by the chairman of the Education Committee.

Mid-Term Views Exchange with Teachers

The Chairman of the Education Committee and Vice President of the Institute Mr. Md. Mamunur Rashid FCMA exchanged views on different education and class related matters with all the Teachers of July-December, 2020 session in the “Mid-Term Views Exchange with Teachers” program held on Friday, October 16, 2020 at 7:00 p.m. through Zoom platform.

The Chairman of the Education Committee of the Institute Mr. Md. Mamunur Rashid FCMA presided over the meeting while Md. Jasim Uddin Akond FCMA President of the Institute was present as chief guest. Most of the teachers participated at the meeting and expressed their views about classes, education and

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many other related topics. The Chairman expressed his deep gratitude to the teachers for their cordial and active participation at the meeting. He also stated that the Institute is very committed to drive for excellence in education system, examination process and also curriculum of the Institute.

All the teachers thanked the Education committee and the Education department for arranging such a fruitful program and also expected that during this pandemic year the institute will continue its highest degree of professionalism.

The chief guest Mr. Md. Jasim Uddin Akond FCMA, President of the Institute thanked the participants and stated that the Institute is committed to provide services for the betterment of the students and CMA profession in the country. The program ended with the vote of thanks by the chairman of the Education Committee.

3rd Joint Meeting with ICAB

A joint meeting between officials of ICAB and ICMAB held on October 19, 2020 at CA Bhaban, Dhaka at 11:00 am. Mr. Md. Mahbub Ul Alam FCMA, Executive Director, ICMAB and his team met Mr. Mahbub Ahmed Siddique FCA, ICAB Secretary and CEO (In-charge). Other team members from ICMAB are Mr. Arifur Rahman Meethu FCMA, Consultant, and Mr. Md. Nayim-Uz-Zaman, Assistant Director, Education Department. On the other hand, Ms. Suraia Parveen, Deputy Director was also present from ICAB. They discussed about the progress on mutual recognition.

ICMAB LibraryAs a part of continued effort to enrich the library 264 (Two hundred sixty four) copies of Vat &Tax reference books have been procured for library of Dhaka and other Branches and Study centre. In addition to that 3 (Three) nos. comfortable chair have also been replaced in the library book counter for office use during this year.

Views Exchange with senior studentsThe Office Bearers of ICMAB exchanged their views with senior level students of the Institute on October 31, 2020 at ICMA Ruhul Quddus Auditorium, ICMA Bhaban, Dhaka. Around 372 students were


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invited in the program who have maximum 4 subjects left to be completed all academic requirement of CMA degree.

Honorable President of the Institute Mr. Md. Jasim Uddin Akond FCMA, Secretary Mr. Md. Munirul Islam FCMA and Vice President & the Chairman, Education Committee Mr. Md. Mamunur Rashid FCMA were present physically and Vice President & the Chairman, Examination Committee Mr. Abu Bakar Siddique FCMA were present in the meeting online through zoom platform. Among others Mr. A. K. M. Zakaria Hossain FCMA, Chairman of Dhaka Branch Council, Mr. Bakhtiar Alam FCMA, Vice-Chairman of Dhaka Branch Council, Mr. Md. Mahbub Ul Alam FCMA, Executive Director of the Institute, Mr. Arifur Rahman Meethu FCMA, Consultant of the Institute and Mr. Md. Nayim-Uz-Zaman, Assistant Director, Education Department were also present in the program.


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In that program, around 120 students were present physically and around 40 students attended through zoom platform. In total around 160 students participated in the program. Among them around 20 students talked about different academic issues.

The Office Bearers of the Institute noted the issues as raised by the students and also informed the participants that the Council are working on it and these issues will be resolved giving due importance. The Executive Director of the Institute concluded the program by giving vote of thanks.

Awarding Scholarships to the Meritorious students

In order to support the poor but meritorious students, the Institute awarded scholarships from trust funds established by generous donors. This year the Institute awarded scholarships of Tk. 2,97,000 to twenty students from different trust funds handed over at the President’s secretariat on July 26, 2020 at ICMAB, Dhaka. The amount paid from each fund is as follows:

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Trust Names Amount of ScholarshipPaid (Taka)

A.F. Mujibur Rahman Foundation 1,68,000.00

Ruhul Quddus Memorial (ICMAB) Trust 15,000.00

Muzaffar Ahmed Memorial (ICMA Bangladesh) Trust 45,000.00

Al-haj Tofazuddin and Golapjan Memorial (ICMA Bangladesh) Trust 15,000.00

Syed Manzur Elahi Scholarship 24,000.00

Nurul Hassan Memorial (ICMAB) Trust 5,000.00

M.A Matin and Dr. NilufarMatin Welfare (ICMAB) Trust 5,000.00

Jamal Ahmed Choudhury FCMA Special Award Fund 20,000.00

Inauguration of Skill Development Program and Launching of CMA Directory App

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) organized “The Inauguration Session of Skill Development Program (SDP) for students & Launching of CMA Directory Mobile App” on November 28, 2020 evening. Prof. Dr. Satya Prasad Majumder, Vice Chancellor, Bangladesh University of Engineering and Technology (BUET) joined the program as Chief Guest while Mr. A. K. M. Delwer Hussain FCMA, Vice President, SAFA attended as special guest.


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Chief Guest Prof. Dr. Satya Prasad Majumder congratulated the institute for its modern effort to learning and skill development. He said that, accounting is very relevant and important skill for the engineers, because their technical skill also requires the capacity of proper calculation. He gave importance on learning and mentioned that, through technological help we must continue our learning process in this COVID period, make us ready for the upcoming changes and become capable to work in the upcoming era of 4thindustrial revolution. He also launched the ‘CMA Directory Mobile app’ during the programme.

Special Guest Mr. A. K. M. Delwer Hussain FCMA said that, Skill development is such an important thing for any professional that it defines the result of their career. CMA professionals are very much capable to work for the development of the nations’ economy. He requested the chief guest to tell about the CMA professionals on a positive note in various places and incorporate them in different relevant works with BUET.

ICMAB President Mr. Md. Jasim Uddin Akond FCMA thanked all the honorable guests and participants, and specially showed his gratitude to the honorable chief guest for coming to this institute. He mentioned about the importance of skill development for learners from all phase and become capable to give their effort for the development of this country.

Mr. Md. Touhidul Alam Khan FCMA, Additional Managing Director, Standard Bank Limited gave a fluent and connective presentation on “Skill Development: Learn, adapt and accelerate” where he highlighted the importance of skill development portraying various points and areas of soft skills and its proper implementation.

Mr. Md. Mamunur Rashid FCMA Vice-President & Chairman, Education Committee, ICMAB gave a brief description of the institute and the profession and also informed the recent reformation procedures of CMA curriculum for preparing the students competent in the competitive professional field.

Treasurer of ICMAB Mr. Md. Ali Haider Chowdhury FCMA moderated the entire program connecting the audience and discussants and also gave his analysis regarding the topics of discussion.

Secretary of ICMAB Mr. Md. Munirul Islam FCMA gave the welcome address and Mr. Abu Bakar Siddique FCMA, Vice President, ICMAB gave vote of thanks to the participants and audience of the program.


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LIAISON WITH GOVERNMENT AND OTHER STAKEHOLDERS

Meeting with DignitariesThroughout the year the Institute maintained strong liaison with its stakeholders including Government and regulatory bodies.

State Minister, Women and Children Affairs

ICMAB President Mr. Md. Jasim Uddin Akond FCMA and Past President & present Council Member of ICMAB Mr. A. K. M. Delwer Hussain FCMA met Hon’ble State Minister, Ministry of Women and Children Affairs Ms. Fazilatun Nessa Indira MP at her office on March 4, 2020. ICMAB President updated the Honorable State Minister about the overall affairs of the Institute, particularly the development issues of CMA profession. He also sought help of the Minister for further development of ICMAB. The Minister highly appreciated the role of the Cost and Management Accountants in the economic development of the country and assured to provide full co-operation for the development of CMA profession.

Chairman, Bangladesh Securities and Exchange Commission (BSEC) A delegation team from the Institute of Cost and Management Accountants (ICMAB) met Bangladesh Securities and Exchange Commission (BSEC) Chairman Prof. Shibli Rubayat Ul Islam at BSEC conference room on Wednesday, 1st July, 2020. The delegation was led by ICMAB President Mr. Md. Jasim Uddin Akond FCMA. The Vice Presidents of the Institute Mr. Abu Bakar Siddique FCMA and Mr. Md. Mamunur Rashid FCMA, Treasurer Mr. Md. Ali Haider Chowdhury FCMA, Council Member Mr. A.K.M. Kamruzzaman FCMA participated in the meeting. ICMAB President briefed honorable BSEC Chairman about the Institute. He emphasized on ensuring Cost Audit implementation by the Cost & Management Accounting practicing firm in each listed companies as per gazette notification of 2001. Mr. Md. Mamunur Rashid FCMA, Vice President described in details the importance of ‘Cost of Goods Sold Statement’ certification by the Cost Audit practicing farms in all listed companies. He also

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requests the BSEC chairman to involve CMAs in the field of share valuation, premium calculation and enlistment of CMAs as independent Director in the listed companies to ensure corporate governance. Mr. Md. Ali Haider Chowdhury FCMA, Treasurer and Mr. A.K.M. Kamruzzaman FCMA, Council Member also participated in the discussions and sought all out support for implementing Cost Audit in all listed companies for the greater interest of the nation. The BSEC Chairman assured the delegation for his all-out support in this respect and request to submit a detail proposal at the earliest.

Commissioners, Bangladesh Securities and Exchange Commission (BSEC)

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A delegation of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) led by its President Mr. Md. Jasim Uddin Akond FCMA met Bangladesh Securities and Exchange Commission (BSEC) Chairman Prof. Shibli Rubayat Ul Islam at his office on 24 August 2020.

The delegation discussed matters relating to professional interest with BSEC Chairman. Issues related with implementing cost audit in all limited companies were highlighted in the discussion. BSEC Chairman ensured ICMAB delegation that he will take necessary steps to implement this as it seems to play a vital role for the economic development and clarity of the country.

Among others Vice Presidents Mr. Abu Bakar Siddique FCMA and Mr. Md. Mamunur Rashid FCMA, Secretary Mr. Md. Munirul Islam FCMA, Past President & Present Council Member Mr. Abdul Aziz FCMA and Executive Director of the Institute Md. Mahbub Ul Alam FCMA were present in the meeting. The delegation also met BSEC Commissioners Mr. Khondoker Kamaluzzaman, Dr. Shaikh Shamsuddin Ahmed, Professor Dr. Md. Mizanur Rahman and Mr. Md. Abdul Halim at their office individually.

Member (Secretary), National Planning Commission

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ICMAB President Mr. Md. Jasim Uddin Akond FCMA met Member (Secretary) of National Planning

Commission (Industry & Energy Division) Mr. Md. Mamun-Al-Rashid at his office 06 September 2020.

They discussed matters relating to professional interest.

Director General of Industry, Commerce & Financial Institutions Audit DirectorateA delegation comprising of Mr. ASM Shaykhul Islam FCMA, Council Member & Past President of

ICMAB and the Executive Director Mr. Md. Mahbub Ul Alam FCMA met Director General (DG) of

Industry, Commerce & Financial Institutions Audit Directorate- Mr. Md. Rafiqul Islam at his office on

13 September 2020 and discussed issues relating to Public Sector Financial Management (PSFM)

and International Public Sector Accounting Standards (IPSAS) implementation in Bangladesh. The

Director General in principle agreed to build up mutual co-operation and meaningful partnership

with ICMAB for strengthening Public Financial Management in Bangladesh.

Mr. Nahim Razzaq MP, Member of Parliament, Shariatpur-3

A delegation of ICMAB led by its President Mr. Md. Jasim Uddin Akond FCMA met Mr. Nahim Razzaq

MP, Member of Parliament, Shariatpur-3 constituency at MP hostel, Dhaka on September 21, 2020

and discussed matters relating to professional interest. Among others Vice President of SAFA, Past

President & present Council Member of ICMAB Mr. A. K. M. Delwer Hussain FCMA, Secretary Mr. Md.

Munirul Islam FCMA and Executive Director of the Institute Md. Mahbub Ul Alam FCMA were present

in the meeting.

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Chairman, Financial Reporting Council, Bangladesh (FRC)

A delegation of the Institute of Cost and Management Accountants of Bangladesh ICMAB led by its President Mr. Md. Jasim Uddin Akond FCMA met Financial Reporting Council, Bangladesh (FRC) Chairman Prof. Dr. Md. Hamid Ullah Bhuiyan at his office on 8 October 2020.

The delegation discussed matters relating to professional interest with FRC Chairman. Issues related with implementing cost audit in all limited companies were highlighted in the discussion. FRC Chairman ensured ICMAB delegation that he would take necessary steps of implementing the cost audit as it could play a vital role in the economic development of our country.

Among others Vice President of SAFA Mr. A. K. M. Delwer Hussain FCMA, Treasurer of the Institute Mr. Md. Ali Haider Chowdhury FCMA and Executive Director Mr. Md. Mahbub Ul Alam FCMA were present in the meeting.

Chairman, Dhaka Stock Exchange Ltd. (DSE) A delegation of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) led by its President Mr. Md. Jasim Uddin Akond FCMA met Dhaka Stock Exchange Ltd. (DSE) Chairman Mr. Md. Eunusur Rahman at his office on 12 October 2020.

The delegation discussed matters relating to professional interest with DSE Chairman. Issues related

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with implementing cost audit in all limited companies were highlighted in the discussion. DSE

Chairman ensured ICMAB delegation that he will take necessary steps to implement this as it seems

to play a vital role for the economic development and clarity of our country.

Among others SAFA Vice President and Past President of ICMAB Mr. A. K. M. Delwer Hussain FCMA,

Secretary of the Institute Mr. Md. Munirul Islam FCMA, Treasurer Mr. Md. Ali Haider Chowdhury

FCMA, DBC Chairman Mr. A. K. M. Zakaria Hossain FCMA, DBC member Mr. Mannan Bapari ACMA and

Executive Director of the Institute Mr. Md. Mahbub Ul Alam FCMA were present in the meeting.

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CONFERENCE, SEMINAR, WORKSHOP AND TRAINING

Workshop on VAT & SD ACT 2012

A Workshop titled VAT & SD ACT 2012: Live demonstration on Online VAT Registration & Monthly Return Submission organized on 29th & 30th November, 2019 at 6:30 p.m. at ICMAB Annex Bhaban, Dhaka. Mr. Md. Mashiur Rahaman ACMA, Joint Commissioner; Customs, Excise & VAT Commissionerate, Dhaka (South), National Board of Revenue, Dhaka was the resource trainer of this program.

Mr. Md. Abdur Rahman Khan FCMA, Secretary and Dr. Swapan Kumar Bala FCMA, Treasurer of ICMAB were present in the program.

Workshop on Big Data Analytics

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) arranged a Workshop session on Big Data Analytics on December 06, 2019 at ICMAB Annex Bhaban, Dhaka. Dr. Md. Abdul Hannan Mia FCMA, Professor, Department of MIS, University of Dhaka was the resource training person of this arrangement.

Secretary of ICMAB Mr. Md. Abdur Rahman Khan FCMA, Treasurer of ICMAB Dr. Swapan Kumar Bala FCMA and Mr. Md. Kausar Alam FCS, FCCA, FCMA, ACA were present in the program.

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CPD Program on “Knowledge Management: A Strategic and Dynamic Tool for Success”

A CPD Program on “Knowledge Management: A Strategic and Dynamic Tool for Success” organized on 11 December 2019 at 6:30 p.m. at ICMAB Annex Bhaban, Dhaka. Prof. Dr. Md. Salim Uddin, FCMA Department of Accounting, University of Chittagong, Chittagong, Bangladesh and Chairman, Bangladesh House Building Finance Corporation-BHBFC and Chairman, Executive Committee of Islami Bank Bangladesh Ltd-IBBL presented the paper as Resource Person.

Mr. M. Abul Kalam Mazumdar FCMA, President and Mr. Md. Abdur Rahman Khan FCMA, Secretary of the Institute were present in the CPD program.

ICMAB observed ‘Amor Ekushey’

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‘Amor Ekushey’, The 21st February is celebrated as “International Mother Language Day” worldwide. The Institute of Cost and Management Accountants of Bangladesh (ICMAB) showed gratitude on the occasion on Friday, 21st February 2020.

Marking the day, ICMAB brought out Provatferi from the Institute Premises in the morning 7:30 a.m. ICMAB President Mr. Md. Jasim Uddin Akond FCMA led the rally where Vice-Presidents Mr. Abu Bakar Siddique FCMA and Mr. Md. Mamunur Rashid FCMA, Secretary Mr. Md. Munirul Islam FCMA, Treasurer Mr. Md. Ali Haider Chowdhury FCMA, Past Presidents, Council members, members, students and employees of the Institute participated fluently. After a long walk to the Central Shahid Minar, flower bouquet was offered to remember the great sacrifice of the martyrs who gave their blood to establish our mother language, Bangla.

ICMAB Celebrates International Women’s Day 2020

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) celebrated the International Women’s Day 2020 by organizing a Seminar on 8th March 2020 at ICMAB Ruhul Quddus Auditorium, ICMA Bhaban, Nilkhet, Dhaka. Chief Guest of the Seminar was State Minister for Women and Children Affairs Fazilatunnesa Indira MP. Managing Director of Probashi Kallyan Bank Mahtab Jabin was present as special guest. Professor Dr. Sadeka Halim, Dean, Faculty of Social Science, University of Dhaka was the key discussant in the program. Key note address was given by Rukhsana Rashid FCMA; Executive Director, Bangladesh Securities and Exchange Commission. Akhtar Sanjida Kasem FCMA, Partner, A. Qasem & Co., Chartered Accountants and Founder & Consultant of K. K. Foundation Esha Mahin was present as guest of honor.

ICMAB President Mr. Md. Jasim Uddin Akond FCMA thanked the chief guest for ensuring her valuable presence in the program and expressed his gratefulness to all honorable guests and invitees. The ICMAB President requested the honorable State Minister to allocate a fund for vertical extension of ICMAB Bhaban which would facilitate the arrangements for institute’s female students. He also requested her to allot few seats for ICMAB female students in the adjacent Kormojibi Mohila Hostel for their smooth study. Mr. Md. Mamunur Rashid FCMA, Vice President of ICMAB delivered the welcome speech and thanked the honorable guests and invitees for joining the program. Mr. Md. Munirul Islam FCMA, Secretary ICMAB offered vote of thanks in the program. ICMAB Past President and Council member Mr. A. K. M. Delwer Hussain FCMA thanked the honorable chief guest

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mentioning her bludgeoning political career and remarkable achievements. He thanked the chief guest and requested her to support this profession and the institute for betterment. Chief guest Fazilatunnesa Indira MP greeted everybody for the Mujib barsho. She said that her ministry is doing important activities in this glorious year which would create a great impact for the development and empowerment of our women. She thanked ICMAB officials for inviting her and remembered her student life while she used to go through this area. Honorable State Minister assured that she would try her best to facilitate the institute for attracting more female members in the profession. She highlighted the present government’s outlook on women empowerment remembering Father of The Nation Bangabandhu Sheikh Mujibur Rahman and his family’s visionary approach. Special guest Mahtab Jabin said that the existence of equality between men and women in our constitution is lagging behind from the real scenario. Women are still enforced to work without payment, and real empowerment has not been achieved due to social distraction and many other barriers. She hoped that everyone would come forward to overcome this predicament situation. Professor Dr. Sadeka Halim highlighted the prevailing patriarchy in the society among other issues and presented statistical facts of women oppression. She viewed that economic empowerment could strengthen women’s capacity but not empowering them at large as long as domestic violence, gender inequality, patriarchal family structures and traditional mindsets remain the same. She encouraged the women to come forward and made them significant, empowered and advanced.

Rukhsana Rashid FCMA, Executive Director, Bangladesh Securities and Exchange Commission said that women were working with success but they were not getting equal remuneration in most of the places. Although women are holding the top positions of many businesses, the numbers are still low. She inspired more women to come in the CMA profession. Akhtar Sanjida Kasem FCMA gave importance on women empowerment in both family and workplace. She believed that more female member would join in CMA profession in the upcoming days. She remembered late ICMA member Kirmani-Jannatul Couple and their child who died in a recent tragic fire accident at their residence in Mogbazar. Founder & Consultant of K. K. Foundation Esha Mahin pointed out violence, lack of help, mental issues, family, tortures and insecurities as the impediments of women empowerment. Unless

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we change our mindsets and practice accordingly, it would take more than centuries to create an equal society where men and women will be equal in the basis of empowerment, she added. Past Presidents, Council Members, large number of Fellow and Associate Members of the Institute and a large number of running students attended the program.

ICMAB arranged ‘Do’a Mahfil’ and webinar discussion to observe National Mourning Day

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) observed National Mourning Day on Saturday, the 15th August 2020 arranging ‘Do’a Mahfil’ and discussion on Father of the Nation Bangabandhu Sheikh Mujibur Rahman.

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National flag has been hoisted half-mast atop the institute premises. ‘Do’a Mahfil’ was arranged after the Asar prayer at the Dhaka Branch Council floor of the Institute. ICMAB’s President, office-bearers, Past Presidents, Council Members and a large number of members of the Institute attended the ‘Do’a Mahfil’ physically and prayed for the eternal peace of the departed souls of Bangabandhu, his family members and the martyrs of 15th August 1975.A special webinar discussion program was also held at 7:30 p.m. where Dr. Mashiur Rahman, Economic Affairs Adviser to the Honorable Prime Minister Sk. Hasina attended as the chief guest. Professor, Bangabandu Chair and former Governor of Bangladesh Bank Dr. Atiur Rahman and Mrs. Shabnam Jahan MP attended the program as special guests. Dr. Mashiur Rahman highlighted on Bangabandhu’s works and life and economic vision to build a poverty and hunger-free happy and prosperous Bangladesh. He said that Bangabandhu always carried his dream for people. After the end of British era in the sub-continent and the formation of Pakistan, he realized very quickly that Bengali people are still oppressed like they were before. His struggle for people never stopped. He lost his studentship of Dhaka University for fighting for the rights of the 4th class staff of the University. Mohammad Ali Zinnah was a supreme powerful person and nobody couldn’t think to stand against him whenever Bangabandhu didn’t hesitate to show objection to Mr. Zinnahs word. Bangabandhu never cared for any post or power, all he wanted was the independence of people. Dr. Atiur Rahman told that Bangabandhu knew how to pass the inspiration among people. He was the greatest leader who also had the great skill of creating leaders. He built this entire nation from a null situation. We had nothing after independence, no money, no food, no roads, infrastructure, education. West Pakistani oppression was so cruel and cunning that their per capita income was 61% greater than us during 1970. In such condition, Bangabandhu started his journey to build this country and today we are standing in a great position, which is by all means his gift to us. Special Guest Mrs. Shabnam Jahan MP said, Bangabandhu always thought about independence of people and doing well to them. He was always thoughtful about the freedom of Bengali people by all means from the very early stage of his political inception. He fought for Bangla language, democracy and independence. Beside his bold and lion heart attitude, he was a very friendly person too. ICMAB President Mr. Md. Jasim Uddin Akond FCMA presided over the discussion meeting. He said that Cost and management accountants would work hard for making ‘Sonar Bangla’ which was Bangabandhu’s dream. He said that, Bangabandhu built this institute for us within a very short time after the independence and the CMA family is always thankful for that. Our professionals create a great impact for the productivity of company through total quality management. ICMAB President added that, CMA professionals are working hard to actualize the dream of Bangabandhu, the Sonar Bangla. He requested to attach the CMA professionals more for ensuring economic development. Mr. AKM Delwer Hussain FCMA, Chairman of ICMAB Seminar & Conference Committee and Vice President of South Asian Federation of Accountants (SAFA) gave the Welcome speech. He said that we couldn’t be so successful or stay in a good position today without achieving independence under the able leadership of Bangabandhu. Everything we have today is the contribution of the father of the nation. Mr. Abu Sayed Md. Shaykhul Islam FCMA, Past President & present Council Member of the Institute and member of the Public Sector Financial Management Committee of Confederation of Asian and Pacific Accountants (CAPA) moderated the entire program and remembering childhood memory when Bangabandhu was fighting and leading the movement of independence of Bangladesh. He urged professional Cost and Management Accountants to work under ethics and integrity and strengthen the hands of Bangandhu’s daughter Honourable Prime Minister Sheikh Hasina to make Bangladesh a rich nation by 2041. ICMAB Secretary Mr. Md. Munirul Islam FCMA gave the vote of thanks.

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ICMAB organized a Webinar on “Public Financial Management in Bangladesh”

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) organized a Webinar

on “Public Financial Management in Bangladesh” on September 20, 2020 evening. Mr. Mohammad

Muslim Chowdhury, Comptroller and Auditor General of Bangladesh joined the program as the Chief

Guest and Mr. Md. Mamun-Al-Rashid, Member (Secretary), Industry and Energy Division of Planning

Commission joined as special guest.

Chief Guest Mr. Mohammad Muslim Chowdhury said that Public Financial Management got a unique

feature in government system. Our financial process starts from the parliament. He described the

entire PFM system in a detail manner for the participants and students of this arena. Special Guest Mr.

Md. Mamun-Al-Rashid said that, Expenditure management is a key issue for government, especially

developing countries need to focus on this process very much. His diverse experience allowed him

to illustrate the importance of procurement plan and its relevance for the development process.

ICMAB President Mr. Md. Jasim Uddin Akond FCMA thanked all the honorable guests and participants,

and emphasized particularly on ensuring Cost Audit Certification by a professional CMA firm or

professional for every listed companies. He said that CMA professionals can create a great impact by

putting their expertise for ensuring clarity in various economic aspects. He requested the honorable

guests to create more scope for the CMA professionals in relevant fields so that they can give their

effort for the development of this country.

