ICMAB Annual Report 2014

2014
ANNUAL REPORT
ICMAB
The Institute of Cost and Management Accountants of Bangladesh
2014
ANNUAL REPORT
ICMAB
TABLE OF CONTENTS
Notice of AGM
About ICMAB
Vision and Mission
Past Presidents
Council and Office Bearers
President's Statement
01
02
04
05
06
09
REPORT OF THE COUNCIL

Councils and Committees
Members Meeting
Education, Examination and Student Affairs
International Recognition, Accreditation and Partnership
Partnering with Entrepreneurs and Employers
Liaison with Government and Regulatory Bodies
Seminar, Workshop and Training
Governance and Administration
ICT and Infrastructure
Cost Audit and Professional Services Activities
Research and Publications
Role in National Economic Issues
Representation in Regional and Global Forum
CMA Branding and Image Building
Media Coverage
We Lost
Members' Update
Branch and Chapter Activities
Accounts and Others
12
13
15
22
25
29
36
42
45
47
50
51
56
61
63
64
65
67
90
AUDITED ACCOUNTS
Auditors Report
Balance Sheet
Statements of Income and Expenditure
Statements of Cash Flows
Notes to the Accounts
EXECUTIVES OF ICMAB
97
99
100
101
102
NOTICE OF AGM
NOTICE OF THE
43RD ANNUAL GENERAL MEETING

Notice is hereby given that the 43rd Annual General
Meeting of the Institute of Cost and Management
Accountants of Bangladesh will be held on Friday,
December 26, 2014 at 10.00 a.m. at ICMAB Ruhul
Quddus Auditorium, ICMA Bhaban, Nilkhet, Dhaka to
transact the following businesses:
AGENDA
To confirm the minutes of the 42nd Annual General
Meeting held on December 27, 2013
To consider the Annual Report of the Council and the
Annual Accounts of the Institute for the year
2013-2014 together with the Auditors' Report there on
Post-facto approval of appointment of J.U. Ahmed &
Co., Chartered Accountants in the casual vacancy of
Auditors for the year 2013-2014
To appoint the Auditors for the year 2014-2015 and
fix their remuneration
To transact any other business with the permission of
the Chair
Jamal Ahmed Choudhury FCMA

Secretary
Dated: November 24, 2014
The Institute of Cost and

Management Accountants of Bangladesh
01
ABOUT ICMAB
THE INSTITUTE
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
Accounting 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 STATUS
ICMAB 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). It is the member of a number of regional and
global accounting bodies.
LEGACY OF THE INSTITUTE

The 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). Now in 2014, after a 40 years arduous
journey, the chronicle of success earned by our
predecessors has brought us to the place where we
stand today.
GOVERNANCE
The Institute is governed by a Council constituted under
the provision of the Cost and Management Accountants
Ordinance, 1977. The Council consists of 12 Fellow
Members elected by the members of ICMAB and 4
nominees from the Government of Bangladesh. The
Council is elected for a period of three years. Every year
02
one President, two Vice-Presidents, one Secretary and

one Treasurer are elected as office bearers from
amongst the councilors. The day to day administrative
affairs of the Institute is however, managed by a team of
fully employed personnel.

ABOUT ICMAB
GLOBAL AFFILIATION
ICMAB is a member of:
The International Federation

of Accountants (IFAC)
South Asian Federation

of Accountants (SAFA)
Confederation of Asian and

Pacific Accountants (CAPA)
CORPORATE HEADQUARTERS, BRANCHES AND CHAPTERS
Head Office
ICMA Bhaban
Nilkhet, Dhaka-1205
Tel: 9615460, 9611799, 9615477
8628293, Fax: 88-02-8615703
E-mail: icmab@accesstel.net
www.icmab.org.bd
ICMAB Chittagong
Branch Council
CMA Bhaban, House # 43, Road # 27
CDA R/A, Agrabad, Chittagong
Tel : 031-727638, 01611 727638
E-mail: icmabctg@yahoo.com
ICMAB Rajshahi
Coaching Centre
138, Islampur (Madrasha Moar)
P.O. Kazla, Boalia, Rajshahi.
Tel: 0721-751332, Cell : 01711039364
E-mail: icmabrajshahi@gmail.com
OVERSEAS CHAPTERS
ICMAB Canada Chapter Council
ICMAB KSA Chapter Council
ICMAB UK Chapter Council
ICMAB Dhaka
Branch Council
ICMA Bhaban, Nilkhet
Dhaka-1205.
Tel: 9615460, 9611799, 9615477
E-mail: dbc@accesstel.net
ICMAB Khulna
Branch Council
KDA Plot No. 24-25, Mozid Sorani
Road, Sonadanga, Khulna.
Tel: 041-722335, 01710-657129
E-mail: icmabkhulna@gmail.com
ICMAB Comilla Coaching

Centre
Comilla Victoria Government
College, Comilla.
Tel: 081-68463/104,
01914301368

03
VISION & MISSION

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.
MISSION
The Institute's mission is to develop, equip and promote
Cost and Management Accounting profession by
maintaining 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
04
Accounting Standards and take other necessary steps

with a view to regulating the Cost and Management
Accounting profession commensurate with global
standard with the ultimate objective of developing
Bangladesh's human and natural resources to ensure
common welfare and to enrich our shared future.

PAST PRESIDENTS
LATE A.N. HAMIDULLAH
1991 & 1997
MR. HABIBUR RAHMAN
FCMA
1995
MR. MOHAMMED MOHIUDDIN
FCMA
2001 & 2010
MR. MD. ABDUL AZIZ
FCMA
2006
MR. SATIPATI MOITRA
FCMA
1975-86
LATE RUHUL QUDDUS
FCMA
1992
LATE MUZAFFAR AHMED
FCMA
1998 & 2002
MR. RAFIQ AHMAD
FCMA
2003
MR. MD. ABDUR RASHID
FCMA
2007 & 2012
PROF. MAMTAZ UDDIN AHMED

FCMA
1987-89
MR. MD. UTTAM ALI MIAH
FCMA
1993
MR. MD. ISHAQUE
FCMA
1999
MR. MUZAFFAR AHMED
FCMA
2004 & 2013

MR. A.K.M. DELWER HUSSAIN
FCMA
2008 & 2011
LATE ZAHIR UDDIN AHMED
FCMA, FCA

1990
LATE MD. NURUL HASSAN
FCMA
1994 & 1996

LATE CHOWDHURY HAFIZUR RAHMAN
FCMA
2000
MR. M. ABUL KALAM MAZUMDAR

FCMA
2005
MR. MD. RUHUL AMIN
FCMA
2009
MR. A.B.M. SHAMSUDDIN
FCMA
05
COUNCIL AND OFFICE BEARERS

PRESIDENT
Mr. Mohammed Salim FCMA, a highly experienced finance professional in the
power and energy sector, is currently the General Manager of Power Grid
Company of Bangladesh Limited. He has been in the Council of ICMAB since
2005 and served in the positions of the Vice President (2011, 2012, 2013),
Secretary (2006, 2007) and Treasurer (2005). He also served as Chairman of
the Dhaka Branch Council of the Institute in 2001.
Mr. Salim holds an MBA in Finance and Diploma in Management Studies (DMS)
from University of Hull (UK) besides a Master of Commerce degree in
Management from the University of Dhaka. He is also a member of National
Institute of Accountants (NIA), Australia.
VICE-PRESIDENT
Mr. Abu Sayed Md. Shaykhul Islam FCMA is an Independent Management
Consultant and Financial Adviser to a number of leading business houses of the
country. Previously, he served the Institute as Vice President (2009) & Secretary
(2008). He was also the Chairman of the Dhaka Branch Council in 1996.
In his long career, Mr. Shaykhul has worked in top level positions in leading
local business conglomerates including Square Pharmaceuticals, Beximco,
Partex Group and at overseas. He authored two books, published a good
number of articles in newspapers and professional journals and presented
papers in national and international seminars and conferences. He is also a
member of the Institute of Internal Auditors and Institute of Management
Consultants, Bangladesh.
VICE-PRESIDENT
Mr. Arif Khan FCMA, MBA, CFA is currently a Commissioner of Bangladesh
Securities and Exchange Commission (BSEC). Before joining the regulatory
body, he served many national and multinational companies at differrent
capacities- the latest being the Deputy Managing Director of IDLC Bangladesh
Limited. He was a member of the "Core Committee" of Bangladesh Bank for
developing guidelines for "Domestic Factoring Operation in Bangladesh" and
"Asset-Liability Management of NBFIs".
Mr. Khan works as guest faculty in different educational and professional
institutions including ICMAB, BIBM, Department of Finance and IBA of Dhaka
University.
Mr. Khan did his MBA from IBA and CFA from CFA Institute, USA.
06


SECRETARY
Mr. Jamal Ahmed Choudhury FCMA is working as Executive Director, Finance
and Accounts in Beximco Pharmaceuticals Limited. He has wealth of
experience as a professional accountant in national and multinational
companies. Mr. Choudhury takes keen interest in education and research. He
has been a part-time faculty in several public and private universities for over a
decade. He has to his credit, a good number of publications in national and
international journals. He is a frequent contributor to the national dailies and
writes on business, economy and finance related issues. He was the Chairman
(2005) of Dhaka Branch Council and Member of the National Council
(2010-2013).
He obtained his post-graduation in Accounting from the University of Dhaka and
MBA from IBA.
TREASURER
Mr. Md. Abdur Rahman Khan FCMA, is working as First Secretary (Tax Policy),
National Board of Revenue, Bangladesh. He worked in the United Nations as
International Adviser (2004-05) and The World Bank as International Consultant
(2005-2011).
Mr. Rahman is involved as a Part time faculty in universities and professional
institutions. He presented papers in professional forums and wrote a number of
articles in professional journals. He obtained B.Com (Hons) and M.Com in
Accounting from the University of Chittagong; an MSc from UK and several high
level training in the areas of tax policy and administration from overseas. He is
actively involved with different socio-cultural organizations including Asiatic
Society of Bangladesh (Member), Officers Club, Dhaka (Member), and Shahid
Beer Muktijoddha Enayet Smrity Shangho (Founder President).

07

COUNCIL MEMBERS
Mr. Muzaffar Ahmed

B.COM.(HONS), M.COM., FCS, FCMA
President and CEO
Credit Rating Information and
Services Ltd.
Mr. M. Abul Kalam Mazumdar

MBA, FIMC, FCMA
Executive Vice-President & Director
Anlima Yarn Dyeing Ltd.
Prof. Mamtaz Uddin Ahmed

B.COM.(HONS), M.COM., FCMA
Chairman, Department of AIS
University of Dhaka
Mr. A. K. M. Delwer Hussain

B.COM.(HONS), M.COM., PGD(COM. SC.),
FCMA
Director (Finance)
Bangladesh Sugar & Food Industries
Corporation
Mr. Md. Mamunur Rashid

M.COM., AMCS, FCMA
Deputy Managing Director
Index Group of Companies
Prof. Dr. Swapan Kumar Bala

B.COM.(HONS), M.COM., CIFRS, Ph.D.,
FCMA
Managing Director
Dhaka Stock Exchenge Ltd.
Mr. Md. Munirul Islam

M.COM, MBA, FCMA
General Manager, Human Resources
Aristopharma Ltd.
Mr. Md.Shawkat Ali Waresi

Additional Secretary
Ministry of Commerce
Government of Bangladesh
Mr. A R M Nazmus Sakib

Additional Secretary
Finance Division
Ministry of Finance
08
Mr. Sushen Chandra Das

Additional Secretary (Admn.)
Ministry of Industries

Mr. Muhammed Ahsanul Jabbar

Joint Secretary
Ministry of Education
PRESIDENT'S STATEMENT
Dear Members:
It is my privilege to welcome you to the 43rd Annual
General Meeting of the Institute of Cost and
Management Accountants of Bangladesh (ICMAB). You
entrusted me the noble responsibility to run the office of
president. It was indeed a great honor for me and I
would like to convey my heartfelt thanks and gratitude
for the trust and confidence you have placed.
This year we have lost four members of our family-our
past president Zahir Uddin Ahmed FCMA, Dr. Habibur
Rahman FCMA, Moral Md. Amzad Hossain FCMA, Md.
Mohibullah, FCMA. I pray to the Almighty Allah for the
salvation of their departed souls.

We began the year with a number of pre-set targets to
be achieved over the three-year term of the council. A
number of developments surrounding the accounting
and regulatory environment of the country gave rise to
additional challenges to be addressed on priority basis. I
am pleased to announce that we have successfully
faced those challenges, moved as planned, towards our
strategic directions and achieved our expected results.
2014 was another year of continued progress for
ICMAB. On November 10, 2014 we have signed a

09
PRESIDENT'S STATEMENT
historic MoU with CIMA. This collaborative arrangement
as detailed in the activity report, will help achieve global
benchmark. Our endeavor for gaining global
accreditation is not limited to CIMA alone; we are in the
process of finalizing an MoU with the Chartered Institute
of Public Finance and Accounting (CIPFA), UK for mutual
partnership and recognition as well.
You are all aware that ICMAB pioneered the concept of
an independent Audit and Accounting Standard
Monitoring Board as back as in 1999 and a proposal to
form an independent oversight body was submitted to
the concerend ministry.The recent initiative taken by the
Government to introduce Financial Reporting Act (FRA)
is in line with our concept and is aimed at establishing
good governance. However, due to the influence of a
section of professionals, the act was going to be passed
without proper representation of your beloved institute
ICMAB. We have taken this issue seriously and left no
stone unturned to establish our role in this regard. As a
president, I have attended interviews and talk shows in
different electronic and print media; our members have
written articles in leading dailies; we have organized a
press conference with high coverage; met concerned
ministers and secretaries and finally with our collective
effort have established our legitimate position in the
Council under FRA.
The institute has spent significant time and efforts to
maintain good lobby with the policy makers and
government agencies. We met several ministers and
secretaries; Chairmen of NBR, BSEC, BCIC, BPC on
different bi-lateral issues. We also worked to build
enduring rapport with the entrepreneurs and employers
in the private sector.
ICMAB has submitted a project proposal to the
Information and Communication Technology (ICT)
ministry to train around 4000 commerce and accounting
educated graduates in Information Technology Enabled
Services (ITES) for Business Process Outsourcing (BPO).
ICMAB will be a strategic partner with the concerned
ministry in this project. We are hopeful of a positive
outcome of the proposal.
The Institute's representation in the regional accounting
bodies was very vibrant. This year ICMAB has been
elected Chairman of SAFA Committee on Non-profit
Organizations and Co-operatives. ICMAB presented
papers in seminars and conferences organized by
10
member bodies of SAFA.

During the reporting period, the institute was also
vibrant in both electronic and print media and could
draw attention of the wider society to the profession.
The institute's building and administrative office is being
refurbished and decorated with a corporate look. The
development of a dynamic website of the institute is in
progress. It will be more interactive and informative. The
institute is also implementing a full-fledged ERP for
increased operational efficiency.
We are equally focused to build administrative capacity of
ICMAB to run it in a more professional manner. In-house
and external trainings were arranged for the employees
to improve their operating and administrative skills.
ICMAB has maintained a close lobby with concerned
government authorities to implement cost audit in
relevant industries. It is going to release the Bangladesh
Cost Accounting Standards (BCAS) for the first time in
its history as a guide to the practitioners and cost
auditors. ICMAB has also been invited as a permanent
observer in the Cost Accounting Standard Monitoring
Board of the Institute of Cost Accountants of India.
You will find details of our activity in the Report of the
Council. I would however, like to say that we are happy
with the progress achieved so far but not complacent.
We have miles to go and there are challenges ahead.
We are mindful of the challenges and moving in the
right direction.
At the end I thank you all for the trust you have placed
and the invaluable support you have extended to me. I
am grateful to my colleagues in the National Council and
members of Branch and Chapter Councils who have
always extended their unconditional support to each of
my initiatives. I am also indebted to all the past
presidents for their intelligent guidance at all critical
time. Last but not the least, the officers and staff of the
Institute has given best of their service and spared many
of their personal time to meet deadlines. I thank them all
for their dedicated service to the profession.
Long live ICMAB.
Mohammed Salim FCMA

President

REPORT OF THE COUNCIL
YEAR 2014
In acordance with the provisions of CMA ordinance 1977, the Council is
pleased to publish its Annual Report on the activities for the year 2014
together with the Audited Accounts of the Institute for the year ended
June 30, 2014 to the honorable members of the Institute of Cost and
Management Accountants of Bangladesh.

11
COUNCILS AND COMMITTEES

ELECTION OF OFFICE BEARERS
Members of the Institute of Cost and Management
Accountants of Bangladesh elected their twelve
-member council for the term 2014-2016 on expiry of
the three year term of the previous council. The election
was held on December 27, 2013. As per the regulations

of the Institute following five-member team was
subsequently elected from amongst the councilors to
run the office for the year 2014:
Mohammed Salim FCMA
President
A.S.M. Shaykhul Islam FCMA
Vice-President
Arif Khan FCMA
Vice-President
Secretary
Md. Abdur Rahman Khan FCMA
Treasurer
STANDING AND OTHER COMMITTEES

As per Regulations the Council formed five Standing
Committees namely, Executive Committee, Education
Committee, Examination Committee, Research and
Development Committee and Disciplinary Committee for
the year 2014. Further details of the Committees are
given as Annexure: 1
The Council also approved 22 Other Committees for
smooth functioning of the activities of the Institute. The
details of the Other Committees are given in Annexure: 2
BRANCH COUNCILS AND CHAPTERS

The election of the Branch Councils for Dhaka,
Chittagong and Khulna regions for the year 2014 and
Chapter Councils for the Kingdom of Saudi Arabia (KSA)
and the United Kingdom (UK) for the year 2014-2015
were held in due course. Ten members each for Dhaka,
Chittagong and Khulna Branches and eight members
each for KSA and UK Chapter Councils were elected by

the members of the respective branches and chapters.
The council nominated two members for each of the
Branch and Chapter Councils. Subsequently, the
Councils of the Branches and the Chapters elected their
Office Bearers which is given as Annexure: 3
COUNCIL, STANDING AND OTHER COMMITTEE MEETINGS

Eleven meetings of the Council including three
emergency meetings and seven meetings of the
Executive Committee were held till November 3, 2014.
Moreover, all the Standing Committees excepting the
Disciplinary Committee held several meetings based on
the operational requirement throughout the period.
In addition to Council, EC and Standing Committees,
eighteen Other Committees have held their meetings
during the period under review. These committees
12
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 and
recommendations have been implemented while some
are in progress.
Further details of the meetings including the records of
attendance by the Councilors in Council, EC and
Standing Committees are given in Annexure: 4

MEMBERS MEETING
42ND ANNUAL GENERAL MEETING
The 42nd Annual General Meeting of the Institute of Cost

and Management Accountants of Bangladesh was held
on Friday 27th December, 2013 at 10.00 a.m. at ICMA
Bhaban, Dhaka. 549 members (344 Fellows and 205
Associates) were present in the meeting.
The President of the Institute Mr. A. K. M. Delwer
Hussain FCMA, in his welcome speech highlighted the
challenges of the profession and the accomplishment of
the Council over last three years. He thanked all for their
co-operation and support in successful completion of
his tenure. He opined that development is a continuous
process and hoped that the new Council will continue
the process and take the profession to the next level.

Mr. Arif Khan FCMA, Secretary of the Council presented
the activity report of the Council while Mr. Md. Jasim
Uddin Akond FCMA acting Treasurer, presented the
Audited Accounts of the Institute for the year
2012-2013.
As many as 12 members took part in the discussions on
the Annual Report and related professional matters. All
the Agenda put forward in the meeting were passed by
the members. Later, the result of the Election of 15th
Council of the Institute for the term 2014-2016 was
declared.
APPOINTMENT OF AUDITORS AND SUBSEQUENT CASUAL VACANCY

As per agenda of the 42nd AGM, Mohibullah & Co.,
Chartered Accountants, were re-appointed as Auditors
of the Institute for the year 2013-2014. With sorrows
and grief, we inform that Md. Mohibullah FCA, FCMA,
the sole proprietor of the firm, expired on September 3,
2014 and thus the office of Auditors fell vacant.
Considering the urgency of the matter the Council in
compliance with the provisions of regulation 106 (1) of
the Institute of Cost and Management Accountants

Regulations 1980, appointed J.U. Ahmed & Co.,
Chartered Accountants, House# 170 (1st floor), Lane-3,
new DOHS, Mohakhali, Dhaka, as Auditors to fill the
casual vacancy of Auditors for the year 2013-14. The
appointment of Auditors in casual vacancy is placed
herewith in this AGM for your kind approval.

13
MEMBERS MEETING
MEETING TO UPDATE PROGRESS AND THANKS GIVING TO OFFICE BEARERS OF THE
BRANCH COUNCILS
In recognition of the contribution made by the office
bearers of different branches, the council organized a
Thanks Giving Ceremony on May 16, 2014 at ICMAB.
The office bearers of Dhaka, Chittagong and Khulna
branch councils were accorded reception in the
program. The outgoing office bearers of different
branches also spoke in the event and offered valuable
suggestions for development and growth of the
profession. Mr. Mohammed Salim FCMA President of
the Institute presented crests to each office bearer of the

Branch Councils as a token of appreciation.
Mr. Jamal Ahmed Choudhury FCMA, the Secretary of
the Council apprised the members about the plans and
activities of the council till to date. Among others,
Vice-Presidents Mr. A.S.M. Shaykhul Islam FCMA and
Mr. Arif Khan FCMA and Treasurer Mr. Md. Abdur
Rahman Khan FCMA were present in the program.
MEETING TO UPDATE ON FINANCIAL REPORTING ACT (FRA)
The institute organized a briefing session in July to

update members on the latest development of FRA. The
President of the Institute in his speech highlighted the
need for an independent oversight body to regulate the
auditing and accounting practices of the Public Interest
Entities and re-capped the pioneering role played by
ICMAB in establishment of such body. He provided
details of the initiatives undertaken by the Institute
which include writing letter of appeal to the Honorable
Prime Minister and holding of press conference on the
FRA to ensure ICMABs representation in the proposed
14
Council under FRA. He said to the members that people

in general and the business community and policy
makers in particular has subscribed ICMABs view that
the Council under the proposed FRA should be
comprised of multi-disciplinary people in line with the
global practices to materialize the very purpose of the
Act. He hoped that the members of the Institute will
continue their valued support to the initiatives taken by
the Institute and will come forward with suggestions if
any, on this issue. The secretary of the Institute also
spoke on this occasion.

EDUCATION, EXAMINATION AND STUDENT AFFAIRS

OFFICE BEARERS' MEET WITH THE STUDENTS
Office Bearers of the Institute held two meetings-one
with the students of all level and the other exclusively
with the students having one or two subjects remaining
to qualify. The purpose of such meetings were to
comprehend the problems being faced by the students
and their views on the overall academic environment of
the Institute with an ultimate objective to take up
necessary remedial measures. In each of the meetings

the students enthusiastically took part in the open
discussion and shared their views on academic and
related issues with the office bearers. Based on the
feedback received from the students a number of action
plan was undertaken and subsequently implemented.
CHANGES IN REGULATION TO ACCOMMODATE ADMISSION CRITERIA

As per the strategic plan adopted by the Institute,
students passing Higher Secondary Examination or
equivalent shall be allowed to get admitted in the
foundation level. In line with the policy direction,
initiative was taken to make necessary changes in the
regulation to accommodate admission of such students.
A proposal to this effect has been submitted to the

Ministry of Commerce and a number of follow up
meetings have held on this issue. The proposal is now in
the stage of final approval after due clearance from all
relevant ministries.
POLICY ON EXEMPTION
Students getting admitted in ICMAB are allowed
exemptions on certain subjects based on their past
academic results. But the administrative procedure to
give exemption to the entitled students had been a very
cumbersome and time consuming process. Difficulties
were being faced by the newly admitted students to get
quick decision on their exemption status. Moreover,
allowing exemptions, to some extent were left to the

discretions of the administrative staffs. Considering
these, the Education Committee has developed a written
exemption policy simplifying the administrative
procedure of allowing exemptions to the newly admitted
students. The policy has been duly approved by the
council and implemented since July 2014.
GUIDELINE ON INTERNSHIP REPORT

As a prerequisite to attain CMA qualification, students
need to undergo internship program, prepare a report
and present the same before the Examination
Committee. There were however, no prescribed
guideline to help the students in preparation and
presentation of the internship report. A written standard
on writing an Internship Report prepared by Mr. Nikhil

Chandra Shil FCMA, Consultant, ICMAB has been
endorsed by the Examination Committee after due
review. This is expected to be a helpful document for the
students to successfully complete their internship
program.
NEW ADMISSION BROCHURE

The admission brochure which is distributed among the
admission seekers has been redesigned with rich
contents and impressive look. This professionally
developed promotional material will create a positive

image of the Institute in the mind of the potential
students.

15

SMS AND ONLINE INFORMATION SERVICES FOR STUDENTS
Communication with the students has been made more
interactive and fast. Instead of traditional notice-board
communication, students now get information through
SMS and web-posts. Important and urgent information
like rescheduling or cancellation of any class are now
instantly sent to the students through SMS; Academic
notices are posted in the student section of the ICMAB

website. These have helped reduce students hassles to
a great extent. It is expected that once the new ERP
system is in place, maintaining communication with the
students will be faster, easier and more systematic.
PROMOTING CMA EDUCATION AMONG POTENTIAL STUDENTS

JAGANNATH UNIVERSITY
In order to attract potential students, the Institute
arranged a projection meeting on CMA Profession on
June 5, 2014 at Jagannath University, Dhaka. Around
800 students were present in the projection meeting.
Mr. Mohammed Salim FCMA President and Mr. Arif
Khan FCMA, Vice President of the Institute talked on
different aspects of the CMA profession. Mr. Zillur
Rahman FCMA made a presentation on the admission
procedures, study programs and career potentials of

CMAs. Professor Md. Jakir Hossain, Dean, Faculty of
Business Studies & Chairman, Department of Marketing
and Prof. Dr. Ali Noor, Chairman, Department of
Accounting & Information Systems, Jagannath
University, also spoke on the occasion.
UNITED INTERNATIONAL UNIVERSITY

In co-operation with faculty of Business Studies of
United International University (UIU) the Institute
arranged another promotional meeting on June 26,
2014 at UIU premise. Around 500 students attended the
meeting Chaired by Late Professor Dr. Md. Habibur
Rahman FCMA, Dean Faculty of Business Studies. Mr.
Mohammed Salim FCMA, President, Mr. Arif Khan
FCMA, Vice President, Mr. Jamal Ahmed Choudhury
16
FCMA Secretary and Mr. Zillur Rahman FCMA spoke in

the program on behalf of the Institute while Prof. Dr. Abu
Saleh Md. Sohel-uz-Zaman, Chairman of the
Department of Business Studies, UIU spoke on behalf of
the University. Among others UIU faculties including Dr.
Hasnan Ahmed FCMA, Nitai Chandra Debanath ACMA
and Senior Officials of ICMAB attended the program.


MEETING WITH THE TEACHERS
Education Committee arranged a meeting with the
teachers of ICMAB to exchange views on various
academic issues. Mr. Arif Khan FCMA, Vice President
and Chairman, Education Committee and Mr.
Mohammed Salim FCMA, President, discussed the
strategic directions of the new Council with the teachers
and sought their co-operation. Taking part in the

discussion, the teachers of the Institute raised certain
issues for further improvement. The President and the
Vice-President endorsed their observation and assured
gradual implementation of the suggestions.
MEETING WITH THE EXAMINERS AND QUESTION SETTERS

The Examination Committee led by its Chairman Mr. A S
M Shaykhul Islam FCMA held a meeting with the
Question Setters and Examiners on to share discuss
different examination related matters. The participants
shared their views and suggestions with the Committee.
The Chairman informed that the views expressed and

the suggestions made in the meeting shall be carefully
reviewed and appropriate actions shall be taken in
necessary cases. The president and secretary of the
Institute also attended the meeting.
SPECIAL COACHING CLASSES

Throughout the year the Education Committee of the
Institute arranged special coaching classes for the
advance level courses. These special classes were
helpful for the students who got limited or no opportunity
to attend these courses under regular arrangement. A

total of 753 hours of special classes have been
conducted during last 2 sessions.
REVISED TEACHERS' EVALUATION CRITERIA

Feedback of the students on the deliberations made by
a faculty is critical in evaluation of the teaching
performance. Education Committee has revised the
teachers evaluation criteria to obtain more accurate
assessment of performance through the feedback
system. The revised feedback form is a balanced

combination of different aspects of a teachers
performance which has been made effective from
January-June, 2014 session.
ENHANCEMENT OF HONORARIUM FOR SCRIPT EXAMINERS

The Examination Committee has taken decision to enhance the honorarium for examination of scripts. The revised
rate has been made effective from August 2014 examination.
INCREASE OF AMOUNT OF AWARD FOR OUTSTANDING RESULTS
The Institute offers cash awards to students achieving
outstanding results. The amount of the cash award has
not been revised since long. The Examination
Committee in its meeting held on July 13, 2014 has
decided to enhance the amount of cash prizes by upto

50% for outstanding results. This has been made
effective from August 2014 examination.

17

FULL-WEEK LIBRARY SERVICE
One of the suggestions that came out during the
interactive meetings with the students was to keep the
library open on all weekly holidays to help working
students take the library services. The Education
Committee implemented the suggestion and
accordingly the library services are now available 7 days
a week with exception of Government holidays.
Students, members, faculties and staff can now avail

the library services from 9:00 a.m. to 9:00 p.m.
throughout Saturday to Thursday and from 3:30 p.m. to
9:00 p.m. on Fridays. The Library (3rd floor) is spread
over 5600 sq. ft. of space where 328 students can sit
and study at a time.
IMPROVED LIBRARY FACILITY

CATALOUGE BROWSING FACILITY
Computers have been installed in the reading areas with
facilities to browse library catalogue, reserve books and
to place issue request replacing the old manual process.
Barcode reader, scanner and computers have also been

procured for the administrative section of the library for
improved management.
ADDITION OF BOOKS & PURCHASE OF FURNITURE

A total of 299 copies of text and reference books have
been procured for the library of Dhaka and Branch
libraries of Chittagong, Khulna, Rajshahi and Comilla.
Sufficient number of comfortable chairs have been

procured for the Library.
STUDENTS ACHIEVEMENT
Following students achieved awards for their outstanding performances in CMA examinations:
18
Name
Examination
Award
Md. Ahasan Uddin

Reg. # 20133639
December, 2013
Presidents
Silver Medal
Ms. Alokananda Bhowmik

Reg. # 20131795
December,2013
Cash Prize of
Tk. 2,000.00
Awarded for
Passing Professional Level-I in
one attempt securing highest
total marks
Securing highest marks in
Business Economics and
International Business
Md. Nurul Afsar

Reg. # 20041383
April, 2013
Cash Prize of
Tk. 3,000.00
Securing highest marks in

Advanced Cost Accounting


FINANCIAL SUPPORT FOR EXTRA-CURRICULUM ACHIEVEMENT
ICMAB students Mr. Md. Shohag Al Mamun (Reg. No
20082960) and Mr. Md. Sariful Islam (Reg. No
20042118) attended a conference in Sri Lanka on the
theme "Unreasonability -the fight against mediocrity"
organized by the Chartered Accountants Students'
Society (CASS), Sri Lanka on April 02, 2014. Mr. Md.
Shohag Al Mamun won 3rd place in the Article

Competition in SAFA category for his article titled Cost
Audit and its excellence as a decision making tool in
Bangladesh". On request from Mr. Sohag, ICMAB
provided part of his travel cost to attend the program for
receiving the award.
STUDENTS' WORKSHOP
Students Affairs Committee of ICMAB decided to hold

practical knowledge sharing workshops for the students
at periodic intervals under a program titled Program for
Enhancement of Practical Skills (PEPS). The purpose of
this initiative is to equip the students with knowledge
and skills of practical fields along with their academic
education. A two day workshop was accordingly
organized in October. The workshop comprised of three
technical sessions captioned An Introduction to Value
Added Tax, Facing Job Interviews: The Winning Skills
and SAP Business Solutions: Beginners Outline. Mr.

Mohammad Rezaul Karim, Executive VAT of Novartis
(Bangladesh) Limited, Mr. Rupak Nasrullah Zaidi,
Assistant Vice President , Prime Finance and Investment
Ltd., Mr. Bikash Kumar Paul ACMA, AGM Finance and
Accounts, Cityscape International Limited and Mr. Md.
Saiful Islam ACMA, Senior Executive (Accounts and
Finance), Square Pharmaceuticals Limited acted as
resource persons.

19

STUDENTS' SEMINAR
Students Affairs Committee of ICMAB also organized a

Students Seminar in November, 2014 at ICMAB
Ruhul Quddus Auditorium. Papers were invited from the
students on contemporary business issues namely
Corporate Governance in Bangladesh, Cost and
Management Accounting Practices and Capital Market.
An expert pool of professionals evaluated the papers
and provided necessary guidance to prepare the paper
for presentation before the audience. Five selected
papers were presented in the seminar. Mr. Rajon
Chandra Saha and Muhammad Khurshed Alam won
Taka 10,000 Cash award for their paper "Cost and
20
Management Accounting Practices in Pharmaceutical

Industries of Bangladesh"-. The second best award of
Taka 5,000 was received by Abu Taiyeb and Md.
Nazmul Hoq for their paper The Corporate governance
in Bangladesh. Mr. Mohammed Salim FCMA,
President, ICMAB were present in the seminar as Chief
Guest. Among others Mr. Jamal Ahmed Choudhury,
FCMA, Secretary, ICMAB & Chairman, Students Affairs
Committee, Mr. Abdur Rahman Khan FCMA, Mr. S.M.
Zahir Uddin Haider FCMA, Vice-Chairman, Students
Affairs
Committee
attended
the
program.


ENROLMENT AND EXAMINATION STATISTICS
ENROLMENT STATISTICS
Attracting students to the CMA profession is a priority
agenda of the Council. We are mindful of the challenges
the Institute is currently facing in this respect. Strategies
have been adopted to make the CMA education
attractive to potential students. As you will find in this
report collaborative arrangements is underway with
globally reputed professional bodies including CIMA
which will have a positive impact in this direction.
Year wise Enrolment of Students

Year
No of Students
2009-2010
3730
2010-2011
3832
2011-2012
4107
2012-2013
3380
2013-2014
2951
EXAMINATION RESULTS
42 students have passed CMA final examination during the last three sessions. The level wise pass results are as follows:
Year wise Enrolment of Students
Level
December-2013 April-2014
Passed CMA final examination
14
14
Professional Level-IV
04
10
Professional Level-III
16
16
Professional Level-II
07
19
Professional Level-I
59
17
Foundation Level
86
41
Total
186
117
August-2014
14
09
14
52
11
107
207

21
INTERNATIONAL RECOGNITION, ACCREDITATION & PARTNERSHIP

SIGNING OF MOU WITH CIMA: DRIVE FOR GLOBAL STANDARD
The new council since inception of taking the

responsibility was actively searching for partnership
with globally recognized accounting bodies to bring
about needed reforms in its education, examination and
other associated fields to elevate CMA education to a
global standard. The process began with adoption of an
action plan under the leadership of the president to
materialize the goal. As part of the process ICMAB
established contact with CIMA- the premier
management accounting body of the world, to explore
possible areas of partnership and co-operation between
the two organizations. ICMAB held several meetings
with the CIMA delegates led by its Regional Director Mr.
Bradley Emerson during their visit to ICMAB. Initial idea
was to enter into a technical collaboration arrangement
with CIMA to bring the academic curriculum and
examination system of ICMAB to a globally recognized
standard which will ultimately culminate in mutual
recognition of CMA degree by globally accepted
professional bodies. However, during the discussion
process ICMAB continued to search for alternative
routes to attain its goal in a mutually beneficial manner.
As part of this, President of ICMAB visited CIMA head
office in UK and held meeting with CIMA Managing
Director Andrew Harding along with Council member
22
and past president Gulzari Babber and South Asia

Director Bradley Emerson on the issue of strategic
partnership. He was accompanied by Mr. Golam
Morshed FCMA, Chairman of the UK Chapter of ICMAB.
The long process of discussions and negotiations has
ultimately resulted the signing of a milestone MOU
between ICMAB and CIMA. The proposed partnership
arrangement under the MOU being first of its kind for
both the organizations was signed on November 10,
2014 at the Archeological Museum Parco Della Musica,
in the venue of World Congress of Accountants 2014 in
Rome, Italy. Mohammed Salim, President of ICMAB and
Keith Luck, President of CIMA, UK singed the MoU on
behalf of the respected institutes. The main objective of
the MoU is to build the ICMAB qualification to world
class standards and a premium brand in Bangladesh.
Following are the highlights of the MoU:
CIMA will provide technical support to ICMAB to
re-deign its course curriculum and examination system
as per CIMA standard.
The entire education and examination could be offered
and conducted by ICMAB independently under the
guidance of CIMA..
Fellow members of ICMAB will appear only integrated

INTERNATIONAL RECOGNITION, ACCREDITATION & PARTNERSHIP

case study and Associate members will appear only two
subjects in the strategic level with integrated case study
to get the CIMA membership
ICMAB's existing students may also migrate to CIMA
program with credit transfer facility to get the dual
qualifications.
CIMA will charge concessionary examination fees
from ICMAB's student .ICMAB shall offer new course
curriculum to the future students.
Both the institute will organize joint research program
and exchange articles in their respective journals.
Both the institutes will work together for the
co-branding of management accounting profession in
Bangladesh.
The collaboration between ICMAB and CIMA besides

being mutually beneficial for the individual organizations
will build talent capacity to support economic growth of
Bangladesh.
Mr. Ahsanul Bari FCMA fellow member of ICMAB, Dr.
Zubaidur Rahman, Ex- Official of World Bank,
Washington DC, USA , Andrew Harding, Managing
Director of CIMA, Yogi Thakker, Strategic Client Director
CIMA and a good number of CIMA officials were present
in the signing ceremony.
President of ICMAB
Mohammed Salim and President of CIMA Keith Luck
spoke on the occasion on behalf of the both Institutes.
COLLABORATION WITH THE CHARTERED INSTITUTE OF PUBLIC FINANCE AND ACCOUNTING (CIPFA)
UK: MOU TO BE SIGNED IN DECEMBER 2014
a member of ICMAB UK Chapter accompanied the
president. During the meeting they further discussed on
the issues of partnership and co-operation between the
two institutions including mutual recognition of
professional degrees/certifications, organizing joint
program on the development of public finance in
Bangladesh, sharing of resources etc. A draft MoU was
subsequently sent to ICMAB for review.
A delegation of the Chartered Institute of Public Finance

and Accounting (CIPFA) led by Andrian Pulham Director
of Education met the President, ICMAB on April 28,
2014 at Dhaka. During the meeting they hold
discussions on possible collaboration between ICMAB
and CIPFA and mutual recognition of the degrees
offered by the two institutions. As a follow up of the
discussion, the President of ICMAB visited CIPFA office
in UK and held meeting with Rob Whiteman, CEO,
Adrien Pulham, Director of Education, Salema Hafiz,
Head of New & Emerging Markets. Emdad Haque FCMA
During the World Congress of Accountants in Rome,

President had a meeting with the CIPFA President Mike
Owen and further discussed on the MoU. Robert
Whitman CEO, Andrian Pulham, Director of Education,
Giles Orr, Head of Global Business Development and
other officials of CIPFA were present in the meeting.
President of CIPFA expressed his willingness to extend
supports for the development of ICMAB. It has been
agreed that high officials of CIPFA including its president
will visit Bangladesh in December 2014 to sign the MoU
with ICMAB. CIPFA will give direct membership to the
members of ICMAB working in the public sectors based
on their experience and position.

23
PHOTO GALLERY
24

PARTNERING WITH ENTREPRENEURS AND EMPLOYERS

BASHUNDHARA GROUP DONATES TAKA 25 LAKH FOR INFRASTRUCTURE DEVELOPMENT
Bashundhara Group, a leading business conglomerate

of the country and the Institute of Cost and Management
Accountants of Bangladesh (ICMAB) signed a
Memorandum of Understanding (MoU) on technical and
strategic cooperation in various fields. Mr. Sayem
Sobhan, Managing Director of Bashundhara Group and
Mr. Mohammed Salim FCMA, President ICMAB signed
the MoU at the conference room of the East West Media
Group Limited at Bashundhara Residential Area in the
capital on September 08, 2014.
Taka 25 lakh to ICMAB President Mr. Mohammed Salim

FCMA for the infrastructure development of ICMAB.
Under this MoU, Managing Director of Bashundhara

Group Mr. Sayem Sobhan handed over a cheque for
All the print and electronic media covered the signing

ceremony.
Vice President Mr. ASM Shaykhul Islam FCMA,

Secretary Jamal Ahmed Choudhury FCMA, Chairman
Infrastructure Development Committee Ruhul Amin
FCMA, Md. Akhtaruzzaman FCMA and Mr. Belayet
Hossain FCMA were among others present in the
meeting. Mr. S.M. Rafique Uddin Ahmed FCMA, Head of
Accounts and Finance of East-West Media Group Ltd.
co-ordinated the signing of MoU.
MEETING WITH CHAIRMAN OF CONFIDENCE GROUP

President Mr. Mohammed Salim FCMA had a meeting
with Mr. Rezaul Karim Chairman, Confidence Group.
The group is involved in mid-tech engineering products
which includes cement and ready mix, power
generation, paints, telecommunication etc. for domestic
and international markets. The president briefed the
chairman and his team about the Institute and the
profession. The Group Chairman highly appreciated the
role of the members of the Institute in national economic
activities. The group assured assistance for capacity

building of ICMAB in order to provide better educational
facilities to the students. Top Management of the group
including it's Managing Director Mr. Imran Karim were
present in the meeting. Mr. Md. Akhtaruzzaman FCMA,
past Chairman of Dhaka Branch Council, Mr. Zahir
Uddin Haider FCMA, member of Dhaka Branch Council
and Mr. Belayet Hussain FCMA were among the ICMAB
delegates.

25

MEETING WITH CHAIRMAN OF ACI LIMITED
A delegation of the Institute of Cost and Management
Accountants of Bangladesh (ICMAB) headed by its
President Mr. Mohammed Salim FCMA called on Mr. M
Anis Ud Dowla, the Chairman of ACI Limited at his office
on March 13, 2014.
The ICMAB delegation apprised the Chairman, the role
and contribution of the CMAs towards establishment of
transparency, accountability and corporate governance
in the business sector of the country. The Chairman of
ACI Limited appreciated the significant role of Cost and
Management Accountants and assured possible

assistance for the development of the Institute and the
CMA profession.
Mr. A. S. M. Shaykhul Islam FCMA, Mr. Muzaffar Ahmed
FCMA, Mr. Md. Akhtaruzzaman FCMA accompanied the
President in the meeting while Mr. Pradip Kar
Chowdhury FCA, Executive Director, Finance & Planning
and Mr. Amitava Saha, Head of Risk Management &
Internal Audit attended the meeting with the Chairman
of ACI.
PARTNERSHIP WITH LEADING RECRUITING FIRMS
ICMA Bangladesh hosted a dinner for the head hunting

firms of the country at a local hotel in Dhaka on April 9,
2014. Representatives of all leading firms of the country
attended the dinner. A video presentation highlighting
ICMAB and its members was made before the participants.
The president and other delegates of ICMAB talked on
academic and professional excellence of the CMAs
graduated from ICMAB and the important role played by
them in various sectors of the economy. The talent
management firms highly appreciated the initiative of
26
ICMAB as a step towards greater collaboration between

ICMAB and the HR firms of the country and applauded the
brilliant performance of CMAs in various organizations.
They assured extending all possible assistance from their
end. ICMAB President Mr. Mohammed Salim FCMA, Vice
President Mr. Arif Khan FCMA, Secretary Mr. Jamal Ahmed
Choudhury FCMA and Treasurer Mr. Md. Abdur Rahman
Khan FCMA attended the program along with Executive
Director and other senior executives of the Institute.


ICMAB DELEGATION MET CHAIRMAN, NITOL GROUP
Mr. Mohammed Salim FCMA, President of the Institute

met Mr. Abdul Matlub Ahmad, Chairman, Nitol-Niloy
Group on May 26, 2014. Vice President Mr. A. S. M.
Shaykhul Islam FCMA and Executive Director of ICMAB
were present in the meeting.
The President of ICMAB briefed Mr. Ahmad about the
activities of the Institute and the role its members are
playing in the economic develoment of the country. He
sought co-operation of the group in the development
initiatives of ICMAB and hope that the group will
continue to recruit higher number of CMA professionals

and students. The President also highlighted the
benefits of Cost Audit in business enterprises and
explained how it can help achieve a competitive edge.
The Chairman appreciated the role of the CMA
professionals and assured all possible support for the
Institute and the profession. Top management of the
group including Mr. Muhammad Salim FCMA were
present during the meeting.
WORLD BANK DELEGATION VISITED ICMAB

Mr. Md. Mozammel Hoque, Senior Financial
Management Specialist and Ms. Suraya Zannat, Senior
Management Specialist, World Bank, met the President
and Office Bearers of ICMAB on April 24, 2014. The
world Bank delegation was given an update on the latest
status of world bank sponsored twining project with
CIMA initiated in 2007 and its implication for the CMA
profession. The president of the Institute during the

meeting also shared the strategic plan of ICMAB to
transform CMA education into a world class one. He
sought support of the World Bank in the Academic
reform initiatives under the plan. A project proposal on
this issue was handed over to the team.