Mr. A. K. M. Jashim Uddin FCMA, Former Director General Foreign Aided Project Audit Directorate gave

a detailed Presentation on “Public Financial Management in Bangladesh”. Mr. A. K, M. Delwer Hussain

FCMA, Vice President of SAFA and Past President & Chairman, Seminar and Conference Committee

of ICMAB gave welcome address. Mr. Ahmed Ataul Hakeem FCMA, Controller of Examinations, BRAC

University & Former Comptroller and Auditor General of Bangladesh and Mr. Md. Abdur Rahman

Khan FCMA, ICMAB Council Member and Joint Secretary of Ministry of Finance, participated the

program as commentator. Past President & Council Member of ICMAB Mr. Abu Sayed Md. Shaykhul

Islam FCMA moderated the entire program connecting the audience and discussants and also gave

his analysis regarding the topic of discussion. Secretary of ICMAB Mr. Md. Munirul Islam FCMA gave

the vote of thanks to the program audience.

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62 newly qualified CMAs get a grand reception at ICMAB

The Council of the Institute accorded an open hall reception to the students who passed CMA December 2019 and April 2020 final examination. The program was held on October 13, 2020 at ICMAB Ruhul Quddus Auditorium. Honorable Commerce Secretary of GoB Dr. Md. Jafar Uddin attended the programme as Chief Guest while Vice President of South Asian Federation of Accountants (SAFA) and Past President of ICMAB Mr. A. K. M. Delwer Hussain FCMA were present as special guest. 62 students who successfully qualified to achieve the prestigious CMA degree were warmly greeted by the Office Bearers, Councilors, Members and Students of the Institute. Newly qualified students

were briefly introduced before the audience. Branch Council office bearers 0f 2019 tenure are also given ovation on their successful completion. Dr. Md. Jafar Uddin congratulated the newly passed CMAs. He said, “to enrich yourselves you must learn and know about everything around you.” Besides he gave importance on professional practice, self-development and manners and also mentioned that, these things play a vital role on career development. Referring about the present condition of our country, he informed that during this COVID situation Bangladesh achieved 12 billion USD as export earnings. Honorable Prime Minister Sheikh Hasina took a prompt and courageous decision which resulted this success. He also said that he will take necessary steps for the development of this profession and the Institute.

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Mr. A. K. M. Delwer Hussain FCMA said that, CMA professionals can create a great impact by putting their expertise for ensuring clarity in various economic aspects. He requested the honorable chief guest to create more scope for the CMA professionals in relevant fields so that they can give their effort for the development of this country remembering the effort of Commerce Ministry to establish the identity of CMA professionals as Cost Auditor.

ICMAB President Mr. Md. Jasim Uddin Akond FCMA thanked all the honorable guest and participants, and congratulated the newly passed CMAs. He said that their family did a lot for their success and achievement, so they must take a great care to the people who are close to them. Mentioning about the professional identity, he said that their journey starts in a new way today; they have to take responsibility of this profession and institute in future. ICMAB President requested the Chief Guest on ensuring Cost Audit Certification by a professional CMA firm or professional for every listed company. CMA professionals can create a great impact by putting their expertise for ensuring clarity in various economic aspects. He requested the honorable guests to create more scope for the CMA professionals in relevant fields so that they can give their effort for the development of this country.

The program was conducted by ICMAB Secretary Mr. Md. Munirul Islam FCMA and vote of thank was given by Treasurer Mr. Md. Ali Haider Chowdhury FCMA. Vice President Mr. Abu Bakar Siddique FCMA and Mr. Md. Mamunur Rashid FCMA virtually attended the programme. Past Presidents, Council Members, large number of Fellow and Associate Members of the Institute and a large number of running students attended the programme.

ICMAB Celebrates International Accounting Day 2020

The 10th November is celebrated as “International Accounting Day” in most of the countries of the world. As one of the core spokesperson of cost accounting profession in our country, Institute of Cost and Management Accountants of Bangladesh (ICMAB) celebrated the occasion on Tuesday, 10th November, 2020 with some special activities and programs.

Marking the day, the ICMAB arranged a gathering in its official building and roamed around the institute arena. Office bearers, Former presidents, council members, members, students and institutes employees attended in this occasion.

Later in the evening, a discussion program held in the Institute auditorium. Prof. Dr. Md. Hamid Ullah Bhuiyan, Chairman, Financial Reporting Council, Bangladesh graced the occasion attending as the

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Chief Guest. Mr. A. K. M. Delwer Hussain FCMA, Vice President SAFA, Past President and Council Member, ICMAB attended as special guest.

Chief Guest Prof. Dr. Md. Hamid Ullah Bhuiyan portrayed the entire landscape of accounting day from its inception and the hard work of accountants. He said that professional accountants have a big role to play for the clarity and development of economy because any organization will fall down if it can’t maintain the financial clarity. He gave some example regarding this also that how some big organization faced tough conditions and how the entire economy had to struggle because of opacity and manipulation in financial particulars. He said that cost auditing should be a must do process not only for some particular organizations but also for every relevant organization. He assured that he will take necessary steps for implementing cost audit in relevant sector and create the fair cut for the CMA professionals according their competency.

Special Guest Mr. A. K. M. Delwer Hussain FCMA described the CMA profession as a symbol of clarity. He represented to the chief guest that how CMA professionals can create a great impact on the development and clarity in our economic perspective. He said that CMA professionals deserve their fare share in the arena of professional accounting.

President ICMAB Mr. Md. Jasim Uddin Akond FCMA said that ICMAB is dedicated to play its role for the clarity and development of our economy through the practice of Cost and Management accounting. He thanked the chief guest for coming and requested him to take necessary steps for implementing Cost Audit in all limited companies and relevant organizations. He also gave importance on Cost of goods sold certification by professional Cost and Management Accountants.

Dr. Syed Abdulla Al Mamun FCMA, Deputy CEO, CRISL- made a presentation on “International Accounting Day and Professional Aspiration for Sustainable Economic Growth in Bangladesh”. The program moderated by Mr. A.K.M. Kamruzzaman FCMA, Council Member, ICMAB. Welcome address was given by Mr. Md. Munirul Islam FCMA, Secretary, ICMAB. Vote of thanks was given by Mr. Abu Bakar Siddique FCMA, Vice-President, ICMAB.

ICMAB is a member of International Federation of Accountants (IFAC) and South Asian Federation of Accountants (SAFA). The Ministry of Commerce is the Administrative Ministry of this Institute.

CONFERENCE, SEMINAR, WORKSHOP AND TRAININGA

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REPRESENTATION IN REGIONAL AND GLOBAL FORUMS

ICMAB President Participated SAFA Foundation day Webinar

South Asian Federation of Accountants (SAFA) celebrated August 22nd as SAFA Foundation Day. To commemorate the occasion this year SAFA organized a Webinar on the theme “COVID 19 Pandemic: Changing Dynamics of the Accountancy Profession” on August 22, 2020. Past President & Present Council Member of ICMAB and SAFA Vice-President Mr. A. K. M. Delwer Hussain FCMA joined the program as Special guest while the President of ICMAB Mr. Md. Jasim Uddin Akond FCMA joined as panelist.

The objective of the webinar was to understand the challenges being faced by the Accountancy profession due to COVID 19 pandemic and how the PAOs have managed this situation.

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GOVERNANCE, ADMINISTRATION AND INFRASTRUCTURE

Office Bearers met officials of the Institute

The Newly elected office bearers of the Institute held a meeting with the employees of the Institute on March 10, 2020 at ICMA Annex Building. ICMAB President Mr. Md. Jasim Uddin Akond FCMA, Secretary Mr. Md. Munirul Islam FCMA and Treasurer Mr. Md. Ali Haider Chowdhury FCMA got introduced with all the employees. The newly elected office bearers inspired to work together to achieve the goals of the Institute. They emphasized on idea sharing, coordination, team work and responsibility for everyone. They suggested everybody to work according to the plan and following properly designed checklist in case of arranging programs and flagship events to make those successful. The president and Secretary invited the employees to come up with their ideas and thoughts regarding the Institute and its betterment. Executive Director of the Institute and the officials assured the Office bearers about their full support in implementing the strategies taken by the Council of the Institute.

Support service established for members during COVID-19 pandemicSupport service has been established in order to support Members of the Institute during the Covid-19 pandemic so that members may get test facilities for Covid-19 diseases in designated hospitals within 48 hours of reporting to the dedicated “help desk” comprising 5 officers of the Institute at a subsidized cost. Family members and relatives of the members shall also be eligible to get test facility for Covid-19 diseases in the same hospitals subject to payment of applicable fees in full. Moreover, free Ambulance service, Doctors’ Counselling and prescription service for the members have been included under this support service.

Annual Picnic of Employees“Employees get together” instead of “Annual Picnic-2020” has been arranged on October 20, 2020 at ICMAB premises, Dhaka due to COVID-19 pandemic. All employees of the head office participated in the program. Vice President of SAFA and past President & present Council Member Mr. A. K. M. Delwer Hussain FCMA and President of the Institute Mr. Md. Jasim Uddin Akond FCMA were present in the program as the Chief Guest and Special Guest respectively. Secretary of the Institute Mr. Md. Munirul Islam FCMA, Treasurer Mr. Md. Ali Haider Chowdhury FCMA, Chairman of Dhaka Branch Council Mr. A. K. M. Zakaria Hossain FCMA were also present in the occasion. Many events were arranged for the employees and their family members. Chief Guest of the program handed over the prizes of raffle draw to the winners. Executive Director of the Institute Mr. Md. Mahbub Ul Alam FCMA thanked the guests and all employees for attending the program. He thanked the Picnic Committee specially

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Convener of Mr. Md. Moslem Uddin, Assistant Director (MA) and Member Secretary Mr. Paresh Chandra Debnath, Officer (DBC) for organizing such an excellent and stimulating program for the employees of the Institute amid the pandemic.

Employee TrainingsEmployees of the Institute were sent in the following training programs for strengthening skill:

Title of the Training Organized by Duration Trainee

Public Procurement Management

National Academy for Planning and Development (NAPD)

4 months a) Mirza Mostafa Walid, Additional Director (F & A)

b) Mr. Md. Ashraful Islam, Sub-Assistant Engineer

Practical SEO for Beginners

BASIS Institute of Technology & Management (BITM)

30 hours a) Mr. Md. Hanif, System Analyst

Microsoft Asp.net MVC Core with SQL Server 2017

Bangladesh Association of Software & Information Services (BASIS)

72 hours a) Mr. Md. Mahmudul Haque Khan, System Support Assistant Officer (ERP)

ERP Functional Workshop for Corporate Efficiency

BASIS Institute of Technology & Management (BITM)

1 day a) Mr. Md. Hanif, System Analyst

b) Mr. Md. Mahmudul Haque Khan, System Support Assistant Officer (ERP)

InfrastructureCMA Bhaban in Rajshahi

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The roof casting work of CMA Bhaban in Rajshahi up to the third floor has been completed. The masonry and plaster work of the first and second floors have almost finished. The Office will be shifted from rented premises to its own building by the end of November 2020.

Reconstruction of collapsed boundary wall of CMA Bhaban, Chattogram

The boundary wall of CMA Bhaban in Chattogram has been reconstructed which was collapsed down on May 21, 2020 due to a storm caused by the super cyclone “Aumpan”.

ICT and InfrastructureICMAB organized discussion and demonstration of its job portal ‘Employment Gateway’The Institute of Cost and Management Accountants of Bangladesh (ICMAB) organized a discussion and demonstration session on its specialized job portal ‘Employment Gateway.’ The program held on the Institute’s Auditorium, 14th January 2020. Mr. Roomee Tareque Moudud ACS, FCMA, Director OPA, American International University Bangladesh (AIUB) gave an introductory presentation on ICMAB in the beginning where he introduced about ICMAB in detail. Later on, Mr. Naba Krishna Muni FCMA conducted the demonstration session on “ICMAB Employment Gateway”. ICMAB has launched an ‘Employment Gateway’ linked with ICMAB website. This gateway would help the HR personnel and consultants to find out the right CMAs for their organizations and clients. They can find CV’s according their requirement by sorting in different criteria such as: Age Group, Gender, Educational Qualification, Areas of Expertise, Professional Qualification and length of experience, etc. ICMAB members, graduates and students can only get registered in this specialized job portal. by Mr. Md. Kausar Alam FCMA, Vice-Chairman, Seminar & Conference Committee, ICMAB gave the vote of thanks. ICMAB president Mr. M. Abul Kalam Mazumdar FCMA, President, ICMAB described the portal as a very helpful tool of connection for both CMA professionals and corporate headhunters. He said that, CMA professionals will be able to get their proper placement, and in the other hand;

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corporate sector can have the proper person for their accounting and cost management support more easily and without paying. Mr. Md. Abdur Rahman Khan FCMA, Secretary, ICMAB and Joint Secretary, Finance division said that Employment Gateway will serve the CMA professionals and corporate organizations. The corporate sector will be able to find out the CMA experts according their need. ICMAB office bearers, past presidents, Council members, fellow and associate members, students and other participants were present in this program.

CMA Directory Mobile AppTo keep the members updated with ICMAB’s events, activities and achievements “CMA Directory”-a mobile app based single touch point has been completed. It offers all Communication from ICMAB to Members and Members to Members. “CMA Mate” is a single touch point for Members for Communication, Events, ICMAB Info, Branches, Chapters and many more. Members will be able to update their details in ICMAB ERP through this OTP based secured app. Any member of the Institute having a smart phone with internet connectivity will be able to download the app from the store of Google and apple.

Set up ICMAB - Robi innovation Lab ICMAB - Robi innovation Lab set up has been completed and ready for the inaugural process. The inauguration of ICMB-ROBI innovation lab will come into operation shortly. The LAB will fully function with the necessary collaboration of Robi Axiata Limited.

ICMAB - Robi will work together to design various services & solutions through allocating a functional, analytical and innovative LAB. ICMAB and Robi also work together on Market research on new products, brand & personal identification; increase the knowledge capacity, knowledge sharing etc. Key focus of the ‘LAB’ will be to enhance the ICMAB students’ knowledge and skills in Analytics.

Established video conference and conduction online classes through Zoom During the Covid 19 Pandemic, the Institute has increased its virtual capacity using zoom service through BdREN. ICMAB members can easily joining any meeting and CPD program from anywhere of the country. Conduction of online classes through Zoom for 05 educations center in the country, namely Dhaka, Chattogram, Khulna Rajshahi & Cumilla have been running for the students of the Institute simultaneously.

Implementation of e-voting system by Integrating with ICMAB ERP systemICMAB ERP system which is enabling the online voting system in compliance with CMA ACT and regulations has been implemented. Members who were living abroad and outside Dhaka have been facing difficulties during casting vote in national council election. Through the integrated system the of e-voting (online Voting) has been performed in last Council Election. The 17th Council Election has been successfully completed through e-voting (online Voting) system.

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PARTNERING WITH ENTREPRENEURS AND EMPLOYERS

ICMAB-DCCI MoU SignedICMAB-DCCI looking forward to work together

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) and Dhaka Chamber of Commerce & Industry (DCCI) signed a Memorandum of Understanding (MoU) for mutual beneficiary activities on November 24, 2020. Mr. Md. Jasim Uddin Akond FCMA, President ICMAB and Mr. Shams Mahmud, President, DCCI signed the MoU at the ICMAB Bhaban, Nilkhet, Dhaka on 24th November, 2020 on behalf of respective organizations.

Under the MoU, both organization will jointly work and collaborate regarding training courses, seminars, workshops, business conferences, job fair etc. Research activities will be conducted in a mutually agreed manner by both organizations. ICMAB students will get waiver in different training courses conducted by DCCI. Both of the organization will share knowledge management and provide appropriate faculty/instructor for different programs according the need.

ICMAB President Md. Jasim Uddin Akond FCMA emphasized on ensuring cost audit certification by professional cost management accounting firm or professional for every listed companies. He also mentioned about certification of ‘cost of goods sold’ statement by CMA professionals. He said that CMA professionals can create a great impact by putting their expertise for ensuring clarity in various economic aspects. He expressed a great hope that with this new relation with a vibrant organization likes DCCI, CMA professional will be able to create a positive impact in our business sector with their technical inputs.

DCCI President Shams Mahmud said that signing the MoU will usher a new opportunity for both the organization to work together for the betterment of business community. He also appreciated the professionals of ICMAB for their hard work to ensure transparency in the financial system of a company. He also called upon the ICMAB to work closely with the industries and firms to strengthen both-way relation.

Vice President of South Asian Federation of Accountants (SAFA) and Past President of ICMAB Mr. A. K. M. Delwer Hussain FCMA, Vice President Mr. Abu Bakar Siddique FCMA, Vice President Mr. Md. Mamunur Rashid FCMA, Secretary of ICMAB Mr. Md. Munirul Islam FCMA, Treasurer Mr. Md. Ali Haider Chowdhury FCMA, ICMAB Council Member and Joint Secretay of Finance Ministry (GoB) Mr. Md. Mahful Alam Khan, DCCI Senior Vice President N K A Mobin FCA, DCCI Vice President Mohammad Bashiruddin, Convenor Golam Zialani, leaders from both organization were also present during the signing ceremony.

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COST AUDIT AND PROFESSIONAL SERVICE ACTIVITIES

International Webinar on “The Challenges and Role of Professional Accountants amid and post COVID-19 era”‘Cost Audit should be implemented in all public limited companies’– Commerce Secretary

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) has organized an International Webinar on “The Challenges and Role of Professional Accountants amid and post COVID-19 era” on Friday, June 05, 2020. Dr. Md. Jafar Uddin, Secretary, Ministry of Commerce, Government of the People’s Republic of Bangladesh graced the occasion as the Chief Guest. In his speech, Dr. Md. Jafar Uddin indicated about the stimulus package initiative taken by the government. To tackle the damages done by the COVID-19 situation, professional accountants will be able to help for the recovery process. He highlighted the importance of cost audit process and said he would take necessary steps for the implementation of cost audit for all public limited companies. Commerce Secretary expressed his hope that new conceptual framework would emerge from this COVID-19 situation. Mr. Zia Ul Mustafa Awan FCMA, President of South Asian Federation of Accountants (SAFA); CA. Atul Kumar Gupta, President of the Institute of Chartered Accountants of India (ICAI); CMA Balwinder Singh, President of Cost Accountants of India (ICAI); Prof. Lakshman R. Watawala, President of the Certified Management Accountants of Sri Lanka; CA. Krishna Prasad Acharya, President of the Institute of Chartered Accountants of Nepal; Mr. Sabbir Ahmed FCA, Vice President of the Institute of Chartered Accountants of Bangladesh (ICAB); Ms. Elaine Hong, Executive Director of CAPA and Mr. Md. Shaifur Rahman Mazumdar FCA, FCMA, COO, Dhaka Stock Exchange joined the webinar as Speakers. Members of SAFA, CAPA and IFAC holding responsible positions in different national and multinational organizations at home and abroad participated in the Webinar as participants. ICMAB President Mr. Md. Jasim Uddin Akond FCMA emphasized in his inaugural speech that global leaders and professional bodies of accountants should work together in a combined platform. Mentioning about the implementation of cost audit, Mr. Akond expressed his concerns

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for not ensuring Cost Audit in all public listed companies despite there was a 2010 circular with regard to the implementation of cost audit in all listed public limited companies. The post COVID-19 situation will be a different and complicated situation and professional accountants will be able to give big services at that moment, and they’ll need support from relevant sectors also. Mr. Abu Sayed Md. Shaykhul Islam FCMA, Past President and present Council Member of ICMAB presented the paper as Keynote Speaker. In his paper, Mr. Abu Sayed Md. Shaykhul Islam FCMA said the entire global economy might be far worse than 2008 global economic crisis as almost all organizations of all sizes and all sectors of economy including professional accountants, auditors and consultants had been facing unexpected, unprecedented and extreme challenges to survive amid Covid-19. He identified liquidity shortage and cash management in the corporate world as the main challenges for businesses and professionals. He also expressed the hope that the world human being would overcome the pandemic one day and they would start a fresh journey of growth again. He opined that the agriculture sector had not been affected that much in Bangladesh as the government had been proved very successful in handling the agriculture issues and paddy harvesting. Mr. Shaykhul also identified the issues like business organization’s ability to continuity as going concerns, valuation of assets and inventory under IFRS, physical verification of assets, inventories and cash balances and development of digital platform for providing online and remote professional services as the main challenges for the professional accountants and auditors amid Covid-19. He underscored the need for high standard professional judgement in addition to IFRS to handle the said issues. He also gave emphasis on audit of the proper disbursement of funds of the government’s announced stimulus package. In conclusion, Mr. Shaykhul opined that the Corona virus might be an opportunity for the accounting, auditing and consulting regime to further grow under digital platforms and survive in the changed global socio-economic scenario caused by Covid-19.Mr. Arif Khan FCMA, Past President and present Council Member of ICMAB and CEO & Managing Director, IDLC Finance Limited acted as Commentator and Mr. Md. Mamunur Rashid FCMA, Vice-President of ICMAB and DMD, Index Group of companies conducted and moderated the Webinar. Mr. Md. Munirul Islam FCMA, Secretary of ICMAB offered the vote of thanks to the honorable speakers and participants.

Cost Audit will be implemented soon-Commerce Secretary

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The Institute of Cost and Management Accountants of Bangladesh (ICMAB) organized a discussion session titled -“Treatment of Various items of Cost in Light of the Covid-19”on November 16, 2020 evening. Honorable Commerce Secretary of GoB Dr. Md. Jafar Uddin attended the programme as Chief Guest while Vice President of South Asian Federation of Accountants (SAFA) and Past President of ICMAB Mr. A. K. M. Delwer Hussain FCMA were present as special guest.

Chief Guest Dr. Md. Jafar Uddin said that, Cost and Management Accounting is a noble profession, it ensures clarity and explanation. Honorable Prime Minister took some strong initiative and efforts, and that’s why our economy is still doing well. Our production and export are going with nice flow and that’s why giving everyone proper stimulus package was possible. He said that he will take necessary steps to implement cost audit soon. Special Guest Mr. A. K. M. Delwer Hussain FCMA drew attention of chief guest by discussing the importance of cost audit implementation for the development of national economy. He said that, CMA professional need their proper share and right for working. He thanked the chief guest for always being there for this Institute and its development as a guardian.

ICMAB President Mr. Md. Jasim Uddin Akond FCMA thanked all the honorable guest and participants, and emphasized particularly on ensuring Cost Audit Certification by a professional CMA firm or professional for every listed companies. He said that CMA professionals can create a great impact by putting their expertise for ensuring clarity in various economic aspects. He requested the honorable guests to create more scope for the CMA professionals in relevant fields so that they can give their effort for the development of this country.

Mr. Mohammad Shaheed, FCMA, FCA, Managing Partner, AUDIICOST, Cost & Management Accountants gave a detailed Presentation on -“Treatment of Various items of Cost in Light of the Covid-19”. Mr. Abul Bashir Khan FCMA Chief Financial Officer, SMC Enterprise Limited participated as commentator on this presentation.

Vice President of ICMAB Mr. Md. Mamunur Rashid FCMA moderated the entire program connecting the audience and discussants and also gave his analysis regarding the topics of discussion. He mentioned about certification of Cost of Goods sold statement by CMA professionals and creating a panel of independent directors from CMA professionals to appoint them in various listed companies.

ICMAB Secretary of ICMAB Mr. Md. Munirul Islam FCMA gave welcome address. Vice President of ICMAB Mr. Abu Bakar Siddique FCMA gave the vote of thanks to the participants and audience of the program.

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Research on “Healing the Economic Injuries Caused by Deadly COVID-19 Pandemic”The Institute this year assigned Mr. Abu Sayed Md. Shaykhul Islam FCMA, Past President & Council Member of ICMAB and his team members to conduct a research on the topic “Healing the Economic Injuries Caused by Deadly COVID-19 Pandemic”. He has submitted his report and it is now under review. Once finalized, it will be formally released.

Treatment in various items of cost in light of Covid-19Another research works on the above caption by Mr. Md. Mamunur Rashid FCMA, Vice-President, ICMAB and his team members completed conducting the research work and finally submitted the research report.

Printing and PublicationJournalTHE COST & MANAGEMENT, the bi-monthly Journal of ICMAB, is an official organ. The journal carries the professional testimony of the Institute. In order to keep pace with standard of the professional bodies at home and abroad the Publication Committee has brought more changes in the contents, design and get-up of the journal along with quality of printing to give it a more professional look. Five issues of the Institute’s Journal have been published during the year up to November 2020.

RESEARCH AND PUBLICATION

Research and DevelopmentAs a national body, the Institute recognizes the importance of undertaking research in relevant economic and business areas and steps have been taken to accelerate research activities of the Institute.

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The Institute of Cost and Management Accountants of Bangladesh(A statutory body under the Ministry of Commerce, GoB)

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The Institute of Cost and Management Accountants of Bangladesh(A statutory body under the Ministry of Commerce, GoB)

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RESEARCH AND PUBLICATION

Other Publications Besides Journal, ICMAB also published Souvenir of ICMAB Best Corporate Award-2018, Convocation-2019, Members and Practising Firms 2020 List, Brochure of CMA qualified students, Brochure for students and other program related souvenir, brochure and documents.