27
PHOTO GALLERY
28

LIAISON WITH GOVERNMENT AND REGULATORY BODIES

MINISTER FOR LAW, JUSTICE AND PARLIAMENTARY AFFAIRS
During the period under review, ICMAB delegation met

thrice with Advocate Anisul Haque, Minister for Law,
Justice and Parliamentary Affairs, Government of the
People's Republic of Bangladesh on various matters of
professional interest. The delegation during their meet,
particularly focused on the pioneering role of CMAs in
the effort of establishment of an audit oversight body in
the country. The delegation also apprised the minister
about the importance of introducing the Financial
Reporting Act (FRA) particularly in the context of
promoting and protecting the interest of the general

investors in the stock market. During the meetings, the
delegation strongly put forward their demand for
ICMABs representation in the proposed council under
FRA. The minister fully agreed with the ICMABs
reasoning and assured all support from his end to
protect and promote the interest of the profession.
Besides the Councilors, Mr. Md. Faruque Sikder FCMA
accompanied the ICMAB delegation in these meetings.
MINSTER FOR POST, TELECOMMUNICATION & INFORMATION TECHNOLOGY

A delegation of the Institute headed by its President Mr.
Mohammed Salim, FCMA called on Mr. Abdul Latif
Siddique, Minister for Post, Telecommunication and
Information Technology, GoB at his official residence on
February 20, 2014.
During the meeting ICMAB drew the attention of the
minister to the development of IT infrastructure of the
Institute in line with the Government's broader vision of
Digital Bangladesh and sought his kind support in this
respect. The Minister appreciated the role of Cost and
Management Accountants towards development of a
transparent and accountable society. He assured

co-operation and support from his end. Mr. Jamal
Ahmed Choudhury FCMA, Secretary, Mr. Md. Abdur
Rahman Khan FCMA, Treasurer, Prof. Dr. Swapan
Kumar Bala FCMA, Council Member, Mr. Md.
Akhtaruzzaman FCMA, Chairman Dhaka Branch
Council, Mr. Md. Abdul Alim Munshi FCMA, Vice
Chairman of ICT Committee and Executive Director of
the Institute were among the delegates present on the
occasion.

29

MINSTER FOR INDUSTRIES
A delegation of the Institute of Cost and Management

Accountants of Bangladesh (ICMAB) headed by its
President Mr. Mohammed Salim FCMA called on Mr.
Amir Hossain Amu MP, Minister for Industries at his
office on August 07, 2014. The issue of implementation
of Cost Audit by all SEC listed companies and the
potential benefits of its implementation were highlighted
in the meeting with due importance.
The Minister acknowledged the significant role of Cost

and Management Accountants for the establishment of
financial discipline in the business sector of the country
and endorsed the need for enforcing Cost Audit in all
sectors. The Minister assured all possible help and
assistance for the development of the Institute as well as
the CMA profession.
SECRETARY, MINISTRY OF FINANCE

An ICMAB delegation headed by its President Mr.
Mohammed Salim FCMA to call on Mr. Fazle Kabir,
Secretary for Finance, Finance Division, Government of
the People's Republic of Bangladesh at his ofce on
March 30, 2014.
Mr. Salim in this context briefed the Secretary about the
short and long term development planning of the
profession for keeping pace with other similar
30
professional bodies across the globe. He also put

emphasis on improvement of the existing education and
examination system including modernization of library
and classroom facilities for the students. The delegation
sought active support and guidance of the Finance
Secretary in connection with implementation of those
schemes for the development of CMA Profession.


STATE MINISTER FOR FINANCE
A six-member team led by President Mr. Mohammed

Salim FCMA called on Mr. M. A. Mannan MP, State
Minister for Finance, Government of the People's
Republic of Bangladesh at his office on July 16, 2014.
The delegation briefed the State Minister about the
significance and necessity of implementing Cost Audit
for the greater benefit of the economy. The delegation
also apprised the Minister about the importance of
introducing Financial Reporting Act (FRA) for the greater
interest of the society. He highlighted the need for an
independent Council under FRA and put forward their
justification for CMAs inclusion in such Council. The
delegation sought support and guidance of State

Minister for the development of CMA Profession and the
Institute. The Minister agreed with the ICMABs
propositions. He assured all possible help for the
development of the Institute as well as the CMA
profession.
Vice President Mr. A. S. M. Shaykhul Islam FCMA,
Secretary Mr. Jamal Ahmed Choudhury FCMA, Council
Members Mr. Muzaffar Ahmed FCMA, Mr. M. Abul
Kalam Muzumdar FCMA, Prof. Mamtaz Uddin Ahmed
FCMA and Director of the Institute Lt. Col. Md Humayun
Kabir, psc (Retd.) were attended in the meeting.

31

MINISTER FOR COMMERCE
ICMAB delegation made a call with Mr. Tofail Ahmed

MP, Minister for Commerce, Government of the
Peoples Republic of Bangladesh at his office on October
02, 2014.
Commerce assured the members of the ICMAB

delegation of his continued support for the betterment of
the CMA profession in the continuously changing global
environment.
ICMAB President updated the Minister about the overall

affairs of the Institute and the progress of the ongoing
activities. The prospects of strategic alliance with CIMA,
UK were also explained with due importance. During the
discussion, ICMAB President emphasized the need for
implementing Cost Audit and FRA. The Minister for
Mr. A. S. M. Shaykhul Islam FCMA, Mr. Jamal Ahmed

Choudhury FCMA, Mr. Md. Abdur Rahman Khan FCMA,
Prof. Mamtaz Uddin Ahmed FCMA, Prof. Dr. Swapan
Kumar Bala FCMA, and Lt. Col. Md Humayun Kabir, psc
(Retd.) were present on the occasion.
32


MINISTER FOR FINANCE
A meeting with A M A Muhith MP, Minister for Finance,

was held at his office on July 17, 2014. President of the
Institute led the ICMAB delegation. During the meeting
the delegation had a detailed discussion on the
proposed FRA. The president emphasized the need for a
balanced Council under FRA formed with
representatives from all stakeholders and regulators for
enhanced transparency in the accounting and reporting
practices of the country and for the better interest of the
investors' community. He gave a detail of the

contribution of ICMAB in establishment of an
independent audit oversight body as proposed in the
FRA and explained ICMABs stand on the issue.
Mr. Jamal Ahmed Choudhury FCMA, Mr. Muzaffar
Ahmed FCMA, Mr. M. Abul Kalam Muzumdar FCMA,
Prof. Mamtaz Uddin Ahmed FCMA, Mr. A. K. M. Delwer
Hussain FCMA & Prof. Dr. Swapan Kumar Bala FCMA and
Director of the Institute were present during the meeting.
SECRETARY, MINISTRY OF COMMERCE

ICMAB delegation called on Mr. Mahbub Ahmed, Secretary
for Commerce, Government of the People's Republic of
Bangladesh at his office on February 26, 2014.
The President of ICMAB briefed the Secretary about recent
adoption of short and long range strategic development plan
initiated by the Institute to turn it into a world-class
profession. He detailed the reforms undertaken in the
existing education and examination system, development of
IT infrastructure and partnership with global professions. He
also informed the secretary about development of the
physical Infrastructure of the Institute and requested

co-operation and support of the government. The Secretary
assured support and assistance to the reform initiatives of
the Institute.
Mr. A. S. M. Shaykhul Islam FCMA, Vice President, Mr. Md.
Abdur Rahman Khan FCMA, Treasurer, Mr. Muzaffar Ahmed
FCMA, Mr. M. Abul Kalam Mazumdar FCMA, Prof. Dr.
Swapan Kumar Bala FCMA, Council Members were present
in the meeting.

33

BANGLADESH SECURITIES AND EXCHANGE COMMISSION
A meeting with the Bangladesh Securities and Exchange

Commission (BSEC) was held on August 21, 2014 at BSEC
Office, Dhaka. Professor Dr. M. Khairul Hossain, Chairman,
BSEC and Mr. Mohammed Salim FCMA, President, ICMAB
led the delegation of the respective organization in the
meeting.
The president congratulated the Chairman and his team for
up gradation of BSEC to A-category by the International
Organization of Securities Commissions (IOSCO). He
appreciated the untiring effort of the Chairman to ensure a
more disciplined market. He also highlighted the successful
reform initiatives particularly in the areas of the stock market
regulations and demutualization of the exchanges. The
President talked about the mandatory compliance of the
Code of Corporate Governance introduced by SEC to ensure
transparency and Accountability of the organizations. He
briefed the Chairman about the legal provision requiring
34
companies of certain sectors to conduct Cost Audit and

urged his intervention for compliance of the same. The issue
of introducing the Financial Reporting Act (FRA) for the
greater benefit of the capital market and the need of an
Independent Council to make the law effective was also
discussed in the meeting. The President confirmed that the
ICMAB can play effective role at any capacity within the
broader aspect of accounting, financial management,
reporting and governance of the body corporate for the
greater interest of the country.
The BSEC Chairman appreciated the increased role and
contribution of Cost and Management Accountants and their
relentless effort in the business sector. He held that BSEC
being an important stakeholder of FRA will discuss the
matter with the relevant authority. The Chairman also
assured to look into matter of Cost Audit within the frame
work of the legal provisions in this regard.

PHOTO GALLERY

35
SEMINARS, WORKSHOPS AND TRAINING

PANEL DISCUSSION ON CORPORATE GOVERNANCE: ROLE OF INDEPENDENT DIRECTORS
A panel discussion on Corporate Governance:The Role

of the Independent Directors was held on March 27,
2014 at ICMAB. Stock Market regulators, researchers,
financial market analysts, representatives of listed
companies and stock exchanges were present as panel
discussants. It may be mentioned here that since 2012,
Bangladesh Securities and Exchange Commission
(BSEC) has made it mandatory for the listed companies
to comply with corporate governance guidelines issued
by the commission. The guidelines among others
require appointment of independent directors in the
board.
The speakers opined that, the mandatory provision of
the independent directors as introduced by the BSEC is
an encouraging step towards good governance but in a
transitional society like ours, the independent directors
are yet to come up with their due role. They expressed
the view that flawed selection process of the
independent directors and inadequate compensation
are among others, the barriers to reap benefit from the
role of the independent directors. Skepticism was also
36
expressed on role of independent directors in our family

oriented business culture. The speakers emphasized the
importance of proper training of the board members on
the matters of governance. Alternative models for
selection of independent directors were also suggested
by some speakers.
Mr. A. Matin Chowdhury, Managing Director, Malek
Spinning Mills Ltd., Dr. Mahmood Osman Imam FCMA,
Professor, Department of Finance, University of Dhaka,
Mr. Mamun Rashid, Vice-Chairman, BD Venture Ltd.,
Mr. M. Mohiuddin FCMA, member of the Board of
Directors of Chittagong Stock Exchange and Mr. Arif
Khan FCMA, Commissioner, BSEC, were the panel
speakers. The program was moderated by Mr. Muzaffar
Ahmed FCMA, a member of the Council of the Institute.
A good number of audience from different organizations
including Banks and NBFIs, regulatory and professional
bodies attended the program along with the members of
the Institute and took part in the Q & A session. The
complete video of the program was uploaded in ICMAB
website.


CHANGES IN LABOUR ACT 2006-IMPLICATION FOR THE ACCOUNTING PROFESSIONALS
ICMAB organized a Continuing Professional
Development (CPD) Program on Changes in Labour Act
2006 - Implication for the Accounting Professionals on
August 10, 2014 at ICMAB Ruhul Quddus Auditorium.
Mr. Jafrul Hasan Sharif, Advocate, Chairman and Sr.
Partner, Attorneys (a legal and management consulting
firm) presented the technical paper as Resource Person.
Mr. Jafrul Hasan is working as technical expert in labor
law and policy reform committee of Labor and
Employment ministry of Bangladesh Government.The

keynote speaker elaborated the changes in the Labor
Act through amendments in 2013 and discussed their
implication on business. Around 200 members
participated in the CPD program and actively took part in
the Q & A session. President of the Institute Mr.
Mohammed Salim, FCMA delivered welcome speech
while Mr. Jamal Ahmed Choudhury FCMA conducted
the program.
IMPACT OF BASEL-II IMPLEMENTATION ON THE NATIONAL ECONOMY
On the eve of SAFA conference in Dhaka, the Institute

organized a workshop titled "Impact of BASEL-II
implementation on the national economy with special
reference to disclosure requirement and risk
management of banks and financial institutions" at
ICMAB on September 8, 2014. The program planned as
a part of SAFA activities was participated by members of
ICMAB, representatives of SAFA bodies, Bankers and
Finance professionals of different sectors.
Mr. M A Mannan MP, State Minister, Ministry of Finance
& Planning graced the occasion as Chief Guest while
Mr. Shitangshu Kumar Sur Chowdhury, Deputy
Governor, Bangladesh Bank remained present as
Special Guest. Mr. Niyaz Ibrahim, Auditor General of
Maldives was invited as Guest of Honour in this
occasion. President of ICMAB Mr. Mohammed Salim
FCMA offered the welcome address. Mr. Muzaffar
Ahmed FCMA, past President and Chairman of the SAFA

Task Force on Implementation of Basel II, presented the
theme paper. After a short introductory session, four
speakers namely, Mr. Weerakoone Arachchige Adrian
Perera FCMA, from The Institute of Certified
Management Accountants of Sri Lanka, C. A. Narendra
Bhattarai, President, The Institute of Chartered
Accountants of Nepal, K. M. Abdul Wadood, General
Manager, Payment Systems Department, Bangladesh
Bank and Sayyid Mansoob Hasan form ICMA, Pakistan
made their enlightened and educative deliberations as
the resource persons. It was followed by an open
discussion.
Mr. A. S. M. Shaykhul Islam FCMA offered the vote of
thanks while Mr. Mohammad Mahbubur Rahman FCMA
moderated the program.

37

FINANCIAL REPORTING: DISCLOSURE AND COMPLIANCE REQUIREMENTS FOR PUBLIC
LIMITED COMPANIES
A CPD Program on "Financial Reporting: Disclosure and

Compliance Requirements for Public Limited
Companies" was held on August 26, 2014. President of
the Institute Mr. Mohammed Salim FCMA presided over
the meeting. The program was moderated by Mr. Md.
Kausar Alam FCMA, Group Chief Financial Officer,
Rahimafrooz (Bangladesh) Limited.
Ms. Akhter Sanjida Kasem FCMA, Partner, A. Qasem &

Co., Chartered Accountants, presented the technical
paper as Resource Person. Mr. Elias Ahmed FCMA,
MBA, Finance Director, Coats Bangladesh Limited and
Mr. A. K. M. Ziaul Hasan Khan FCA, Chief Regulatory
Officer, Dhaka Stock Exchange Ltd. were present as
Commentators on the said topic.
TRAINING ON "FINANCIAL MODELING THROUGH EXCEL"

The Training Committe of ICMAB organized a two days
training program on Financial Modeling through Excel
on September 12-13, 2014 at ICMAB.
The President of ICMAB inaugurated the training
program. The two-day training program was being
conducted by Mr. Hasan Haider ACCA, an international
expert on investment banking. The objective of the
38
training is to enhance the capacity of ICMAB members

in the areas of financial analysis and forecasting.
Among others, Mr. Mohammad Ali Nawaz FCMA,
Chairman and Mr. Naba Krishna Muni FCMA, Vice
Chairman, ICMAB Training Committee spoke on the
occasion. 35 members participated in the first batch of
the training.


MANAGING BUSINESS RISKS: LET INSURANCE HANDLE IT
In today's complex business environment managing

business risks has become one of the prime job
responsibilities for the CMAs. Insurance being one of the
most important tools for mitigation of business risk, a
comprehensive understanding of insurance is needed to
perform our functions.
In the above context the Training Committee of ICMAB
arranged the CPD program. Mohammed Salim FCMA,
President of ICMAB inaugurated it as chief guest.
Mr. Md. Manirul Islam and Syed Sehab Ullah Al-Manjur,
Managing Direcctor and Deputy Managing Director
respectively, of Pragati Insurance Limited were the key

resource persons. Both the resource persons discussed
in details the regualtory environment of the Insurance
business; different technical issue of risk coverage
under various insurance policies; effective management
of business risks by engaging and adopting right
insurance policies to safeguard business assets,
business revenue & profits and life of employees.
Mohammad Ali Nawaz FCMA, Chairman and Naba
Krishna Muni FCMA, Vice Chairman of ICMAB Training
Committee spoke on the occasion. The program ended
with a lively Q & A session.
WORKSHOP ON IFRS/IAS
Cost Accounting and Financial Reporting Standards
Committee organized a workshop on IFRS/IAS for the
members of the Institute. Mr. Sandip Halder FCA, ACMA
presented a paper on IAS 39: Financial Instruments Recognition and Measurement while Mr. Md. Monowar
Hossain FCMA, ACA dealt with IFRS-13: Fair Value

Measurement. Mr. M Abul Kalam Mazumdar FCMA,
Chairman of the Committee moderated the program.
Members actively took part in the discussion on these
two important standards.

39

PANEL DISCUSSION ON REGIME OF TRANSPARENCY, ACCOUNTABILITY AND GOVERNANCE
THROUGH FINANCIAL REPORTING
A Panel discussion on Regime of Transparency,

Accountability and Governance through Financial
Reporting organized by ICMAB was held on 22nd
November, 2014 evening at ICMAB Ruhul Quddus
Auditorium,.Dhaka. President of ICMAB delivered the
welcome speech.
would be the first step, but early steps should be taken

by the government to establish an independent FRC
office giving adequate fund and man-power for its
desired functioning. As per their opinion, the proposed
FRC should be a high powered independent, non-biased
and non-profit organization.
The speakers discussed about the issues of

transparency, accountability and governance of public
bodies and publicly traded companies and said that
many actors and factors work together to improve the
said issues; but financial reporting play vital role to serve
public interest and protect general investors. They also
appreciated the recent decision of the cabinet for
approving the Financial Reporting Act (FRA) and opined
that the FRA would help the capital market to grow
further and promote foreign investment. On that matter,
they discussed about the main objective of FRA and
suggested for a correct composition of the proposed
Financial Reporting Council (FRC) with appropriate
professional and stakeholders who are free from conflict
of interest.
All the discussants agreed that the government should

check the global practice of the Public Accounting
Oversight Bodies and Financial Reporting Councils to
make it user-friendly in real sense.
They opined that the formation of FRC governing body
40
Moderated by Mr. A S M Shaykhul Islam, FCMA,

Vice-President, ICMAB, Prof. Abu Ahmed, Department
of Economics, Dhaka University, Dr. Muhammad Abdul
Mazid, Chairman, Chittagong Stock Exchange Limited
and former Chairman of NBR, Dr. Jamal Uddin Ahmed,
FCA, Director, Power Grid Company of Bangladesh
(PGCB) and former President of the Institute of
Chartered Accountants of Bangladesh, Dr. Mahmood
Osman Imam FCMA, Professor Department of Finance,
Dhaka University and Prof. Dr. Swapan Kumar Bala,
FCMA, Managing Director, Dhaka Stock Exchange
Limited took part in the discussion session.

PHOTO GALLERY

41
GOVERNANCE AND ADMINISTRATION

CHANGES IN ICMAB ORDINANCE
The office bearers of the Institute had several meetings
with the Ministry of Commerce on the proposed draft of
the CMA Ordinance 1977. Proposal submitted by the
Institute included a number of changes importantly the
change of the name of the Institute and provisions for
regional representation in the Council. A meeting of
stakeholders including BSEC, Office of CAG, Ministry of
Finance, RJSC, ICAB and ICSMB etc., was organized by
the ministry to discuss on the proposed draft. The
meeting agreed on ICMABs proposal to change the
name of the profession as Chartered Management
Accountant. The proposed change in the name of the
Institute would be The Institute of Chartered
Management Accountants of Bangladesh. The ministry
formed a five member committee to review, modify and

update the other proposals of ICMAB. The Committee
was headed by representative from the Office of
Comptroller and Auditor General of Bangladesh.
At the same time the Ordinance, Regulation and
Corporate Law Review Committee headed by Mr. Md
Ishaque FCMA, also reviewed the proposals; made
some further modification and submitted it to the
Committee formed by the ministry. The Committee after
due evaluation has submitted their report.
A meeting with the Senior Secretary, Ministry of
Commerce has been scheduled on November 27, 2014
to discuss on the draft Act.
APPOINTMENT OF DIRECTOR
Lt. Col. Md Humayun Kabir, psc (Retired) has joined
ICMAB as Director. He will be responsible for
supervision of overall affairs of the Institute. Born in
1965 in Gazipur district, Mr. Kabir got commission in
Bangladesh Army in 1985 in the Corps of Infantry and
retired from service in 2013. He is a graduate from
Command and Staff College, Dhaka and obtained MBA
Degree from the University of Science and Technology,
Chittagong. He held command staff, administrative and

training assignments both in the military and other
government organizations on deputation. His successful
career includes three years services as Principal of
Faujdarhad Cadet College. He also held important
assignments in the UN establishments in different
capacities.
APPOINTMENT OF CONSULTANT
Mr. Nikhil Chandra Shil FCMA has been appointed as
part time consultant with effect from July 2014. He will
be looking after the academic affairs of the institute
besides certain other responsibilities. Mr. Shil obtained
his graduation and post-graduation in Accounting from
the Department of Accounting and Information Systems,
42
Dhaka University. An academician by profession, Mr.

Shil is currently working as Assistant Professor, Faculty
of Business Administration, East West University. He
has, to his credit a long list of research publications in
national and international journals. He is also author and
editor of a number of books related to business.


TRAINING OF ICMAB EMPLOYEES
TRAINING ON E-COMMUNICATION
A five day in-house training on administering and advanced features of the emailing system. Mr. Md.
managing Email system was arranged for the senior Hanif of IT department conducted the training.
level officers of ICMAB. The training highlighted different
TRAINING ON MS APPLICATIONS
Two long training sessions- one exclusively on MS Excel

and another covering MS office Applications like MS
Word, Powerpoint and spreadsheet were arranged in
March and October respectively. Through these
trainings the employees acquired advanced skills in

relevant areas which will help improve their working
efficiency. Experienced external trainers conducted the
trainings.
TRAINING ON COMMUNICATION
Five selected ICMAB officers namely, Mr. Masud Alam,
Asst. Director (Accounts); Md. Rafiqul Islam, Asst.
Director (Administration); Md. Hanif, Computer
Programmer, Md. Moslem Uddin, Public Relations
Officer and Ms. Kusum Akter, Sr. Assistant (Education)
underwent a six day long training on Communication

Skill organized by an external training provider. The
officers were trained to improve upon their skills in
communication, in particular written and oral English.

43

TRAINING ON MULTIMEDIA APPLICATION DEVELOPMENT
Two officers of ICMAB underwent a package of training
in the National Academy for Planning and Development
on Illustrator for one month. They acquired the skill on
graphics designing and information processing system

which are expected to be useful in their everyday job.
FRONT DESK BEHAVIOR AND TELEPHONE ETIQUETTES

Four employees obtained training on Front Desk
Behavior and Telephone Etiquettes. The Front desk
employees having interactions with students and
members obtained this training rendered by an external

training provider.
TRAINING ON FIRE SAFETY

Mr. Iftekhar Hossain Patwary, Engineer attended a 2 day
long Training Workshop on Fire safety and First Aid
Management held during 26 27 September 2014 at a

local Training center.
DEDICATED OFFICER FOR MEMBERS' AFFAIRS

Talukder Md. Rawfur Shahid Dawn, Administrative
Officer has been assigned as Desk Officer for members
Affairs. He will co-ordinate with other departments to
make sure that members mails, queries or information

requests are responded within quickest time. Mr. Dawn
can be reached at rsd@icmab.org.bd
MEETING WITH EMPLOYEES

New Office Bearers of ICMAB had a meeting with the
senior employees of the Institute on February 05, 2014.
The President Mr. Mohammed Salim FCMA in his
address highlighted the expectations of the members
from the council and shared some immediate action
plans. He sought co-operation of the officials in timely
executions of the plans adopted by the council. Vice
Presidents Mr. A. S. M. Shykhul Islam FCMA and Arif
Khan FCMA, Secretary Mr. Jamal Ahmed Choudhury
FCMA and Treasurer Mr. Md. Abdur Rahman Khan
FCMA spoke on the occasion highlighting the
expectations of the council from the employees. The
officials also shared their views with the office bearers
and assured full support for implementation of the
programs planned by the National Council.
Additionally, Secretary of the Institute also had separate
meetings with the senior officials at periodic intervals to
review the progress of implementation of the decisions
taken by the council.
44

ICT AND INFRASTRUCTURE

NEW ICMAB WEBSITE IN PROGRESS
Development of a new dynamic website for ICMAB is in
progress. Earlier, ICT Committee headed by Dr. Abdul
Hannan Mia FCMA identified the requirements for a
modern website compatible to the current days demand
through discovery sessions with related stakeholders. It

is expected that the new website will be operative by the
end of 2014.
ERP FOR OPERATIONAL EFFICIENCY

The Council has decided to go for ERP solutions for
automation of the overall process and activities of the
Institute. This is a long felt demand of the institute to
attain operational efficiency and rendering improved
services to the members, students and other
stakeholders. Besides automation of the routine
administrative and accounting functions, the ERP
system will offer facilities like, online registration and
Attendance management
Purchases, inventory and auction management
SMS service
Teachers assessment meeting and event management
Electronic voting system
E-Tender management communication with the branches
submission of papers by the students, arrangement for

payment of subscriptions by the members, maintaining
members and students' complete database, quick and
easy interaction and communication with the members
and branch offices, online library supports etc. Provision
for integration of virtual presentation or conducting
classes online, if planned in future is kept open. The
proposed ERP will have the following modules:
Online student management system

Online members management system
Online exam management and result publication
Journal management
Online digital library
Accounts, HR & payroll management
Order has been placed with a local ERP solutions provider who has already started one-to one exploratory sessions
with concerned department. The full project is expected to be completed by June 2015.
ELEGANT ADMINISTRATIVE OFFICE

45
ICT AND INFRASTRUCTURE

The work for the refurbishment of Adminstrative Office
(5th floor) has already been taken up by the Council. The
office is to be given a modern look with appropriate
scientific layout and design. Considering present and
future requirements in consonance with the concept of
open office space, workstation panels and modern
office furniture shall be setup for a comfortable and
elegant office environment.

Additionally two rooms (Room # 703 and 707) has been
converted into meeting rooms and decorated with
modern furniture. This was a necessity as there was no
proper facility except the council room to hold meetings
by different committees.
RENOVATION & EXTERNAL ELEVATION WORKS FOR ICMA BHABAN

Institute has taken initiative to carry out external
renovation and re furbishment of the Head Office
building to improve its shattered look. As part of the
process an MoU was signed with the Bashundhara
Group who volunteered to provide financial support to
the initiative. They have already given a check of Tk. 25
46
lakh to the Institute for its infrastructure development. In

addition, president is in the process of discussion with
some other organizations to participate in this
infrastructure development initiative. The renovation
work at the date of this reporting is in progress and is
expected to be completed by early January 2015.

COST AUDIT AND PROFESSIONAL SERVICES ACTIVITIES

BANGLADESH COST ACCOUNTING STANDARDS
The Council of ICMAB has approved the release of the

Bangladesh Cost Accounting Standard (BCAS). With the
formal release of the standards, Bangladesh will be the
first among few countries in the world which will have its
own standard in cost accounting areas. The Cost
Accounting and Financial Reporting Standard
Committee of the Institute earlier issued ten Exposure
draft on BCAS.
Over past few months four workshops including one in

Chittagong, were held to obtain comments and
observations on the standards. These were also hosted
in the ICMAB website for public opinion and comments.
Based on the feedback received from different quarters,
the BCASs were finalized after due modification and
changes in the draft and thereafter, the Council gave
final approval for public release of the Standards. Mr. M.
Abul Kalam Mazumdar FCMA, Chairman of the Cost
Accounting and Financial Reporting Standards
Committee (CAFRSC) and a member of the present
Council commented The cost accounting standards are
required to provide guidance to the users of cost
statements, regulators, government, researchers and
academicians for the purpose of uniformity and
consistency in classification, measurement and
assignment of costs. These standards once adopted
and released by the Council will act as a bench mark for
the Management Accounting professionals in practice
or employment.
BCASs are expected to be released shortly for public use
through a formal program.
MEETING WITH CHAIRMAN, BPC ON COST AUDIT
ICMAB President and Chairman of the Cost Audit

Committee met the Chairman Mr. Md. Eunusur Rahman
and other senior Officials of Bangladesh Petroleum
Corporation (BPC) on August 21, 2014.
During the meeting they discussed the issue of

implementation of cost audit in the companies under
Petroleum Corporation of Bangladesh. They informed
the Chairman that although conducting Cost Audit is
mandatory for the petroleum companies, such audit is
not being carried out on regular basis by the companies
under his control. The Chairman assured the delegation
to look into the matter and take appropriate steps to
comply with the legal requirements.
BPC Director (Marketing) Mr. S.M Rejoan Hossain,
Secretary Mr. Dipak Chakraborty were among other
present during the meeting.

47
41
COST AUDIT AND PROFESSIONAL SERVICES ACTIVITIES

MEETING WITH CHAIRMAN, BCIC
In order to pursue implementation of Cost Audit in
Fertilizer Companies, a meeting with Bangladesh
Chemical Industries Corporation (BCIC) was held on
September 01, 2014. ICMAB President Mr. Mohammed
Salim FCMA and BCIC Chairman Mr. Md. Munsur Ali
Sikder ndc, led the respective delegation during the
meeting.
explained how the industries of the country could be

benefited through Cost Audit and urged upon the need
for implementing Cost Audit in different fertilizer
factories in accordance with Gazette notification of the
Government. The BCIC Chairman gave assurance of
gradual implementation of Cost Audit for appropriate
compliance of the Government notification.
The president briefed the Chairman about the ICMAB

and the CMA Profession. During the meeting, he
highlighted the legal compulsion of implementation of
Cost Audit in the Fertilizer companies under BCIC and
sought co-operation of the Chairman for appropriate
compliance. He informed the Chairman that despite
requirement of law, BCIC is yet to implement such Audit
in the organizations under its management. He also
Vice President Arif Khan FCMA, Council Members Mr.

M. Abul Kalam Muzumdar FCMA, Prof. Mamtaz Uddin
Ahmed FCMA, Mr. A K M Delwer Hussain FCMA and
Director Lt. Col. Md Humayun Kabir, psc (Retd.) of
ICMAB, Md. Abdul Hye, Director (Finance) and
Mohammad Shaheen Kamal, Controller of Accounts of
BCIC were present during the discussion.
CENTRE FOR MANAGEMENT CONSULTANCY, ICMAB

The Cost Audit and Professional Service Cell of the
Institute is working to setup a Management Consultancy
Centre at the ICMAB. The objectives of the Centre are to
arrange consultancy works for the members of the
Institute and in the process create a brand image of the
Institute in the corporate arena. Once operational, the
centre can help open up avenue in the management

consultancy field creating practicing opportunity for the
CMAs. The committee has finalized modus operandi of
the venture with details of policy guidelines. The
Committee plans to start operation of the cell by mid
December, 2014.
ICMAB REPRESENTATIVE IN THE COST ACCOUNTING STANDARD BOARD OF INDIA

Institute of Cost Accountants of India (ICA) has
requested ICMAB to nominate a permanent
representative in its Cost Accounting Standard Board.
ICA constituted the Board in 2001 with a view to equip
the Cost and Management Accountancy profession with
better guidelines on standard cost accounting practices.
It consists of nominees of the central government of
42
48
India, regulators like SEBI and representatives of

different professional bodies and industry associations.
Mr. M Abul Kalam Mazumdar FCMA, Chairman of the
Cost Accounting and Financial Reporting Standard
Committee has been nominated as the member of the
said Board.

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49
RESEARCH AND PUBLICATIONS

JOURNAL AND OTHER PUBLICATIONS
The journal of ICMAB carries the Professional testimony
of the Institute. In order to keep pace with standard of
the professional bodies home and abroad the Journal
and Publication Committee has brought 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 Institutes Bi-monthly Journal The
Cost and Management has been published during the

year.
Besides, The Institute has also published souvenirs on
the occasion of Convocation 2013, Best Corporate
Award-2013, SAFA Workshop on Impact of Basel II,
SAFA International Conference; Member List 2014;
Brochures for Student promotions and CPD Programs.
RESEARCH
ICMA Bangladesh being the Chairman the SAFA Task
Force on Implementation of Basel II in SAFA Region is
carrying out a research titled Impact of Basel II
implementation on national economy with special
reference to Disclosure requirement and Risk
management of banks and financial institutions. This is
part of the SAFAs research initiative to review the
progress of implementation of Basel II in SAFA region.
Mr. Muzaffar Ahmed FCMA, the Chairman of the SAFA
Committee is lead researcher of the project.
44
50
Additionally, the Research & Development Committee

approved the research proposal titled Assessing the
Government Measures to Arrest Price Hike of Essential
Commodities in Bangladesh and the Role of Cost and
Management Accountants in Ensuring Effective Price
Fixing. Mr. Shawkat Ali Waresi, Additional Secretary
Ministry of Commerce and a member of the Council
submitted this proposal in the previous year.

ROLE IN NATIONAL ECONOMIC ISSUES

PRE-BUDGET DISCUSSION SESSION
The Institute organized a discussion session on National

Budget 2014-2015 on June 03, 2014.
Mr. Abdul Matlub Ahmad, Chairman, Nitol-Niloy Group
attended the program as Chief Guest while Dr.
Monaw-war Uddin Ahmad, Professor, Department of
Economics, University of Dhaka was the Guest Speaker.
Mr. Ranjan Kumar Bhowmik FCMA, Chairman of the
Taxation Committee and and Dr. Khondaker Golam
Moazzem, Additional Director (Research), Center for
Policy Dialogue (CPD) were the Resource Persons.
Mr. Ranjan Kumar Bhowmik FCMA presented the
budget recommendations of ICMAB. Mr. Golam
Moazzem put emphasis on increased public and private
investment to attain higher growth rate of GDP. He also
urged the government to undertake and implement
large infrastructural projects to facilitate and gear up
investments.
During the discussion, Professor A. K. Monaw-war
Uddin Ahmad pointed out the need for effective
implementation of the budget, establishment of good
governance and eradication of corruption from the
society to bring tangible benefit to the nation.
Mr. Abdul Matlub Ahmad in his speech, opined that in
order to encourage people to pay tax, procedure of
collection should be simplified. He suggested for
widening the tax base and lowering the tax rates. Mr.
Mohammed Salim FCMA, President, ICMAB presided
over the discussion session. Vice President Mr. A. S. M.
Shaykhul Islam FCMA also spoke on the occasion. It was
conducted by Mr. Muzaffar Ahmed FCMA, Chairman,
Seminar and Conference Committee, ICMAB.

45
51

PROPOSAL TO PAY AND SERVICE COMMISSION
ICMAB submitted a proposal to the Pay and Service Commission formed by the Government to review and
recommend pay scales for the Government employees. A delegation of ICMAB headed by the President met Dr.
Mohammed Farashuddin, Chairman, Pay and Service Commission at his office on September 01, 2014. During the
meeting the ICMAB president emphasized the need for a competitive pay packages to attract talented professionals
to the government sectors. ICMAB's proposal to the Commission included recommendations for:
Separate Pay Package and Special Increment for Professionals including CMAs
Provision of Accommodation/Housing facilities for the retired Govt. ofcials
Arrangement of health insurance scheme in lieu of medical allowances for the Govt. ofcials
Enhancement of education allowance for the Government ofcials
Rational Conveyance Allowance; Interest free car/motor cycle loan facility
Tax credit benets for private sector employees paying tax above a threshold
The Chairman of the Commission highly appreciated the proactive role of ICMAB in the national Interest. He
informed the president that ICMAB's proposals will be reviewed with due consideration. Past President Prof. Mamtaz
Uddin Ahmed FCMA who is also a member of the Pay and Service Commission and senior officials of ICMAB
including the Director of the Institute attended the meeting along with the president. Members of the commission
were also present in the meeting.
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52


BUDGET PROPOSAL SUBMITTED TO NBR
ICMAB submitted budget proposals on Income Tax,
Customs Duty and Value Added Tax along with other
policy recommendations to the National Board of
Revenue for their consideration. Earlier, the Taxation
Committee headed by its Chairman Mr. Ranjan Kumar

Bhowmik FCMA prepared the proposals based on
recommendations received from the members.
PRESS CONFERENCE ON FINANCIAL REPORTING ACT (FRA)
ICMAB organized a press conference on July 7, 2014 at

Pan Pacific Sonargaon hotel to share the view of the
Institute on Financial Reporting Act (FRA) with the civil
society through electronic and print media.
Mr. Mohammed Salim FCMA, President of the Institute
presented ICMABs Communiqu to the press
highlighting the role of ICMAB in establishment of good
governance and transparency in accounting and
reporting system. He informed the print and electronic
media representatives that ICMAB is the pioneer in
introducing the concept of an audit oversight body in the
country. He told the press that ICMAB as long back as in
1999 submitted a proposal to the ministry urging for
establishment of an Accounting and Auditing Standard
Monitoring Board in line with the proposed FRA. He held
that the Financial Reporting Council (FRC) under the FRA
should be an independent agency consisting of the
professional accounting bodies of the country,
regulators, academics and relevant government
officials. He emphasized that for an independent and

effective council, representation of ICMAB must be there
in the FRC.
He also mentioned that similar accounting and auditing
oversight bodies around the world have representatives
from different accounting as well as other regulatory
bodies in addition to the chartered accountants. He
informed the journalists present in the conference that
the civil society of the country over the years are
increasingly emphasizing the need for improved
accounting and auditing system of the country for
ensuring good governance of the public interest entities.
Vice President Mr. A.S.M. Shaykhul Islam FCMA,
Secretary Jamal Ahmed Choudhury FCMA, Past
Presidents Mr. Rafiq Ahmad FCMA and Mr. Muzaffar
Ahmed FCMA were among those on the dias and replied
questions and queries of the media. A number of past
presidents of the Institute were also present in the press
conference.

53

ICMAB SUBMITTED ITES BPO ENTREPRENEUR DEVELOPMENT PROJECT
ICMAB submitted a project proposal to the ministry of

Information and Communication Technology of the
Government of Bangladesh to develop Business Process
Outsourcing (BPO) Entrepreneurs in the country.
The Project captioned "Information Technology Enabled
Services (ITES) BPO Entrepreneur Development"
involves an investment of Taka 10 Crore and is designed
in line with the "Leveraging ICT for Growth, Employment
and Governance Project" of the Ministry. Mr. Md.
Faruque Sikder FCMA is the lead Co-ordinator from
ICMAB on the project. The project is targeted to train
3,840 Commerce and Accounting educated youths in
BPO in the field of Accounting, Finance and Payroll
Transactions Processing in online Freelance Market
Place. Training shall also be provided to 10 Institutional
Entrepreneurs having suffient experience in Accounting
& Finance and track record of ERP Software
Implementation. The project component also includes
Market Intelligence Research on IT/ITES BPO sector to
54
assess the International BPO market penetration.

ICMAB will act as a strategic partner of the ICT ministry
in implementation of the project. The Project once
implemeted is expected to expand employment
opportunities for the unemployed commerce and
accounting eductaed youths; help export diversication
of IT/ITES service Sector; sensitize the IT/ITES industry
leaders and build capacity of the professional institutes
in training and research. Several meetings on the
proposal were held with the Secretary of the concerned
ministry and other relevant authorities.
The ministry in principle has agreed to implement the
project. It will be initially conducted on a pilot basis in
Dhaka and will subsequently be spread over 6 other
divisions. We are waiting for the final approval of the
proposal by the relevant authorities including the
Ministry of Finance.

PHOTO GALLERY

55
REPRESENTATION IN REGIONAL AND GLOBAL FORUM

ICMAB ELECTED AS CHAIRMAN OF SAFA COMMITTEE FOR NOPC
SAFA Board meeting held in Dhaka on September 10,
2014 decided to form a new SAFA Committee for
Non-Profit Organizations and Co-operatives (NPOC). It
was decided that ICMAB will lead the newly formed
Committee. Subsequently, the Council nominated Prof.

Dr. Swapan Kumar Bala FCMA as the Chairman of the
NPOC.
IFAC ASSEMBLY MEETING

President attended the General Assembly Meeting of
IFAC held in Rome, Italy on November 7, 2014. ICMAB
being a member of IFAC, the president cast votes on a
number of meeting agenda including selection of a new
President and Deputy President for the global body. Ms.
Olivia Kirtley CPA (USA), CGMA and Ms. Rachel Grimes
CPA (Australia) was elected as President and Deputy
President of IFAC for the next two year term. The

Institute of Certified Management Accountants of Sri
Lanka and Dutch Institute of Management Accountants
(VRC) were elected as the full member of IFAC.
President of ICMAB congratulated both the
management accounting bodies.
CAPA MEETING
During his visit to Italy, the President also joined the
CAPA Board Meeting and General Assembly Meeting
held on November 9 and 10, 2014 respectively at the
Inter Continental Hotel, Rome. During the CAPA Board

Meeting the President briefed the members about the
overall activities being under taken by ICMAB.
WORLD CONGRESS OF ACCOUNTANTS (WCOA)

The WCOA is the foremost international event attracting
the leadership of the profession including individuals in
public accounting firms, academicia, global enterprises
and professional institutes as well as regulators,
standard setters and others focused on the development
of a high quality global accountancy profession. The
theme of the Congress was "2020 Vision: Learning from
the past, building the future".
President of ICMAB joined the opening ceremony of the

World Congress of Accountants. He also joined four
plenary sessions and three technical sessions held on
different topics. Key note speech was given by Vincenzo
La Via, Director General Italian Treasury. Outgoing
President of IFAC delivered the Welcome address.
During the visit the president had meetings with other
professional bodies on issues of mutual interest and
signed the milestone MoU with CIMA.
IFAC ACTIVITY
As a member of the International Federation of
Accountants (IFAC), ICMAB throughout the year
maintained constant contact with the global body;
submitted reports and information on ICMAB including
56
Statement of Membership Obligations Plan Update

(SMO 2014); participated in IFAC Special Electronic
Meeting of Council; took part in electronic voting on
AGM Agenda.


SAFA BOARD AND COMMITTEE MEETING
As an active member of SAFA, ICMAB attended the following Board and committee meetings, seminars and
conferences organized by SAFA and its member bodies.
INDIA
during October 10 -11, 2014. Mr. Mohammed Salim
FCMA, President, Mr. A K M Delwer Hussain FCMA
Member SAFA Committee on SMP, Dr. Swapan Kumar
Bala FCMA, Member, SAFA Committee on Quality
Control and Mr. Naba Krishna Muni FCMA were the
ICMAB delegates to the events.
Mr. Naba Krishna Muni FCMA Presented a Technical
Paper titled Global and Regional Trends and
Development Impacting Small and Medium Sized
SAFA-IFAC Regional SMP Forum Conference and SAFA Practitioners (SMPs): Bangladesh Perspective. He also
Board meeting were organized by The Institute of attended as a panel discussant on Capacity Building of
Chartered Accountants of India (ICAI) at New Delhi, India SMPs in SAFA Region".

57

MALDIVES
A four member ICMAB delegation led by Mr.

Mohammed Salim FCMA, attended the SAFA Board and
Committee Meetings and SAFA Seminar on Efficiently
Managing Small & Medium Practices held during June
08-10, 2014 at Male, Maldives. Vice President Mr. A S

M Shaykhul Islam FCMA, Secretary Mr. Jamal Ahmed
Choudhury FCMA, Council Member Mr. Md. Mamunur
Rashid FCMA were the other members of the team.
BANGLADESH
The Institute of Chartered Accountants of Bangladesh
(ICAB) organized SAFA Board and Committee Meetings
in Dhaka on September 9-10, 2014. They also arranged
SAFA international Conference 2014 on the theme
Accountants for Growth-Perspective South Asia.

Office Bearers of the Institute and members of the
concerned committees attended the programs.
PAKISTAN
SAFA BOARD AND COMMITTEE MEETINGS AND CFO CONFERENCE
A three member delegation of ICMAB headed by its
President Mr. Mohammed Salim FCMA attended the
SAFA Board and other Committee meetings in Karachi,
Pakistan. The delegation also attended meetings of
various SAFA committees. Besides, the delegation
joined the CFO Conference on Conformance to
58
Leadership Evolving Role of CFOs organized by the

Institute of Chartered Accountants of Pakistan. Mr.
Muzaffar Ahmed FCMA and Mr. M Abul Kalam
Mazumdar FCMA were the Other members of the
delegation.


VISIT TO ICMAP OFFICE, KARACHI
ICMAB delegation made a courtesy visit to ICMAP office
in Karachi. During their visit, they were briefed on the
operational and professional development activities of
the Institute. The delegation also discussed about
possible technical collaboration between the two

institutes in the fields of education and examination,
ERP implementation, cost audit, cost accounting
standards, CPDs etc.
SAFA MEETINGS AND REGIONAL STANDARD SETTERS CONFERENCE

SAFA Board & Committee Meetings, SAFA Awards for
Best Presented Accounts and Regional Standard Setters
Conference were held during May 2-4, 2014 in
Islamabad, Pakistan. A three member team comprising
of Mr. Muzaffar Ahmed FCMA, Member SAFA Education

Committee, Mr. Muhammad Ahsanul
Jabbar,
government nominee to the Council and the President of
the Institute attended the events.
SRILANKA
CONFERENCE ON FINANCIAL REPORTING FOR ECONOMIC DEVELOPMENT (FRED), AND CAPA
BOARD MEETING
Institute of Chartered Accountants of Sri Lanka in
association with the World Bank, IFAC and CAPA
organized a conference on Financial Reporting for
Economic Development (FRED) during May 19-23,
2014 at Negombo, Sri Lanka. President ICMAB, Mr.

Mohammed Salim FCMA participated in the
Conference. President also attended CAPA Board
meeting held during this time.
SAFA ASSEMBLY, BOARD AND COMMITTEE MEETINGS AND WORKSHOP

SAFA Assembly, Board meeting, Committee Meetings &
"SAFA-IFAC PAO Development Workshop were held
during January 20-22, 2014 at Colombo, Sri Lanka. A
six member ICMAB delegation led by SAFA President
Mr. Abdul Mannan FCMA attended the program. Mr. A K
M Delewer Hussain FCMA, Mr. Muzaffar Ahmed FCMA,
Mr. Md. Jasim Uddin Akond FCMA, Mr. M Abul Kalam

Mazumdar FCMA and Mr. Md. Mamunur Rashid FCMA,
attended the events. Mr. Abdul Mannan FCMA on expiry
of his term handed over the responsibility to the
incumbent SAFA President from India.