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Members andPractising Firms

July 1, 2020

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ROLE IN NATIONAL ECONOMIC ISSUES

This year’s budget is survival budget

ICMAB has organized a Webinar on Pre-Budget Discussion on National Budget 2020-2021 on 29 May 2020 at 7:00 p.m. Dr. Atiur Rahman, former Governor, Bangladesh Bank; Mr. Mosharraf Hossain Bhuiyan ndc, former Senior Secretary and Chairman of NBR; Professor Dr. Mustafizur Rahman, Distinguished Fellow, Centre for Policy Dialogue (CPD); Dr. Muhammad Shahadat Hossain Siddiquee, Professor, Department of Economics, University of Dhaka and Mr. Ranjan Kumar Bhowmik FCMA, Member (Tax Survey & Inspection), NBR joined the Webinar as honourable discussants. Prof. Dr. Mahmood Osman Imam FCMA, Professor & Former Chairman, Department of Finance, University of Dhaka moderated the session. ICMAB President Mr. Md. Jasim Uddin Akond FCMA gave the inaugural speech in the webinar by thanking the honourable discussants for joining the programme. He prayed for the departed souls and the people who are affected by the pandemic COVID-19 virus. The President said that it is a moral duty for the Institute to give proper suggestions to the government on Budget matters. He hoped that CMA professionals would be able to help the government in the process of revenue collection & achieving goals in each sector. Mr. Md. Mamunur Rashid FCMA, Vice-President of ICMAB presented the paper on proposed National Budget 2020-2021. Emphasizing on strengthening the health sector as much as possible, Mr. Md. Mamunur Rashid FCMA briefly presented 13 core proposals on behalf of the Institute. Dr. Atiur Rahman evaluated the audit process as the foremost task for ensuring the quality of expenditure in every sector. Considering the present worldwide crisis and future, he highlighted the health and medical sector to be more structured and capable than ever. He also pointed out the importance of social protection in the upcoming budget and suggested a proper database creation to ease the process. The former Governor referred this budget as the surviving budget which should devise strategies of survival in the current situation. He was optimistic about the economic recovery in near future through survival of this year. Moreover, he mentioned that Bangladesh Bank could play a vital role in this process through credit guaranty scheme. Mr.

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Mosharraf Hossain Bhuiyan ndc suggested to cut down unnecessary costs in various sector as much as possible. He also emphasized on strengthening the health sector and spending more for social security. Distinguished Fellow of Centre for Policy Dialogue (CPD) Professor Dr. Mustafizur Rahman considered the budget should put more focus on health, humanitarian and economic crisis. Quoting the speech of Alibaba owner Jack Maa’s speech and Dr. Atiur Rahman’s standpoint, Mr. A.K.M. Kamruzzaman FCMA said that this year’s budget must be focused on our survival. If we can survive this year, the next year will be the golden year for us.

“This year’s Budget is a Recovery Budget”

“At first, we need to save people and run everything so that nothing gets totally stopped. We need

to understand that this years’ budget is a recovery budget. Government gave special importance

on health and agriculture sector considering the present condition and future sustainability”-

said Planning Minister Mr. M. A. Mannan while he joined a Webinar as Chief Guest on Post-Budget

Discussion Session on National Budget 2020-2021 on 15 July 2020 evening organized by The Institute

of Cost and Management Accountants of Bangladesh (ICMAB). Mr. Md. Mamunur Rashid FCMA, Vice-

President of ICMAB moderated the entire program, connecting the audience and discussants in

the first half of the program and actively coordinated the Q&A segment in the second half where

he passed the questions raised by the participants of the webinar to the discussants and paper

presenters. Planning Minister thanked the discussants of the program for appreciating the budget as

timely and significant according to the situation, and stated that this could be an effective budget if

we can reduce misuse and unnecessary expenditures in various sectors. Mr. M. A. Mannan mentioned

that, there was a time when the term ‘Digital Bangladesh’ didn’t sound believable that much, but

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that time is gone for good now! If different sectors work properly according to the situation, we’ll be

able to achieve our expected developments. Mr. A. K. M. Delwer Hussain FCMA, Past President and

Chairman, Seminar & Conference Committee ICMAB thanked all the participants, discussants and

audience in his welcome speech. ICMAB Vice President Mr. Abu Bakar Siddiquee FCMA gave the

vote of thanks. ICMAB President Mr. Md. Jasim Uddin Akond FCMA said in his speech that the Present

government works for the development of country and gives most priority for the betterment of our

life. Though the COVID-19 situation endangered our entire nation and stopped almost everything from

the natural flow, Mr. Akond is hopeful that our budget will achieve its target if we can maintain and

utilize our limited resources properly. He appealed the planning minister to add CMA professionals

in various audit and examining process. Planning minister appreciated the suggestions and invited

the institute and its professionals to come up with their ideas and submit formal proposals. Prof. Dr.

Swapan Kumar Bala FCMA, Professor, Department of Accounting Information Systems, University of

Dhaka and Mr. Md. Abdus Satter Sarkar FCMA, FCA Partner, Mahfel Huq & Co. presented papers on

National Budget 2020-2021 wherever they’ve analyzed this years’ budget from technical, informative

and statistical point of view. Dr. Atiur Rahman, Bangabandhu Chair Professor, University of Dhaka

& Former Governor of Bangladesh Bank, Mr. Md. Mosharraf Hossain Bhuiyan ndc, Former Senior

Secretary, IRD & Chairman, NBR, Mr. Ranjan Kumar Bhowmik FCMA, Member (Tax Survey & Inspection),

National Board of Revenue (NBR), Mr. Asif Ibrahim, Chairman, Chittagong Stock Exchange Ltd. (CSE)

and Dr. Khondaker Golam Moazzem, Research Director, Centre for Policy Dialogue (CPD) joined

the Program as discussants. Dr. Atiur Rahman praised the importance on agriculture in this years’

budget. He said that inflation would be increased a little bit, but it would not last long. Considering

the situation, saving people’s lives and works are the most important than any short term adversities.

CSE Chairman Mr. Asif Ibrahim mentioned that the stimulus packages offered by the government

needs to be utilized properly. Defining the budget as a good one, he also emphasized on human

resource management, education and skill enhancement in various sectors. Meanwhile CPD

Research Director Dr. Khondaker Golam Moazzem said that funding will be a big challenge this year,

so almost every possible and probable sectors and resources should be properly used to face this

challenges.

ICMAB Webinar on “CMA’s Role in Ensuring Compliance in Financial Reporting”ICMAB organized a Webinar on “CMA’s Role Ensuring Compliance in Financial Reporting” on July 24,

2020 evening. Professor Shibli Rubayat-Ul-Islam, Chairman, Bangladesh Securities and Exchange

Commission (BSEC) graced the program as Chief Guest. Mr. Zia Ul Mustafa Awan FCMA President,

South Asian Federation of Accountants (SAFA) attended the webinar as Special Guest and Prof.

Lakshman R Watawala FCMA, FCA, President, Institute of Certified Management Accountants of Sri

Lanka (CMA Sri Lanka) attended the webinar as paper presenter & Guest of Honor. ICMAB President

Mr. Md. Jasim Uddin Akond FCMA presided over the webinar. In the webinar, the Chief guest Professor

Shibli Rubayat-Ul-Islam said that, inclusion of professional cost and management accountants

in relevant sectors would be better for the economic development of Bangladesh. Bangladesh

is doing well in various socio-economic fields in this tough time amid Corona virus, and would be

more productive after the end of Covid-19 pandemic. BSEC chairman mentioned that, to judge an

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organization properly, high quality financial statements with adequate disclosures are needed to

protect shareholders as well as public interest. Professional cost and management accountants

would be able to give a great hand for ensuring the transparency of financial reports. He also opined

that Cost Auditing is a very important process for ensuring compliance in financial reporting.

Mr. Md. Mamunur Rashid FCMA, Vice-President of ICMAB and DMD, Index Group of companies

presented the Keynote paper. He briefly described about the CMA profession and its services like

Investment analysis, its appraisal and evaluation; Valuation of shares and properties, Share Premium

calculations on IPOs, Diagnosis of industrial sickness and corrective measures, Cost Audit of

manufacturing Industry to validate COGS statement, Inventory control incorporating mathematical

models, Cost reduction by using modern management tools like Operation Research, Value

Engineering, etc. On behalf of the institute, he highlighted some recommendation which include-

Compliance of Govt. Order for implementation of cost audit [Sec 220 Companies Act]; Certification

of COST OF GOODS SOLD STATEMENT by CMAs for all listed companies, inclusion of CMAs in the

Independent Directors panel of the listed companies etc. CMA Balwinder Singh, President of the

Cost Accountants of India (ICAI), Mr. Imtiaz Alam FCMA FCA, Council Member ICMAB, Mr. Mohammad

Abdul Hai FCMA, Chairman, Professional Service Committee, ICMAB and Mr. Ruhul Ameen FCMA,

Editor, The Cost and Management Accountants (Journal) and Mr. Abu Sayed Md. Shaykhul Islam

FCMA, Past President and present Council Member of ICMAB spoke on the occasion. Chairman of

Seminar and Conference Committee and Past President of ICMAB Mr. A.K.M. Delwer Hussain FCMA

gave the welcome address and Mr. Abu Bakar Siddique FCMA offered vote of thanks. Mr. Md. Munirul

Islam FCMA, Secretary, ICMAB acted as Moderator. ICMAB President Mr. Md. Jasim Uddin Akond

FCMA thanked all the honorable resource persons and participants. In his presidential speech, he

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urged for implementation of the Government Order regarding Cost Audit, a time demanding means

to guide Corporate Management towards increasing productivity in both industrial and service sector

to attain desired goals. Which in turn will significantly contribute to the economic development of

our country. He appealed to the Chief Guest for his kind support and initiative to enhance the scope

of contributing opportunity for the CMAs. This will ensure proper adherence to the legislative and

compliance guidelines to generate dependable Financials. President also urged to implement COGS

(Cost of Goods Sold Statement) auditing by the Cost and Management Accountants for all listed

companies to assist Corporate Managements, Regulators, Other stakeholders and shareholders

to have an in-depth idea about the financial health of an entity. The speakers highlighted the

importance of cost audit in both public and private sectors and mentioned that cost audit includes

both financial and non-financial issues and provide recommendations as to how to improve sectional

efficiency and overall performance of the organization, increase productivity and profitability and

making best quality of goods at lowest cost. They said cost audit is much more than the financial

audit to minimize wastage, increase profitability and declare due dividend to the shareholders and

boost up capital market. They mentioned that the integrated reporting under cost audit ensures the

financial and spending accuracy on one hand and guides the corporate management to achieve

the organizational goals on the other. They added that the public finance management of the

government can be improved a lot by doing cost audits for fixing prices of the goods of basic needs

of the people like medicine, fertilizer, food, health equipment etc. As such, cost audit would help

protecting consumers’ rights. They also mentioned that the government would be benefited, if it takes

the professional services of Cost and Management Accountants in budgeting and budgetary control

activities. National Board of Revenue (NBR) would be able take right steps in giving tariff protection

to the really deserving local manufacturers taking decisions from the research output conducted

by Cost Auditors. The government would also be benefited in combating corruption and money

laundering by doing cost audits of public spending. In conclusion, they said that cost audit is not a

burden for the business houses and government organizations, rather it is an investment to assess

the ability of an organization to continue as a going concern, improve efficiency and performance,

fight corruption and protect public interest as well. The corporate leaders are not aware of the uses

and benefits of Cost Audit.

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34 Best Companies bagged ICMAB Best Corporate Award 2018

‘Best Corporate Award 2018’, presented by the Institute of Cost and Management Accountants of

Bangladesh (ICMAB) on 15 December, 2019 (Sunday) for performance in corporate governance

goes to 34 organizations. The ICMAB, at its flagship event organized in a city hotel, honored the

organizations dividing in 12 categories after reviewing their performances based on respective

annual reports. Planning Minister M. A. Mannan MP addressed the award ceremony as the chief guest

while Financial Reporting Council (FRC) Chairman CQK Mustaq Ahmed, Commerce Secretary Dr. Md.

Jafar Uddin, and Bangladesh Securities and Exchange Commission (BSEC) Chairman Dr. M. Khairul

Hossain spoke in the event as special guests. The 12 award categories were Private Commercial Bank

(General), Private Commercial Bank (Islamic), Nationalized Commercial Bank, Non-Bank Financial

Institution, General Insurance, Multinational Company, Power Generation, Miscellaneous Trading,

Miscellaneous Manufacturing, Cement, Textile, and Pharmaceuticals Manufacturing.

ICMAB Best Corporate Award 2018

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CMA BRANDING

In the Private Commercial Bank (General), Eastern Bank Limited secured the first position followed by

BRAC Bank Limited and Dutch-Bangla Bank Limited. Islami Bank Bangladesh Limited received the

first prize under Private Commercial Bank (Islamic Operation) while Al-Arafah Islami Bank Limited

became second and EXIM Bank Limited came as third. Sonali Bank Limited was the only recipient of

the award under the category of Nationalized Commercial Bank. In Non-Bank Financial Institution,

IDLC Finance Limited got the first position followed by IPDC Finance Limited and Delta Brac Housing

Finance Corporation Limited. Green Delta Insurance Company Limited bagged the first prize in

General Insurance Category while Pioneer Insurance Company Limited got second position and

Nitol Insurance Company Limited secured third position. Lafarge Holcim Bangladesh Limited was

adjudged the top cement manufacturing company while second prize went to Heidelberg Cement

Bangladesh Limited and third prize was given to Premier Cement Mills Limited. In the category of

textile manufacturing, Paramount Textile Limited secured the top position followed by Envoy Textiles

Limited and Matin Spinning Mills Limited. Square Pharmaceuticals Limited received the ICMAB

award being the first in pharmaceuticals manufacturing while Renata Limited got the second prize

and Beximco Pharmaceuticals Limited got the third prize.

In multinational manufacturing industry, British American Tobacco Bangladesh Company Limited got

the first prize while Berger Paints Bangladesh Limited became second and Linde Bangladesh Limited

became third. In power generation category, Summit Power Limited bagged the first prize, Ashuganj

Power Station Company Limited got second prize and Doreen Power Generations and Systems

Limited received third prize. Meghna Petroleum Limited was awarded first prize in miscellaneous

trading category followed by Padma Oil Company Limited and Eastern Lubricants Blenders Limited.

Olympic Industries Limited secured the top position in miscellaneous manufacturing category while

Golden Harvest Agro Industries Limited got the second prize and RAK Ceramics Limited got the third

prize.

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CMA BRANDING

ICMAB Convocation 2019 Celebrated in Grand Style

Cost and Management Accountants (CMAs) can play a significant role in reducing the cost of

business and prevent wastage and misuse of resources, said Commerce Minister Mr. Tipu Munshi

MP. Terming efficient workforce vital for faster economic growth, he praised the role of the Institute

of Cost and Management Accountants Bangladesh (ICMAB) in creating well-bred CMA professionals.

Mr. Tipu said this as the chief guest at the ICMAB Convocation-2019 hosted by the ICMAB at the

Grand Ball Room, Pan Pacific Sonargaon, Dhaka on Thursday, 26 December 2019. In this competitive

world, Mr. Tipu said, reducing the cost of doing business is crucial and there is no other way to do so

without efficient human resources. The CMAs through using their knowledge can identify weakness

of companies and suggest remedies to recover from it to make the companies profitable, he added.

Bangladesh Economic Association (BEA) President Prof. Dr. Abul Barkat delivered the convocation

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CMA BRANDING

speech with ICMAB President Mr. M. Abul Kalam Mazumdar FCMA in the chair. Comptroller and Auditor

General Mohammad Muslim Chowdhury addressed the event as the special guest. At the convocation,

Dr. Barkat said while economists work on developing theories, CMAs deal with real problems at field level

which require practical knowledge-based education. Since cost accountants and management accounts

deal with the reality, it might be of high knowledge utility for them to recognize the essence of ‘value’

in valuing things, he said. Dr. Barkat said the CMAs must uphold ethical values and moral responsibility

by understanding the essence of “value of things” and need to believe that efficiency is not everything.

He also suggested the cost and management graduates to engage in learning new things, acquire new

knowledge and re-learning to solve freshly arose problems.

Speaking as a special guest, Comptroller and Auditor General of Bangladesh Mohammad Muslim

Chowdhury laid emphasis on skilled manpower to cope with the Fourth Industrial Revolution. “Now,

we need skilled manpower for the country’s economic growth. The demand for you will slump to

zero and your certificates will be valueless if you can’t cope with the 4IRs,” he said. ICMAB President

Mr. M. Abul Kalam Mazumdar said Bangladesh is in need of competent accounting professionals to

face the challenges of globalization and rapid potential growth of the national economy. The ICMAB

is very much committed to producing such professional accountants from its very inception, he went

on to say. “To become a developed country by 2041, we need to develop a private and public sector-

led economy which will be transparent and which will ensure good governance in every aspect.” Mr.

Tipu handed certificates to a total of 245 CMA degree holders at the programme. After the certificate

giving ceremony and photo session phase, the programme ended with a grand dinner where all the

participants and invitees joined with their friends and family.

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MEDIA COVERAGE

VIBRANT MEDIA PRESENCEICMAB had a wide and vibrant coverage in print, electronic and online media throughout the year to reach the wider society of the country. The media well covered various activities of the Institute including international conference, panel discussions, big events, other seminars, workshops etc. Apart from this, our professionals including the council members had their presence in print and electronic media at different capacities. They occasionally appeared in mass media as Financial and Capital Market Specialists, Corporate Icons, Business leaders etc. Some of them also regularly contributed articles and columns on contemporary issues of business and finance in leading national dailies. Such vibrant presence of the Institute and the members in media helped building greater brand value for the profession.

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With profound sorrow we report that we lost our following

Members and Staff during 2020

Mr. Md. Ishaque FCMA, Former

President of ICMAB breathed his

last on February 3, 2020. (Inna lillahe

wa Inna ilaihe rajiun). He was 77. Mr.

Ishaque, a veteran professional Cost

& Management Accountant of the

country was the President of ICMA

Bangladesh for the term 1993 and

was Director Finance of Bangladesh

Textile Mills Corporation (BTMC) for

1991-96. He served the BTMC as

Chief Cost Accountant and Chief

Accountant from 1984-90.

Mr. A. K. M. Shahidul Kirmany FCMA

(F-0914) passed on 02 March 2020

at Sheikh Hasina Burn Hospital,

Dhaka.

Mr. Md. Shams Firoz FCMA (F-0376)

passed away on 20 May 2020 at

Kurmitola General Hospital, Dhaka

(Inna lillahe wa Inna ilaihe rajiun).

He was 59.

Mr. Dewan Md. Yunus FCMA (F-

062) a Fellow Member of ICMAB

breathed his last on 20 October,

2019. (Inna lillahe wa Inna ilaihe

rajiun). He was 78. He served in

Bangladesh Steel & Engineering

Corporation (BSEC) for a long time.

He was also a Chief Accountant of

Mehar Industries Limited, Kawran

Bazar, Dhaka (An Enterprise of

BSEC).

Ms. Jannatul Fardaous ACMA (A-

1402) passed away on 01 March

2020 at Sheikh Hasina Burn

Hospital, Dhaka.

Mr. Khondaker Mahbubul Haque

FCMA (F-0104) passed away on 10

April 2020 at New York, America


He was 61.

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Dr. Saleh Ahmed Bhuiyan FCMA

(F-0084) passed away on 01 June

2020 at Mirpur, Dhaka. He was 64.

Mr. Sudhangsu Kumar Saha MBA,

ACMA (A-1372) passed away on

08 June 2020 at Dhaka Medical

Hospital, Dhaka. He was 40.

Mr. Mohammad Majibullah ACMA

(A-1185) passed away on 03 June

2020 at Dhaka Medical Hospital,

Dhaka (Inna lillahe wa Inna ilaihe

rajiun). He was 52.

Mr. Md. Anwar Husain FCMA (F-

0248) passed away on 17 June 2020

at his residence, Uttara, Dhaka


He was 85.

Mr. Nayeem Ali Kadri ACMA (A-

0482) passed away on 05 June

2020 at Canada (Inna lillahe wa

Inna ilaihe rajiun). He was 58.

Mr. Fariduddin Ahmed FCMA (F-

0063) passed away on 18 June

2020 at Anwer Khan Modern

Medical College Hospital, Dhaka


He was 72.

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Mr. Abdul Mannan FCMA, Past Council

Member of the Institute of Cost

and Management Accountants of

Bangladesh (ICMAB) passed away on

Tuesday, 04 August 2020 at 9:15 pm. in

Evercare Hospital, Dhaka. Inna Lillahi wa

inna Ilaihi Raji’un. He was 78 years old.

Mr. Tofail Ahmed Chowdhury

FCMA (F-0330) breathed his last

on September 22, 2020 at his

residence in Narayanganj (Inna

lillahe wa Inna ilaihe rajiun). He

was 66. He was buried in his home

district Noakhali.

Mr. Ajit Kumar Dhar FCA, FCMA (F-

0399) passed away on July 17, 2020.

He was 69.

Mr. Shubash Chandra Dutta FCMA

(F-0069) breathed his last on

Friday, 13 Noveber, 2020 at Square

Hospital, Dhaka infected by Corona

Virus. He was suffering from lever

disease.

Mr. Md. Afsarul Alam FCMA (F-0016)

passed away on July 6, 2020. He

was 80.

Mr. Khan Abdus Sobhan passed

away on 26 February 2020 due

to road accident at Muktarpur,

Munshiganj. He was 76. He was first

Director (Administration) of ICMAB.

They were committed professionals, loved and respected by their friends and fellows. On behalf of the Institute we express condolence to the bereaved members of their families and pray to the Almighty for the salvation of departed souls. May Allah

rest them in eternal peace.

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MEMBERS’ UPDATE

A K M Delwer Hussain elected Vice President of SAFAMr. A K M Delwer Hussain FCMA is elected as the Vice President of South Asian Federation of Accountants (SAFA) in the 63rd SAFA Board meeting of SAFA on August 8, 2020. He will be the president of SAFA for the year 2021.

The South Asian Federation of Accountants (SAFA) is a forum of professional accounting bodies in the South Asian Association of Regional Cooperation (SAARC) region of eight nations. It works in the public interest and towards broad economic development of the region in part through promoting harmonization of accounting standards and practices. It was founded in 1984. The strategy of the organization is not to create new standards, but rather to promote harmonization by building common knowledge and adoption of International Accounting Standards (IAS, which accommodates regional/national variations).

Mr. Delwer Hussain did his graduation with honours and masters in Management from the University of Dhaka. He is a veteran professional Cost and Management Accountant of the country. Mr. A.K.M. Delwer Hussain FCMA was the President of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) for the years 2004 and 2013. He was first elected as a Council Member of ICMAB in 1999 and till to date he elected as Council Member of ICMAB in every terms of the Council. He was elected as a Board Member and also Member of the Strategic Committee of the Confederation of Asian and Pacific Accountants (CAPA) in 2004. Mr. Delwer Hussain was the former Chairman of Bangladesh Sugar and Food Industries Corporation (BSFIC), largest State owned Corporation of Bangladesh. He was the Director of Rupali Bank Ltd., a state owned commercial bank of the country.

He was also a Member of the National Wages and Productivity Commission of Bangladesh in 2010. At present he is a Member of Finance Committee of BUET, WASO Credit Rating Company BD Ltd. and Secretary General of Consultative Committee of State Owned Enterprises (CONCOPE). In addition he was the Director of Dhaka Power Distribution Company Ltd., Khulna Shipyard & Narayangonj Dockyard Ltd., Bangladesh Diesel Plant Ltd., Bangladesh Institute of Capital Market and Dhaka Stock Exchange Limited.

ICMAB’s Past President Shaykhul Islam made member of PSFMC of CAPAConfederation of Asian and Pacific Accountants (CAPA) has appointed Mr. Abu Sayed Md. Shaykhul Islam FCMA, Past President and present Council Member of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) in its Public Sector Financial Management Committee (PSFMC) effective from 01 August 2020. The tenure of this appointment is for 4 years.

Mr. Abu Sayed Md. Shaykhul Islam FCMA is a well-known and veteran professional Cost and Management Accountant. He has a strong commitment for the development of the accountancy profession both at home and abroad. He is also actively working in different committees of ICMAB and South Asian Federation of Accountants (SAFA) to uphold the image of ICMAB. The CMA profession has achieved a number of professional goals under his able leadership. ICMAB is confident that he will be able to play an effective and meaningful role in CAPA.

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MEMBERS’ WELFARE

ICMAB is maintaining a benevolent fund named as ‘‘ICMAB Members’ Fund for Financial Assistance (MFFA)” since 2015 to provide financial assistance to the family of any deceased members and any other members in case of their critical illness. All past, present and future members of the Institute and their family members are under the coverage of this Fund. Regular source of funding of MFFA is transfer of Tk. 1,500 (one thousand five hundred) from the collection of annual membership subscription from all fellow and associate members of the Institute.

A dedicated savings bank account (SB A/C No. 4438801002963, Sonali Bank Ltd, Bazme Quaderia Branch, Dhaka) in the name of ‘ICMAB Members Fund for Financial Assistance’ is in operation for this purpose. Any member willing to make donation to MFFA can do so by directly depositing to the above mentioned bank account and send the scanned copy of the deposit slip to [email protected].

Since inception of MFFA total receipts of this fund till 30 June 2020 were Tk. 61,86,970 and total payment from this fund was Tk. 43,13,000 as shown below:

Funding Sources of MFFA Taka

Direct donation received from members 11,11,800

Donation through surrender of meeting honorarium for transferring to the Fund 8,25,010

Transfer from annual membership subscription 41,66,382

Bank Interest 83,778

Total receipts from beginning till 30 June 2020 61,86,970

Monthly education support to the children of ICMAB deceased members 24,88,000

One time grant to ICMAB members 18,25,000

Total disbursement from beginning till 30 June 2020 43,13,000

Support from Members Fund for Financial Assistance (MFFA)In this year total financial help amount of Tk. 17,83,000/- only has been given from the “Members Fund for Financial Assistance (MFFA) to the members. Out of which Tk.4,00,000/- only has been given to 10 members as financial assistance for Covid-19 pandemic, Tk. 5,00,000/- only to 01 member’s family due to sad demise, Tk. 75,000/- to 01 member for medical treatment and also Tk. 8,08,000/- only has been given as scholarship to 08 children’s of deceased members @ Tk. 8,000/- each per month from this fund. Details of monthly education support to children of our deceased members paid from this Fund is mentioned bellow:

Monthly Financial Assistance Granted from MFFA (July-2019 to June-2020)

Sl. No. Name of Beneficiary Name of the Deceased Member Membership Number Total (Tk.)