59

CMA NATIONAL MANAGEMENT ACCOUNTING CONFERENCE
The Institute of Certified Management Accountants Sri Vice President of ICMAB presented a paper on South
Lanka organized the CMA National Management Asian Experience in Fast Tracking Economic
Accounting Conference on June 18-20, 2014 at Development: Bangladesh Experience.
Colombo, Sri Lanka. Mr. A. S. M. Shaykhul Islam FCMA,
60

CMA BRANDING AND IMAGE BUILDING

ICMAB BEST CORPORATE AWARD
ICMAB organized a grand gala program at Radisson Blu unusually important in the country due to rapid
Water Garden Hotel in the city on April 27, 2014 for expansion of the private sector growth. Terming the day
distribution of the "ICMAB Best Corporate Award 2013". "very important", he said it must lead to a competitive
This year 38 enterprises covering different sectors mindset of other corporate organizations who did not get
including banks, NBFIs, insurance, pharmaceuticals, award this year.
power etc., got the awards. ICMAB introduced the
award in 2007 to recognize the country's best corporate
enterprises and encourage others to go for good
corporate culture and management.
President Mohammed Salim FCMA said it was a modest

effort of the national institute to recognize corporate
organization for their performance with honesty and
accountability.
Finance Minister Abul Maal Abdul Muhith MP was the

Chief Guest of the program and distributed awards
among the receipients. President of ICMAB Mohammed
Salim, FCMA delivered the welcome address while
Chairman of award evaluation committee Muzaffar
Ahmed FCMA and Secretary Jamal Ahmed Choudhury
FCMA spoke on the occasion.
CFO of HSBC, Steve Ball, MD of Islami Bank Mr. Abdul

Mannan, Chairman of Summit Power Mr. Aziz Khan
also spoke on behalf of the recipients of the awards.
They all highly appreciated the role of ICMAB in the
process of promoting competitive zeal amongst
industrial/business entrepreneurs toward gaining the
desired level of corporate governance and economic
development of the nation. The program was widely
covered in all print and electronic media and the full
video was hosted in ICMAB website.
The Finance Minister in his speech said Bangladesh's

financial sector was performing quite well and is on the
right track. He said corporate governance became

61
CMA BRANDING AND IMAGE BUILDING

CONVOCATION 2013
The ICMAB Convocation-2013 held on January 28,

2014 at Ruposhi Bangla Hotel, Dhaka. Mr. Abul Maal
Abdul Muhit, MP, Minister for Finance, Government of
the People's Republic of Bangladesh graced the
occasion as Chief Guest and distributed certificates
among the recipients.
In his speech, the finance minister congratulated the
newly qualified CMAs and applauded the quality of CMA
education to cater to the needs of the economy. Prof. Dr.
S.M. Nazrul Islam, Vice-Chancellor, Bangladesh
University of Engineering & Technology (BUET), was the
Convocation Speaker. Mr. Islam in his speech told the
audience that the ICMAB through producing quality
professionals are virtually contributing to the wealth of
the nation. He urged the newly qualified CMAs to
62
dedicatedly perform their duties for the economic

development of the country.
The program was chaired by AKM Delwer Hussain,
FCMA the President of ICMAB. The Convener of
Convocation 2013 Mr. Zahir Uddin Ahmed FCMA and
the Vice President Mr. Mohammed Salim, FCMA also
spoke on the occasion. Mr. Prof. Mamtaz Uddin Ahmed,
FCMA, offered vote of thanks.
More than one hundred fellow and associate members
of the Institute received their certificates in the
convocation program. Past Presidents, Council
Members, a large number of associate and fellow
members of the Institute and high dignitaries of
government and sector corporations attended the
Convocation-2013 program.

MEDIA COVERAGE
VIBRANT MEDIA PRESENCE
ICMAB had a strong foothold over national print and
electronic media with wide coverage of its activities
throughout 2014. During the year, the president of the
Institute was invited in live Talk Shows in leading TV
channels including ETV, NTV, Independent TV, ATN etc.
Besides, different national dailies including the Financial
Express and the Independent published detailed
interview of the president on various financial and
regulatory policy matters. Through these interviews and
talk shows, the position of ICMAB on different national
policy issues reached to the wider society of the country.
The print and electronic media also well covered various
activities of the Institute including Best Corporate
Performance Award, signing of MoU with CIMA, panel

discussions, seminar, workshop etc. across the year.
Apart from it our professionals including the council
members had their presence in print and electronic
media at different capacities. They occasionally
appeared in TV and radio channels and print 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 build greater brand value for
the profession.

63
WE LOST
With burdened heart, we report the demise of the following
members during the period under review:
Moral Md. Amzad Hossain FCMA (F-0127), a dignified member of the
Institute expired on 3rd May, 2014 at his residence in Khulna. He was
72. He remained actively attached with different professional activities of
the Institute through Khulna Branch Council till his death. Late Amzad
Hossain was four times Chairman of Khulna Branch Council. Through his
departure we miss his experienced guidance.
Md. Mohibullah FCMA (F-0180), FCA passed away on September 03,

2014 in Dhaka. Late Mohibullah was a senior member of our family and
was a long time Auditor of the Institute.
Professor Dr. Habibur Rahman FCMA (F-0149) breathed his last on

November 3, 2014 in Dhaka. Late Rahman was a highly respected
professional and a very active member of the Institute. During his life, he
served the Institute at various capacities inluding Editor of the Cost and
Management. We recall with saddened heart, his proactive support in
organizing a promotional program at his university only in June 2014.
Zahir Uddin Ahmed FCMA (F-0162), FCA passed away on November 19,
2014 in Hospital in Singapore. A highly respected personality of the
Accounting profession of the South Asian region, late Zahir Uddin Ahmed had
the rare distinction of being two times president of each of the Institute of
Cost and Management Accountants of Bangladesh (2008 & 2011) and the
Institute of Chartered Accountants of Bangladesh (1975-76 & 1981). He was
also the president of the South Asian Federation of Accountants (SAFA) in
2002. Late Ahmed served as a member of many high level government
committees/commissions including Cost and Price Consultative Committee,
Law Commission, Company Law Reforms Committee, National Wages and
Productivity Commission etc. He was actively involved with the Institute till is
death. Members of the Institute shall ever remain his valuable contribution for
the profession.
On behalf of the Council and members of the Institute we pray to the Almighty Allah for the
salvation of the departed souls and their eternal peace.
64

MEMBERS' UPDATE
ADMISSION TO ASSOCIATE AND FELLOW MEMBERSHIP
The Institute admitted 43 Associate and 72 Fellow
members, raising the total membership to 1130 as on
October, 2014. Of the 1130 members, 101 Fellows and
66 Associates totaling 167 members have been living

abroad.
MEMBERS' ACHIEVEMENT
We are pleased to report the appointment/election of
some of our members in the Boards of Directors/ Policy
level positions of important national organizations and
Institutions. We are also happy to report achievement of

International award by one of our members in Asian
Body Building Competition.
INDEPENDENT DIRECTOR IN THE BOARD OF DSE

Mr. Md. Ruhul Amin FCMA has been appointed as an Independent Director of Dhaka
Stock Exchange Ltd. Currently Mr. Amin is working as Managing Director, BASE
Chemicals Bangladesh Ltd. He was the President of the Institute in 2005 and a
Council member in the 11th Council. Earlier, he served as Chairman and Managing
Director of BASF Bangladesh Ltd. Mr. Amin was President of Bangladesh-German
Chamber of Commerce and Industry for the year 2004-2005;. an Executive
Committee member of the Foreign Investors Chamber of Commerce and Industry and
a trustee of Chittagong Stock Exchange Investors Protection Fund.
DIRECTORS IN THE BOARD OF CSE
Mr. Mohammed Mohiuddin FCMA has been elected as Shareholder Director of CSE
Ltd. He is one of the pioneers of the CMA profission and was President (1995),
Vice-President (1993-1994) and Council Member (1979-1986) of ICMAB. He is also
one of the founding directors of CSE and Credit Rating Information Services Limited
(CRISL). An entrepreneur by himself, Mr. Mohiuddin is the Managing Director, Island
Securities Ltd. and Chairman & CEO of a number of other companies. He had a long
career with public, private and multinational companies including Glaxo Smithkline
Bangladesh and Azim Group. He is also a teacher, social worker and philanthropic
and is involved with a number of socio-cultural organizations.
Professor Mamtaz Uddin Ahmed FCMA two times (2007, 2012) President of ICMAB
and a member of the present council has been appointed as an Independent Director,
Chittagong Stock Exchange Ltd.
In addition, Prof. Ahmed has also been appointed as a Member, National Pay and
Service Commission formed by the Government to review and recommend the pay
and service scale of the Government employees. He is currently the Chairman of the
Department of Accounting & Information Systems, University of Dhaka.
He is also in the board and governing body of a number of organizations and
institutions.

65
MEMBERS' UPDATE
DIRECTORS IN THE BOARD OF RUPALI BANK LIMITED
Mr. A. K. M. Delwer Hussain FCMA, also a two times President (2004 and 2013) of the
Institute and a Member of the present council has been appointed as Director, Rupali Bank
Limited. Mr. Hussain is presently serving as Director (Finance) of Bangladesh Sugar and
Food Industries Corporation (BSFIC). He is the Secretary General of Consultative
Committee of Public Enterprises (CONCOPE): Chairman and Director in the Board of a
number of companies. He was also in the board of Bangladesh Institute of Capital
Management (BICM). Previously, he was the Member of National Wages and Productivity
Commission (2010) and Price Fixation Committee of Essential Commodities (2010). Mr.
Hussain was aslo a board member of CAPA for the period 2004-05.
Prof. Md. Salim Uddin FCMA, FCA, a veteran professor of the Department of Accounting
and Information Systems of University of Chittagong has been appointed as Director of
Rupali Bank Limited. Mr. Salim has long been involved with the private sector enterprises
of the country and has been working as Financial Consultant/Adviser in the leading
organizations since 1993. Mr. Salim has more than fifty research publications at home
and abroad to his credit.
INDEPENDENT DIRECTOR OF THE WEST ZONE POWER DISTRIBUTION COMPANY
Mr. Md. Mamunur Rashid FCMA, a member of the present council has been appointed
as an Independent Director of West Zone Power Distribution Company Ltd. Presently Mr.
Rashid is the Deputy Managing Director of Index Group of Companies. He is also serving
as an Independent Director of Nitol Insurance Co. Ltd. His long career includes holding the
position of CFO in Kazi Farms Group, Director of Finance in Sheba Phone, Financial
Controller & Company Secretary in Summit Power Limited, besides serving in senior
positions in different state-owned enterprises. In addition, Mr. Rashid served as
Vice-Chairman (2004) and Secretary (1999 & 2002) of the Dhaka Branch Council of
ICMAB. He served as Executive Secretary of SAFA for the year 2013.
MD. MAHSUDUR RAHMAN BECAME 5TH IN THE ASIAN BODYBUILDING CHAMPIONSHIP
Mr. Mahsudur Rahman FCMA, FCA, General Manager of Rahimafrooz Group,
participated in the Asian Bodybuilding Championship held in June 2014 in Colombo,
Srilanka and achieved 5th position in his category. He is the only athlete from
Bangladesh participating in this highest level sport event in Asia. He brought pride for
the nation in an area exceptional to the CMA profession. Mr. Mahsud earlier achieved
'Gold Medal' in the Bangladesh Games organized by Bangladesh Olympic Association
and obtained 'Mr. Bangladesh' and 'Mr. Dhaka' titles organized by Bangladesh
Bodybuilding Federation and Dhaka City Corporation respectively.
66

BRANCH AND CHAPTER ACTIVITIES

DHAKA BRANCH COUNCIL
INAUGURATION OF DBC INDOOR GAMES COMPETITION-2013
As a routine event, the DBC organized "Indoor Games
Competition-2013" for its members and spouses at the
Member's corner, ICMA Bhaban, Dhaka. President of
the Institute Mr. A. K. M. Delwer Hussain FCMA

inaugurated the ceremony.
ANNUAL PICNIC 2013

The Annual Picnic-2013 was held on January 31, 2014
at Greentech Resort and Convention Center, Gazipur.
More than 800 Dhaka-based members, guests, and
family members participated in the picnic and spent the
whole day with joy and merriment. Office Bearers of the

National and Dhaka Branch Councils attended the
enthusiastic picnic.
CERTIFICATE AWARDING CEREMONY OF EFFECTIVE BUSINESS ENGLISH AND COMMUNICATION

(EBEC)\COURSE PARTICIPANTS
Certificates to the participants of Effective Business
English and Communication (EBEC) course was formally
awarded on February 1, 2014. Mr. Md. Akhtaruzzaman
FCMA, Chairman of DBC presided over the program.
DBC Vice-Chairman Mr. S. M. Zahir Uddin Haider,
FCMA, gave the welcome address and conducted the
program. Mr. Mohammed Salim, FCMA Hon'ble

President of the Institute was present in the program as
the Chief Guest and distributed Certificates among the
participants. Among others DBC Treasurer Mr. Md.
Mushfiqur Rahman FCMA also spoke on the occasion.
HOMAGE TO THE MARTYRS OF LANGUAGE MOVEMENT

In observance of Amar Ekushey- the International
Mother Language Day, DBC arranged Probhat Ferry in
the early morning of 21st February 2014. Associate and
Fellow members of the Institute and their families,
ICMAB students and DBC staff 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. Akhtaruzzaman FCMA, Chairman of
DBC led the procession, which was also attended by the
President of the Institute Mr. Mohammed Salim, FCMA.

67

STUDENTS' ORIENTATION PROGRAMS
Dhaka Branch Council presided over the program and
offered welcome address. The Guest of Honor Mr.
Mohammed Salim FCMA in his speech appreciated the
focused role of Cost and Management Accountants for
the economic development of the country. He advised
the students to peruse the CMA education with
dedication and sincerity.
DBC organized "Orientation Program (January-June

2014 session)" for the newly admitted students of
ICMAB at the ICMAB Ruhul Quddus Auditorium, Dhaka
on March 04, 2014. Mr. Mohammed Salim, FCMA
President of the Institute was present as the Guest of
honor. Mr. Md. Akhtaruzzaman FCMA, Chairman of
Another Orientation Program for the students admitted

in July-December 2014 session was arranged on
August 28, 2014. Mr. Mohammed Salim FCMA, Hon'ble
President of the Institute was present as the Guest of
honor. Mr. Md. Ali Haider Chowdhury FCMA, Chairman
of Dhaka Branch Council, presided over the program
and offered welcome address.
Among others Institute's Director Lt Col (Retd) Md.
Humayun Kabir, Psc, DBC Secretary Mr. S.M. Shawon
Mahmud FCMA and Mr. Mohammad Mahbubur
Rahman FCMA spoke on the occasion.
PRIZE GIVING CEREMONY OF DBC INDOOR GAMES COMPETITION-2013

The Prize Giving Ceremony of DBC Indoor Games
Competition 2013 was held on March 12, 2014 at
ICMAB Seminar Room. Mr. Md. Akhtaruzzaman FCMA,
Chairman of DBC presided over the program, while Mr.
Mohammed Salim, FCMA was present as the Guest of
Honor and distributed prizes among the winners of the
different indoor games. Mr. S. M. Afjal Uddin FCMA,
Chairman of Dhaka Branch Sports Committee-2013
also spoke on the occasion. Mr. S.M. Zahir Uddin
Haider, FCMA Vice Chairman of DBC delivered the vote
of thanks and DBC Treasurer Mr. Md. Mushfiqur
Rahman FCMA nicely conducted the program.
ELECTION OF DBC OFFICE BEARERS 2014
Mr. Md. Ali Haider Chowdhury FCMA (F-0404) and Kazi
Muhammad Ziauddin ACMA (A-0724) have been
elected as Chairman and Vice Chairman respectively of
Dhaka Branch Council for the year 2014. Mr. S. M.
68
Shawon Mahmud FCMA (F-0736) and Mr. Md. Abdus

Satter Sarker ACA, FCMA (F-0457) have been elected
as Secretary and Treasurer respectively of DBC for the
year 2014.


RECEPTION TO THE NEWLY QUALIFIED CMAS
Md. Ali Haider Chowdhury FCMA, Chairman of DBC
presided over the program, while Mr. Mohammed Salim
FCMA, President of the Institute was present as the
guest of honour. 14 CMAs qualified in the CMA
December 2013 exam attended the program along with
their family members. They also spoke their stories in
achieving the final success.
DBC organized a reception program for the Cost and

Management Accountants qualified in December, 2013
exam on March 25, 2014 at ICMAB Seminar Room. Mr.
They were awarded a memento and a small DBC

souvenir as a token of recognition on behalf of DBC.
DBC Secretary S.M. Shawon Mahmud FCMA gave the
welcome address & conducted the program. DBC
Treasurer Mr. Md. Abdus Satter Sarker ACA, FCMA
Council Members Mr. Jayanta Kumar Podder FCMA, Mr.
S.M. Zahir Uddin Haider FCMA & Executive Director of
the Institute also spoke on the occasion.
RECEPTION TO THE OFFICE BEARERS OF ICMAB NC 2014, DISTRIBUTION OF PRIZES, MEMBERS'

FAMILY DAY AND CELEBRATION OF BANGLA NEW YEAR
Reception to the office Bearers of ICMAB National
Council-2014, CMA Members' Family Day and Thanks
Giving ceremony to the immediate past Chairman of
DBC Mr. Md. Akhtaruzzaman FCMA was held at ICMAB
Ruhul Quddus Auditorium on April 18, 2014. Mr. Md. Ali
Haider Chowdhury FCMA, Chairman of Dhaka Branch
Council presided over the program. Building
interpersonal relationship and development of fellowship
was the inner theme of this program. The function
included distribution of prizes among the winners and
participants of Children's Art, IQ Test and Story Writing
Competition; Puppet and Magic show; Raffle Draw and
Cultural Show. A large number of Dhaka-based
members and their family enjoyed the show and
attractive raffle draw.

69

CMA MEMBERS FAMILY DAY CHILDREN'S ART, I.Q. TEST & STORY COMPETITION
DBC arranged "CMA Members Family Day, Children's
Art, I.Q. Test and Story writing Competition 2014" at
DBC floor on April 11, 2014. More than eighty children
of Dhaka-based members participated in the
competition. A good number of members along with
their spouses and children attended the programs
joyfully.
CONFERENCE "DBC SUBCOMMITTEE
"DBC subcommittee-2014" Conference was arranged
on April 20, 2014 at ICMA Bhaban Nilkhet, Dhaka. The
program was presided over by DBC Chairman Mr. Md.
Ali Haider Chowdhury FCMA. Mr. S.M. Shawon Mahmud
FCMA, Secretary, DBC, Mr. Md. Abdus Satter Sarker
ACA, FCMA Treasurer, DBC & Council Member Mr.
Jayanta Kumar Podder, FCMA and a large member of
fellow and associate members of ICMAB were present in
the conference.
DBC BIRTHDAY CELEBRATION!
The DBC organized Birthday
Celebration of Dhaka Branch
Council on May 30, 2014
commemorating the formation of
The Dhaka Branch Council on the
same day of May 1986. DBC
Chairman Mr. Md. Ali Haider
Chowdhuy FCMA presided over
the program. Mr. Rafiq Ahmad
FCMA, Past President of the
Institute was present in the
program as the principal speaker.
Among others, past Presidents,
Council Members & Ex-Chairmen
of DBC spoke on the occasion. A
large number of members of the
Institute were present and actively
participated in the program.
70


TRAINING ON "REGULATORY COMPLIANCE IN FINANCIAL REPORTING: STEPS OF INITIAL PUBLIC
OFFERING (IPO) CORPORATE GOVERNANCE AND LISTING & POST LISTING FORMALITIES
Two days training program on "Regulatory Compliance

in Financial Reporting; steps of Initial Public Offering
(IPO), Corporate Governance and Listing & Post listing
formalities" organized by DBC at ICMA Bhaban. The
program held during May 30- 31 & June 20-21, 2014.

Mr. Mohammad Salim FCMA, President of the Institute
inaugurated the program while Mr. Md. Ali Haider
Chowdhury FCMA DBC Chairman presiding over. The
programs were moderated by DBC Secretary Mr. S.M.
Shawon Mahmud FCMA. The program consisted of five
technical sessions. Mr. Muhammad Nazrul Islam FCMA,
General Manager-Operation, Alliance Financial Services
Ltd., Mr. Kamrul Anam Khan ACMA, Director,
Bangladesh Securities and Exchange Commission, Mr.
Nizam Uddin Ahmed, DGM, Head of Listing, DSE, Mr.
Md. Monowar Hossain ACA, CPA, ACS, FCMA , Audit
Consultant (General Manager), Rupali Bank Ltd. Mr. Md.
Abul Kalam, Director, Bangladesh Securities and
Exchange Commission acted as resource persons in the
program. A Large number of corporate executives
including ICMAB members attended the training.
"SKILLED MIGRATION OPPORTUNITY" FOR CMA PROFESSIONALS

A discussion session "Skilled Migration Opportunity" for
CMA Professionals was held on June 02, 2014 at
ICMAB Ruhul Quddus Auditorium, Nilkhet, Dhaka. The
program was presided over by DBC Chairman Mr. Md.
Ali Haider Chowdhury FCMA. Chief of Australia
Bangladesh Education Consultants (ABEC) delivered a
presentation on the subject and Mr. Jase Wong,

Principal Migration Consultant from Australia joined the
question answer session. A good number of members
along with students of the Institute actively participated
in the program. Mr. Safiul Azam ACMA, nicely
conducted the session.
DBC ORGANIZED TRAINING PROGRAM ON "INCOME TAX, VAT & CUSTOMS"

Three batches of training on "Income Tax, VAT &
Customs" were organized by the DBC at ICMA Bhaban,
Nilkhet, Dhaka. The programs were presided over by
DBC Chairman Mr. Md. Ali Haider Chowdhury FCMA,
and moderated by Mr. Jayanta Kumar Podder FCMA.
The training consisted of ten technical sessions. Mr.
Ranjan Kumar Bhowmik FCMA, Commissioner of Taxes,
NBR, Mr. Md. Abdul Kafi, Commissioner of VAT, NBR,
Mr. Md. Shawkat Hossain First Secretary (VAT), NBR,
Dr. A. Mannan Shikder, Commissioner of Customs,

Customs Bond Commissionerate, NBR, Mr. M. Fakhrul
Alam, Additional Commissioner, NBR, Mr. Md. Abdur
Rahman Khan FCMA, First Secretary (Tax), NBR, Mr.
Kamrul Hoque Maruf, ACMA Joint Director, Central
Intelligence Cell, NBR, were the resource persons for the
training. A Large number of corporate executives
including ICMAB members attended these trainings.

71

DISCUSSION SESSION ON "ZAKAT IN ISLAM AND ITS IMPACT ON NATIONAL
ECONOMY " AND DBCIFTAR MAHFIL
A Discussion session on " Zakat in Islam and its impact on
national economy " and DBC Iftar Mahfil was held on July
17, 2014 at ICMA Bhaban. . Mr. ABM Ruhul Hasan, a
distinguished pharmacist, Lt Col Muhammad A Y Zobayer
Ullah psc (retd), a columnist of The Daily Star, and Mufti,
Mawlana Abul Khair Muhammad Azizullah, Khatib
Muhammadpur Taj Jame Masjid, were present as the
guest speaker and key resource persons respectively. The
program was presided over by DBC Chairman Mr. Md. Ali

Haider Chowdhury, FCMA. The President, Vice-Presidents,
Council Members and Past Presidents of ICMAB, Past
Chairmen, current office bearers and other council
members of DBC and members of ICMAB were present on
the occasion. The discussion session was followed by Iftar.
RECEPTION TO THE NEWLY QUALIFIED CMAs

A reception was accorded to the newly qualified CMAs
qualified in April, 2014 exam on August 07, 2014. Mr. Md.
Ali Haider Chowdhury FCMA, Chairman of DBC presided
over the program while Mr. Mohammed Salim FCMA,
President of the Institute was present as guest of honour.
The new entrants of the CMA family joined the program
along with their family and some of them shared feelings on
achieving the success. The President of ICMAB distributed
a memento and a small DBC souvenir on behalf of DBC.

DBC Secretary Mr. S.M. Shawon Mahmud FCMA,
Members Mr. Jayanta Kumar Podder FCMA, Mr. S.M. Zahir
Uddin Haider FCMA, Mr. Md. Musfiqur Rahman FCMA and
Monjur Md. Shaiful Azam FCMA spoke on the occasion.
DBC Treasurer Mr. Md. Abdus Satter Sarker ACA, FCMA
nicely conducted the program.
DISCUSSION SESSION AND DO'A MAHFIL ON THE OCCASION OF

NATIONAL MOURNING DAY-2014
DBC organized discussion session and Do'a Mahfil on the

occasion of National Mourning Day-2014" at ICMAB Ruhul
Quddus Auditorium, Nilkhet, Dhaka. Md. Ali Haider
72
Chowdhury FCMA Chairman of DBC presided over the

program. Mr. Shamsur Rahman Sherif MP, Minister,
Ministry of Land, Govt. of the People's Republic of
Bangladesh and Dr. Ahmed Al-Kabir, Chairman, Rupali
Bank Ltd. were present in the program as the chief guest
and special guests respectively. Among others Institute's
President Mr. Mohammed Salim FCMA, Past President Mr.
A.K.M. Delwer Hussain FCMA, fellow member Mr. Naba
Krishna Muni FCMA spoke in the program. They gave a
brief overview of the life-sketch of the Father of the nation
Bangabandhu Sheikh Mujibur Rahman. DBC Treasurer Md.
Abdus Satter Sarker ACA, FCMA delivered vote of thanks. A
large numbers of members & students of the Institute were
present in the program.


INAUGURATION CEREMONY OF DBC INDOOR GAMES COMPETITION-2014
A ceremonial inauguration of DBC Indoor Games
Competition 2014 was held on August 23, 2014. Mr.
Biren Sikder MP, State Minister, Ministry of Youth and
Sports, Government of the People's Republic of
Bangladesh inaugurated competition. Memebers and
their spouses were the participants of the annual indoor
sport events. . DBC Chairman Mr. Md. Ali Haider
Chowdhury FCMA, and Secretary Mr. S.M. Shawon

Mahmud FCMA, Sports Committee Chairman Mr.
Mohammad Mahbubur Rahman FCMA, Past President
Mr. A.K.M. Delwer Hussain FCMA, were present in the
occasion. A few games particularly the Billiard, Carom,
Table Tennis and Card were played on the inaugural
day.
CERTIFICATE DISTRIBUTION CEREMONY OF DBC TRAINING COURSE ON

"INCOME TAX, VAT & CUSTOMS"
On August 24, 2014 DBC organized "Certificate
Distribution Ceremony" of DBC Training Course on
"Income Tax, VAT & Customs" at ICMAB Ruhul Quddus
Auditorium, Nilkhet, Dhaka. Mr. Md. Ali Haider
Chowdhury FCMA, Chairman of DBC presided over the
program. DBC Seminar & Conference Committee
Chairman Mr. Jayanta Kumar Podder, FCMA, gave the
welcome address. Kazi Akram Uddin Ahmed, President,
Federation of Chambers of Commerce and Industry
(FBCCI) of Bangladesh was present in the program as
chief guest and distributed certificates among the

participants of different organizations. Among others
Institute's President Mr. Mohammed Salim FCMA, Past
President & Present Council Member Mr. A. K. M.
Delwer Hussain FCMA, spoke in the program. DBC
Secretary Mr. S.M. Shawon Mahmud FCMA gave the
Vote of thanks. Mr. Safiul Azam ACMA conducted the
program. A large number of members & students of the
Institute were present in the program.
TRAINING PROGRAM ON HEDGING AND FX FUND MANAGEMENT

A training program for the members on Hedging and FX
Fund Management was arranged on September 09,
2014. The Chairman of DBC presided over the training
program. Mr. M. M. Rabiul Hasan, Head of Wealth Markets
Products & Sales, Standard Chartered Bank was present as
guest speaker. Mr. Saiful Islam FCMA, Chief Financial
Officer, Envoy Textiles Limited acted as the resource
person.

73

GROOMING PROGRAM FOR ICMAB STUDENTS
The Dhaka Branch Council (DBC) of ICMAB organized a
Grooming Program for ICMAB students on September 14,
2014 at ICMA Bhaban, Nilkhet, Dhaka. Mr. S.M. Shawon
Mahmud FCMA, Secretary of DBC presided over the
program. Mr. Md. Musharrof Hossain, President,
Bangladesh Society for Human Resources Management
(BSHRM) & Head, Human Resources Management, icddr,b
was present as the resource person. Mr. Md. Maksud
Hossen Siddique FCMA, Chairman of DBC Employment &
Internship Committee nicely conducted the program.
OBSERVANCE OF THE 12TH DEATH ANNIVERSARY OF
THE INSTITUTES FOUNDER PRESIDENT
The 12th death anniversary of the Institutes Founder

President, Late Ruhul Quddus FCMA was observed on
September 28, 2014. DBC Chairman Mr. Md. Ali Haider

Chowdhury FCMA gave a brief overview of the life-sketch of
the founder President and pioneer of CMA profession Mr.
Ruhul Quddus. Institutes President Mr. Mohammad Salim,
FCMA was present in the program as the principal speaker.
Among others, past Presidents of the Institute Mr. Rafiq
Ahmad FCMA & Mr. Md. Abdul Aziz FCMA, Secretary &
Treasurer of the Institute Mr. Jamal Ahmed Choudhury
FCMA & Mr. Md. Abdur Rahman Khan FCMA spoke on the
different aspects of dedication of Mr. Ruhul Quddus FCMA.
It may be mentioned that Mr. Ruhul Quddus left on 28th
September, 2002. Council members and past Presidents
of ICMAB, current office bearers and other council
members of DBC and a large member of fellow and
associate members and officials of the Institute attended
and prayed for the salvation of the departed soul.
DBC SPORTS DAY & PRIZE GIVING CEREMONY-2014

DBC Sports Day & Prize Giving Ceremony-2014 was held
on October 17, 2014. Mr. Md. Ali Haider Chowdhury
FCMA, Chairman of DBC presided over the program while
Mr. Mohammed Salim FCMA was present as the guest of
honor and distributed prizes among the winners of the
74
different indoor events. The President officially announced

17th October (Friday), 2014 as DBC Sports Day and
profoundly shown his inerest to celebrate the same every
year. The function included prize distribution and DJ show
and was followed by dinner.


INAUGURATION OF DBC KIDS CORNER
A Kids' Corner has been set up on the DBC floor for the members' children. President of the Institute along with the
Chairman of DBC inaugurated the room.
WORKSHOP ON "MAXIMIZE BUSINESS POTENTIAL WITH ACCOUNTING SOFTWARE
A Workshop on the topic "Maximize Business Potential with
Accounting Software was organizzed for the members on
November 15, 2014 at ICMA Bhaban. Mr. Jayanta Kumar
Podder FCMA, Chairman of DBC Seminar & Conference
Committee presided over the workshop. Mr. Ashwani
Kumar Sharma, Senior Software Consultant Overseas,
Busy InfoTech. Pvt. Ltd. India & Mr. Md. Faruque Sikder
FCMA, Managing Director, Symphony Softtech Ltd. spoke
as the rsource persons. DBC Secretary Mr. S.M. Shawon
Mahmud FCMA offered the vote of thanks.

75
PHOTO GALLERY
76


CHITTAGONG BRANCH COUNCIL (CBC)
ELECTION OF OFFICE BEARERS
A joint meeting of Chittagong Branch Council(CBC) 2013 and 2014 of ICMAB was held on March 4, 2014 to elect office
bearers of Chittagong Branch Council for the year-2014. Following Councilors were elected as office bearers of the
CBC-2014:
Mr. Mohammad Monoarul Hoque FCMA -Chairman

Mr. Mohammad Nurul Huda Siddiquee FCMA -Vice Chairman
Mr. Golam Kibria ACMA -Secretary
Mr. Md. Mahbubur Rahman Bhuiyan ACMA, ACA -Treasurer
COUNCIL & COMMITTEE MEETINGS

To discharge the functions of Chittagong Branch Council
in an effective manner, CBC 2014 in its first meeting
formed different Committees & sub- Committees. Six
Council Meetings & eight different committee meetings

were held during 2013.
ANNUAL SEMINAR-2013
Industrial Compliance for Global Competitiveness A

Seminar on Industrial Compliance for Global
Competitiveness was organized on Friday, November
29, 2013 at Hotel Agrabad, Chittagong.
Mr. Suhel A. Choudhury, Former Secretary, Ministry of
Commerce inaugurated the seminar as chief guest. Dr.
Md. Mozibur Rahman, CEO, Bangladesh Foreign Trade
Institute (BFTI) & Mr. A.K.M. Delwer Hussain FCMA,
President, ICMAB were present as special guests. Mr.
Md. Saifur Rahman Mozumder FCA, FCMA, Executive
Director of Meenhar Group presented theme paper on

the topic. Mr. Ahmad Dawood FCA, FCMA, Chairman of
CBC and Mr. Imtiaz Alam ACA, FCMA, Chairman of
seminar & conference committee spoke on the
occasion.
Mr. Suhel A. Choudhury in his speech urged the
regulatory authority to oversee the social compliance,
safety, human rights etc. as stated in the labor law
2006. Mr. Mahbubul Alam Talukder emphasized to
build awareness on compliance guideline in order to

77

remain competitive in the global market. Dr. Md.
Mozibur Rahman discussed the consequences of
non-compliance on the overall export performance of
the country. After inaugural session, two technical
papers were presented in the seminar. Mr. Ahmad
Sheparuddin, Executive Director of PHP Group
presented his Technical Paper on Labor Compliance: A
comparison with International Practice in the first
session chaired by Dr. Md. Mozibur Rahman, Dr.
Mohammad Abu Yusuf, senior fellow of Bangladesh
Foreign Trade Institute presented second technical
paper on Environment Compliance & Non Tariff Trade

Barriers (Impact on Bangladesh Economy) Past
President of ICMAB Mr. Mohammed Mohiuddin FCMA,
presided over the sessions.
Mr. Nurul Huda Siddiquee FCMA, Secretary of CBC
delivered vote of thanks. A good number of fellow and
associate members of the institute, entrepreneurs,
senior executives of Banks and financial institutes,
Government & Semi-Government officials were present
on the occasion.
DISCUSSION ON PROFESSIONAL MATTERS & RECEPTION OF ICMAB

NATIONAL COUNCIL 2014-2016
CBC organized discussion program on professional

matters on 29th of March2014 at CMA Bhaban.
President and other office bearer of ICMAB were present
in the program. Mr. Mohammed Monoarul Hoque
FCMA, Chairman, CBC drew attention to a number of
issues related to the profession in general and
Chittagong Branch in particular. A large number of
members also took part in the discussion and made
78
their valuable suggestions for the development of CMA

profession.
In the later part, a reception to the newly elected
national council members was accorded by CBC. The
program was followed by dinner. All Chittagong based
members joined to congratulate the newly elected
national council members.


PANEL DISCUSSION ON PROPOSED NATIONAL BUDGET 2014-2015
The Chittagong Branch Council of the ICMAB organized a

panel discussion on proposed National Budget 2014-2015
on 17th May 2014 at 6.30 pm at CMA Bhaban.
Mr. Mohammed Monoarul Hoque FCMA, Chairman,
CBC presided over the program. The panel consisting
with Mr. Mohammed Mohiuddin FCMA, Past
President-ICMAB & Managing Director Island Securities
Ltd., Mr. Md. Saifur Rahman Mazumder FCA, FCMA,
Past Chairman CBC & Executive Director Meenhar
Group of Companies, Mr. Ahmad Dawood FCA, FCMA,
Past Chairman CBC & Chief Regulatory Officer (CRO) of

Chittagong Stock Exchange Ltd discussed on
amendment required in Tax Law and made certain
recommendations for the concerned authority to make
investment and people friendly budget.
A large number of Fellow and Associate members and
senior students of the Institute were present in the
program. It ended with vote of thanks by Mr.
Mohammed Nazmul Hoque FCMA, Chairman, CPD,
Training & Workshop Committee.
WORKSHOP ON BANGLADESH COST ACCOUNTING STANDARDS (BCAS)

and Financial Reporting Standards Committee was present
as session chairman. The technical paper was presented
by Mr. Nikhil Chandra Shil FCMA, Assistant professor, East
West University.
Chittagong Branch Council of ICMAB organized a day long

Workshop on Bangladesh Cost Accounting standards
(BCAS) on June 6, 2014 at CMA Bhaban.
President of the Institute Mr. Mohammed Salim FCMA,
inaugurated the workshop as chief guest while Mr. M. Abul
Kalam Mazumdar FCMA, Chairman, of Cost Accounting
The workshop started with welcome address of Chairman,

CBC Mr. Mohammed Monoarul Hoque, FCMA. In his
welcome address chairman CBC highlighted the
importance of BCAS for the members and suggested them
to take benefit of workshop to update their knowledge in
this new area. .
A`ith the local & national level leaders of the institute. Mr.
Training & Workshop Committee-2014 of CBC offer his
vote of thanks and declared the program closed.

79

POST BUDGET DISCUSSION ON BUDGET 2014-2015: VIEWS
OF PROFESSIONAL ACCOUNTANTS
Aa post budget discussion program on National Budget

2014-2015 was held on June 28, 2014 at the conference
hall of Chittagong Stock Exchange, Agrabad, Chittagong.
The title of the program was Budget 2014-2015: Views of
Professional Accountants. Mr. Md. Shaifur Rahman
Mazumdar FCA, FCMA Past Chairman CBC & Executive
Director, Meenhar Group of Companies presented the
key-note paper in the program. The keynote presenter
made an analytical review of the National Budget
2014-2015 and also commented on the key policy issues.
Mr. Apurba Kanti Das, Commissioner of Taxes, Taxes
Zone-2, Chittagong chaired the session.
Mr. Mohammed Monoarul Hoque FCMA, Chairman,
Chittagong Branch Council of ICMAB mentioned that the
main objectives of the program is to enhance knowledge of
members of the institute and at the same time to provide
some comments and suggestions to concern authorities so
that it can be considered in finalization of budget and
formulation of next year budget.
80
The session chairman highly praised the paper and gave

importance on accountability and good governance to
increase the Tax-GDP ratio. He mentioned that Government
has undertaken a wide range of legal, regulatory and
structural reforms in the revenue sector. Moreover,
additional manpower has been sanctioned to revamp the
activities of this sector. Efforts to strengthen revenue
collection in the next budget will continue through these
ongoing reforms.
A lively floor discussion took place after presenting the
paper. A significant number of Fellow & Associate
members of the Institute and senior CMA students actively
took part in the floor discussion.
The whole program was conducted by Mr. Golam Kibria,
ACMA, Secretary, CBC & vote of thanks was given by Mr.
Training & Workshop Committee-2014 of CBC.


CPD ON DETERMINANTS OF STOCK MARKET PERFORMANCE IN BANGLADESH
CBC organized a CPD on the topic Determinants of

Stock Market Performance in Bangladesh at Silver
Spoon Hotel, Agrabad, Chittagong. Dr. Mohammed
Saleh Jahur, Professor, Finance & Banking department,
University of Chittagong presented the paper.
Mr. Mohammed Salim Uddin FCA, FCMA, Professor
Accounting & Information System, University of
Chittagong attended the CPD Program as the session

chairman. The program was presided over by the
Chairman of CBC Mr. Mohammed Monoarul Hhoque
FCMA. A good number of Chittagong based members
were present on the occasion. All the members actively
took part in the Q & A session.
CBC FELLOWSHIP NIGHT 2013

CBC Fellowship Night 2013 was celebrated on December 20,
2013 at Ambrosia Restaurant, Agrabad, Chittagong. Mr.
A.K.M. Delwer Hussain FCMA, President of ICMAB was
present as chief guest. A good number of Fellow & Associate
members of Dhaka & Chittagong along with their spouses and
children attended the function.
Mr. Ahmad Dawood FCA, FCMA, Chairman, Chittagong
Branch Council presided over the function while address of
welcome was given by Mr. Mohammed Monoarul Hoque
FCMA, Vice Chairman, CBC. Vote of thanks was offered by Mr.
Mohammed Nurul Huda Siddiquee FCMA, Secretary of CBC.
The program concluded with a colorful cultural function.
81

EID-E-MILADUNNABI (SM) OBSERVED BY CBC OF ICMAB
The Chittagong Branch Council of ICMAB observed the
holy Eid-E-Miladun Nabi (SM); arranged Majban and
also observed special Doa Mahfil after Esha prayer on
31th January, 2014 at CMA Bhaban. A discussion was
held on the holy life of the great prophet Hazrat
Muhammad (SM) and the ideals and teachings of Islam.
Mr.
Mohammed
Monoarul
Hoque
FCMA,
Vice-Chairman, Chittagong Branch Council (CBC) of
ICMAB presided over the program. The discussion was

followed by a Milad Mahfil with due religious fervor,
festivity and solemnity. Mowlana Mr. Md. Muhibur
Rahman, senior teacher of Bitus Sharaf, Chittagong led
the Munajat seeking the blessings of Almighty Allah for
peace and prosperity of Bangladesh & Muslim Ummah.
Doa was also offered for the souls of the deceased
ICMAB members and employees. .
CBC OBSERVED AMAR EKUSHEY & INTERNATIONAL MOTHER LANGUAGE DAY

CBC observed Amar Ekushey & International Mother
Language Day on 21st February, 2014. Mr. Ahmad
Dawood, FCA, FCMA Chairman along with other CBC
office bearers and members participated in the Provat

Ferry and placed floral wreath at Chittagong Central
Shaheed Minar.
CBC PICNIC-2013
A family get together and three day long Annual Picnic
for Chittagong based members, their spouses and
children was arranged at Cox's Bazar. The participants
members enjoyed the cultural shows and raffle draw at
Hotel Uni Resorts during their two night stay in the
picnic. Abul Khair group, Rhythm group, Sunman group
and past president Mr. Mohammed Mohiuddin FCMA
arranged special gifts for each participant of the Picnic.
CBC CELEBRATED PAHELA BAISHAK-1421 & CMA FAMILY NIGHT
CBC celebrated Pahela Baishak-1421, on April 26,
2014 at CMA Bhaban.
A cultural program was arranged on this occasion. The
best harmonium player of Asia & countrys renowned
Parody artist Mr. Nukul Kumar Biswash was the main
performer of the program. CBCs past Chairman Mr.

Rafiqul Alam FCMA and his music team also performed
in this occasion.
The cultural program was followed by delicious Baishaki
dinner.
IFTAR MAHFIL
An iftar party was arranged at Silver Spoon Hotel,
Agrabad, Chittagong on July 19 2014. Open
discussions on different issues like Islamic Financial
System, Values and learning of Ramadan, Benefit of
82
Zakat System, Salat, etc were actively participated by

the members. At the end of the program a Monajat was
led by Mr. Mohammed Mohiuddin FCMA, seeking peace
& prosperity for Muslim world.


RENOVATION WORK OF CMA BHABAN, CHITTAGONG
The CMA Bhaban was in urgent need of renovation,
particularly the painting works of CMA Bhaban including
boundary wall and other facilities for the students
required refurbishment. In this regard, a renovation

work has been undertaken by CBC. The work is
expected to be completed by the end of 2014.
STUDENTS ORIENTATION PROGRAMS

(JANUARY-JUNE AND JULY DECEMBER 2014 SESSIONS)
The Orientation Program of Foundation Level students

admitted in r January-June, 2014 session was held on
29th March 2014 at CMA Bhaban, Agrabad,
Chittagong.
Mr. Mohammed Salim FCMA, President, ICMAB
honored the occasion as chief guest while Vice
Presidents Mr. Abu Sayed Md. Shaykul Islam FCMA &
Mr. Arif Khan FCMA was present as special guest. Mr.
Jamal Ahmed Choudhury FCMA, Secretary was also
present on the occasion. The function was presided over
by Mr. Mohammed Monoarul Hoque FCMA, Chairman,
Chittagong Branch Council.
A good number of members as well as newly admitted
students and senior CMA students attended the
program. The chief guest in his speech said that all
FCMAs & ACMAs in Bangladesh are playing very vital
role in economy and advised the students to take the
profession with importance.
Mr. Mohammed Monoarul Hoque FCMA, the Chairman,

CBC delivered address of welcome. Secretary Mr.
Golam Kibria ACMA conducted the program and Vice
Chairman Mr. Mohammad Nurul Huda Siddiquee FCMA
offered vote of thanks.
A similar program for the students admitted in
July-December 2014 session was held on 23rd August
2014 at CMA Bhaban.
Mr. Mohammed Salim FCMA, President, ICMAB was the
Chief Guest while Mr. Jamal Ahmed Choudhury FCMA
and Mr. Abdur Rahman Khan FCMA, Secretary and
Treasurer respectively, were the special guests.
Mr. Mohammed Monoarul Hoque, FCMA, the Chairman,
CBC delivered address of welcome. The occasion was
nicely conducted by CBC Secretary Mr. Golam Kibria
ACMA, and the vote of thanks was offered by Mr.
Mohammad Nurul Huda Siddiquee FCMA, Vice
Chairman, Chittagong Branch Council.

83

CBC MET SENIOR STUDENTS
On April 08, 2014 Mr. Mohammed Monoarul Hoque
FCMA, Chairman, CBC along with other office bearers
met senior students of ICMAB based in Chittagong at
CMA Bhaban. Students highlighted problems they are
facing in Chittagong center and also shared their views

on education, examination system and other relevant
issues with the CBC leaders.
KHULNA BRANCH COUNCIL (KBC)

STUDENT PROMOTION PROGRAM
A Two- day program was held on 18-19 January, 2014
at Azam Khan Govt. Commerce College, Khulna to
motivate students for admission in ICMAB. Chairman,
Vice-Chairman, Secretary and Members of KBC, senior
officials and students of ICMAB Khulna Branch and
students of Azam Khan Govt. Commerce College,
Khulna attended the program. The program was
arranged to promote ICMAB to the graduates of Azam
Khan Govt. Commerce College, Khulna.
Another similar program was organized on 24 January,

2014 at CMA Bhaban, Sonadanga ,Khulna. Principal of
Azam Khan Govt. Commerce College Chairman,
Vice-Chairman, Secretary, Treasure and members of
the Khulna Branch Council, employees and students of
ICMAB Khulna Branch, students of Khulna University
and Azam Khan Govt. Commerce College attended the
program. It was aimed to project ICMAB and the CMA
profession to the potential students.
HOMAGE TO THE MARTYRS OF LANGUAGE MOVEMENT

ICMAB Khulna Branch observed the Amar Ekushey &
International Mother Language day on 21st February,
2014. KBC members, students and officials participated
in the probhat Ferry and placed flowers in memory of

the martyrs of the language movement.
DOA MAHFIL
A Doa Mahfil was arranged by Khulna Branch Office for
the demised wife of Mokbul Ahmed FCMA, the
immediate past chairman of Khulna Branch Council, on
6th march, 2014. All members, officers, staff &

Ssudents attended the Mahfil and prayed for the eternal
peace of the departed soul.
ANNUAL PICNIC 2014

A three-3 day picnic was arranged to explore the beauty
of mangrove forest Sunderban-a world heritage.
Members along with their families, Employees, Students
attended the joyous event.
84


KHULNA BRANCH COUNCIL (KBC)
KBC ELECTION, 2014
Md. Ala Uddin Akanda FCMA took over the responsibility as Chairman of KBC on May 3, 2014 from the outgoing
Chairman Md. Mokbul Ahmed FCMA.
RECEPTION TO ICMAB PRESIDENT
KBC Chairman accorded a formal reception to the ICMAB President Mohammed Salim FCMA and Vice-President
Mr. Arif Khan FCMA during their visit to the Branch.
SEMINAR WITH CMA STUDENTS
A Seminar to exchange views with the CMA Students was arranged on
June 14, 2014 at CMA Bhaban President & Vice President of ICMAB were
present. The students of ICMAB Khulna Branch talked on different
academic problems and sought support from the national councilors. Mr.
Md. Alauddin Akanda FCMA, Chairman, KBC was present along with other
KBC councilors.
OPEN DISCUSSION ON CMA PROFESSION
Open Discussion Program on CMA Profession was held

on 14/06/2014 at CMA Bhaban, Sonadanga in Khulna.
Mr. Mohammed Salim FCMA the President of ICMAB,
Mr. Arif Khan FCMA, Vice President of ICMAB & Prof.
Md. Jalaluddin Ahmed, Principal, AKC College, Khulna,
were present as Chief Guest & Special Guests

respectively. Mr. Md. Ala Uddin Akanda FCMA,
Chairman, KBC, Presided Over the Program. It was well
attended by students and members.
IFTAR PARTY
KBC arranged an Iftar Party on July, 21, 2014 at CMA
Bhaban, Khulna. Members, faculties, officers and staff
of the branch joined the Iftar party. A discussion on the
importance of Holy Ramadan was also held on this

occasion.