1 Mrs. Razia Sultana Mr. Md. Aminul Islam F-0274 104,000.00

2 Mrs. Quamrun Nahar Mr. A. K. M. Shah Alam Khan F-0483 104,000.00

3 Mrs. Rahmatunnesa Mr. Humayun Kabir A-0197 104,000.00

4 Mrs. Rokhsana Akhter Dr. G. M. Baqui Billah F-0194 104,000.00

5 Mrs. Ranu Rahman Mr. Md. Mizanoor Rahman F-0419 104,000.00

6 Mrs. Salina Khatun Mr. Md. Abdul Based Mondal F-0450 104,000.00

7 Mrs. Nazma Lasker Mr. Mohammad Alamgir F-0499 104,000.00

8 Mrs. Romana Afroza Mr. Md. Hasibur Rahman A-0780 80,000.00

Total 808,000.00

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Celebration of Victory Day 2019

The Dhaka Branch Council (DBC) of The Institute of Cost and Management Accountants of Bangladesh (ICMAB) has celebrated 48th Victory Day through Discussions, Cultural Program, Kids’ Art Competition on Monday, 16 December 2019 at ICMAB Bhaban, Nilkhet, Dhaka. The Program was presided over by DBC Chairman Mr. Md. Abdus Satter Sarkar FCA, FCMA. Mr. Rafiq Ahmad FCMA, Executive Director, T.K. Group of Companies and Mr. A.K.M. Delwer Hussain FCMA Past President of ICMAB jointly inaugurated the program. Among others current office bearers and Councilors of ICMAB & DBC and a large number of fellow and associate members of ICMAB and their families were also present and enjoyed the program. The function included Prize Distribution and Cultural Show followed by dinner. DBC Fellowship Night-2019The Dhaka Branch Council of The Institute of Cost and Management Accountants of Bangladesh (ICMAB) organized “DBC Fellowship Night-2019” for the ICMAB Members at International Convention City, Bashundhara (Nobaratri Hall), Khilkhet, Dhaka on December 20, 2019.

Dr. Md. Jafar Uddin, Hon’ble Secretary, Ministry of Commerce, Govt. of the Peoples’ Republic of Bangladesh was present as the Chief Guest in the program. Prof. Dr. Saiful Islam, Vice-Chancellor, Bangladesh University of Engineering & Technology (BUET), was present as the Special Guest. Mr. Md. Abdus Satter Sarkar FCA, FCMA, Chairman of Dhaka Branch Council presided over the program. Dr. Syed Abdulla Al Mamun FCMA, Secretary of Dhaka Branch Council gave the welcome address. Mr. Md. Abdus Satter Sarkar in his speech emphasized on role of CMA in the context of present global economy and competitive business environment. The Chief Guest Dr. Md. Jafar Uddin in his speech appraised the role of Cost and Management Accountants for the economic development of the country. He advised the members to use the CMA education with dedication and sincerity. Among others, Institute’s President Mr. M. Abul Kalam Mazumdar FCMA, Mr. Safiul Azam, FCMA, Chairman of Dhaka Branch Seminar & Conference Committee also spoke in the program. DBC Vice Chairman Mr. Md. Bakhtiar Alam FCMA, offered vote of thanks.

A large number of members of the Institute, high officials of the Government, semi-Government, Corporations, Multinationals and local companies, leading business personalities and social elites were present in the program.

BRANCH AND CHAPTER ACTIVITIES DBC News

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Reception to the Newly Qualified CMAs

The Dhaka Branch Council (DBC) of the Institute organized a reception program for the newly qualified Cost and Management Accountants qualified in (June, 2019 Exam) on December 30, 2019 at DBC Members Lounge, ICMAB Bhaban, Nilkhet, Dhaka. Mr. Md. Abdus Satter Sarkar FCMA, Chairman of DBC presided over the program. Mr. Rafiq Ahmad FCMA, Past President of ICMAB and Mr. M. Abul Kalam Mazumdar FCMA, President of ICMAB were present as the Guests. In the CMA June 2019 Exam 12 CMAs were qualified and attended the program along with their family members. They also spoke of the hindrances in achieving the final success. They were awarded a memento and a small DBC souvenir as a token of recognition on behalf of DBC by the Institute’s Presidents. Dr. Syed Abdulla Al Mamun FCMA, Secretary of DBC gave the welcome address and presented a paper on CMA education and profession. DBC Treasurer Mr. Muhammad Nazrul Islam FCMA offered vote of thanks. Mr. Mannan Bapari ACMA (A-1254) nicely conducted the session.

DBC Knowledge sharing Program on Systems, Applications and Products in Data Processing (SAP)

The Dhaka Branch Council (DBC) of the ICMAB organized a Knowledge sharing Program on Systems, Applications and Products in Data Processing (SAP) on January 09, 2020 at ICMAB Annex Building,

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ICMAB Bhaban, Nilkhet, Dhaka. The Program was presided over by DBC Chairman Mr. Md. Abdus Satter Sarkar FCA, FCMA. Mr. Md. Azimul Hossain ACMA, PMP, Sr. Manager, Bangladesh IT Lead, RAK Ceramics was present as the key Resource Person. Dr. Syed Abdulla Al Mamun FCMA, Secretary of Dhaka Branch Council offered welcome address and introduced the resource person. Among others Institute’s Past Presidents of ICMAB, Past Chairmen, current office bearers and other Council members of DBC and a large number of fellow and associate members of ICMAB were present and actively participated in the program. Mr. Safiul Azam FCMA, Council member of DBC gave vote of thanks. Mr. Shohag Al Mamun ACMA (A-1361) nicely conducted the program.

DBC Regional Professional Development Program at Banasree, Rampura, Dhaka

DBC of the ICMAB organized a Regional Professional Development Program of DBC at Banasree, Rampura, Dhaka on January 16, 2020. The Program was presided over by DBC Chairman Mr. Md. Abdus Satter Sarkar FCA, FCMA. Mr. Muhammad Shahid Ullah FCMA, Executive Director, Finance, Coal Power Generation Company Bangladesh Ltd. was present as the Special Guest. Dr. Syed Abdulla Al Mamun FCMA, Secretary of DBC, Mr. Muhammad Nazrul Islam FCMA, Treasurer of DBC, Mr. Sudhangsu Kumer Saha ACMA, Council Member of DBC and Mr. Mannan Bapari ACMA, were present as the key resource persons respectively. Among others Institute’s Past President, Past Chairmen, current office bearers and other Council members of DBC and a large number of fellow and associate members were present and actively participated in the program. Mr. Md. Bakhtiar Alam FCMA, Vice-Chairman of DBC offered welcome address and nicely conducted the program. Mr. Safiul Azam FCMA, Council member of DBC offered vote of thanks.

DBC Regional Professional Development Program at Mohammadpur, DhakaDBC of the ICMAB organized a Regional Professional Development Program at Mohammadpur, Dhaka on January 25, 2020. The Program was presided over by DBC Chairman Mr. Md. Abdus Satter Sarkar FCA, FCMA. Mr. Fakhruzzaman Chowdhury FCMA, CFO, Kazi Farms Limited was present as the Special Guest. Mr. Md. Enayet Hossain ACA, FCMA, Group CFO, ADN Telecom Ltd. And Mr. Md. Saifur Rahman FCMA, Principal & CEO, Saifur Enayet & Associates were present as the key resource persons respectively. Among others Institute’s Past President, Past Chairmen, current office bearers and other


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Council members of DBC and a large number of fellow and associate members were present and actively participated in the program. Mr. Md. Bakhtiar Alam FCMA, Vice-Chairman of DBC offered welcome address and nicely conducted the program. Mr. Safiul Azam FCMA, Council member of DBC offered vote of thanks.

Homage to the Martyrs of Language Movement

DBC of ICMAB organized a Probhat Ferry on 21st February, 2020 in observance of Amar Ekushey, which is now internationally recognized as the International Mother Language Day. Associate and Fellow members of the Institute, their family members, a good number of ICMAB students and staffs of the Institutes took part in the Probhat Ferry. Floral wreath was placed at the central Shahid Minar to commemorate the contribution of the brave patriots who laid down their lives for their mother language. Mr. Md. Abdus Satter Sarkar FCA, FCMA, Chairman of DBC led the procession, which was also attended by the Past President of the Institute Mr. Rafiq Ahmad FCMA, Mr. Md. Abdul Aziz FCMA, Mr. A.K.M. Delwer Hussain FCMA, Present President Mr. Md. Jasim Uddin Akond FCMA, Vice-Presidents Mr. Abu Bakar Siddique FCMA and Mr. Md. Mamunur Rashid FCMA, Secretary Mr. Md. Munirul Islam FCMA, Treasurer Mr. Md. Ali Haider Chowdhury FCMA, DBC Vice-Chairman Mr. Md. Bakhtiar Alam FCMA & DBC Treasurer Mr. Muhammad Nazrul Islam FCMA.


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Do’a mahfil held at DBC Floor after Magrib Prayer for Shahidul Kirmany Rony and Jannat for early recovery and departed soul of their son.

DBC organized Do’a Mehfil held at DBC Floor after Magrib Prayer for Shahidul Kirmany Rony and Jannat for early recovery and departed soul of their son on February 27, 2020 at ICMAB Bhaban, Nilkhet, Dhaka. Past Presidents of the Institute, Council Members of the Institutes & DBC Vice-Chairman Mr. Md. Bakhtiar Alam FCMA & other Councilors of the Dhaka Branch Council spoke on the occasion. A large number of fellow and associate members & students were present and actively participated in the program.

Do’a Mehfil for Late Dewan Md. Yunus FCMA (F-0062) and others

DBC organized Do’a Mehfil for the sad demise of Mr. Dewan Md. Yunus FCMA (F-0062) expired on 19.10.2019, Mr. Md. Ishaque FCMA (F-0027) expired on 03.02.2020, Mr. A.K.M. Shahidul Kirmany FCMA (F-0914) expired on 02.03.2020, Ms. Jannatul Fardaous ACMA (A-1402) expired on 01.03.2020 and Rushdi (son of Mr. A.K.M. Shahidul Kirmany FCMA & Ms. Jannatul Fardaous ACMA) expired on 27.02.2020 . Mr. Md. Jasim Uddin Akond FCMA President of the Institute, Council Members of the Institute and Mr. Md. Abdus Satter Sarkar FCA, FCMA, Chairman of DBC, Dr. Syed Abdulla Al Mamun FCMA, Secretary of DBC, other office bearers and Councilors of DBC were present on the occasion. A large number of fellow and associate members and students were also present and actively participated in the program.

DBC Virtual Program on “Financial Stimulus Package declared by Government to support adverse impact on Economy due to outbreak of Novel Coronavirus (COVID-19)”The Dhaka Branch Council (DBC) of ICMAB organized DBC Virtual Program on “Financial Stimulus Package declared by Government to support adverse impact on Economy due to outbreak of Novel Coronavirus (COVID-19)” for ICMAB Members on May 12, 2020. Mr. A,K.M. Zakaria Hossain, FCMA, Chairman of DBC presided over the session. Mr. Safiul Azam FCMA, Secretary of Dhaka Branch


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Council offered welcome address and introduced the Resource Person. Mr. Mannan Bapari ACMA, CERM, Vice-President, South Bangla Agriculture and Commerce Bank Ltd. spoke on the session as the Resource Person. A good number of members were present and actively participated in the session. Mr. Md. Bakhtiar Alam FCMA, Vice-Chairman of DBC offered vote of thanks.

DBC Virtual Eid AddaThe Dhaka Branch Council (DBC) of ICMAB organized an EID ADDA of the members named “DBC VIRTUAL EID ADDA” on May 25, 2020. Mr. A.K.M. Zakaria Hossain, FCMA, Chairman of DBC presided over the program. Mr. Safiul Azam FCMA, Secretary of Dhaka Branch Council offered welcome address. A good number of members were present and actively participated in the session. Mr. Md. Bakhtiar Alam FCMA, Vice-Chairman of DBC offered vote of thanks.

DBC Virtual Program on Stress Management & COVID-19 situation handling

The Dhaka Branch Council (DBC) of ICMAB organized Virtual Program on Stress Management &

COVID-19 situation handling of the members on June 20, 2020. Mr. A.K.M. Zakaria Hossain, FCMA,

Chairman of DBC presided over the program. Dr. Syed Abdulla Al Mamun FCMA, Council member

of DBC offered welcome address and introduced the Resource Person. Dr. Abul Kalam Faruq, Mind

Trainer, Instructor, Life Couch Director, Silva Method Bangladesh spoke on the session as the Resource

Person. ICMAB President Mr. Md. Jasim Uddin Akond FCMA, Vice-President Mr. Md. Mamunur Rashid

FCMA, DBC Councilors Mr. Muhammad Nazrul Islam FCMA Mr. S.M. Afjal Uddin FCMA, Mr. Monjur Md.

Shaiful Azam FCMA, Mr. Mannan Bapari ACMA and Mr. Rana Protap Ghosh FCMA, program Coordinator

also spoke on the occasion. A good number of members were present and actively participated in

the session. Mr. Safiul Azam FCMA, Secretary of Dhaka Branch Council offered vote of thanks. DBC

Vice-Chairman Mr. Md. Bakhtiar Alam FCMA nicely conducted the program.


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DBC Virtual Program webinar on “Islam and Islamic Banking in the Context of Covid-19 Pandemic”

The Dhaka Branch Council (DBC) of ICMAB organized Virtual Program webinar on “Islam and Islamic Banking in the Context of Covid-19 Pandemic” of the members on July 16, 2020. Mr. A.K.M. Zakaria Hossain FCMA, Chairman of Dhaka Branch Council presided over the program. Dr. Syed Abdulla Al Mamun FCMA, Council member of DBC offered welcome address and introduced the Resource Person. Mr. Md. Mahbub-Ul-Alam, Managing Director & CEO, Islami Bank Bangladesh Limited (IBBL) was present as the Main Discussant in the program. Mr. Muzaffar Ahmed FCMA, President and CEO of Credit Rating Information and Services Limited (CRISL) was present as the key note paper presenter on the occasion and Mr. Md. Jasim Uddin Akond FCMA, Honorable President of ICMAB was present Guest of Honor of the session. Mr. Mannan Bapari ACMA, DBC Councilor and program Coordinator nicely conducted the program. A good number of members were present and actively participated in the session. Mr. Md. Bakhtiar Alam FCMA Vice-Chairman of Dhaka Branch Council offered vote of thanks.

DBC Virtual Knowledge-Based Program on “Changes in Income Tax Law through Finance Act, 2020 in the Context of Covid-19 Pandemic”The Dhaka Branch Council (DBC) of ICMAB organized Virtual Knowledge-Based Program on “Changes in Income Tax Law through Finance Act, 2020 in the Context of Covid-19 Pandemic” of the members on July 21, 2020. Mr. A.K.M. Zakaria Hossain FCMA, Chairman of Dhaka Branch Council presided over the program. Mr. Md. Bakhtiar Alam FCMA, Vice-Chairman of Dhaka Branch Council offered welcome address and introduced the Resource Person. Mr. Snehasish Barua FCA, Founding Partner at Snehasish Mahamud & Co. was present as the key note paper presenter. Mr. Md. Abdus Satter Sarkar FCA, FCMA, Partner, Mahfel Huq & Co. Chartered Accountants was present in the program as a commentator and Mr. Md. Jasim Uddin Akond FCMA, Honorable President of ICMAB was present as the Guest of Honor of the session. Mr. Shohagh Al Mamun ACMA, DBC Councilor nicely conducted


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the program. Mr. Mannan Bapari ACMA, DBC Councilor was present as a program coordinator. A good number of members were present and actively participated in the session.

DBC Virtual Knowledge-Based Program on “VAT & SD Act 2012 and Effect of changes through Finance ACT 2020”

The Dhaka Branch Council (DBC) of ICMAB organized DBC Virtual Knowledge-Based Program on “VAT & SD Act 2012 and Effect of changes through Finance ACT 2020” of the members on July 25, 2020. Mr. A.K.M. Zakaria Hossain FCMA, Chairman of Dhaka Branch Council presided over the program. Mr. Muhammad Nazrul Islam FCMA, Council Member of Dhaka Branch Council and program coordinator offered welcome address and introduced the Resource Person. Mr. A.K.M Mahbubur Rahman, Director General (DG), Customs, Excise & VAT, Training Academy, Chattogram was present as the key note paper presenter. Mr. Jayanta Kumar Podder FCMA, CEO & Principal, Podder & Associates Cost and


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Management Accountants was present in the program as a commentator and Mr. Md. Jasim Uddin Akond FCMA, Honorable President of ICMAB was present as the Guest of Honor of the session. Mr. Mohammad Mahbubur Rahman FCMA (F-0746) nicely conducted the program. A good number of members were present and actively participated in the session.

DBC Virtual Knowledge-Based Program on “Managing Fraud Risks in the Context of Covid-19 Pandemic”

The Dhaka Branch Council (DBC) of ICMAB organized DBC Virtual Knowledge-Based Program on “Managing Fraud Risks in the Context of Covid-19 Pandemic” of the members on August 07, 2020. Mr. A.K.M. Zakaria Hossain FCMA, Chairman of Dhaka Branch Council presided over the program. Dr. Syed Abdulla Al Mamun FCMA, Council Member of Dhaka Branch Council and program coordinator offered welcome address and introduced the Resource Person. Ms. Annrita Muthoni Mugambi, CFA, CFE, Controller Finance, International Centre for Diarrhoeal Disease Research, Bangladesh (icddr,b) was present as the key note paper presenter. Mr. Naba Krishna Muni FCMA, Project Management Consultant, EVM Project, Bangladesh Election Commission, Bangladesh was present in the program as a commentator and Mr. Md. Jasim Uddin Akond FCMA, Honorable President of ICMAB was present as the Guest of Honor of the session. Ms. Shahana Parvin FCMA (F-0977) nicely conducted the program. A good number of members were present and actively participated in the session. Mr. Rana Protap Ghosh FCMA Treasurer of Dhaka Branch Council offered vote of thanks.

DBC Virtual Knowledge-Based Program on IFRS and IAS titled “Implications and Considerations of Covid-19 Pandemic in Financial Reporting and Disclosures”The Dhaka Branch Council (DBC) of ICMAB organized DBC Virtual Knowledge-Based Program on IFRS and IAS titled “Implications and Considerations of Covid-19 Pandemic in Financial Reporting and Disclosures” of the members on August 20, 2020. Mr. A.K.M. Zakaria Hossain FCMA, Chairman of Dhaka Branch Council presided over the program. Mr. Safiul Azam FCMA, Secretary of Dhaka Branch Council and program coordinator offered welcome address and introduced the Resource Person.


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Mr. Md. Kishlur Rahman FCA, FCMA, Sr. Corporate Finance Manager, ACI Limited was present as the key note paper presenter. Mr. Muhammad Zahangir Alam ACMA, Director (Accounts & Finance), Square Pharmaceuticals Ltd. was present in the program as a commentator and Mr. Md. Jasim Uddin Akond FCMA, Honorable President of ICMAB was present as the Guest of Honor of the session. Mr. Md. Zakaria Habib Khan Shishir FCMA (F-0932) nicely conducted the program. A good number of members were present and actively participated in the session. Mr. Md. Bakhtiar Alam FCMA Vice-Chairman of Dhaka Branch Council offered vote of thanks.

DBC’s Virtual Training Program on “Income Tax, VAT & Customs” held Ten-day long training programs on “Income Tax, VAT & Customs” were organized by the DBC at ICMAB Bhaban, Nilkhet, Dhaka on August 20-29, 2020. The program presided over by DBC Chairman Mr. A.K.M. Zakaria FCMA. The program was moderated by Mr. Jayanta Kumar Podder FCMA. Resource persons of the program was Mr. Ranjan Kumar Bhowmik FCMA, Commissioner of Taxes, NBR, GOB. Mr. Iqtiaruddin Md. Mamun FCMA, Additional Commissioner of Taxes, NBR, Mr. A. K. M. Mahbubur Rahman, Additional Commissioner, NBR, Mr. Md. Fakhrul Alam, Commissioner, Customs, Excise & VAT. NBR, GOB, Mr. Md. Abdul Kafi, Ex-Commissioner, Customs, Excise & VAT. NBR, GOB and Mr. Md. Saifur Rahman FCMA, Principle & CEO, Syfur Enayet & Associates. Large number corporate executives including ICMAB members attended the training programs.

Reception to the Newly Qualified CMAs, newly elected Office Bearers of ICMAB National Council 2019 and Thanks Giving to the Immediate Past Chairman of DBC 2019The Dhaka Branch Council (DBC) of the Institute organized a reception program to the Newly Qualified in (December 2019 Exam. pass), newly elected Office Bearers of ICMAB National Council 2019 and Thanks Giving to the Immediate Past Chairman of DBC 2019 Mr. Md. Abdus Satter Sarkar FCA, FCMA on August 22, 2020 at ICMAB Ruhul Quddus Auditorium, ICMAB Bhaban, Nilkhet, Dhaka. Mr. A.K.M. Zakaria Hossain FCMA, Chairman of DBC presided over the program. DBC Secretary Mr. Safiul Azam FCMA gave the welcome address. Mr. Md. Jasim Uddin Akond FCMA, President of ICMAB was present as the Guest of Honor. In the CMA December 2019 Exam. 33 CMAs where qualified and attended


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the program along with their family members. They also spoke of the hindrances in achieving the final success. They were awarded a memento and a small DBC souvenir as a token of recognition on behalf of DBC by the Institute’s Presidents. DBC Vice-Chairman Mr. Md. Bakhtiar Alam FCMA nicely conducted the program and Treasurer Mr. Rana Protap Ghosh FCMA offered the vote of thanks.

DBC Virtual Knowledge-Based Program on “ Global Finance Leadership: Module 1”The Dhaka Branch Council (DBC) of ICMAB organized DBC Virtual Knowledge-Based Program on “Global Finance Leadership: Module 1” of the members on August 29, 2020. Mr. A.K.M. Zakaria Hossain


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FCMA, Chairman of Dhaka Branch Council presided over the program. Mr. Muhammad Nazrul Islam FCMA, Council Member of Dhaka Branch Council and program coordinator offered welcome address and introduced the Resource Person. Mr. Nazmul Haider FCMA, Head of FMI, North America & Canada Finance at Perfetti Van Melle USA was present as the key note paper presenter. Dr. Syed Abdulla Al Mamun, FCMA, Councilor of DBC, Deputy CEO, Credit Rating Information and Services Ltd. (CRISL), and Independent Director & Chairman of Audit & Finance Committee, Board of Directors, NWPGCL was present in the program as a moderator and Mr. Md. Jasim Uddin Akond FCMA, Honorable President of ICMAB was present as the Guest of Honor of the session. A good number of members were present and actively participated in the session. Mr. Md. Bakhtiar Alam FCMA, Vice-Chairman of Dhaka Branch Council offered vote of thanks.

ICMAB Students’ Orientation Program

The Dhaka Branch Council of The Institute of Cost and Management Accountants of Bangladesh (ICMAB) organized “Career Counselling & Orientation Program for the newly admitted students (July-December, 2020) session at the ICMAB Ruhul Quddus Auditorium, Nilkhet, Dhaka on September 19, 2020. Mr. A.K.M Zakaria Hossain FCMA, Chairman of Dhaka Branch Council presided over the program. Mr. A.K.M. Delwer Hussain FCMA, Vice-President of South Asian Federation of Accounts (SAFA) was present as the Chief Guest. Hon’ble President of the Institute Mr. Md. Jasim Uddin Akond FCMA was present as the Guest of honor.


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The Chief Guest Mr. A.K.M. Delwer Hussain FCMA in his speech appreciated the role of Cost and Management Accountants for the economic development of the country. He advised the students to pursue the CMA education with dedication and sincerity. Mr. A.K.M. Zakaria Hossain FCMA in his speech emphasized the role of CMA in the context of present and future global economy and competitive business environment. Mr. Md. Mamunur Rashid FCMA, Vice President & Chairman of Education Committee of ICMAB, Mr. Abu Bakar Siddique FCMA, Vice President & Chairman of Examination committee of ICMAB, Mr. Md. Munirul Islam FCMA, Secretary of ICMAB, & Mr. Mannan Bapari ACMA, CERM, Council Member of DBC also spoke about CMA profession.

Mr. Safiul Azam FCMA, Secretary of DBC presented a paper on CMA education and profession. For the 5th time in the History of ICMAB, the institute awarded a Dhaka-Cox’s Bazar-Dhaka Air Ticket to the best presenter. A large number of newly admitted students and members of the Institute were also present in the program. Mr. Rana Protap Ghosh FCMA, Treasurer of DBC nicely conducted the program.