85

RAJSHAHI CENTER
ANNUAL PICNIC
The ICMAB Rajshahi branch arranged a picnic on March
21, 2014 at a local picnic spot. All ICMAB Rajshahi
zone members, officers and staff along with their
families and guests attended the picnic.
PROMOTIONAL VISIT
A five member team led by Prof. Dr. Md. Akhtar Uddin
FCMA held meeting with the Dean, Faculty of Business,
University of Rajshahi on July 6, 2014. Prof. Akhtar
pointed out the Institutes legal status, mission, global
linkage, mutual recognition and career opportunities for
qualified CMAs. He also highlighted the placement of
CMAs in key positions of different trade, business,
86
commerce, industries, government, semi-government,

autonomous bodies and NGOs.
Additionally, Prof. Dr. Md. Akhtar Uddin FCMA along with
other members met the Principal of Rajshahi Govt. College
and head of business department of the same on July 13,
2014 to share the importance of CMA education.


UK CHAPTER COUNCIL
The number ICMAB members are steadily increasing in
the United Kingdom and the activities are also gaining
momentum. All members are engaged in professional
accounting activities in UK and a good portion has also
started their own business. Involvement of UK
membership range from academia, business, not for
profit organisations, professional practice and working

for global corporations. A large number of members also
obtained professional accounting qualification from
other leading professional accounting bodies. The
activites of the Chapter in 2014 include:
ADVANCING THE ICMAB STANDING IN THE GLOBAL MARKET

of the leading global accounting profession that creates opportunities for us to enhance our position.
CIMA: CIMA being the natural partner of ICMAB, we
are keen to develop relationship with them. In October,
Golam Morshed FCMA joined Mohammed Salim FCMA
to a mutual recognition and strategic alliance
partnership meeting with the CIMA Managing directing
Andrew Harding, Council member and past president
Gulzari Babber and South Asia Director Bradley
Emerson. This resulted signing a strategic alliance
MOU between two bodies in Rome on 10 November
2014 at the World congress of Accountant.
CIPFA: Emdad Haque FCMA attended a meeting with
CIPFA President along with Mohammed Salim FCMA to
progress further alliance between two bodies.
MAXIMISING MEMBERS OPPORTUNITIES
Member of the Chapter closely interact with each other

and share opportunities both formally and informally.
The focus is on sharing opportunities and experience.
Some issues in the nature of CPD particularly Corporate
Social Responsibility and Social Accountabilitywas
also discussed and is planned to be organised in more
formal way in coming days.

A Member visiting from another country usually attend
the soical gatherings organized by the chapter members
and and recently the cahpter hosted such program for
ICMAB President Mohammed Salim, Secretary Jamal
Ahmed Choudhury and a member form Saudi Arabia.

87

SOCIAL NETWORKING
Regular events are organised to bring family together. in and around London, a good number also scattered in
Often members from another countries visiting UK also the United Kingdom. The Chapter is planning to organise
join these events. Recently one member from Libya future events outside London.
attended such social event. Though most members live
ICMAB KSA CHAPTER COUNCIL

GET-TOGETHER
The members of the KSA Chapter Council residing in the

Eastern Province of Saudi Arabia organized a
Get-together function on the evening of 31 October
2014. The function was held at King Abdullah Park,
Dammam situated at the sea front. Besides the families
of the CMAs few more families from their friends circle
also attended the function. In addition to having fun and
dinner the participants enjoyed the pleasant autumn
weather by the sea side.
88
In an informal way the Chairman of the KSA Chapter

Council Mr. Mohammad Safiullah FCMA briefly
described the vital importance of communication and
leadership skills not only in our professional life but also
in our day to day life. He encouraged the participants to
join a Toastmasters club where they would be able to
practice and hone their communication and leadership
skills which in turn would foster self-confidence and
personal growth.


CANADA Chapter Council
FAMILY DAY
Family day 2014 was held on June
14, 2014 at Massey Square Party
hall, Toronto, Canada. The day long
program included events like art
competition, poem recitation,
singing competition for children and
the family members. Program was
followed by an attractive raffle draw
and distribution of prizes among the
participants. A large number of
members and their families
attended the program
ANNUAL PICNIC 2014
Annual Picnic 2014was held on August 16, 2014 at Christie Lake, Hamilton Canada. Large number of Chapter
members and their families participate in the picnic.
IFTARMEHFIL
A discussion session on upcoming event and an
ifterMehfil was held on July 07,2014 at 2986 Danforth
Toronto, Canada. The Chairman of the chapter
highlighted the upcoming programs for the rest of the
year to the audience and asks the audience to give their
valuable opinion. Good number of member participated

on the discussion and give their valuable suggestion
how to success the upcoming professional development
program, Chapter night and AGM. Discussion session
was done followed by ifter party.

89
ACCOUNTS AND OTHERS

AUDITED ANNUAL ACCOUNTS
The Audited Annual Accounts of the Institute for the year
ended June 30, 2014 is enclosed. As you will find, total
revenue receipt is TK. 961.57 lac as against 923.27 lac
of prior year. Our Grant from government has increased
by Tk. 20 lac. The Other Income-predominantly the
income from sponsorship of programs, has also
increased by Tk. 37.63 lac. However, Income from
Subscription and Fees from students has declined by
37.92 lac mainly due to lower enrollment of students.
During the year under review, three programs namely
SAFA Conference, Convocation and Best Corporate
Award 2013 were organized by ICMAB. As such there

have been increases in certain expenses. Additionally, in
2013 the government declared 20% dearness
allowance which has impacted our employee related
costs. The expenses related to Seminar and Conference
expenses (International) which is mainly the cost for
participation in overseas programs, has however,
declined to 28.32 lac from 48.07 lac of previous period.
The net surplus of Income over Expenditure stood at Tk.
109.08 lac.
ACKNOWLEDGEMENT
Continued support of our members is the driving force
behind the growth and development of the profession.
We are grateful to our members for the assistance and
co-operation we have received throughout the year.
The Council is indebted to the authorities of the Govt

Commerce College, Khulna; Comilla Govt. Victoria
College, Comilla; United International University and
Jagnnath University for their support to the Institute.
We recall with appreciation the persistent support we

have received from different ministries particularly the
ministries of Commerce, Industry, Law, Education,
Finance, ICT; BSEC, DSE and CSE; NBR, CAG, RJSC and
other Government agencies we have interacted with.
The council would like to express gratitude to each of
them.
Member Accounting bodies of the SAFA region, IFAC,

CIMA and CIPFA have come forward with every
assistance we have sought. Besides, the member
bodies of SAFA, the Controller and Auditor General's
Office of Maldives have arranged SAFA Meetings and
extended great hospitality to the participants. The
Council deeply acknowledges their contribution for the
Accounting profession in general and ICMAB in
particular.
The government nominees in the council have given

their valuable time and provided guidance. Besides, the
Councilors in the branches and Chapters have also
extended their support and co-operation to the Council.
We put on record the contribution made by each of
them.

Secretary
90
The print and electronic media has given wise coverage

of the activities of the Institute. The council highly
appreciates their role for the cause of the CMA
profession.
Mohammed Salim FCMA

President

ANNEXURE 1
LIST OF STANDING COMMITTEES
EXECUTIVE COMMITTEE
Mr. Mohammed Salim FCMA
Mr. A S M Shaykhul Islam FCMA
Mr. Jamal Ahmed Choudhury FCMA
Mr. Md. Abdur Rahman Khan FCMA
Mr. M Abul Kalam Mazumdar FCMA
EDUCATION COMMITTEE
Mr. Arif Khan FCMA
Mr. Muzaffar Ahmed FCMA
Mr. A. K. M. DelwerHussain FCMA
Prof. Dr. Swapan Kumar Bala FCMA
Deputy Director (Edn.)
EXAMINATION COMMITTEE
Mr. M. Abul Kalam Mazumdar FCMA
Prof. Mamtaz Uddin Ahmed FCMA
Mr. Md. Mamunur Rashid FCMA
F-0218
F-0192
F-0411
F-0305
F-0103
Chairman
Member
Member
Member
Member
F-0304
F-0411
F-0038
F-0215
F-0328
Chairman
Member
Member
Member
Member
Secretary
F-0192
F-0305
F-0103
F-0191
F-0314
Chairman
Member
Member
Member
Member
RESEARCH AND DEVELOPMENT COMMITTEE

F-0218
Mr. Arif Khan FCMA
F-0304
F-0305
F-0038
Mr. Md. Munirul Islam FCMA
F-0412
Ministry of Education
Disciplinary Committee
F-0218
F-0192
F-0411
Ministry of Finance
Chairman
Member
Member
Member
Member
Member
Chairman
Member
Member
Member

91
ANNEXURE 2
DETAILS OF OTHER COMMITTEES
Name of the Committee
Chairman
Vice Chairman
Professional Development &

Advisory Committee
Mr. M.A. Matin FCMA
Journal & Publication Committee
Prof. Dr. Md. Abdul Hannan

Mia FCMA
Mr. Nikhil Chandra Shil FCMA
Seminar & Conference Committee
Corporate Award & Branding Committee
Ordinance, Regulation and Corporate

Laws Review Committee
Mr. Md. Ishaque FCMA
Taxation Committee
Mr. Abdul Matin Patwary FCMA
Academic Advisory Committee
Mr. Ranjan Kumar Bhowmik

FCMA
FCMA
FCMA
Prof. Mamtaz Uddin Ahmed
FCMA
Placement Committee
Mr. Md. Akhtaruzzaman FCMA
Mr. Md. Kausar Alam FCMA
Student Affairs Committee
Mr. Jamal Ahmed Choudhury

FCMA
Mr. A S M Shaykhul Islam
FCMA
Prof. Dr. Md. Abdul Hannan
Mia FCMA
Mr. A. K. M. Delwer Hussain
FCMA
Mr. S.M. Zahir Uddin Haider

FCMA
Mr. Md. Abdur Rahman Khan
FCMA
Mr. Md. Abdul Alim Munshi
FCMA
Cost Audit & Professional Service Cell
Cost Accounting and Financial

Reporting Standards Committee
Welfare Committee
ICT Committee
Public Relations Committee
Mr. Md. Mumlook Hossain

FCMA
Mr. ImtiazLutful Baset FCMA
Mr. Arif Khan FCMA
Mr. Morshed Ahmed FCMA
Internal Audit & Compliance Committee
Mr. Mohd.Tajdiqul Islam FCMA

FCMA
Infrastructure Development Committee
Mr. Md. Ruhul Amin FCMA
Mr. Md. Habibul Kabir FCMA
Training Committee
Mr. Mohammad Ali Nawaz

FCMA
Mr. Naba Krishna Muni FCMA
International Recognition &

Accreditation Committee
Mr. RoomeeTareque Moudud

FCMA
Global Affairs Advisory Committee
Mr. A.F.M. Amir Hossain FCMA
SAFA and International Relations

Committee
Mr. Md. Mamunur Rashid

FCMA
Branch Affairs Committee
Mr. Mohammed Mohiuddin

FCMA
Mr. Shawkat Hossain FCMA
Governess and Administrative

Affairs Committee
92

FCMA
Mr. Md. Mostaqur Rahman
FCMA
Prof. Dr. Swapan Kumar Bala
FCMA
Mr. Arif Khan FCMA

Mr. Md. Shafiqul Islam

Talukder FCMA
ANNEXURE 3
OFFICE BEARERS OF BRANCH AND CHAPTER COUNCILS
Dhaka Branch
Mr. Md. Ali Haider Chowdhury FCMA
Kazi Muhammad Ziauddin ACMA
Mr. S.M. Shawon Mahmud FCMA
Md. Abdus Satter Sarker ACA, FCMA
Chairman
Vice Chairman
Secretary
Treasurer
Chittagong Branch
Mr. Mohammed Monoarul Hoque FCMA
Mr. Mohammed Nurul Huda Siddiquee FCMA
Mr. Golam Kibria ACMA
Mr. Muhammad Mahbubur Rahman Bhuiyan ACMA
Chairman
Vice Chairman
Secretary
Treasurer
Khulna Branch
Mr. Md. Ala Uddin Akanda FCMA
Sheikh Ziaul Islam ACMA
Mr. S.M. Zakir Hossain ACMA
Mr. Md. Moslem Uddin ACMA
Chairman
Vice Chairman
Secretary
Treasurer
KSA Chapter
Mr. Md. Safiullah FCMA
Mr. Muhammad Emdad Ullah FCMA
Mr. Md. Abul Hossain Bhuian FCMA
Mr. Mohammad Ashraful Alam FCMA
Chairman
Vice Chairman
Secretary
Treasurer
UK Chapter
Mr. A.K.M. Golam Morshed FCMA
Mr. Md. Mahbubur Rahman FCMA
Mr. Md. Kamal Uddin FCMA
Sufian Mohammad Anisul Hoque ACMA
Chairman
Vice Chairman
Secretary
Treasurer
Canada Chapter
Mr. Md. Mahfuzur Rahman ACMA
Mr. A.H.M. Munir ACMA
Mr. Md. Babul Ahmed ACMA
Mr. Md. Gulam Faruk ACMA
Chairman
Vice Chairman
Secretary
Treasurer

93
ANNEXURE 4
ATTENDANCE RECORDS OF COUNCILORS
Name of the Councilors

Mr. Abu Sayed Md. Shaykhul Islam FCMA
Mr. Arif Khan FCMA
Mr. A. K. M. Delwer Hussain FCMA
Mr. Md. Mamunur Rashid FCMA
Mr. Md. Munirul Islam FCMA
Mr. Md.Shawkat Ali Waresi
Mr. Sushen Chandra Das
Executive Committee Members
Mr. A. S. M. Shaykhul Islam FCMA
Education Committee Members
Mr. Arif Khan FCMA
Mr. A. K. M. Delwer Hussain FCMA
Special invitee:
94

Meeting Attended
11
11
9
11
10
6
5
8
10
9
10
10
9
5
9
9
Meetings Attended
7
6
7
5
6
Meeting Attended
5
4
4
3
3
4
ANNEXURE 4
ATTENDANCE RECORDS OF COUNCILORS
Examination Committee Members

Mr. A. S. M. Shaykhul Islam FCMA
Md. Mamunur Rashid FCMA
Meetings Attended
10
9
6
3
6
Research and Development Committee Members

Mr. Munirul Islam FCMA
Mr. Muhammad Ahsanul Jabbar
Meeting Attended
1
1
1
Other Committee Meetings held till November 15, 2014
Name of the Committee

Professional Development & Advisory Committee
Journal and Publication Committee
Seminar and Conference Committee
Corporate Award and Branding Committee
Ordinance, Regulation and Corporate Laws Review Committee
Taxation Committee
Cost Audit and Professional Service Cell
Cost Accounting and Financial Reporting Standards Committee
Academic Advisory Committee
Placement Committee
Student Affairs Committee
Welfare Committee
ICT Committee
Infrastructure Development Committee
Training Committee
International Recognition and Accreditation Committee
Committee for Branch Affairs
Governess and Administrative Affairs Committee
Number of Meeting Held

01
02
02
04
02
01
03
02
01
01
03
02
01
02
03
02
02
01

95
AUDITED
ACCOUNTS
FOR
THE YEAR ENDED
JUNE 30, 2014
96

AUDITORS REPORT
AUDITORS REPORT TO THE MEMBERS OF
THE INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF BANGLADESH (ICMAB)
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying Financial
Statements of The Institute of Cost and Management
Accountants of Bangladesh (ICMAB), which comprise
the Balance Sheet as at June 30, 2014 and the
Statement of Income and Expenditure and Statement of

Cash Flows for the year ended on that date, and a
summary of significant accounting policies and other
explanatory information.
MANAGEMENTS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

Management is responsible for the preparation and
fair presentation of these financial statements in
accordance with Bangladesh Financial Reporting
Standards (BFRS) 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.
AUDITORS RESPONSIBILITY
Our responsibility is to express an opinion on these
financial statements based on our audit. We conducted
our audit in accordance with Bangladesh Standards on
Auditing (BSA). These standards require that we comply
with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the
financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the
financial statements. The procedures selected depend
on the auditors judgment, including the assessment of
the risks of material misstatement of the financial
statements, whether due to fraud or error. In making
those risk assessments, we consider internal control

relevant to the entitys preparation and fair presentation
of the financial statements 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 entitys internal control. An audit
also includes evaluating the appropriateness of
accounting policies used and the reasonableness of
accounting estimates made by management, as well
as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion.
OPINION
In our opinion, the financial statements referred to above
give a true and fair view of the state of the affairs of the
Institute as of June 30, 2014 and of the results of its

performance and cash flows for the year then ended.

97
AUDITORS REPORT
WE ALSO REPORT THAT
a. we have obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purpose of our audit and made due verification thereof;
b. in our opinion, proper books of account as required have been kept by the Institute so far as it appeared from
our examination of those books; and
c. the Balance Sheet, Statement of Income and Expenditure and Statement of Cash Flows dealt with by the report
are in agreement with the books of account.
(J. U. Ahmed & Co.)

Chartered Accountants
Dhaka
98

BALANCE SHEET
ICMA BHABAN, NILKHET, DHAKA
Balance Sheet
As at June 30, 2014
Notes
4
5
Property, Plant and equipment

Bangladesh Institute of Capital Market (BICM)
Current Assets
Cash and bank balances
Investment for Gratuity
Short term investments (FDR)
Advances, deposits and pre-payments
Receivable
Inventories
6
7
8
9
10
11
Current Liabilities
Security deposits
Library caution money
Payables and accruals
Receipts in advance
12
13
Net Current Assets

Capital Employed
Financed by
General Fund
Provision for Gratuity
Scholarship Fund
14
15
16
30-06-2014
Taka
30-06-2013
Taka
49,872,464
500,000
50,372,464
51,804,815
500,000
52,304,815
18,308,944
33,822,478
106,608,607
3,794,101
1,392,921
652,515
164,579,566
18,827,893
27,600,783
95,138,488
3,208,850
4,574,924
1,033,559
150,384,497
263,149
719,998
3,887,320
67,843
4,938,310
314,148
692,998
5,285,651
241,844
6,534,641
159,641,256
210,013,720
143,849,856
196,154,671
188,438,030
21,400,690
175,000
210,013,720
177,529,973
18,449,698
175,000
196,154,671
The annexed notes 1 to 34 from an integral part of these financial statements.

Treasurer
Secretary
President
As per our report of same date

J.U. Ahmed & Co.
Dhaka
99
STATEMENT OF INCOME AND EXPENDITURE

Statement of Income and Expenditure
For the year ended June 30, 2014
2013-2014
Taka
2012-2013
Taka
17
18
19
20
21
22
23
3,596,055
50,102,980
14,500,000
15,743,980
629,418
(2,300)
11,587,019
96,157,152
3,211,950
53,894,480
12,500,000
13,620,247
1,111,996
(13,090)
7,824,836
176,495
92,326,914
24
25
26
27
28
29
30
31
32
33
34
32,818,705
5,931,520
8,551,052
10,782,106
6,736,242
1,588,111
1,247,000
12,297,601
158,926
1,110,673
4,027,159
85,249,095
10,908,057
27,285,351
5,166,742
7,076,496
10,913,754
5,112,939
2,338,486
1,264,000
9,597,551
149,843
706,278
3,731,012
73,342,452
18,984,462
Notes
A. Income
Fees from members
Subscriptions and fees from students
Government grant
Interest income
Rental income
Income from infoTech Center (Net)
Other income
Surplus/(Deficit) from sale of fixed assets
B. Expenditure
Employee cost
Occupancy cost
General and Administrative expense
Students Education expense
Examination expense
Post Qualifying Education expense
Members Activity expense
Seminar and Conference expense
Research and Development expense
Journal Publication expense
Depreciation
C. Surplus of income over expenditure for
the year transferred to General Fund (A-B)
Treasurer
Secretary
President

J.U. Ahmed & Co.
Dhaka
100

STATEMENT OF CASH FLOWS

Statement of Cash Flows
2013-2014
Taka
2012-2013
Taka
10,908,057
4,027,159
2,950,992
18,984,462
3,731,012
1,756,540
(6,221,695)
(11,470,119)
(585,251)
3,182,003
381,044
(1,398,331)
(174,001)
27,000
(50,999)
(4,745,479)
(20,201,963)
(1,131,887)
(1,595,152)
(287,699)
483,543
74,933
21,000
(52,000)
1,575,859
(2,962,690)
Cash flows from Investing Activities

Acquisition of property, plant and equipment
Sale proceeds of Assets (Adjustment)
(2,094,808)
-
(3,856,042)
13
Net Cash flows from Investing Activities

Net decrease in cash and bank balances
Cash and bank balances at the beginning of the year
(2,094,808)
(518,949)
18,827,893
(3,856,029)
(6,818,719)
25,646,612
Cash & bank balances at the end of the year
18,308,944
18,827,893
Particulars
Cash flows from Operating Activities
Surplus of Income over Expenditure for the year
Depreciation
Provision for Gratuity
Changes in Working Capital
Investment for Gratuity
Short term investments
Advances, deposits & prepayments
Receivable
Inventories
Payables and accruals
Receipts in advance
Library caution money
Security deposits
Net Cash flows from Operating Activities

Treasurer
Secretary
President

J.U. Ahmed & Co.
Dhaka
101
NOTES TO THE ACCOUNTS

Notes to the Accounts

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 Ordinance, 1977 (Ordinance
No. LIII of 1977) 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 accounts have been prepared, consistently applying Generally Accepted Accounting Principles (GAAP) under
the historical cost convention.
3.2 PROPERTY, PLANT AND EQUIPMENT
102


3.2.1 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 income statement
during the accounting period in which they are incurred.
3.2.2 DEPRECIATION ON FIXED ASSETS

i. Depreciation on fixed assets has been charged on straight line method. Full years 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
Leasehold land in Dhaka
Leasehold land in Chittagong,
Khulna and Rajshahi
Building:
Main building
Prayer hall
Garage/temporary shed
Office equipment:
Computer
Other ofce equipment
Furniture and fixtures
Library books
Motor car
3Rate of depreciation/amortization (%)