DBC Virtual Knowledge-Based Program on capital market titled “Stock Market of Bangladesh: Drivers of Growth and Portfolio Strategy”

The Dhaka Branch Council (DBC) of ICMAB organized DBC Virtual Knowledge-Based Program on “capital market titled “Stock Market of Bangladesh: Drivers of Growth and Portfolio Strategy” of the members on Sept. 24, 2020. Mr. A.K.M. Zakaria Hossain FCMA, Chairman of Dhaka Branch Council presided over the program. Mr. Muhammad Nazrul Islam FCMA, Council Member of Dhaka Branch Council and program coordinator offered welcome address and introduced the Resource Person. Mr. Md. Moniruzzaman CFA, Managing Director of IDLC Investments Limited was present as the key note paper presenter. Mr. Md. Sayadur Rahman, President, Bangladesh Merchant Bankers Association (BMBA) was present in the program as a commentator and Mr. Md. Jasim Uddin Akond FCMA, Honorable President of ICMAB was present as the Guest of Honor of the session. Mr. Md. Shohag Al Mamun ACMA (A-1361) nicely conducted the program. A good number of members were present and actively participated in the session. Mr. Safiul Azam FCMA, Secretary of Dhaka Branch Council offered vote of thanks.


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Prayer (Do’a) for ICMAB’s Founder President Late Ruhul Quddus FCMA (F- 0001)

The DBC of the Institute organized a Prayer (Do’a) for ICMAB’s Founder President Late Ruhul Quddus, FCMA (F-001) on September 28, 2020 at DBC Floor, ICMAB, Dhaka. The founding President Mr. Ruhul Quddus left this world on 28th September, 2002. DBC Chairman Mr. A.K.M. Zakaria Hossain FCMA

presided over the program and gave a brief overview of the versatile life-sketch of the founder President and pioneer of CMA profession Mr. Ruhul Quddus. Institute’s President Mr. Md. Jasim Uddin Akond FCMA was present in the program as the principal speaker. Council Members and Past Presidents of ICMAB, current office bearers and other council members of DBC and a large number of fellow and associate members, students and officials of the Institute attended and prayed for the salvation of the departed soul.


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DBC Virtual Knowledge-Based Program on Industry Practice (Module 1): RMG OperationThe Dhaka Branch Council (DBC) of ICMAB organized DBC Virtual Knowledge-Based Program on “Industry Practice (Module 1): RMG Operation” of the members on October 1, 2020. Mr. A.K.M. Zakaria Hossain FCMA, Chairman of Dhaka Branch Council presided over the program. Dr. Syed Abdulla Al Mamun FCMA, Council Member of Dhaka Branch Council and program coordinator offered welcome address and introduced the Resource Person. Mr. Abbas Malik FCMA, CEO of Patriot Group was present as the key note paper presenter. Mr. Faruqe Hasan, Managing Director of Giant Group was present in the program as the Chief Guest and Mr. Md. Jasim Uddin Akond FCMA, Honorable President of ICMAB was present as the Guest of Honor of the session. Mr. Mannan Bapari ACMA, CERM (A-1254) nicely conducted the program. A good number of members were present and actively participated in the session. Mr. Safiul Azam FCMA, Secretary of Dhaka Branch Council offered vote of thanks.

DBC program for Celebrating World Investors Week 2020 on “Role of Corporate Governance for Sustainable Stock Market in Bangladesh”

The Dhaka Branch Council (DBC) of ICMAB organized DBC program for Celebrating World Investors Week 2020 on “Role of Corporate Governance for Sustainable Stock Market in Bangladesh” of the members on October 08. 2020. Mr. A.K.M. Zakaria Hossain FCMA, Chairman of Dhaka Branch Council presided over the program. Mr. Mannan Bapari ACMA, CERM, Council Member of Dhaka Branch Council and program coordinator offered welcome address and introduced the Resource Person. Dr. Syed Abdulla Al Mamun, FCMA, Deputy CEO, Credit Rating Information and Services Ltd. (CRISL), Independent Director & Chairman of

Audit and Finance Committee, Board of Directors, North West Power Generation Company Limited (NWPGCL) was present as the key note paper presenter. Md. Eunusur Rahman, Chairman, Dhaka Stock Exchange Ltd. & Former Senior Secretary, Bank & Financial Institutions Division, Ministry of Finance was present in the program as the Chief Guest and Mr. Md. Jasim Uddin Akond FCMA,


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Honorable President of ICMAB was present as the Guest of Honor of the session. Mr. Md. Bakhtirar Alam FCMA, Vice-Chairman of DBC, Mr. Safiul Azam FCMA, Secretary of DBC and Mr. Muhammad Nazrul Islam FCMA, Council Member of DBC were also present at the program. Mr. Md. Shohag Al Mamun ACMA (A-1361) nicely conducted the program. A good number of members were present and actively participated in the session. Mr. Rana Protap Ghosh FCMA, Treasurer of Dhaka Branch Council offered vote of thanks.

DBC Virtual Knowledge-Based Program on IFRS and IAS titled “IFRS 9: Financial Instruments”The Dhaka Branch Council (DBC) of ICMAB organized DBC Virtual Knowledge-Based Program on IFRS and IAS titled “IFRS 9: Financial Instruments” of the members on October 15, 2020. Mr. A.K.M. Zakaria Hossain FCMA, Chairman of Dhaka Branch Council presided over the program. Dr. Syed Abdulla Al Mamun FCMA Council member of Dhaka Branch Council and program coordinator offered welcome address and introduced the Resource Person. Mr. Mohammad Abdul Ohab Miah FCA, Financial Controller, BRAC Bank Ltd. was present as the key note paper presenter. Mr. Abdul Kader Joaddar FCA, Managing Director and Chief Financial Officer of Standard Chartered Bangladesh was present in the program as a Discussant and Mr. Md. Jasim Uddin Akond FCMA, Honorable President of ICMAB was present as the Guest of Honor of the session. Ms. Sultana Jahan ACMA (A-1439) nicely conducted the program. A good number of members and students were present and actively participated in the session. Mr. Safiul Azam FCMA, Secretary of DBC, Mr. Rana Protap Ghosh FCMA, Treasurer of DBC, Mr. Muhammad Nazrul Islam FCMA and Mr. Mannan Bapari ACMA, CERM, Council Member of DBC were also present on the program. Mr. Md. Bakhtiar Alam FCMA Vice-Chairman of Dhaka Branch Council offered vote of thanks.

Prize Giving Ceremony of DBC Annual Indoor Games Fest -2019


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The Dhaka Branch Council (DBC) of the Institute organized a Prize Giving Ceremony of DBC Annual Indoor Games Fest -2019 on October 20, 2020 at ICMAB DBC Members’ Lounge. Mr. A.K.M. Zakaria Hossain FCMA, Chairman of DBC presided over the program, while Mr. A.K.M. Delwer Hussain FCMA, Past President and Council Member of ICMAB, Vice-President of SAFA and Mr. Md. Jasim Uddin Akond FCMA, President of ICMAB were present in the program as the Chief Guest and Guest of Honour respectively and distributed prizes among the winners of the different indoor games. Mr. Md. Munirul Islam FCMA, Secretary of the Institute and Mr. Md. Ali Haider Chowdhury FCMA, Treasurer of the Institute also spoke on the occasion. Mr. Md. Bakhtira Alam FCMA, Vice-Chairman of DBC offered welcome address and nicely conducted the program. Mr. Safiul Azam FCMA, Secretary of DBC, Mr. Rana Protap Ghosh FCMA, Treasurer of DBC and Mr. Muhammad Nazrul Islam FCMA, Council member of DBC were present and actively participated in the session.

Inauguration of DBC 10-Module Certificate Program on “Leadership Excellence for Finance Professionals: Driving Your Growth”

The Dhaka Branch Council (DBC) of ICMAB organized an Inauguration of DBC 10-Module Certificate Program on “Leadership Excellence for Finance Professionals: Driving Your Growth” of the members on October 29, 2020. Mr. A.K.M. Zakaria Hossain FCMA, Chairman of Dhaka Branch Council presided over the program. Mr. Muhammad Nazrul Islam FCMA Council member of Dhaka Branch Council and program coordinator offered welcome address and introduced the Resource Person. Mr. Abu Daud Khan, Managing Director and CEO, Enroute International Ltd. was present as the key note paper presenter. Mr. A.K.M. Kamruzzaman FCMA, Senior Executive Vice-President & Head of Operation, LankaBangla Finance Limited and Council Member of ICMAB was present as the Guest of Honor of the session. Mr. Md. Bakhtiar Alam FCMA Vice-Chairman of DBC, Mr. Safiul Azam FCMA, Secretary of DBC, Mr. Rana Protap Ghosh FCMA, Treasurer of DBC, Dr. Syed Abdulla Al Mamun FCMA, Council Member of DBC and Mr. Mannan Bapari ACMA, CERM, Council Member of DBC were also present on the program. Mr. Shohag Al Mamun ACMA (A-1361) nicely conducted the program. A good number of members were present and actively participated in the session.


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DBC Outbound Leadership Development Program at Cox’s Bazar

The Dhaka Branch Council (DBC) of the ICMAB organized DBC Outbound Leadership Development Program at Cox’s Bazar with a Sea Cruise to Saint Martin titled “Leadership for Financial Professionals in an Unprecedented Crisis” for CMA members at Hotel Royal Tulip, Cox’s Bazar. The program was held on November 19-22, 2020. DBC Chairman Mr. A.K.M. Zakaria Hossain FCMA presided over the program. Resource person of the program was Mr. Abu Daud Khan, Managing Director and CEO, Enroute International Ltd. Mr. A.K.M. Delwer Hussain FCMA, Vice-President of South Asian Federation of Accounts (SAFA) was present as the Special Guest. Hon’ble President of the Institute Mr. Md. Jasim Uddin Akond FCMA was present as the Guest of honor. A Large number of ICMAB members participated in the training program.

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Workshop on “Practicing Opportunities for CMAs – Prospects and Challenges”

ICMA Bangladesh Chattogram Branch Council organized a workshop titled “Practicing Opportunities for CMAs – Prospects and Challenges” on Saturday, 23th November, 2019 at CMA Bhaban, Agrabad, R/A Chattogram. Mr. Md. Moazzam Haider FCMA, Chairman, Chattogram Branch Council of ICMAB presided over the program while Mr. M. Abul Kalam Mazumdar FCMA, President, ICMAB, attended the program as Chief Guest. Prof. Dr. Swapan Kumar Bala FCMA Treasurer, ICMAB and Commissioner, Bangladesh Securities and Exchange Commission presented the keynote paper and Mr. Md. Abdur Rahman Khan FCMA, Secretary ICMA Bangladesh & Joint Secretary, Ministry of Finance discussed on the topic. Md. Kausar Alam FCMA, MBA(IBA), FCS,FCCA, ACA, (England & Wales), Vice-Chairman, Seminar & Conference Committee, ICMAB and CFO, Company secretary & Head of IT, SSGIL, Bangladesh was present as Guest of Honor and welcomed all to the program. Mr. M. Solaiman, FCMA, Sr. Vice-President, Salim & Brothers, Chattogram attended the program as “Session Chairman”. Prof. Dr. Swapan Kumar Bala FCMA presented a compact overview about the CMA profession, its present and future, and its importance with respect to economic targets of our country. Mr. Md. Abdur Rahman Khan FCMA briefly reviewed the presented topic. The Chief Guest Mr. M. Abul Kalam Mazumdar FCMA stated that CMA professionals from ICMAB are serving for important government and private sector organizations. CMA professionals staying abroad are earning valuable foreign exchange for the country. The session Chairman thanked CBC for organizing such a timely suited program. A large number of Fellow & Associate members of ICMAB Chattogram Branch participated in the program. The whole program was nicely conducted by Mr. Wahid Ullah, ACMA, Treasurer, Chattogram Branch Council of ICMAB and vote of thanks was given by Mr. Mohammed Mozammel Hossain, FCMA, Vice-Chairman, CBC.

Discussion on “Financial Management of the Prophet Muhammad (PBUH) and Today’s Practice”ICMA Bangladesh Chattogram Branch Council organized a discussion titled “Financial Management of the Prophet Muhammad (PBUH) and Today’s Practice” on Thursday, 28th November, 2019 at CMA Bhaban, Agrabad R/A, Chattogram.

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Mr. Mohammed Mozammel Hossain, FCMA, Vice-Chairman, Chattogram Branch Council of ICMAB presided over the program while Dr. Mostafa Kamal Madani, Professor, Quranic Science & Islamic Studies, Department of Sariah, International Islamic University (IIUC), attended the program as discussant. Dr. Mostafa Kamal Madani presented concise overview of the above mentioned topic. He also described that how we can lead our practical life following Prophet Muhammad’s advice related to financial management and gave some practical examples in this regard. The Session Chairman thanked CBC for organizing such a timely suited program. A large number of Fellow & Associate members of ICMAB Chattogram Branch participated in the program. The whole program was nicely conducted by Mr. Wahid Ullah ACMA, Treasurer, Chattogram Branch Council of ICMAB.

Celebration of Victory Day-2019

Chattogram Branch Council of The Institute of Cost and Management Accountants of Bangladesh (ICMAB) organized a program on “Observance of Victory Day-2019”on Monday, December 16, 2019 at CMA Bhaban, Agrabad, R/A, Chattogram. Mr. Md. Moazzam Haider FCMA, Chairman, Chattogram Branch Council of ICMAB presided over the program. In his speech, Mr. Chairman paid rich tribute to the memories of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman, at whose call, inspiration and moral leadership people from all walks of life joined the War of Liberation. He expressed profound gratitude to the sacrifices of the valiant freedom fighters, the martyrs, the wounded and the tortured mothers & sisters during the War of Liberation. Later, a speaking contest

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BRANCH AND CHAPTER ACTIVITIES CBC Newswas organized for the students on the topic “The role of students in the Independence War of Bangladesh” and cash prizes were distributed among the winners. Mr. M. Solaiman, FCMA, Sr. Vice-President, Salim & Brothers, Mr. Md. Salamat Ullah FCMA Project Director, Bengal Synthetic Fibers Ltd. & Mr. Md. Arshad Ullah, FCMA, Sr. Director, Sunman Group of Companies were presented as Judge. The Judge delivers their speech regarding the topics and also encourage students more and more to participate in such types of competition. A large number of Fellow & Associate members and students of ICMAB Chattogram Branch participated in the program. The whole program was nicely conducted by Mr. Wahed Ullah ACMA, Treasurer Chattogram Branch Council of ICMAB and vote of thanks was given by him.

ICMAB International Conference on “Combating Corruptions to Achieve SDGs and Vision 2041”

Chattogram Branch Council of the Institute of Cost & Management Accountants of Bangladesh (ICMAB) has organized a day-long Conference on “Combating Corruptions to Achieve SDGs and Vision 2041” on Saturday, 28th December, 2019 at World Trade Center, Agrabad, R/A, Chattogram. Mr. Mohibul Hassan Chowdhoury M.P, Honorable Deputy Minister, Ministry of Education, Government of the People’s Republic of Bangladesh inaugurated the Conference as Chief Guest. Mr. Md. Moazzam Haider FCMA, Chairman, Chattogram Branch Council of ICMAB presided over the program while the Key-note paper of the Conference was presented by Prof. Dr. Swapan Kumar Bala FCMA Treasurer, ICMAB and Commissioner, Bangladesh Securities and Exchange Commission. Moreover Mr. M. Abul Kalam Mazumdar FCMA, President, ICMAB, Mr. Md. Abdur Rahman Khan FCMA, Secretary ICMAB & Joint Secretary, Ministry of Finance, Government of the People’s Republic of Bangladesh, Mr. Mahbubul Alam, President, Chittagong Chamber of Commerce and Industry, were present in the conference as Special guests. Mr. Mohibul Hassan Chowdhoury M.P said that, Bangladesh has passed almost all of the indices to achieve SDGs by combating corruptions and if this trend sustains, Bangladesh will become developed country by 2041. One of the technical sessions of the conference “Preventing Corruption in Bangladesh: The Role of Professional Accountants” was presented by Professor Dr. Md. Salim Uddin FCA, FCMA, Chairman, Bangladesh House Building Finance Corporation & Executive Committee of Islami Bank Bangladesh Limited. “Efficiency in Banking Sector and Economic Growth to Achieve SDGs and Vision 2041” was presented by Mr. Imtiaz Alam FCA, FCMA, Chairman, Infinity Group of Companies & Corporate Support Limited. Ms. Akhter Sanzida Kasem FCA, FCMA, Partner, A. Qasem & Co., Professor Dr. Mahmood Osman Imam FCMA, Professor & Former Chairman, Department of

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Finance, University of Dhaka commented over the first two sessions respectively and Mr. Mohammed Ali Newaz FCMA, Chief Financial Officer, Beximco Pharmaceuticals Ltd., Mr. Md. Abdul Aziz FCMA, Managing Director, Western Agro Industries Limited & Chairman, Waso Credit Rating Company (BD) Ltd. presided over the sessions respectively. In addition to this, Mr. Arif Khan FCMA, CEO and Managing Director, IDLC Finance Ltd. presided over the Panel Discussion on the dream of “Made in Bangladesh” while Mr. M. Abul Kalam Mazumdar FCMA, President, ICMAB, Mr. Mahbubul Alam, President, Chittagong Chamber of Commerce and Industry, Mr. Md. Mamunur Rashid FCMA, Mr. Zahir Uddin Ahmed, Mr. Md. Kausar Alam, FCS, FCCA, ACA (E&W), FCMA, Mr. Mohammed Mohiuddin FCMA discussed in the session. A large numbers of High Officials of the Govt. Bankers and various Commercial Executives, Teachers and students of both public and private Universities, ICMAB’s members and senior students attended the conference and Vote of thanks was given by Mr. Wahed Ullah ACMA, Treasurer Chattogram Branch Council of ICMAB.

Celebration of CBC Fellowship Night-2019

The Chattogram Branch Council (CBC) of the Institute of Cost and Management Accountants of Bangladesh has celebrated CBC Fellowship Night 2019, which was held on 28th December, 2019, at Hotel The Copper Chimney restaurant, Agrabad, Chattogram. Mr. M. Abul Kalam Mazumdar FCMA, President, ICMAB was present in the program as Chief Guest. A good number of Fellow & Associate members of Dhaka & Chattogram Branch of the Institute along with their spouses and children attended the function. Mr. Md. Moazzam Haider FCMA, Chairman, Chattogram Branch Council Presided over the program and welcomed the guests. The function was concluded with a colorful cultural function. Renowned artists of Chattogram participated in the cultural function. A wonderful raffle draw and a delicious fellowship dinner were followed by the cultural function which was enjoyed by the participants.

CPD on “Impact of Block-chain Technology on Business”Chattogram Branch Council of ICMAB organized a CPD on “Impact of Block-chain Technology on Business” on 18th January, 2020 at CMA Bhaban, Agrabad, Chattogram. Mr. Md. Moazzam Haider FCMA, Chairman, Chattogram Branch Council of ICMAB presided over the Program while Mr. Sidhartha Barua FCA, Vice-President ICAB & Partner, M. A. Mallik & Co., Chartered Accountants, Chattogram was present as the Chief Guest in the program. Professor Dr. Mohammad Saleh Jahur, Member, Executive


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Committee of IBBL & Professor, Department of Accounting and Finance, University of Chittagong was present as Session Chairman and Dr. Emon Kalyan Chowdhury, Associate Professor & Chairman, Department of Accounting, CIU Business School, Chittagong Independent University, Bangladesh presented the key Paper in the program. Dr. Chowdhury delivered his speech by pointing out the background, definition, description, generations and aggregate impact on business of Blockchain. He also explained the scope and challenges of Blockchain and how our professional Accountants can play a significant role in this regards. Mr. Sidhartha Barua FCA, Honorable Chief Guest, overviewed his thinking about the above mentioned topic and Dr. Mohammad Saleh Jahur, Session Chairman, thanked CBC for organizing such a timely suited program to update its members. He illustrated some points related to Impact of Block-chain Technology on Business. A large number of Fellow & Associate members and students of ICMAB of Chattogram Branch were participated in the program. The whole program was nicely conducted and vote of thanks given by Mr. Wahid Ullah, ACMA, Treasurer, CBC.

Courtesy visit to BGMEA Office Bearer

A delegation of ICMAB Chattogram branch Council visited to BGMEA Office Bearer led by Mr. Md. Moazzam Haider FCMA, Chairman, CBC. Among other Mr. Mohammed Mohiuddin FCMA, Past President, ICMAB and Managing Director, Island Securities Ltd. and Mr. Mohammedul Hoque, Assistant Director, ICMAB, Chattogram Branch were present.


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Seminar at the Government Commerce College, Chattogram

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) of Chattogram Branch organized a seminar on “Professional Cost & Management Accountancy-Glorious Career for the Business Graduates” on Monday, 20th January, 2020 at the Auditorium of Government Commerce College, Chattogram. Professor Mohammad Shah Alam, Head of Management Department of Government Commerce College was attended the program as Chief Guest. While Mr. Sushen Kumar Barua, Associate Professor, Department of Accounting of Government Commerce College, Mr. Md. Moazzam Haider FCMA, Chairman, Chattogram Branch Council of ICMAB, Mr. Wahid Ullah ACMA, Treasurer Chattogram Branch Council of ICMAB, Mr. Imtiaz Alam, FCA, FCMA, Chairman, Infinity Group of Companies & Corporate Support Limited, Mr. Mohammad Ahsan, FCMA, Mr. Nazmul Islam, ACMA, Finance Manager, SVITZER BD was present as Special Guest in the program. Honorable Chief Guest thanked ICMAB for arranging a timely suited seminar to develop skilled human resources in our country and expresses that to survive in this competitive world highly skilled manpower is required. The paper on the topic was presented by Mr. Nazmul Islam, ACMA, Finance Manager, SVITZER BD and present a power point presentation in this regard. Mr. Md. Moazzam Haider FCMA, Chairman, Chattogram Branch Council of ICMAB, Mr. Imtiaz Alam, FCA, FCMA, Mr. Mohammad Ahsan, FCMA motivate the students via their valuable speech and give a clear concept to the students about the pathways of how to become professional Cost and Management Accountants. Honorable teachers & a large number of students of Government Commerce College were attended the occasion. The whole program was nicely conducted by Mr. Wahid Ullah, ACMA, Treasurer CBC and vote of thanks to the audience was offered by him.


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Introduction program for candidates of ICMAB 17th Council election 2020-2022

An introduction program for candidates of ICMAB 17th Council election was held on 27th January, 2020 at CMA Bhaban, Chattogram. In this program Mr. A. K. M. Jashim Uddin FCMA, the Chief

Election Commissioner of ICMAB 17th Council election 2020-2022, was present as the chief guest along with the Members of the commission. The Candidates of ICMAB 17th Council election were present in the program and got introduced themselves individually and they mentioned about their future commitment regarding the development of the CMA profession and the Institute to all the members of Chattogram region of ICMAB.

Observance of International Mother Language day 21st February, 2020


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Chattogram Branch Council observed Language Martyrs Day and International Mother Language Day on Friday the 21st February, 2020. Mr. Md. Moazzam Haider FCMA, Chairman, Chattogram Branch Council and a significant number of Fellow and Associate Members of Chattogram regions participated in a “Provat Ferry” towards Chattogram Central Shaeed Minar and pay homage to the brave patriots who laid down their lives for the Bengali Language in this day.

Discussion & Do’a Mehfil for deceased members of ICMA Bangladesh held on March 05, 2020

A discussion and do’a mehfil for the deceased members of ICMA Bangladesh was held on March 05, 2020 at CMA Bhaban, CDA R/A, Agrabad, Chattogram. CBC office bearers, Council members, Past President and Past Chairmen of CBC were attended in the discussion.

Fellow and Associate members based in Chattogram participated in the program and prayed to Almighty Allah for the salvation and eternal peace of the deceased members of ICMAB.


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“Class Orientation of January-June’ 2020 session” was held on March 12, 2020 at CMA Bhaban, Agrabad, Chattogram

Chattogram Branch Council of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) organized “Class Orientation of January-June’ 2020 session” on March 12, 2020 at CMA Bhaban, Agrabad, Chattogram. Mr. Md. Anisuzzaman FCA, FCMA, Chairman, Chattogram Branch Council of ICMAB presided over the Program while Mr. Md. Jasim Uddin Akond FCMA, Honorable President, ICMA Bangladesh, was present on the occasion as “Chief Guest”. Mr. Abu Bakar Siddique FCMA, Vice-President, ICMAB & Mr. Md. Ali Haider Chowdhury FCMA, Treasurer, ICMAB were present in the program as “Special guests”.

The Chief Guest motivated to the newly admitted students for their success in passing CMA for a global career & bright future. He welcomed and congratulated the newly admitted students and advised the students to reach the goal with the proper study and thanked CBC for arranging such kind of program to motivate newly admitted students. A large number of senior Fellow & Associate members of ICMAB & students of Chattogram Branch attended the program. The whole program was nicely conducted by Mr. Shahidul Hoque FCMA, Secretary, CBC and vote of thank was offered by Mr. Mohammad Arif FCA, ACMA, Vice-Chairman, CBC.

Reception of ICMAB National Council 2020-22 & Discussion on Professional Matters was held on March 12, 2020


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Chattogram Branch Council of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) organized a Reception of ICMAB National Council 2020-22 & Discussion on Professional Matters on March 12, 2020 at Ambrosia, Agrabad C/A, Chattogram. Mr. Md. Anisuzzaman FCA, FCMA, Chairman, Chattogram Branch Council of ICMAB presided over and conducted the Program while Mr. Md. Jasim Uddin Akond FCMA, Honorable President, ICMA Bangladesh was present on the occasion as “Chief Guest”. CBC members welcomed the newly elected Council members by giving flower bouquet. President, ICMA Bangladesh, assured CBC to give his whole hearted support in his tenure and CBC also assured him to support in all activities. After that CBC Chairman handed over crests to newly elected Honorable President, ICMAB, for the year 2020 and Mr. Imtiaz Alam FCA, FCMA, Chairman, Infinity Group of Companies & Corporate Support Limited who has been elected first National Council Member of ICMAB from Chattogram region for the period 2020-22. Members of ICMAB National council 2020-22 and Fellow and Associates members of ICMAB Chattogram region attended the program & enjoyed the dinner arranged by Chattogram Branch Council.

Webinar on “Post Budget discussion on National Budget 2020-21” held on July 09, 2020

Chattogram Branch Council of ICMAB organized a Webinar CPD on “Post Budget discussion on National Budget 2020-21” on Thursday, 9th July, 2020 at 7.30 p.m. Anisuzzamn FCA, FCMA, Chairman, Chattogram Branch Council of ICMAB inaugurated and delivered the welcome remarks of the program while Mr. Mosharraf Hossain Bhuiyan, ndc, former Senior Secretary (IRD) and Past Chairman, National Board of Revenue (NBR) joined the webinar as Chief Guest. Mr. Md. Jashim Uddin Akond FCMA, the Honorable President of ICMAB, joined as special guest, Mr. M. Shaifur Rahman Majumder FCA, FCMA, Chief Operating Officer of Dhaka Stock Exchange Ltd. joined as Session Chairman and Mr. Md. Kamruzzaman FCA, Associate Director, Rahman Rahman Huq (KPMG in Bangladesh), Chartered Accountants presented the paper on the topic. Mr. Mosharraf Hossain Bhuiyan ndc suggested cutting down unnecessary costs in various sector as much as possible to maintain cost effectiveness. He also mentioned to strengthen health sector and spend more for social security. ICMAB President Mr. Md. Jasim Uddin Akond FCMA said in his speech that the Present government works for the development of country and gives most priority for the betterment of our life. Mr. Md. Kamruzzaman FCA, Associate


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Director, Rahman Rahman Huq (KPMG in Bangladesh), Chartered Accountants presented papers on National Budget 2020-2021 wherever he analyzed this years’ budget from technical, informative and statistical point of view. Mr. M. Shaifur Rahman Majumder FCA, FCMA, Chief Operating Officer of Dhaka Stock Exchange Ltd. also expressed his evaluation on the discussed topic. The whole program was nicely conducted by Mr. Shahidul Hoque, FCMA, Secretary, CBC.

CPD on “Impact of Covid-19 and the Bangladesh Economy going forward” held on August 23, 2020

Chattogram Branch Council of ICMAB organized a webinar CPD on “Impact of Covid-19 and the

Bangladesh Economy going forward” on 23rd August, 2020 evening. Mr. Muhibul Hassan Chowdhoury

M.P, Deputy Minister, Ministry of Education, Government of the People’s Republic of Bangladesh

joined the webinar as the Chief Guest. Mr. A. k. M. Delwer Hussain FCMA, Vice President, South Asian

Federation of Accountants (SAFA) attended the webinar as “Special Guest”. Mr. Imtiaz Alam FCA,

FCMA, Member, National Council of ICMAB, moderated the program while Mr. Jasim Uddin Akond

FCMA, President, ICMA Bangladesh & Mr. Md. Anisuzzman FCA, FCMA, Chairman, Chattogram Branch

Council, ICMAB joined as panelists. The webinar presided over by Mr. Md. Anisuzzman FCA, FCMA,

Chairman, CBC & address of welcome was given by him. Chief Guest at his speech praised Honorable

Prime Minister Sheikh Hasina for her proper and prompt steps and actions fighting against Covid-19

pandemic. He says that Professional Accountants can play a vital role to maintain transparency

& accountability in public and private sector for attaining sustainable development goals (SDGs)

in Bangladesh. Mr. Chowdhury thanked CBC for arranging such a timely suited program. He also

assured that he will provide his all-out support fighting against corruption. President ICMAB Mr. Jasim

Uddin Akond FCMA & SAFA Vice-president, Mr. A. K. M. Delwer Hussain FCMA requested Honorable

Deputy Education Minister to take necessary steps for implementing Cost Audit in Public & Private

Sectors that helps government cost control & cost effectiveness and also helps to attain sustainable

development goals (SDGs) for Bangladesh and to achieve target of becoming middle income

country by 2041. Mr. Masud Khan FCA, FCMA, Chairman, GlaxoSmithKline (BD), Ltd. nicely presented

his key note paper by mentioning upcoming challenges and opportunities for Bangladesh economic

development. A large number of Fellow & Associate members and students of ICMA Bangladesh

joined in the webinar. The vote of thanks to the audience was offered by Mr. Shahidul Hoque FCMA,

Secretary, CBC.


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“Professional Discussion between President, ICMAB, SAFA Vice-President & CBC 2020-21 members” held on August 28, 2020

A “Professional Discussion between Honorable President, ICMA Bangladesh, SAFA Vice-President & CBC 2020-21 members” held on August 28, 2020 at CMA Bhaban, Chattogram. Mr. Jasim Uddin Akond FCMA, President, ICMA Bangladesh and Mr. A. K. M. Delwer Hussain FCMA, Vice-President, SAFA & past President, ICMAB attended the program. Chairman, CBC welcomed them by giving flower bouquet. They discussed the matters relating to the development of the CMA profession and especially Chattogram Branch of the Institute. Chairman, CBC along with the Council members for the term 2020-21 raised the problems of Chattogram Branch to the President, ICMAB. Mr. President assured them for his all-out support for the development of the Chattogram Branch of the Institute. Council members of CBC 2020-21 thanks the President, ICMAB & SAFA, Vice-President for attending the program bearing the troublesome in this pandemic.

Webinar CPD on “Family Business Performance” held on September 25, 2020

Chattogram Branch Council of ICMAB organized a webinar CPD on “Family Business performance” on September 25, 2020 in the evening.


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Mr. Md. Anisuzzamn FCMA, FCA, Chairman, Chattogram Branch Council of ICMAB inaugurated the program and introduced the Commentator and Paper Presenter to the audience. Mr. Md. Jasim Uddin Akond FCMA, President, ICMAB joined as the Chief Guest of the program. Corporate Governance Officer, International Finance Corporation (IFC), Ms. Lopa Rahman joined as the commentator of the program. The paper was presented by Mr. Muhammad Jahangir Alam ACMA, ACA, Director, Square Pharmaceuticals Limited.

At the outset, Mr. Mohammed Nurul Huda Siddiquee FCMA, Chairman, CPD, Training & Workshop Committee, ICMAB, Chattogram Branch Council, delivered the welcome address. Mr. Muhammad Jahangir Alam ACA, ACMA delivered his speech by pointing out the background, definition, description, generations and aggregate impact of Family Business. He also explained the scope and challenges of Family Business and how our professional Accountants could play a significant role in that regard. Ms. Lopa Rahman shared her valuable thoughts on the topic. She illustrated some points related to Impact of Family Business. ICMAB President highly praised the CBC’s time suited arrangement of this knowledge sharing event. Moreover, he considered such event would help both professionals and people from other disciplines play an important role in achieving the SDGs and Vision 2041 of government.

A large number of Fellow & Associate members and students of ICMAB attended the webinar. The whole program was nicely conducted by Mr. Shahidul Hoque, FCMA, Secretary, Chattogram Branch Council of ICMAB.

CBC organized Discussion and Doah Mahfil for Late Mr. Fariduddin Ahmed FCMA (F-0063) & late Mr. Tofail Ahmed Chowdhury FCMA (F-0330) and others deceased members of ICMA Bangladesh.


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Chattogram Branch Council of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) organized a discussion and doah mahfil for the deceased members Late Mr. Fariduddin Ahmed FCMA (F-0063) & late Tofail Ahmed Chowdhury FCMA (F-0330) and others deceased members of the institute on Friday 2nd October, 2020 afternoon.

Mr. Anisuzzaman FCMA, FCA, Chairman, Chattogram Branch Council of the institute inaugurated the program while Mr. Jasim Uddin Akond FCMA, President, ICMA Bangladesh participated in the program as chief guest. Mr. Md. Munirul Islam FCMA, Secretary, ICMA Bangladesh, Mr. Md. Ali Haider Chowdhury FCMA, Treasurer, ICMA Bangladesh, Mr. Md. Mahbub Ul Alam FCMA, Executive Director, ICMA Bangladesh, were present in the program as special guests.

Mr. President mourned especially for Late Mr. Fariduddin Ahmed FCMA (F-0063) & late Mr. Tofail Ahmed Chowdhury FCMA (F-0330) and others deceased members of the institute and deeply remembered their contribution to the CMA profession & welfare of ICMAB. Members attended the program also remembered the memory of the deceased in their speeches.

A large number of Members of the ICMAB, based in Chattogram, attended in the program and prayed to the almighty for the salvation and eternal peace of the departed soul.

Webinar on Concluding Ceremony of (3) days Virtual Practical Training on “New VAT & SD Act 2012”

Chattogram Branch Council of ICMAB has organized concluding ceremony of 3 (three) days Virtual Practical Training on “New VAT & SD Act 2012” on 17 October, 2020 through webinar in the evening.

Mr. Md. Anisuzzaman FCMA, FCA, Chairman, Chattogram Branch Council of ICMAB presided over the program while Mr. A.K.M Mahbubur Rahman, Director General, Customs, Excise and VAT Training Academy, Chittagong, Govt. of The People’s Republic of Bangladesh joined as the Chief Guest. Mr. Kazi Muhammad Ziauddin FCMA, Additional Director General, Customs, Excise and VAT Training Academy, Chittagong, Govt. of The People’s Republic of Bangladesh joined the program as Special Guest. Mr. Md. Moklesur Rahmn Akter FCMA, Chief Financial officer (CFO), BSRM Steels


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Ltd. moderated the 3 (three) days Virtual Practical Training and Mr. Md. Saifur Rahman FCMA, Saifur Enayet & Associates, Dhaka presented the key note paper in the program as resource person. Mr. Md. Saifur Rahman FCMA at the time of presenting key note paper pointed out the total modules of “New VAT and SD Act 2012” elaborately. He also explained practical examples of that subject and how professional Accountants could play a significant role in their workplace. Mr. Md. Moklesur Rahman Akhter FCMA shared his thoughts on the topic. He also illustrated some points related to the whole Business Sector of Bangladesh.

The special guest, at his speech, delivered an overall background regarding the New VAT and SD Act 2012 and emphasized that how this Act would help in the GDP growth in Bangladesh. The Chief Guest in his speech highly praised CBC for organizing such timely event and emphasized how professionals as well as businessmen could play an important role to achieve the ultimate goal of government from the topic. A large number of Fellow & Associate members of the Institute and students of ICMAB of Chattogram Branch joined in the program. The vote of thanks was offered by Mr. Shahidul Hoque FCMA, Secretary, CBC.

International Accounting Day-2020

Chattogram Branch Council of The Institute of Cost and Management Accountants of Bangladesh (ICMAB) celebrated International Accounting Day-2020 on 10th November, 2020 at CMA Bhaban, Agrabad, Chattogram.

Marking the day, the CBC of ICMAB arranged a gathering in CMA Bhaban, CDA R/A, Agrabad, Chattogram and roamed around the CDA R/A.

The Chairman of Chattogram Branch Council of ICMAB Mr. Md. Anisuzzaman FCA, FCMA presided over the program and Mr. Imtiaz Alam FCMA, FCA, honorable council member of ICMA Bangladesh headed the rally of International Accounting Day-2020. Among others Mr. Mohammad Jamal Mia FCMA, Mr. Md. Arshad Ullah FCMA, Qazi Md. Abul Kashem FCMA, Mr. Golam Kibria FCMA, Mr. Md. Nizam Uddin FCMA, Mr. Shahidul Hoque FCMA was attended the rally.

In addition to this, the CBC office bearers, Council members of Chattogram Branch Council of ICMAB, honorable Fellow & Associate members & a large numbers of the students and employees of the ICMAB Chattogram Branch were attended the rally spontaneously.


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BRANCH AND CHAPTER ACTIVITIES KBC News

Seminar on Higher Education in Canada

Khulna Branch Council (KBC) of ICMAB arranged a seminar on Higher Education in Canada on December 28, 2019 at CMA Bhaban, Sonadanga Khulna. The program was presided over by Prof. Sheikh Ziaul Islam FCMA, Honorable Chairman of Khulna Branch Council (KBC) of ICMAB. Prof. Dr. Ebadul Islam FCMA, Yorkville University, Toronto, Canada was present in the program as resource person and chief guest. A good number members & students of ICMAB and a huge number of students from different Educational Institute of Khulna zone were present in the program.

Seminar Held at Shaheed Smrity Degree College, Fakirhar, BagerhatA seminar on “Career Development through CMA Profession” held on January 11, 2020 at Shaheed Smrity Degree College, Fakirhar, Bagerhat as part of promotional activities of KBC of ICMAB. KBC Chairman Prof. Sheikh Ziaul Islam FCMA, Vice Chairman Mr. Md. Abdul Motaleb FCMA and Treasurer Mr. Abdul Aziz ACMA spoke in the seminar as resource person. Principal and senior teachers of the college also spoke in the seminar. Speakers highlighted on

various aspects of the CMA profession and briefed on career development options as Cost and Management Accountant in home abroad. A huge number of students participated in the seminar.

Homage to the Martyrs of Language MovementKhulna Branch Council (KBC) of ICMAB organized a Probhat Ferry rally on 21st February 2020 in observance of Amar Ekushey and International Mother Language Day. In order to observe the

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occasion Mr. Azizur Rahman ACMA, Treasurer, KBC and members of KBC and a good number of students of Khulna Branch participated in the rally towards Khulna Hadish Park Shaheed Minar and showed due respect with flower bouquets to commemorate the contribution of the brave patriots who laid down their lives for our mother language.

Students Orientation Program held at ICMAB Khulna Branch

ICMAB Khulna Branch arranged an “Orientation Program” for newly admitted students of January – June & July-December 2020 session on October 23, 2020 at CMA Bhaban, Khulna. Honorable Vice

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President of SAFA Mr. A. K. M. Delwer Hussain FCMA was present in the program as chief guest. Honorable President of ICMAB Mr. Md. Jasim Uddin Akond FCMA was present in the program as special guest. Also, Mr. Md. Munirul Islam FCMA, Secretary of ICMAB, Mr. Md. Ali Haider Chowdhury FCMA and Prof. Salina Bulbul, Principal of Azam Khan Govt. Commerce College, Khulna were present in the orientation program as Special Guests. The program was presided over by Mr. Abdul Motaleb FCMA, Chairman, KBC. A good number of members as well as newly admitted and senior students attended the program.

The International Accountants Day 2020Khulna Branch Council (KBC) of ICMAB organized a Discussion Session to observe The International

Accountants Day on November 10, 2020 at CMA Bhaban, Khulna. Prof. Salina Bulbul, Principal, Azam

Khan Govt. Commerce College, Khulna was the Chief Guest of the program.

Prof. Sheikh Ziaul Islam FCMA, Ex-Chairman of KBC & Head, Department of Accounting, Azam Khan

Govt. Commerce College presented the Keynote on the theme of the Day. The speakers highlighted

on the salient features of the day and told that the demand of CMA professionals are increasing in

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BRANCH AND CHAPTER ACTIVITIES KBC Newsthe job market day by day. To meet the need of the market, ICMAB is trying its best to produce more

skilled manpower.

Chairman of ICMAB Khulna Branch Council (KBC) Mr. Abdul Motaleb FCMA Presided over the

discussion session. Khulna based Fellow and Associate members of ICMAB, students, teachers,

journalists and other officials from deferent organizations of Khulna zone participated in the program.

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BRANCH AND CHAPTER ACTIVITIES Study Centres

Rajshahi Study Centre (RSC) Celebrates International Accountig Day-2020

New building visit of ICMAB Rajshahi Study Centre (RSC) on September 04, 2020. President, Secretary,

Treasurer, ED of ICMAB, Members of Rajshahi zone, officials of ICMAB RSC, and students of ICMAB

RSC attended the program.

Rally for observation of Accounting Day-2020 on 10th November, 2020. Office-in-Charge of RSC,

Members of Rajshahi zone, officials of ICMAB RSC, and students of ICMAB RSC attended the program

ICMAB Cumilla Study Centre observes International Accounting Day-2020

Cumilla Study Centre of the Institute of Cost and Management Accountants of Bangladesh (ICMAB)

celebrated “International Accounting Day“ on 10th November, 2020 with some special activities.

Observing the day, the centre brought out a rally from its campus in Comilla Victoria Govt. College at

9:00 a.m. and returned here after parading the Kandir Par area centre of the city. Salauddin Ahamed

FCMA (F-0422) and students of the centre and Institutes employees attended the rally.

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ACCOUNTS AND OTHERS

Audited Annual AccountsThe Audited Accounts of the Institute for the year ended 30th June 2020 are enclosed herewith. As you will find, the total Revenue Receipt was Tk. 12.61 crore as against Tk. 15.34 crore of 2018-19. Grant from Government has increased by Tk. 4.41 lac this year to reach at Tk. 2.80 crore. Despite the COVID-19 pandemic situation, we have earned a net revenue surplus of Tk. 69.72 lac. The balance of Members’ Fund for Financial Assistance (MFFA) as on June 30, 2020 stands at Tk. 18.74 lac after disbursement of Tk. 17.83 lac for scholarship and financial support to the members during this year. The details are provided in the notes to the Accounts (Note 14). Some important elements of financial statements have been presented through graphs & charts below:

2010

-11

2011

-12

2012

-13

2013

-14

2014

-15

2015

-16

2016

-17

2017

-18

2018

-19

2019

-20

300.00

250.00

200.00

150.00

100.00

50.00

Taka (In Lac)

111 120 125 145147 198

248

260

280

276

Year-wise Growth of Government Grant

Taka (In Lac)

2010

-11

2011

-12

2012

-13

2013

-14

2014

-15

2015

-16

2016

-17

2017

-18

2018

-19

2019

-20

300.00

250.00

200.00

150.00

100.00

50.00

70

232

256

190

262

109 117 116

267 264

Year-wise Trend of Surplus of Income over Expenditure

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ACCOUNTS AND OTHERS

2010

-11

2011

-12

2012

-13

2013

-14

2014

-15

2015

-16

2016

-17

2017

-18

2018

-19

2019

-20

3500.00

3000.00

2500.00

2000.00

1500.00

1000.00

500.00

Taka (In Lac)

13301585

17751884

20722334

24532728

3062

2992

1600.00

1400.00

1200.00

1000.00

800.00

600.00

400.00

2010

-11

2011

-12

2012

-13

2013

-14

2014

-15

2015

-16

2016

-17

2017

-18

2018

-19

2019

-20

1261

773913 923

962 1005

1316 12621368

1535

Taka (In Lac)

Year-wise Growth of General Fund

Year-wise Trend of Total Revenue

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ACCOUNTS AND OTHERS

Financial Highlights

Income 2019-2020 Income 2018-2019

Expenditure 2019-2020 Expenditure 2018-2019

Fees from membersSubcriptions and fees from studentsGovernment grant

Interest IncomeRental IncomeOther Income

4%8%

15%

22%51%

0%

0%

Fees from membersSubcriptions and fees from studentsGovernment grant

Interest IncomeRental IncomeOther Income

4%12%

12%

18%54%

0%

0%

Employee CostOccupancy costGeneral andAdministrative Expense

Students EducationExpenditureExamination ExpensePost QualifyingEducational Expense

6%

1%

8%

5%

8%

7%8%

51%

1%

2%3%

Employee CostOccupancy costGeneral andAdministrative Expense

Students EducationExpenditureExamination ExpensePost QualifyingEducational Expense

5%

2%

13%

5%

8%

7%8%

47%

1%

1%3%

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The Council candidly acknowledges the collective cooperation, sincere support and active assistance of the members of the Institute for running the Institute as well as for the development of the profession. It also expresses its gratitude to the members of various Committees and Sub-Committees for their dedicated time, effort and services in discharging their responsibilities. The Council is also indebted to the Government nominees in the Council for their continued support and guidance. The Council has also expressed its appreciation for the Branch Councils (Dhaka, Chittagong and Khulna), Coaching Centers (Rajshahi, Cumilla and Jeshore) and Overseas Chapters (Canada, KSA, UK and Australia).

The Council thankfully acknowledges the persistent support it has received from various Ministries and Divisions (Commerce, Finance, Law, Education, Industries, Information and Communication Technology, Housing and Public Works and Internal Resources Division). The Council expresses its gratitude to Parliamentary Standing Committees on the Ministry of Finance, Ministry of Commerce, Bangladesh Securities and Exchange Commission, Bangladesh Investment Development Authority (BIDA), Meghna Group of Industries, ACI, Concord Group of Companies, Register of Joint Stock Companies (RJSC), Robi Axiata Limited, BRB Hospital, Apollo Hospital, BRAC Bank, Dhaka Stock Exchange, Chittagong Stock Exchange, Bangladesh Bank, Comptroller and Auditor General, National Board of Revenue, the Federation of Bangladesh Chambers of Commerce and Industry and Dhaka Chamber of Commerce & Industry.

The Council also expresses heartfelt thanks to affiliated global and regional bodies: IFAC, SAFA and CAPA and strategic partners CIMA and CIPFA for helping us to accelerate our professional excellence.

The Council is grateful to the authorities of Cumilla Government Victoria College and Jeshore College for lending their support in allowing the Institute to conduct coaching classes and examinations.

The Council expresses its heartfelt thanks to the print and electronic media for their wide coverage of the Institute’s activities.

Last but not the least, the Council expresses its heartfelt thanks to the Institute officials who provided their whole hearted support and hard work in running the Institute with due responsibility. The Executive Director and other officials have shown extraordinary performance in discharging their responsibilities. The Council expects that they will continue their hard work with due excellence.

Md. Munirul Islam FCMA Md. Jasim Uddin Akond FCMA Secretary President

ACKNOWLEDGEMENTA

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Executive Committee

Education Committee

Examination Committee

LIST OF STANDING COMMITTEES

1. Mr. Md. Jasim Uddin Akond FCMA F-0291 Chairman

2. Mr. Md. Mamunur Rashid FCMA F-0314 Member

3. Mr. Md. Munirul Islam FCMA F-0412 Member

4. Mr. Md. Ali Haider Chowdhury FCMA F-0404 Member

5. Mr. Md. Abdul Aziz FCMA F-0151 Member

6. Mr. Abu Sayed Md. Shaykhul Islam FCMA F-0192 Member

7. Mr. A. K. M. Delwer Hussain FCMA F-0215 Member

8. Executive Director/ Director (Corporate Affairs) Secretary

1. Mr. Md. Mamunur Rashid FCMA F-0314 Chairman


3. Mr. Abu Sayed Md. Shaykhul Islam FCMA F-0192 Member

4. Mr. Md. Kausar Alam FCMA F-0440 Member

5. Mr. A.K.M. Kamruzzaman FCMA F-0497 Member

6. Mr. Imtiaz Alam FCMA F-0556 Member

7. Mr. Md. Shakhawat Hossain Govt. Nominee Member

8. Director (Academic Affairs) Secretary

1. Mr. Abu Bakar Siddique FCMA F-0181 Chairman

2. Mr. Md. Ali Haider Chowdhury FCMA F-0404 Member

3. Mr. Md. Abdul Aziz FCMA F-0151 Member

4. Mr. A. K. M. Delwer Hussain FCMA F-0215 Member

5. Mr. Mohammed Salim FCMA F-0218 Member

6. Mr. Kazi Muhammad Ziauddin FCMA F-0870 Member

7. Mr. Md. Abdulla Al Mamun Govt. Nominee Member


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LIST OF STANDING COMMITTEES

Research & Development Committee

Disciplinary Committee


2. Mr. Abu Bakar Siddique FCMA F-0181 Member

3. Mr. Mahtab Uddin Ahmed FCMA F-0414 Member

4. Mr. Arif Khan FCMA F-0304 Member

5. Mr. Md. Abdur Rahman Khan FCMA F-0305 Member

6. Mr. A. K. M. Kamruzzaman FCMA F-0497 Member

7. Mr. Sultan Mahmud Govt. Nominee Member

8. Mr. Biswajit Bhattacharya Khokon ndc Govt. Nominee Member

9. Deputy Director (Research and Publication) Secretary


2. Mr. Md. Mamunur Rashid FCMA F-0314 Member


4. Mr. Mohammed Salim FCMA F-0218 Member

5. Mr. Arif Khan FCMA F-0304 Member

6. Mr. Kazi Muhammad Ziauddin FCMA F-0870 Member

7. Dr. Mohammad Mohiuddin Govt. Nominee Member


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DETAILS OF OTHER COMMITTEES

SL No.

Name of the Committees Chairman Vice Chairman

01 Professional Advisory Committee

Mr. Rafiq Ahmad FCMA Mr. Md. Abdul Aziz FCMA

02 Professional Development Committee

Mr. Md. Abdus Satter Sarkar FCMA

Mr. Muhammad Nazrul Islam FCMA

03 Seminar and Conference Committee

Mr. A. K. M. Delwer Hussain FCMA

Mr. Md. Abdul Aziz FCMA

04 Taxation Committee Mr. Ranjan Kumar Bhowmik FCMA

Mr. Jayanta Kumar Podder FCMA

05 Acts and Regulations Review Committee

Dr. Md. Anwar Ullah FCMA Engr. Uttam Kumar Roy FCMA

06 Journal Committee Mr. Md. Touhidul Alam Khan FCMA

Mr. Safiul Azam FCMA

07 Publication Committee Mr. Ruhul Ameen FCMA Mr. Abdul Ahad FCMA

08 Corporate Award Committee Mr. Md. Abdul Aziz FCMA Mr. Md. Mamunur Rashid FCMA

09 Cost Audit Committee Mr. Abu Sayed Md. Shaykhul Islam FCMA

Mr. Md. Mamun-Ur-Rashid Chowdhoury FCMA

10 Cost Accounting Standards Committee

Mr. Md. Mujibur Rahman FCMA Mr. A.K.M. Kamruzzaman FCMA

11 Financial Reporting Standards Committee

Mr. Arif Khan FCMA Mr. G. M. Omar Faruque Chowdhury FCMA

12 Student Affairs Committee Kazi Muhammad Ziauddin FCMA Mr. Md. Bakhtiar Alam FCMA

13 Academic Advisory Committee Prof. Md. Maksudur Rahman Sarker FCMA

Mr. Md. Kausar Alam FCMA

14 Placement Committee Mr. Imtiaz Alam FCMA Mr. A.K.M. Kamruzzaman FCMA

15 Welfare Committee Mr. Ahsanul Bari FCMA Mr. Maruf -Ul- Azam FCMA

16 ICT Committee Mr. Md. Faruque Sikder FCMA Mr. Abdul Matin Patwary FCMA

17 Public Relations Committee Mr. A. K. M. Delwer Hussain FCMA

Mr. Md. Anwarul Islam FCMA

18 Infrastructure Development Committee

Mr. Md. Habibul Kabir FCMA Mr. Md. Zahedul Bari FCMA

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SL No.