3.33%
1.00%
2.50%
10%
20%
30%
15%
10%
10%
25%

103

3.3 INVENTORY VALUATION
Inventory has been valued at cost.
3.4 GOVERNMENT GRANT
The grant received from the Government of Bangladesh
has been recognized as income and shown in the
Statement of Income and Expenditure as the grant was

allowed to meet revenue deficit.
3.5 REVENUE RECOGNITION

a. 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.
3.6 GENERAL
i. Physical verification of Fixed Assets and Inventory items as on June 30, 2014 of ICMAB Head Office and
Chittagong Branch office were taken by an Inventory Committee of the Institute.
ii. Figures have been rounded off to the nearest Taka.
iii. Previous year's figures have been rearranged, wherever considered necessary, in order to conform to current
year's presentation.
104

04. Property, Plant and equipment

Balance at Cost as on July 01, 2013
Add: Purchase during the year
Less: Adjustment/disposal during the year
Less: Accumulated depreciation as on July 01, 2013
Depreciation during the year
Less: Adjustment/disposal during the year
Balance as on June 30, 2014
The details of above balance have been shown in Annexure # 1
05. Bangladesh Institute of Capital Market (BICM)
Contribution to Bangladesh Institute of Capital
Market (BICM)
06. Cash and bank balances
Cash in hand
Balance with current deposits
Balance with saving deposits
Short term deposits
07. Investment for Gratuity
Fixed deposit with bank
Saving deposit with bank
08. Short term investment (FDR)
Fixed deposits with bank
Fixed deposits with bank (Scholarship Fund)
09. Advances, deposits and pre-payments
Advances against expenses
Advance against TA and DA
Deposits and pre-payments
10. Receivable
Receivable from members
30-06-2014
Taka
30-06-2013
Taka
108,594,116
2,094,808
110,688,924
110,688,924
108,491,219
3,856,042
112,347,261
3,753,145
108,594,116
56,789,301
4,027,159
60,816,460
60,816,460
49,872,464
56,811,421
3,731,012
60,542,433
3,753,132
56,789,301
51,804,815
500,000
500,000
80,500
225,575
2,624,842
15,378,027
18,308,944
80,500
1,032,170
1,076,076
16,639,147
18,827,893
31,927,380
1,895,098
33,822,478
25,733,430
1,867,353
27,600,783
106,358,960
249,647
106,608,607
94,897,317
241,171
95,138,488
889,838
1,841,714
1,062,549
3,794,101
573,068
1,585,240
1,050,542
3,208,850
1,392,921
4,574,924

105

11. Inventories
Stock and store consumable
Saleable Stock
Dhaka
Chittagong
Rajshahi
Khulna
Comilla
12. Payables and accruals
Accrued expenses
Employees cost
Occupancy cost
General & admin expense
Student education expense
Examination expense
Seminar & conference
Journal publication expense
Students scholarship
Other (Liabilities)
13. Receipts in advance
Fees for membership
Annual membership fees
14. General Fund
Balance as on July 01, 2013
Add: Excess of Income over Expenditure for the year
15. Provision for Gratuity
Balance as on July 01, 2013
Add: Provision made during the year
Less: Paid during the year
Balance as on June 30, 2014
16. Scholarship Fund
Scholarship
106

30-06-2014
Taka
30-06-2013
Taka
256,174
508,713
179,774
100,147
39,144
37,907
39,369
652,515
300,565
100,357
38,951
43,552
41,421
1,033,559
37,500
777,440
166,109
2,281,649
377,790
73,454
3,713,942
24,601
148,777
3,887,320
330,725
560,306
256,455
3,533,630
354,995
89,000
5,125,111
24,601
135,939
5,285,651
26,140
41,703
67,843
40,140
201,704
241,844
177,529,973
10,908,057
188,438,030
158,545,511
18,984,462
177,529,973
18,449,698
2,950,992
21,400,690
21,400,690
16,693,158
2,420,280
19,113,438
663,740
18,449,698
175,000
175,000

17. Fees from members
Admission fees
Annual membership fees
Fees from Certificate of Practice
18. Subscriptions and fees from students
Tuition fees
Admission fees
Registration fees
Correspondence course fees
Examination and exemption fees
Annual subscriptions
Library card fees
Identity card fees
Students welfare
Practical Certificate fees
Testimonial fees
Internship fees
19. Government grant
Government grant
20. Interest income
Interest on FDR's
Bank interest
21. Rental income
Auditorium rent
Class room rent
Space rent
22. Income from InfoTech Center (Net)
InfoTech total income
InfoTech total expense
2013-2014
Taka
2012-2013
Taka
292,000
3,172,055
132,000
3,596,055
215,000
2,780,750
216,200
3,211,950
6,542,642
11,753,000
6,504,000
10,360,078
10,198,000
3,500,460
419,600
340,000
168,800
189,400
22,000
105,000
50,102,980
7,018,710
12,611,000
7,068,500
11,502,250
10,882,400
3,506,220
453,600
363,400
189,700
193,600
26,000
79,100
53,894,480
14,500,000
12,500,000
14,682,686
1,061,294
15,743,980
13,121,868
498,379
13,620,247
125,000
240,000
264,418
629,418
265,000
521,000
325,996
1,111,996
7,200
(9,500)
(2,300)
10,400
(23,490)
(13,090)

107

23. Other income
Advertisement income (Journal, Member list )
Advertisement income (Semi. & Conf., CPD, Sponsore, etc.)
Sale of Journal
Profit from sale of saleable items
Fees from seminar and conference
Income from photocopies
Fees from workshop, CPD programme
Fine & late fees
Miscellaneous income
24. Employee cost
Salaries and allowances
Overtime
Dress and uniform
Gratuities
Bonus
Employers' contribution. to Provident Fund
Employees' income tax
Group insurance
25. Occupancy cost
Rent, rates and taxes
Electricity gas and water charges
Repairs and maintenance
Property insurance
Security and cleaning
26. General and Administrative expense
Printing and stationery
Motor car expenses
Traveling and conveyance
Postage, telephone and courier
Meeting expenses
Advertisement
Audit fees
International relations
Legal and professional charges
Bank charges
Employees' welfare
Generator fuel and maintenance
Donation to CMA Welfare Fund
Training & development
Miscellaneous expense
i. Printing and stationary includes printing cost related to National Council Election 2013.
ii. Miscellaneous expense includes Honorarium and other expenses for administering National
& Branch Council Election expenses.
108

2013-2014
Taka
2012-2013
Taka
55,000
8,961,183
1,440
1,345,227
619,000
24,646
519,065
61,458
11,587,019
173,000
5,023,448
720
1,565,346
103,200
21,702
134,000
707,300
96,120
7,824,836
24,430,522
1,803,616
69,415
2,950,992
2,130,617
1,138,864
79,109
215,570
32,818,705
20,083,525
1,713,942
70,000
2,420,280
1,786,650
961,272
49,984
199,698
27,285,351
395,551
2,222,499
2,083,314
116,051
1,114,105
5,931,520
253,259
1,707,159
1,931,916
123,304
1,151,104
5,166,742
1,791,248
344,575
604,096
1,721,262
2,011,387
260,327
60,000
548,085
49,050
52,154
180,000
713,500
26,752
188,616
8,551,052
1,305,646
252,853
656,979
1,140,687
1,288,109
725,448
50,000
512,521
25,500
44,203
160,000
802,150
100,000
12,400
7,076,496

27. Students Education expenses
Honorarium to lecturers
Correspondence course expense
Advertisement
Meeting expenses
Newspapers and periodicals
Admission test expense
Students welfare expense
Library photocopy expense
Incentive awarded
28. Examination expense

Honorarium to Examiners and Question Setters
Invigilation expense
Examination allowances to staff
Advertisement
Meeting expense
29. Post Qualifying Education expense
Entertainment
Meeting expense
Advertisement
Gift and presentation
30. Members Activity expense
(Details in anx. A,B,C)
Dhaka Branch Council
Chittagong Branch Council
Khulna Branch Council
2013-2014
Taka
2012-2013
Taka
7,862,844
164,240
934,960
457,371
453,882
665,764
93,335
30,860
81,500
22,350
15,000
10,782,106
8,575,980
173,340
676,182
458,992
341,730
439,010
82,589
33,392
71,500
53,039
8,000
10,913,754
2,392,220
1,904,097
1,194,420
390,934
583,148
48,400
223,023
6,736,242
1,834,816
1,206,512
990,750
355,446
518,785
45,000
161,630
5,112,939
587,338
530,922
132,690
8,427
38,500
290,234
1,588,111
1,311,018
459,054
156,325
17,613
87,950
306,526
2,338,486
585,000
552,000
110,000
1,247,000
755,500
431,500
77,000
1,264,000

109
31. Seminar and conference expense

International
Local
Advertisement
Meeting expense
Entertainment expense
Gift and presentation
Cultural function & others
2013-2014
Taka
2012-2013
Taka
2,832,259
4,806,990
1,682,415
189,340
562,008
32,251
5,970,006
575,322
454,000
12,297,601
497,655
81,477
422,375
37,848
3,035,734
353,972
361,500
9,597,551
Seminar and Conference expense (Local) Includes cost relating to SAFA International Conference held on October 10-11,
2013 in Dhaka, and also cost of holding Convocation 2013 and Best Corporate Award 2013.
32. Research and Development expense
Administrative expense
Cost Audit Committee/Implementation expense
33. Journal Publication expense
Honorarium to Script Writers
Honorarium to Editor
Printing and stationary
Meeting expense
34. Depreciation
Depreciation on building
Amortization on land
Depreciation on furniture & fixture
Depreciation on office equipments
Depreciation library books
110

74,026
84,900
158,926
59,843
90,000
149,843
23,870
146,120
847,614
51,410
41,659
1,110,673
55,650
97,076
482,108
25,790
45,654
706,278
1,412,665
51,096
559,209
1,863,104
141,085
4,027,159
1,412,665
51,096
497,828
1,641,670
127,753
3,731,012

111
Lease hold land Dhaka

Lease hold land Chittagong
Lease hold land Khulna
Lease hold land Rajshahi
Building
Lift (Two Unit)
Motor Car/Micro Bus
Library Books
Furniture & Fixture
Computer & Office Equipments
2013-2014
Taka
2012-2013
Taka
2.5%
10%
20%
10%
15%
30%
189,976
2,857,403
1,759,771
446,371
58,730,955
6,170,098
595,000
5,885,077
9,139,826
22,819,639
108,594,116
108,491,219
PARTICULARS
Main Building
Prayer Hall
Garage Temporary Shed
Furniture & Fixtures
Office Equipments
Computer
Balance as on
July 01, 2013
3,753,145
189,976
2,857,403
1,759,771
446,371
58,753,455
6,170,098
595,000
6,018,401
9,346,172
24,552,277
110,688,924
108,594,116
Adjustment/
Disposal during Balance as on
the year June 30, 2014
Taka
22,400
133,324
206.346
1,732,638
2,094,808
3,856,042
Addition during
the year
COST
189,975
674,244
315,819
68,287
19,210,779
6,170,097
594,999
5,719,322
5,592,030
18,253,749
56,789,301
56,811,421
28,863
17,725
4,508
1,412,665
141,085
559,209
1,863,104
4,027,159
3,731,012
Taka
3,753,132
189,975
703,107
333,544
72,795
20,623,444
6,170,097
594,999
5,860,407
6,151,239
20,116,853
60,816,460
56,789,301
Adjustment/
Balance as on Charged during Disposal during Balance as on
June 30, 2014
July 01, 2013
the year
the year
DEPRECIATION

ICMA Bhaban, Nilkhet, Dhaka
Schedule of Fixed Assets
As on June 30, 2014.
1
2,154,296
1,426,227
373,576
38,130,011
1
1
157,994
3,194,933
4,435,424
49,872,464
51,804,815
Taka
Written down
value as on
June 30, 2014
Annexure-1
STATEMENT OF BUDGET VARIANCE

Statement Of Budget Variance
A. Income
Notes
Fees from members
17
Subscriptions and fees from students 18
Government grant
19
Interest income
20
Rent
21
Income from infoTech center (Net)
22
Other income
23
2013-2014
Revised
Budget (Taka)
2013-2014
Actual
(Taka)
Variance
Fav. (Unfav)
(Taka)
%
Fav. (Unfav)
3,175,000
52,105,713
14,500,000
14,240,969
583,448
3,350
9,856,328
94,464,808
3,596,055
50,102,980
14,500,000
15,743,980
629,418
(2,300)
11,587,019
96,157,152
421,055
(2,002,733)
1,503,011
45,970
(5,650)
1,730,691
1,692,344
13.26
(3.84)
10.55
7.88
(168.66)
17.56
32,873,529
5,359,954
8,021,886
11,419,662
62,08,797
886,240
1,080,500
10,790,159
523,030
1,098,969
3,814,397
82,077,123
12,387,685
2,318,850
10,068,835
32,818,705
5,931,520
8,551,052
10,782,106
6,736,242
1,588,111
1,247,000
12,297,601
158,926
1,110,673
4,027,159
85,249,095
10,908,057
2,094,808
8,813,249
54,824
(571,566)
(529,166)
637,556
(527,445)
(701,871)
(166,500)
(1,507,442)
364,104
(11,704)
(212,762)
(3,171,972)
(1,479,628)
224,042
(1,255,586)
0.17
(10.66)
(6.60)
5.58
(8.50)
(79.20)
(15.41)
(13.97)
69.61
(1.06)
(5.58)
B. Expenditure
Employee cost
Occupancy cost
General and Administrative expense
Students education expense
Examination expense
Post Qualifying Education expense
Members Activity expense
Research and Development expense
Journal Publication expense
Depreciation
C. Surplus/(Deficit) (A-B)
D. Capital expenditure (Annexure-1)
C. Net Surplus/(Deficit) (C-D)
112
24
25
26
27
28
29
30
31
32
33
34


Receipts & Payments Account
A. Receipts
Opening Balance
Cash-in-hand
Cash at Bank
Donation From ICMAB National Council
Less: Advance adjusted
Advance from ICMAB against next year budget
Loan to DBC from ICMAB National Council
Special grant
Loan from DBCs office bearer
Subscription & other receipts for picnic
Subscription & other receipts for DBC Fellowship Night
Training
Raffle Draw
Advertisement
Rental income
Bank interest & others
2013-2014
Taka
Annexure-A
2012-2013
Taka
22,035
265,573
287,608
43,419
40,627
84,046
585,000
544,500
40,500
555,500
300,000
255,500
359,500
1,000,000
70,000
512,500
999,992
2,559,900
384,750
1,078,705
12,000
1,689
6,979,036
7,307,144
344,500
1,200,000
200,000
30,000
175,000
1,644,548
2,209,200
320,200
1,156,530
994
7,280,972
7,620,518

113

B. Payments
DBC Fellowship Night
Training Course expense (VAT & Tax etc)
Seminar/Workshop
DBC Activities expense:
(Reception to office Bearers, Thanks and Prize Giving Ceremony etc)
Indoor Games
DBC Annual picnic
Donation and incentive (ICMAB students and incentive to staff)
Loan refund to DBC office Bearer
Loan refund to ICMAB
Repairs and maintenance
DBC Jobsite development
Office expenses (Meeting and Stationary)
Postage Dish and Internet expense
IFRS expense
Misc. Expense (Doa and Milad Mohfil)
Bank Charge
C. Closing Balance: (A-B)
Cash-in-hand
Cash at Bank
114

2013-2014
Taka
Annexure-A
2012-2013
Taka
2,223,223
1,062,246
-
2534,496
776,744
109,302
946,995
125,266
732,514
120,600
70,000
1,000,000
205,083
452,115
82,350
130,028
2,571
7,152,991
739,226
142,310
733,491
116,200
186,000
800,000
48,007
350,000
640,941
56,814
96,798
2,581
7,332,910
41,355
112,798
154,153
22,035
265,573
287,608
CHITTAGONG BRANCH COUNCIL

Chittagong Branch Council
A. Receipts
Opening Balance:
Cash-in-hand
Cash at Bank
Donation from ICMAB National Council
Special Grand from National Council(Seminar, CPD's etc.)
Fees from participants (Seminar, Conference & Fellowship night, etc.)
Grant for workshop on BCAS & Post Budget discussion
Grant (Eid-E-Miladunnabi)
Advertisement income (Seminar & Conference)
Donation
Subscription & other receipts from CBC picnic
Loan
Bank interest
B. Payments
CPD expense
CBC Fellowship Night -2013
CBC Picnic
Workshop on BCAS
Loan refunded
Shaheed Dibash/Pahela Baishakh, etc.
Eid- E-Miladunnabi expense
CBC Meeting & activities expense
Lawn Development work
Bank charge
Cash-in-hand
Cash at Bank
2013-2014
Taka
Annexure-B
2012-2013
Taka
4,655
2,661
7,316
715
1,902
2,617
192,000
181,500
360,000
567,400
81,845
17,000
991,413
56,500
220,260
2,043
2,296,461
2,495,777
331,869
407,465
15,000
826,100
60,000
178,000
65,000
4,122
1,887,556
2,071,673
94,530
678,150
760,571
365,998
45,088
220,260
112,278
40,389
77,155
1,486
2,395,905
150,993
507,848
745,613
365,189
60,000
88,413
21,116
81,007
42,381
1,797
2,064,357
9,867
90,005
99,872
4,655
2,661
7,316

115
KHULNA BRANCH COUNCIL

Khulna Branch Council
Receipts and Payments Account
Annexure-C
Amount in Taka
A. Receipts
Opening Balance:
Cash-in-hand
Cash at Bank
Donation from ICMAB National Council
Special Fund from ICMAB National Council
Sponsor
Loan from Office Bearer, KBC
B. Payments
Meeting expense
Printing and stationary
Annual Picnic and others
Entertaiment expense
KBC Night
Student orientation
Memorial Day, etc
Ifter Party,Doa and Milad Mhhfil
Misc. expenses
Cash-in-hand
Cash at Bank
116

2013-2014
2012-2013
196
1,237
1,433
120
525
645
80,000
30,000
15,445
125,445
126,878
77,000
63,514
20,000
160,514
161,159
5,500
4,000
2,400
85,445
5,000
5,010
15,376
125
122,856
12,809
4,728
110
25,958
57,785
41,485
11,881
4,970
159,726
2,785
1,237
4,022
196
1,237
1,433
EXECUTIVES OF THE INSTITUTE

Lt Col Md Humayun Kabir, psc (Retd)
Director
Tel
Cell
e-mail
PABX Ext.
: 8615989
: 01914-898621
: dir@icmab.org.bd
: 12
Mr. Md. Iftekher Hossain Patwary

Engineer
Cell
: 01716-792296
PABX Ext. :27
Mirza Mostafa Walid

Additional Director (F & A and PRT)
Mr. Md. Rafiqul Islam

Assistant Director (Admin. and R&D)
Cell
: 01922-101612
e-mail
: ad.af@icmab.org.bd
PABX Ext. : 16
Cell
: 01716-509054
PABX Ext. : 13
Mr. Nazmus Salehin

Additional Director (Exam.)
Mr. Md. Abu Hasan

Assistant Director (A & F)
Cell: 01715-158512
e-mail : ad.exam@icmab.org.bd
PABX Ext.: 17
Cell
: 01552-414317
e-mail
: asd.af1@icmab.org.bd
PABX Ext. : 35
Mr. K. M. Bahauddin
Additional Director (Admin.)
Mr. Mohammad Abdur Rahim Mahmud

Assistant Director (Library)
Cell
: 01714-214998
e-mail
: ad.admin@icmab.org.bd
PABX Ext. : 14
Cell
: 01922-106880
e-mail
: library@icmab.org.bd
PABX Ext. : 18
Mr. Md. Mizanur Rahman

Deputy Director (Publication)
Mr. Masud Alam

Assistant Director (Finance)
Cell
: 01732-227909
e-mail
: dd.pub@icmab.org.bd
PABX Ext. : 29
Cell
: 01716-793119
PABX Ext. : 35
Mr. Md. Abdul Maleque

Deputy Director (Education)
Mr. Md. Hanif

Computer Programmer
Cell
: 01756-403422
e-mail
: mam@icmab.org.bd
PABX Ext. : 22
Cell
: 01710-367828
E-mail
: it.info@icmab.org.bd
PABX Ext. : 26
Mr. Md. Monirul Islam Bhuiya

Assistant Director (Admin.)
Cell
: 01921-444494
PABX Ext. : 27
Talukder Md. R. Shahid (Dawn)

Officer (Desk Officer for Members Affairs)
Cell
: 01715177049
E-mail
: rsd@icmab.org.bd
PABX Ext. : 32
*PABX: 9615460; 9615477; 9611799; 8628293

117
ICMAB

ICMA Bhaban
Nilkhet, Dhaka-1205
Bangladesh
Phone: 88-02-9615460, 9611799, 9615477, 8628293,8615989
email: icmab@accesstel.net
Fax: 88-02-8615703
www.icmab.org.bd

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2014

REPORT OF THE COUNCIL

43RD ANNUAL GENERAL MEETING

Jamal Ahmed Choudhury FCMA

The Institute of Cost and

education and training to the students interested to

Accountants Regulations 1980 (as amended up-to

LEGACY OF THE INSTITUTE

building the credentials for the Institute for gaining

one President, two Vice-Presidents, one Secretary and

The Institute of Cost and

The International Federation

South Asian Federation

Confederation of Asian and

CORPORATE HEADQUARTERS, BRANCHES AND CHAPTERS

ICMAB Comilla Coaching

The Institute of Cost and

VISION & MISSION

Accounting Standards and take other necessary steps

The Institute of Cost and

LATE A.N. HAMIDULLAH

1991 & 1997

MR. HABIBUR RAHMAN

MR. MOHAMMED MOHIUDDIN

2001 & 2010

MR. MD. ABDUL AZIZ

MR. SATIPATI MOITRA

LATE RUHUL QUDDUS

LATE MUZAFFAR AHMED

1998 & 2002

MR. RAFIQ AHMAD

MR. MD. ABDUR RASHID

2007 & 2012

PROF. MAMTAZ UDDIN AHMED

MR. MD. UTTAM ALI MIAH

MR. MD. ISHAQUE

MR. MUZAFFAR AHMED

2004 & 2013

2008 & 2011

LATE ZAHIR UDDIN AHMED

The Institute of Cost and

LATE MD. NURUL HASSAN

1994 & 1996

MR. M. ABUL KALAM MAZUMDAR

MR. MD. RUHUL AMIN

MR. A.B.M. SHAMSUDDIN

COUNCIL AND OFFICE BEARERS

The Institute of Cost and

COUNCIL AND OFFICE BEARERS

The Institute of Cost and

COUNCIL AND OFFICE BEARERS

Mr. Muzaffar Ahmed

Mr. M. Abul Kalam Mazumdar

Prof. Mamtaz Uddin Ahmed

Mr. A. K. M. Delwer Hussain

Mr. Md. Mamunur Rashid

Prof. Dr. Swapan Kumar Bala

Mr. Md. Munirul Islam

Mr. Md.Shawkat Ali Waresi

Mr. A R M Nazmus Sakib

Mr. Sushen Chandra Das

The Institute of Cost and

Mr. Muhammed Ahsanul Jabbar

salvation of their departed souls.