Name of the Committees Chairman Vice Chairman

19 Training Committee Mr. A.K.M. Kamruzzaman FCMA Mr. A.K.M. Zakaria Hossain FCMA

20 Internal Audit and Compliance Committee

Mr. Abu Bakar Siddique FCMA Mr. Md. Abdur Rahman Khan FCMA

21 Global Affairs and SDGs Committee

Mr. Md. Ali Haider Chowdhury FCMA

Mr. Md. Mahbubor Rahman FCMA

22 SAFA and International Relations Committee

Mr. Md. Mamunur Rashid FCMA Kazi Muhammad Ziauddin FCMA

23 International Recognition and Accreditation Committee

Mr. Mohammed Salim FCMA Dr. Syed Abdulla Al Mamun FCMA

24 Committee for Branch Affairs Mr. Md. Abdullah-Al- Mahmood FCMA

Gazi Md. Mohsin FCMA

25 Governance and Administrative Affairs Committee

Mr. Md. Munirul Islam FCMA Mr. Md. Shafiqul Azim FCMA

26 Committee for Young Leadership Development

Mr. Naba Krishna Muni FCMA Mr. Mannan Bapari ACMA

27 Women Affairs Committee Ms. Ruksana Rashid FCMA Ms. Shahana Parvin FCMA

28 Professional Service Committee Mr. Mohammad Abdul Hai FCMA Mr. M. Solaiman FCMA

29 Public Sector Financial Management Advisory Committee

Mr. Ahmed Ataul Hakeem FCMA Mr. Md. Abdur Rahman Khan FCMA

30 Syllabus Review Committee Prof. Dr. Mahmood Osman Imam FCMA

Dr. Md. Saiful Alam FCMA

31 Profession Branding Committee Mr. A.B.M. Shamsuddin FCMA Mr. Mahtab Uddin Ahmed FCMA

32 Value Added Tax (VAT) Committee

Mr. Md. Abdur Rahman Khan FCMA

Kazi Muhammad Ziauddin FCMA

33 Corporate Laws Committee Prof. Dr. Swapan Kumar Bala FCMA

Mr. Dilip Kumar Banik FCMA

DETAILS OF OTHER COMMITTEESA

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Dhaka Branch

Name of the Members Membership Position

Mr. A.K.M. Zakaria Hossain FCMA F-0539 Chairman

Mr. Md. Bakhtiar Alam FCMA F-0723 Vice Chairman

Mr. Safiul Azam FCMA F-0924 Secretary

Mr. Rana Protap Ghosh FCMA F-0586 Treasurer

Chattogram Branch


Mr. Md. Anisuzzaman FCA, FCMA F-0884 Chairman

Mr. Mohammad Arif FCA, ACMA A-1240 Vice Chairman

Mr. Shahidul Hoque FCMA F-0987 Secretary

Mr. Mohammad Ahsan FCMA F-0558 Treasurer

Khulna Branch


Mr. Abdul Motaleb FCMA F-0877 Chairman

Mr. Md. Arifur Rahman FCMA F-0978 Vice Chairman

Mr. Azizur Rahman ACMA A-1359 Secretary

Mr. A.K.M. Nazmul Alam ACMA A-1289 Treasurer

Canada Chapter


Mr. Naeemul Azeez Rahman ACMA A-0480 Chairman

Mr. A.K.M. Asaduzzaman FCA, FCMA F-0120 Vice Chairman

Mr. Tanveer Ahammad Wares FCMA F-0873 Secretary

Mr. Md. Ghulam Faruk ACMA A-0405 Treasurer

UK Chapter


Mr. Md. Emdadul Haque FCMA F-0222 Chairman

Mr. Md. Razzak Hossain FCMA, CPFA F-0451 Vice Chairman

Mr. Md. Mamun Ul Ghoni ACCA, FCMA F-0543 Secretary

Mr. Golam Morshed CFPA, FCMA F-0386 Treasurer

Australia Chapter (Adhoc)


Mr. A.S.M. Ariful Haque FCMA F-0982 Convener

Kazi Atikuzzaman FCMA F-0905 Member

Mr. Ashoke Kumer Kundu ACMA A-0635 Member

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COUNCIL MEETINGS:

Sl. No. Name of the Councilors Number of Council Meeting Attended

1. Mr. Md. Jasim Uddin Akond FCMA 10

2. Mr. Abu Bakar Siddique FCMA 10

3. Mr. Md. Mamunur Rashid FCMA 10

4. Mr. Md. Munirul Islam FCMA 10

5. Mr. Md. Ali Haider Chowdhury FCMA 10

6. Mr. Md. Abdul Aziz FCMA 09

7. Mr. Abu Sayed Md. Shaykhul Islam FCMA 09

8. Mr. A. K. M. Delwer Hussain FCMA 10

9. Mr. Mohammed Salim FCMA 09

10. Mr. Arif Khan FCMA 08

11. Mr. Md. Abdur Rahman Khan FCMA 10

12. Mr. Mahtab Uddin Ahmed FCMA 06

13. Mr. Md. Kausar Alam FCMA 08

14. Mr. A.K.M. Kamruzzaman FCMA 10

15. Mr. Imtiaz Alam FCMA 10

16. Kazi Muhammad Ziauddin FCMA 04

17. Mr. Md. Shakhawat Hossain/Mr. Md. Hafizur Rahman 03/05

18. Mr. Md. Jalal Uddin/Mr. Biswajit Bhattacharya Khokon ndc/Mr. Md. Mahfuzul Alam Khan

03/05/02

19. Dr. Mohammad Mohiuddin 10

20. Mr. Sultan Mahmud/ Mr. Mohammad Salauddin 09/01

21. Mr. Md. Abdulla Al Mamun 10

ATTENDANCE RECORDS OF COUNCILORS A

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ATTENDANCE RECORDS OF COUNCILORS

STANDING COMMITTEES

Executive Committee

Sl. No. Committee Members Number of Meeting Attended








Education Committee





4. Mr. Md. Kausar Alam FCMA 04

5. Mr. A.K.M. Kamruzzaman FCMA 02

6. Mr. Imtiaz Alam FCMA 01

7. Mr. Md. Shakhawat Hossain/ Mr. Md. Hafizur Rahman 02/02

Examination Committee






5. Mr. Mohammed Salim FCMA 11

6. Mr. Kazi Muhammad Ziauddin FCMA -

7. Mr. Md. Abdulla Al Mamun 13

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Research & Development Committee




3. Mr. Mahtab Uddin Ahmed FCMA -

4. Mr. Arif Khan FCMA -

5. Mr. Md. Abdur Rahman Khan FCMA 01

6. Mr. A. K. M. Kamruzzaman FCMA 01

7. Mr. Sultan Mahmud 02

8. Mr. Biswajit Bhattacharya Khokon ndc -

Disciplinary Committee


1. Mr. Md. Jasim Uddin Akond FCMA -

2. Mr. Md. Mamunur Rashid FCMA -

3. Mr. Md. Munirul Islam FCMA -

4. Mr. Mohammed Salim FCMA -

5. Mr. Arif Khan FCMA -

6. Mr. Kazi Muhammad Ziauddin FCMA -

7. Dr. Mohammad Mohiuddin -

ATTENDANCE RECORDS OF COUNCILORS A

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ATTENDANCE RECORDS OF COUNCILORS

OTHER COMMITTEES MEETINGS

SL No. Name of the Committees Number of Meeting Held

01 Professional Advisory Committee -

02 Professional Development Committee 01

03 Seminar and Conference Committee 01

04 Taxation Committee -

05 Acts and Regulations Review Committee -

06 Journal Committee 01

07 Publication Committee 01

08 Corporate Award Committee 02

09 Cost Audit Committee -

10 Cost Accounting Standards Committee -

11 Financial Reporting Standards Committee 01

12 Student Affairs Committee -

13 Academic Advisory Committee -

14 Placement Committee -

15 Welfare Committee 02

16 ICT Committee 02

17 Public Relations Committee -

18 Infrastructure Development Committee -

19 Training Committee -

20 Internal Audit and Compliance Committee 01

21 Global Affairs and SDGs Committee -

22 SAFA and International Relations Committee -

23 International Recognition and Accreditation Committee -

24 Committee for Branch Affairs -

25 Governance and Administrative Affairs Committee -

26 Committee for Young Leadership Development -

27 Women Affairs Committee 01

28 Professional Service Committee 02

29 Public Sector Financial Management Advisory Committee 01

30 Syllabus Review Committee -

31 Profession Branding Committee -

32 Value Added Tax (VAT) Committee -

33 Corporate Laws Committee 01

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AUDITED ACCOUNTS

FOR THE YEAR ENDED

JUNE 30, 2020

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OpinionWe have audited the financial statements of The Institute of Cost and Management Accountants of Bangladesh (ICMAB), which comprise the statement of financial position as at June 30, 2020, and the statement of profit or loss and other comprehensive income, statement of changes in fund and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Institute as at June 30, 2020, and its financial performance and its cash flows for the year then ended.

Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Institute in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code and the Institute of Chartered Accountants of Bangladesh (ICAB) Bye Laws. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information Management is responsible for the other information. The other information comprises all of the information in the Annual Report but does not include the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of management and those charged with governance for the financial statements Management is responsible for the preparation and fair presentation of the financial statements that give a true and fair view in accordance with accounting policies as mentioned in Note - 3 to the financial statements, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Institute’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using

Independent Auditors’ Report to the Membersof

The Institute of Cost and Management Accountants of Bangladesh (ICMAB)

AUDITORS’ REPORT TO THE MEMBERS

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the going concern basis of accounting unless management either intends to liquidate the Institute or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Institute’s financial reporting process.

Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

n Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

n Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Institute’s internal control.

n Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

n Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Institute’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Institute to cease to continue as a going concern.

n Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

AUDITORS’ REPORT TO THE MEMBERSA

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We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Report on other legal and regulatory requirementsWe also report the following:

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit and made due verification thereof;

b) In our opinion, proper books of account as required by law have been kept by the Institute so far as it appeared from our examination of these books; and

c) The statements of financial position and statement of profit or loss and other comprehensive income dealt with by the report are in agreement with the books of account.

(J. U. Ahmed & Co.) Chartered Accountants

Dated: November 15, 2020Dhaka

AUDITORS’ REPORT TO THE MEMBERS

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The Institute of Cost and Management Accountants of Bangladesh (ICMAB)ICMA Bhaban, Nilkhet, Dhaka

Statement of Financial PositionAs at June 30, 2020

Treasurer Secretary President

As per our report of same date

(J. U. Ahmed & Co.)Chartered Accountants


Assets Non-current Assets 110,046,363 108,483,006 Property, plant and equipment 4 83,526,803 86,681,233 Intangible Assets (ERP software and Website) 4.1 2,633,490 2,561,070 Capital Work in Progress 5 23,886,070 19,240,703

Current Assets 236,751,518 228,963,942 Cash and bank balances 6 19,055,994 7,394,745 Investment for Gratuity 7 58,760,322 51,339,329 Short term investments (FDR) 8 136,516,210 142,769,570 Advances, deposits and pre-payments 9 7,337,663 4,873,769 Receivables 10 13,897,498 21,556,269 Inventories 11 1,183,831 1,030,260 Total Assets 346,797,881 337,446,948

Funds and Liabilities General Fund 12 306,152,912 299,180,843

Long-term Liabilities 35,570,337 31,677,640 Provision for Gratuity 13 31,752,184 29,460,360 Members Fund for Financial Assistance (MFFA) 14 1,873,970 841,535 ICMAB Employees Welfare Fund 15 1,944,183 1,375,745

Current Liabilities 5,074,632 6,588,465 Security deposits 251,149 991,042 Library caution money 524,205 506,205 Payables and accruals 16 4,157,436 4,928,606 Receipts in advance 17 141,842 162,612 Total Funds and Liabilities 346,797,881 337,446,948 The annexed notes 1 to 35 form an integral part of these financial statements.

Particulars Notes30 June 2020

Taka30 June 2019

Taka

STATEMENT OF FINANCIAL POSITIONA

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Statement of Profit or Loss and Other Comprehensive IncomeFor the year ended June 30, 2020

A. Income

Fees from members 18 5,536,400 6,359,100

Subscriptions and fees from students 19 64,229,855 82,267,525

Government grant 20 28,000,000 27,559,000

Interest income 21 18,341,836 18,921,416

Rental income 22 187,000 310,167

Other income 23 9,819,704 17,985,696

Surplus/(Deficit) from sale of Fixed Assets 24 (414) 62,247

126,114,381 153,465,151

B. Expenditure

Employee cost 25 61,097,095 59,485,879

Occupancy cost 26 9,253,241 10,221,641

General and Administrative expense 27 8,463,571 8,707,608

Students Education expense 28 8,909,859 10,474,332

Examination expense 29 5,649,486 6,865,726

Post Qualifying Education expense 30 3,292,416 3,390,231

Members Activity expense 31 2,250,000 1,785,000

Seminar and Conference expense 32 9,874,481 16,316,562

Research and Development expense 33 1,302,235 1,166,004

Journal Publication expense 34 1,598,532 1,975,994

Depreciation and Amortization 35 7,451,396 6,649,965

119,142,312 127,038,942

C. Surplus of income over expenditure for

the year transferred to General Fund (A-B) 6,972,069 26,426,209

The annexed notes 1 to 35 form an integral part of these financial statements.

Particulars Notes2019-2020

Taka2018-2019

Taka





STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

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Statement of Changes in FundFor the year ended June 30, 2020

Balance as at July 01, 2019 299,180,843 - 299,180,843 Net Income earned during the year - 6,972,069 6,972,069 Excess of Income over Expenditure 6,972,069 (6,972,069) - Balance as at June 30, 2020 306,152,912 - 306,152,912

Balance as at July 01, 2018 272,754,634 - 272,754,634 Net Income earned during the year - 26,426,209 26,426,209 Excess of Income over Expenditure 26,426,209 (26,426,209) - Balance as at June 30, 2019 299,180,843 - 299,180,843

The annexed notes 1 to 35 form an integral part of these financial statements.

Particulars General FundExcess of IncomeOver Expenditure Total





STATEMENT OF CHANGES IN FUNDA

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Statement of Cash FlowsFor the year ended June 30, 2020

A. Cash flows from Operating Activities Surplus of Income over Expenditure for the year 6,972,069 26,426,209 Depreciation and Amortization 7,451,396 6,649,965 Provision for Gratuity 2,291,824 (2,725,797) Members Fund for Financial Assistance (MFFA) 1,032,435 76,791 ICMAB Employees Welfare Fund 568,438 464,946 Changes in Working Capital Investment for Gratuity (7,420,993) (152,833) Short term investments 6,253,360 7,855,149 Advances, deposits and prepayments (2,463,894) 1,045,256 Receivables 7,658,771 (12,219,759) Inventories (153,571) (253,578) Payables and accruals (771,170) 1,803,232 Receipts in advance (20,770) 60,205 Library caution money 18,000 30,000 Security deposits (739,893) 3,590 Net cash flows from Operating Activities 20,676,002 29,063,376 B. Cash flows from Investing Activities

Acquisition of property, plant and equipment (3,454,800) (21,038,302) Acquisition of intangible assets (915,000) (797,500) Capital Work in progress (4,645,367) (11,268,413) Disposal of property, plant and equipment 414 21,823 Net cash flows from Investing Activities (9,014,753) (33,082,392)

C Cash flows from Financing Activities - -

D. Net increase/(decrease) in cash and bank balances (A+B+C) 11,661,249 (4,019,016)E. Cash and bank balances at the beginning of the year 7,394,745 11,413,761 F. Cash and bank balances at the end of the year (D+E) 19,055,994 7,394,745 The annexed notes 1 to 35 form an integral part of these financial statements.

Particulars2019-2020

Taka2018-2019

Taka





STATEMENT OF CASH FLOWS

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Notes to the Accounts For the year ended June 30, 2020

1 Reporting entity The Institute of Cost and Management Accountants of Bangladesh (ICMAB) is the national

body of the Cost and Management Accountants of Bangladesh. The Institute is a statutory organization constituted by the Government of Bangladesh under the Cost and Management Accountants Act, 2018 (Act no: 70 of 2018) and is regulated under the Cost and Management Accountants Regulations, 1980 (As amended up to date). The Institute is an autonomous professional body under the Ministry of Commerce and is the only institute dedicated to Cost and Management Accounting education and research in Bangladesh.

2 Principal Activities The Institute’s mission is to develop, equip and promote Cost and Management Accounting

profession by maintaining highest professional standards of its members in order to enable them to provide better services to the society.

The Institute is also entrusted with the formulation and implementation of National Accounting as well as Cost Accounting Standards and takes other necessary steps with a view to regulating the Cost and Management Accounting profession commensurate with global standards with the ultimate objective of developing Bangladesh’s human and natural resources to ensure common welfare and to enrich shared future.

3 Summary of Significant Accounting Policies The accounting policies set out below will be applied consistently to all periods presented in

these financial statements.

3.1 Accounting basis and convention The financial statements have been prepared in accordance with Generally Accepted

Accounting Principles in compliance with International Financial Reporting Standards (IFRS) under the historical cost convention.

3.2 Use of estimates and judgments The preparation of financial statements in conformity with IFRS requires the use of estimates

and assumptions that may affect the reported amounts of assets and liabilities and of revenues and expenses. Moreover, judgment has also been exercised while applying accounting policies of the Institute in the preparation of the financial statements.

3.3 Reporting period These financial statements have been prepared for the period July 01, 2019 to June 30, 2020.

3.4 Functional and presentation currency These financial statements are presented in Taka which is the functional and presentation

currency of the Institute. The figures have been rounded off to the nearest Taka.

3.5 ComparativesComparative figures in respect of previous year have been presented in the financial statements.

NOTES TO THE ACCOUNTSA

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Previous year’s figures have been rearranged, wherever considered necessary, in order to conform to current year’s presentation.

3.6 Foreign currency translation Foreign currency transactions are converted into equivalent Taka at the ruling exchange rates

on the respective dates of such transactions. The resulting exchange translation gains and losses are recognized in the statement of profit or loss and other comprehensive income.

3.7 Statement of cash flows Statement of Cash Flows has been prepared under the indirect method classified by operating,

investing and financing activities.

3.8 Property, plant and equipment3.8.1 Recognition and Measurement The cost of an item of property, plant and equipment (fixed assets) is recognized as an asset, if

and only if it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably.

Property, plant and equipment have been accounted for at cost less accumulated depreciation. Cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent cost of enhancement of an existing asset is recognized as a separate asset, only when it is probable that future economic benefits associated with the item can be measured reliably. All other repair and maintenance are charged to the Statement of Profit or Loss and Other Comprehensive Income during the accounting period in which they are incurred.

3.8.2 Depreciation on property, plant and equipmenti) Depreciation on property, plant and equipment has been charged on straight line method.

Full year’s depreciation has been charged on the assets acquired during first half of the accounting year, while no depreciation has been charged on the assets acquired during the second half of the accounting year as well as on assets disposed off.

ii) Depreciation/amortization has been calculated at the following rates:

Types of Assets Rate of depreciation/amortization (%)

Leasehold land in Dhaka 3.33%

Leasehold land in Chattogram, Khulna and Rajshahi 1.00%

Building:

i) Main building 2.50%

ii) Prayer hall 10%

Office equipment:

i) Computer 30%

ii) Other office equipment 15%

Furniture and fixtures 10%

Library books 10%

Motor car 20%

NOTES TO THE ACCOUNTS

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3.8.3 Intangible assets Intangible assets are carried at cost less any accumulated amortization and impairment losses,

if any. The cost of intangible asset is amortized over their estimated useful lives, using the straight line method. Amortization is charged from the month the assets are available for use at the rate of 15% per annum.

3.8.4 Impairment of property, plant and equipment The carrying amounts of property, plant and equipment are reviewed at each reporting date to

determine whether there is any indication that the assets might be impaired. Any provision of impairment is charged to the statement of profit or loss and other comprehensive income in the year concerned.

3.9 Inventory valuation Inventory has been valued at cost.

3.10 Cash and cash equivalents Cash and cash equivalents include cash in hand and bank deposits for use by the ICMAB

without any restriction.

3.11 Employees’ benefit schemes Gratuity The Institute operates a funded gratuity plan. The provision has been made in respect of all

eligible employees and reflected in these accompanying financial statements. At the time of separation, the liability to each employee is settled in cash.

Provident Fund The Institute also operates an un-recognized provident fund scheme with equal contributions

by the employees and the Institute. The fund is administered by the Board of Trustees. Welfare Fund The Institute operates welfare fund for its employees with contribution by the employees and

the Institute to provide direct financial assistance to the employees or their family members at the time of needs.

3.12 Government Grant The grant received from the Government of Bangladesh has been recognized as income and

shown in the statement of profit or loss and other comprehensive income as the grant was allowed to meet revenue deficit.

3.13 Revenue recognitiona) Subscription and fees from members have been accounted for on accrual basis.b) Subscription and fees from students have been accounted for on cash basis.c) Interest on bank deposits has been accounted for on accrual basis.

3.14 Provision The Institute recognizes provisions when it has a legal or constructive obligation resulting from

past events, the resolution of which would result in outflow of resources embodying economic benefits from the Institute.

3.15 General Physical verification of fixed assets and inventory items of ICMAB Head Office was taken by a

Joint Inventory Committee comprising of members from Audit Firm and the Institute.


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4. Property, plant and equipment

Balance as on July 01, 2019 164,276,069 146,539,608Add: Purchased during the year 3,454,800 21,038,302 167,730,869 167,577,910Less: Disposal during the year 199,002 3,301,841 167,531,867 164,276,069

Less: Accumulated depreciation as on July 01, 2019 77,594,836 74,930,219Depreciation during the year 6,608,816 5,944,635 84,203,652 80,874,854

Less: Adjustment/Disposal during the year 198,588 3,280,018 84,005,064 77,594,836Balance as on June 30, 2020 83,526,803 86,681,233

4.1 Intangible Assets (ERP software & Website)

Balance as on July 01, 2019 4,702,200 3,904,700Add: Purchased during the year 915,000 797,500 5,617,200 4,702,200Less: Amortization as on July 01, 2019 2,141,130 1,435,800

Amortization during the year 842,580 705,330 2,983,710 2,141,130Balance as on June 30, 2020 2,633,490 2,561,070

The details of above balances have been shown in Annexure - 1 and Annexure - 2 at pages 157 and 158 of the report.

5. Capital Work in ProgressBalance as on July 01, 2019 19,240,703 7,972,290Add: Software development work (ERP) 915,000 562,500Rajshahi building 4,645,367 -Dhaka building renovation work - 6,156,978

Land (Payment of installment of 30.26 katha Rajuk plot at Purbachal) - 17,556,115 24,801,070 32,247,883

Less: Transferred to Building, Dhaka - 12,209,680Transferred to ERP software and Website 915,000 797,500 915,000 13,007,180Balance as on June 30, 2020 23,886,070 19,240,703

30 June 2020Taka

30 June 2019Taka


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6. Cash and bank balancesCash in hand 182,000 182,000Balance with current deposits 13,919,065 3,159,576Balance with savings deposits 208,635 204,178ICMAB Employees Welfare Fund 1,944,184 75,745Balance with savings deposits - Members Fund for Financial Assistance (MFFA) 1,873,970 841,535

Short notice deposits 928,140 2,931,711 19,055,994 7,394,745

7. Investment for Gratuity

Fixed deposits with bank 55,283,323 50,793,736Savings deposits with bank 3,476,999 545,593

58,760,322 51,339,329

8. Short term investments (FDR) Fixed deposits with bank 136,516,210 142,769,570

As the Institute's income declined during lockdown period due to COVID - 19 pandemic, FDR was encashed to meet its operating expenses.

9. Advances, deposits and pre-payments

Advance against expenses 4,774,517 2,542,832

Advance against TA and DA 1,816,283 1,591,810

Deposits and pre-payments 746,863 739,127 7,337,663 4,873,769

10. Receivables10.1Members fees receivable 3,696,640 10,085,52110.2 Interest receivable on FDR 10,098,815 8,473,69810.3 Other receivables 102,043 2,997,050 13,897,498 21,556,269

10.1 Members fees receivable Annual membership fee receivable (Fellow) 2,378,774 7,515,154Annual membership fee receivable (Associate) 1,317,866 2,570,367 3,696,640 10,085,521

10.2 Interest receivable on FDR

Interest receivable on FDR (ICMAB) 8,040,590 6,478,907Interest receivable on FDR (Gratuity) 2,058,225 1,994,791 10,098,815 8,473,698

30 June 2020Taka

30 June 2019Taka


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30 June 2020Taka

30 June 2019Taka

10.3 Other receivables Sponsor - 2,500,000Students scholarship 102,043 497,050 102,043 2,997,050

11. InventoriesStock and store consumable 332,797 96,047Saleable stock 851,034 934,213

Dhaka 651,027 734,205Chattogram 84,124 84,125

Rajshahi 41,216 41,216Khulna 49,487 49,487Cumilla 25,180 25,180 1,183,831 1,030,260

12. General FundBalance as on July 01, 2019 299,180,843 272,754,634Add: Surplus of Income over Expenditure for the year 6,972,069 26,426,209Balance as on June 30, 2020 306,152,912 299,180,843

13. Provision for GratuityBalance as on July 01, 2019 29,460,360 32,186,157Add: Provision made during the year 7,203,444 7,358,303 36,663,804 39,544,460Less: Paid during the year 4,911,620 10,084,100Balance as on June 30, 2020 31,752,184 29,460,360

13.1 Paid to retired employees during the year Mr. Md. Shah Alam - 1,233,580Mr. Md. Shahadat Hossain - 3,967,140Mr. Anower Hossain - 1,360,860Mr. Nazmul Alam - 413,140Mr. Abu Hasan - 3,109,380Mr. Rezaul Karim 1,342,980 -

Mr. Md. Monirul Islam Bhuiyan 3,568,640 - 4,911,620 10,084,10014. Members Fund for Financial Assistance (MFFA)Balance as on July 01, 2019 841,535 764,744Add: Members compulsory subscription 2,372,132 346,000Donation from members - 500,000Transferred from members meeting fee 424,500 109,000Bank interest (Net) 18,803 17,791 3,656,970 1,737,535Less: Paid during the yearDeceased member's children scholarship 808,000 696,000Financial assistance to members 975,000 200,000 1,783,000 896,000

Balance as on June 30, 2020 1,873,970 841,535

Monthly scholarship was paid to 08 children’s of deceased members. Moreover, 01 member received financial assistance for medical treatment of his cardiovascular disease,10 members received financial assistance for COVID- 19 pandemic & 01 member's family member received financial assistance due to sad demise of the member.


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15. ICMAB Employees Welfare FundBalance as on July 01, 2019 1,375,745 910,799Add: Employees and employer contribution 550,469 446,475

Bank interest (Net) 17,969 18,471

Balance as on June 30, 2020 1,944,183 1,375,745

16. Payables and accrualsAccrued expenses

Employees cost 239,800 147,417

Occupancy cost 925,028 937,819

General and admin expense 245,382 244,000Student education expense 963,974 1,029,224

Examination expense 293,660 21,600Journal publication expense 215,855 221,735 2,883,699 2,601,795

Students scholarship - 24,601

16.1 Other (Liabilities) 1,273,737 2,302,210

4,157,436 4,928,606

16.1 Other (Liabilities) VAT payable 53,589 1,004,040 Income tax payable 939,274 990,264 Others (Revenue stamp, training & MFFA meeting fee) 280,874 307,906 1,273,737 2,302,210

17. Receipts in advanceAnnual membership fees 141,842 162,612


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18. Fees from members Admission fees 489,000 324,000 Annual membership fees 4,921,500 5,863,900

Fees from Certificate of Practice 125,900 171,200 5,536,400 6,359,10019. Subscriptions and fees from studentsTuition fees 4,772,500 5,129,000Admission fees 17,484,000 19,404,000 Registration fees 8,431,000 9,261,000 Correspondence course fees 16,040,350 20,902,250 Examination and exemption fees 9,880,875 17,022,375 Annual subscriptions 6,200,630 8,837,700 Library card fees 537,900 595,200 Identity card fees 301,600 340,400 Student’s welfare 292,000 324,000Testimonial fees 14,000 19,600 Internship fees 275,000 432,000 64,229,855 82,267,525

20. Government grant

Government grant 28,000,000 27,559,000

21. Interest income21.1 Interest on FDRs 18,112,236 18,797,872

Bank interest 229,600 123,544

18,341,836 18,921,416

21.1 Interest on FDRsInterest on FDRs (ICMAB) 13,559,215 14,025,800

Interest on FDRs (Gratuity) 4,553,021 4,772,072

18,112,236 18,797,872

22. Rental income

Auditorium rent 84,000 158,000

Class room rent 103,000 112,667

Space rent - 39,500

187,000 310,167

23. Other income

Advertisement income (Semi. & Conf., Best Corp. Award, etc.) 100,000 2,161,744

Profit from sale of saleable items 1,800,945 2,103,528Fees from seminar and conference 518,730 2,571,000Income from sponsor 5,757,500 8,231,262

Fine and late fees 567,500 1,427,272 23.1 Miscellaneous income 1,075,029 1,490,890

9,819,704 17,985,696

23.1 Miscellaneous income

Training fees from member 841,000 1,132,550

Sale of tender schedule, newspapers, old wastage papers etc. 10,600 6,000Member’s certificate 98,000 75,000

Fees for training on MS O�ce 82,550 -

23.1.1 Other income 42,879 277,340

1,075,029 1,490,890


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23.1.1 Other incomeSale of old newspaper - 41,880Sale of wastage goods 15,000 121,760

Training fees "[SAP ERP (FICO)]" - 40,000

Registration fees (Students quiz contest) - 72,300Non traceable amount in bank statement 1,741 1,400Miscellaneous income 24,601 -Fine & Late fee against library books 1,537 - 42,879 277,340 24. Surplus/(Deficit) from sale of Fixed AssetsCost price 199,002 3,301,841Less: Accumulated depreciation 198,588 3,280,018Book value 414 21,823Sale proceeds - 84,070Less: Book value 414 21,823 (414) 62,247 25. Employee costSalaries and allowances 43,982,942 41,857,339Overtime 2,016,909 2,501,935Dress and uniform 78,000 70,000Gratuities 7,203,444 7,358,303

Bonus and Nababarsha allowance 4,577,599 4,495,994Employer's contribution to Provident Fund 2,219,077 2,208,568

ICMAB Employees Welfare Fund 426,144 347,25025.1 Recreation leave 592,980 646,490

61,097,095 59,485,879

25.1 The amount was paid to the employees against rest and recreation leave allowance.

26. Occupancy costRent, rates and taxes 407,989 366,406

Electricity, gas and water charges 2,326,444 2,957,532

Repairs and maintenance 3,302,585 3,771,146Property insurance 195,226 132,462Security and cleaning 3,020,997 2,994,095 9,253,241 10,221,641


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27. General and Administrative expensePrinting and stationery 1,225,336 1,656,910Motor car expense 419,534 360,320

Traveling and conveyance 681,019 460,906Postage, telephone and courier 1,532,372 1,454,598Meeting expense 2,580,823 1,963,463Advertisement 576,320 116,162Audit fees 120,000 100,000

International relations 625,696 887,284Legal and professional charges 11,500 77,500

Bank charges 108,688 482,109Employees' welfare expense 50,000 267,600

Generator fuel and maintenance 392,123 535,356Organization health development expense 119,500 136,640

27.1 Miscellaneous expense 20,660 208,760 8,463,571 8,707,608

27.1 Miscellaneous expense

Celebrating 21st February 20,660 198,060 Promotion exam. answer script evaluation etc. - 10,700 20,660 208,760

28. Students Education expenseHonorarium to lecturers 4,691,700 6,870,390Printing and stationery 668,109 692,790

Advertisement 1,826,916 1,301,432Traveling and conveyance 368,199 543,386

Meeting expense 975,785 895,910Newspapers and periodicals 95,150 90,424

Student’s welfare expense 105,000 80,000 Incentive Award 179,000 - 8,909,859 10,474,332

29. Examination expenseHonorarium to Examiners and Question Setters 3,569,370 4,231,620Invigilation expense 1,231,440 1,152,156

Traveling and conveyance 67,245 112,125 Printing and stationery 395,089 599,280

Advertisement - 24,334

Meeting expense 386,342 746,211 5,649,486 6,865,726


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30. Post Qualifying Education expense

Honorarium to Faculty Member 191,500 1,540,840Entertainment 1,642,026 1,243,499

Printing and stationery 532,499 322,429Traveling and conveyance 325,205 87,090Advertisement 19,976 20,884

Gift and presentation 581,210 175,489 3,292,416 3,390,231

31. Members Activity expense(Details in Annex - A, B & C)31.1 Dhaka Branch Council 1,200,000 850,000

31.2 Chattogram Branch Council 850,000 780,000

31.3 Khulna Branch Council 200,000 155,000 2,250,000 1,785,000

31.1 Dhaka Branch CouncilAnnual Grant 1,000,000 850,000 Special grant for Annual Picnic 200,000 - 1,200,000 850,000

31.2 Chattogram Branch CouncilAnnual Grant 350,000 280,000 Special grant for Seminar, CBC Fellowship Night, Picnic etc. 500,000 500,000 850,000 780,000

31.3 Khulna Branch Council Annual Grant 150,000 120,000Special grant for Seminar, Study tour & Picnic etc. 50,000 35,000 200,000 155,000 32. Seminar and Conference expense 32.1 International 1,746,085 3,714,532 Local 8,128,396 12,602,030

32.2 Printing and stationery 288,746 1,359,730Traveling and conveyance 173,467 119,215Advertisement 345,000 233,491Meeting expense 649,472 685,390

32.3 Entertainment expense 6,052,236 8,555,570Gift and presentation 598,975 613,634Cultural function and others 20,500 1,035,000 9,874,481 16,316,562

32.1 International Participation in SAFA, CAPA, IFAC events 1,746,085 3,411,632 Registration fees (WCOA) - 302,900 1,746,085 3,714,532


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32.2 Printing and stationerySouvenir of international conference - 480,004

SAFA conference and Best Corporate Award 249,840 552,000Brochure (SAFA and International Conference) - 117,866Others (Card, Folder and Envelope etc.) 38,906 209,860

288,746 1,359,730

32.3 Entertainment expense International conference - 3,752,556SAFA conference and Best Corporate Award 2019 3,361,224 4,555,364

Program for newly qualified CMA 102,578 125,740

Presidential dinner 119,565 121,910Convocation-2019 2,468,869 -

6,052,236 8,555,570

33 Research and Development expense

33.1 Administrative expense 365,510 960,266 33.2 Cost Audit Committee/Implementation expense 936,725 205,738 1,302,235 1,166,004 33.1 Administrative expense Printing of Recommendation Book (SDG) - 85,852Printing & stationery 78,441 239,996

Traveling and conveyance 71,085 124,615Meeting expense 215,984 509,803 365,510 960,266 33.2 Cost Audit Committee/Implementation expenseHonorarium to Research Fellow 755,000 30,000Honorarium for trainer - 85,800Printing of brochure on cost audit & booklet 37,950 89,938Printing cost of BCAS (V-III) 143,775 - 936,725 205,738


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34. Journal Publication expenseHonorarium to script writers 140,400 145,000Honorarium to editor 153,160 170,160

Printing and stationery 1,225,179 1,552,223

Traveling and conveyance 6,735 65,760Meeting expense 73,058 42,851 1,598,532 1,975,994 35. Depreciation and Amortization

Depreciation on building 2,329,055 2,113,676Amortization on leasehold land 51,147 51,147Depreciation on furniture and fixture 1,376,006 1,254,472

Depreciation on computer & o�ce equipment 1,997,235 1,669,967

Depreciation on vehicles 534,793 534,793Depreciation on library books 242,453 242,453Depreciation on Lift 78,127 78,127

Amortization on Intangible Assets (ERP software & Website) 842,580 705,330 7,451,396 6,649,965


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ANNEXURE - 2A

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Particulars Notes Budget

Taka

Variance Fav. (Unfav.)

Taka

% Fav. (Unfav.)

ActualTaka

A. Income

Fees from members 18 8,354,000 5,536,400 (2,817,600) (33.73)

Subscriptions and fees from students 19 66,332,173 64,229,855 (2,102,318) (3.17)

Government grant 20 28,000,000 28,000,000 - -

Interest income 21 13,163,995 18,341,836 5,177,841 39.33

Rental income 22 187,000 187,000 - -

Other income 23 7,426,427 9,819,704 2,393,277 32.23

Surplus/(Deficit) from sale of Fixed Assets 24 - (414) (414) -

123,463,595 126,114,381 2,650,786

B. Expenditure

Employee cost 25 61,007,423 61,097,095 (89,672) (0.15)

Occupancy cost 26 9,059,045 9,253,241 (194,196) (2.14)

General and Administrative expense 27 8,895,604 8,463,571 432,033 4.86

Students Education expense 28 7,359,477 8,909,859 (1,550,382) (21.07)

Examination expense 29 5,399,331 5,649,486 (250,155) (4.63)

Post Qualifying Education expense 30 2,874,382 3,292,416 (418,034) (14.54)

Members Activity expense 31 1,600,000 2,250,000 (650,000) (40.63)

Seminar and Conference expense 32 8,422,039 9,874,481 (1,452,442) (17.25)

Research and Development expense 33 1,291,273 1,302,235 (10,962) (0.85)

Journal Publication expense 34 1,441,893 1,598,532 (156,639) (10.86)

Depreciation & Amortization 35 7,162,028 7,451,396 (289,368) (4.04)

114,512,495 119,142,312 (4,629,817) C. Surplus (A - B) 8,951,100 6,972,069 (1,979,031)


Statement of Budget VarianceFor the year ended June 30, 2020

STATEMENT OF BUDGET VARIANCE

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The Institute of Cost and Management Accountants of Bangladesh (ICMAB)Dhaka Branch Council

Receipts and Payments AccountFor the year ended June 30, 2020

Annex - A

Particulars Notes 2019-2020Taka

2018-2019Taka

A. Receipts

Opening balance

Cash-in-hand 64,225 6,645

Cash at bank 378,392 5,860

442,617 12,505

Donation from ICMAB National Council 1 150,000 350,000

Special grant from National Council 2 200,000 -

Loan receipt 3 2,365,000 1,700,000

Subscription 4 459,000 766,500

Training fees 5 11,792,563 10,267,602

Ra�e draw 6 340,000 601,400

Advertisement 7 1,585,200 1,608,514

Sponsor 8 3,716,052 3,398,078

Bank interest 9 1,094 10,574

20,458,909 18,352,668

21,051,526 18,715,173

B. Payments

DBC Fellowship Night 10 4,328,135 3,749,898

Training course expense (VAT and Income tax etc.) 11 1,735,887 2,009,032

DBC Activities expense 12 8,932,076 8,178,414

O�ce expense 13 872,398 753,464

DBC Annual Picnic 14 1,104,846 1,195,656

Sponsor and incentive expense 15 215,325 200,355

Refund of loan 16 2,115,000 1,005,000

Indoor games 79,115 281,593

Study tour in Nepal - 100,500

Celebration of Independence and National day - 239,726

DBC Eid-reunion - 117,365

DBC Victory Day 123,012 135,637

DBC World Cup Cricket Festival 2019 25,620 47,250

DBC FIFA Festival 2018 - 179,270

DBC Foundation Day 2019 62,000 51,085

Expenses of DBC COVID-19 Support Fund 335,650 -

DBC Job and Career Fair-2019 365,494 -

Reception expense 121,535 -

Misc. expense (Doa and Milad Mahfil) - 19,100

Bank charge and VAT 9,358 9,211

20,425,451 18,272,556

C. Closing balance (A - B)

Cash-in-hand 124,937 64,225

Cash at banks 501,138 378,392

626,075 442,617

DHAKA BRANCH COUNCILA

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1 Donation from ICMAB National CouncilICMAB National Council 1,000,000 850,000 Less: Advance adjusted 850,000 500,000

150,000 350,000

2 Special Grant from National CouncilICMAB National council 200,000 - 3 Loan receipt

ICMAB National Council 1,000,000 850,000DBC's Councilor 1,365,000 850,000 2,365,000 1,700,0004 Subscription

DBC Fellowship Night 366,900 299,900Annual Picnic 92,100 466,600 459,000 766,500

5 Training feesLeadership 7,663,950 5,920,800

New VAT Law and its Implementation 1,444,773 600,400

Income Tax and VAT 2,446,840 3,211,002

Training Course on IPO 201,000 315,000

Training Course on CISSA (48 hours) - 40,000

Training Course on Soft Skill Development - 20,000

Advance Use of Excel 36,000 160,400

11,792,563 10,267,602

6 Ra�e drawFamily Day - 102,000

DBC Night 340,000 324,500Annual Picnic - 174,900 340,000 601,400

7 AdvertisementDBC night 1,585,200 1,608,5148 SponsorDBC Night 3,110,546 3,232,278

DBC FIFA Cup Final Match - 50,800DBC Accounting Day 2018 - 5,000Students Orientation Programs - 110,000

DBC COVID-19 Support Fund 455,506 -DBC Job and Career Fair-2019 110,000 -

DBC TV purchase 40,000 - 3,716,052 3,398,078

9 Bank interestBank interest 1,094 10,574


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2019-2020Taka

2018-2019Taka

10 DBC fellowship night Hall rent 849,640 865,400 Dinner 1,614,860 1,397,133 Gift and presentation 642,955 329,405 Printing and stationery 214,680 273,960 Transport 116,000 99,000 Cultural function 290,000 185,000 Decoration (Event management) 600,000 600,000 4,328,135 3,749,89811 Training course expense New VAT Law and its implementation 293,076 984,265 Income tax and VAT 933,028 217,600 Soft skill development 67,900 430,000 Workshop / Seminar 356,760 30,000 Advance use of Excel 36,000 307,167 Training course on CISSA (48 hours) - 40,000 IPO 49,123 - 1,735,887 2,009,03212 DBC Activities expense Entertainment expense (Refreshment & lunch) 109,577 663,300 Gift and presentation 20,000 142,540 Honorarium to trainers - 150,000 Cultural function - 118,000 Air fare/hotel/transit/other allowance (Leadership) 8,802,499 7,050,074 Decoration (Event management) - 54,500 8,932,076 8,178,41413 Oce expense Meeting expense 603,932 541,239 Printing and stationery 39,131 39,985 O�ce equipment (Digital Blood pressure monitor, mobile, computer etc.) 106,920 16,350 Repair and maintenance 64,505 92,240 Postage and courier srevice 57,910 63,650 872,398 753,46414 DBC Annual picnic Venue rent 200,000 300,000 Breakfast and lunch 590,000 532,000 Transport 100,000 88,200 Gift and presentation 194,846 225,456 Cultural function 20,000 50,000 1,104,846 1,195,65615 Sponsor and incentive Sponsor and sta� incentives 158,800 170,000 Conveyance allowance 56,525 30,355 215,325 200,35516 Refund of loanRefund to DBC o�ce bearer 2,115,000 1,005,000


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Particulars Notes 2019-2020Taka

2018-2019Taka

A. Receipts

Opening balance


Cash at bank 3,877 324,936

6,046 333,605

Donation from ICMAB National Council 1 350,000 280,000

Special Grant from National Council 2 500,000 500,000

Subscription 3 771,700 550,500

Ra�e draw 4 244,000 177,200

Advertisement 5 1,124,819 1,513,453

Donation 6 60,000 30,000

Bank interest 7 904 7,110

2,701,423 2,778,263

3,057,469 3,391,868

B. Payments

CPD expense 8 561,529 207,738

CBC Fellowship Night 9 482,135 806,853

Seminar and Conference expense 10 951,474 1,329,584

CBC Annual Picnic 11 657,250 661,094

O�ce expenses 12 240,039 94,684

International Accounting Day 13 12,667 27,391

Victory Day 14 14,260 -

International Mother Language Day 15 29,895 10,920

Eid-e-Miladunnabi - 7,696

Observance of Independence Day - 11,449

Pahela Baishakh (Barsha Baran) - 69,369

Iftar Mahfil - 50,570

Doa Mahfil 7,857 13,660

Eid reunion - 52,015

Bank charge and taxes 2,137 2,799

2,959,243 3,385,822



Cash at bank 76,748 3,877

98,226 6,046

The Institute of Cost and Management Accountants of Bangladesh (ICMAB)Chattogram Branch CouncilReceipts and Payments Account

For the year ended June 30, 2020

Annex - B

CHATTOGRAM BRANCH COUNCIL

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1 Donation

ICMAB National Council 350,000 280,000

2 Special Grant

ICMAB National Council 500,000 500,000

3 Subscription

CBC Conference 77,000 299,000

CBC Fellowship Night 10,000 115,500

CBC Workshop and Training program 425,200 - Annual Picnic 259,500 136,000 771,700 550,500

4 Ra�e draw CBC Fellowship Night 220,000 140,000 Annual Pcinic 24,000 37,200 244,000 177,200

5 Advertisement

CBC Conference 1,124,819 1,458,853 CBC Fellowship Night - 54,600 1,124,819 1,513,453

6 Donation

Others 60,000 30,000

7 Interest income

Bank interest 904 7,110

8 CPD Program expense Entertainment expense (Dinner & Refreshment ) 323,394 71,402 Printing and stationery 149,855 83,995

Gift and presentation 45,000 23,256 Media and Press 20,000 13,320 Conveyance and other expense 23,280 15,765 561,529 207,738

9 CBC Fellowship Night

Hall rent - 70,300 Dinner 253,360 291,968 Gift and presentation 186,125 260,030 Printing and stationery 15,000 109,590 Transport 3,150 34,965 Cultural function 24,500 40,000 482,135 806,853

2019-2020Taka

2018-2019Taka


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10 Seminar and Conference expense Hall rent 52,500 300,000 Lunch and refreshment 375,312 512,098 Printing and souvenir 133,188 160,000 Honorarium of CBC employees 47,500 100,000 Printing and stationery 140,034 173,891 Transport 41,760 51,580 Air ticket fare - 32,015 Advertisement expense 19,880 Gift and presentation 141,300 951,474 1,329,58411 CBC Annual Picnic Hotel rent 392,430 148,000 Breakfast and lunch 92,450 211,122 Transport 115,200 67,415 Gift and presentation 57,170 144,557 Cultural function - 90,000 657,250 661,09412 O�ce expense Meeting expense 100,337 47,129 Printing and stationery 31,355 5,470 O�ce equipment - 27,085 Repairs and maintenance 54,217 4,770 Dish bill 2,030 6,230 Training program (Microsoft excel) 42,380 - Conveyance and other expense 6,720 - Incentive allowance (Sta�) 3,000 4,000 240,039 94,68413 International Accounting Day Entertainment expense 6,267 10,171 Printing and stationery 4,450 14,450 Conveyance and other expense 1,950 2,770 12,667 27,39114 Victory Day Entertainment expense 9,940 - Printing and stationery expense 3,320 - Conveyance and other expense 1,000 - 14,260 -15 International Mother Language Day Entertainment expense 7,495 4,850 Printing and stationery expense 17,950 4,620 Conveyance and other expense 4,450 1,450 29,895 10,920

2019-2020Taka

2018-2019Taka


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Particulars 2019-2020Taka

2018-2019Taka

A. Receipts

Opening balance

Cash in hand 16,972 5,659

Cash at bank 6,934 63,570

23,906 69,229

Donation from ICMAB National Council 150,000 120,000

Special Grant from National Council (Study tour) 50,000 35,000

Training fees 77,500 118,500

Study tour 330,490 100,600

Students for success celebration - 23,000

Other income 16,223 -

Bank interest 2,717 2,957

476,930 280,057

650,836 469,286

B. Payments

Meeting expense 24,401 19,093

Printing and stationery 12,025 20,458

Traveling and conveyance 2,850 -

Annual Picnic and others 267,000 132,310

Entertainment expense 15,563 14,916

KBC Night - 66,068

CPD expense 10,950 -

Victory Day 6,903 6,680

International Accounting Day 45,000 53,827

Iftar party, Doa and Milad Mahfil 13,327 4,261

Training course expense 53,311 64,781

Student orientation program 41,171 55,590

Cutural program 12,000 6,803

Bank charge 558 593

Miscellaneous expense 7,099 -

512,158 445,380


Cash in hand 4,691 16,972

Cash at bank 133,987 6,934

138,678 23,906

The Institute of Cost and Management Accountants of Bangladesh (ICMAB)Khulna Branch Council

Receipts and Payments AccountFor the year ended June 30, 2020

Annex - C

KHULNA BRANCH COUNCILA

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Mr. Md. Mahbub Ul Alam FCMAExecutive DirectorCell : 01713104010

E-mail : [email protected]

Mirza Mostafa WalidAdditional Director

Finance & Accounts DepartmentCell : 01847360631


Mr. Md. Rafiqul IslamDeputy Director

Examination DepartmentCell : 01847360617


Mr. Md. Abdul MalequeDeputy Director

Research & Publication DepartmentCell : 01847360629


Mr. Mohammad Abdur Rahim MahmudDeputy Director

Administration DepartmentCell : 01847360613


Mr. Masud AlamAssistant Director

Finance & Accounts DepartmentCell : 01847360635


Mr. Md. HanifSystem AnalystICT Department

Cell : 01847360626E-mail : [email protected]


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Mr. Md. Hamidur Rahman MollahAssistant Director



Mr. Mohammedul HaqueAssistant Director

ICMAB Chattogram BranchCell : 01847360700


Talukder Md. Rawfur Shahid DawnAssistant Director



Mr. Md. Nazrul Islam Assistant Director


Mr. Md. Jafar Iqbal Howlader Assistant Director


Mr. Md. Rezaul Kabir Assistant Director

Cumilla Study CentreCell : 01847360703



Mr. Md. Moslem UddinAssistant Director

Member’s Affairs DepartmentCell : 01847360644


Mr. Md. Nayim-Uz-ZamanAssistant Director

Education DepartmentCell : 01847360624


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ICMA Bhaban, Nilkhet, Dhaka-1205, BangladeshTel: 9615460, 9611799, 9615477

Email: [email protected], www.icmab.org.bd

ICMA Bhaban, Nilkhet, Dhaka-1205, BangladeshTel: 9615460, 9611799, 9615477

Email: [email protected], www.icmab.org.bd

(A statutory body under the Ministry of Commerce) - ICMAB

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