The Financial Reporting Council has signed contracts with three global accounting and auditing standard setting organisations to ensure high quality financial reporting and auditing with integrity, transparency and trustworthiness, said the FRC in a statement on Monday. The three organisations are IFRS Foundation, International Foundation of Accountants and International Valuation Standards Council, it said. ‘This is a step forward to protect public interest, and address concerns of capital market stakeholders,’ it said. The FRC is the government regulatory body for professional accountants and accountancy profession in Bangladesh. The purpose of the contract signing is to bring financial reporting and audit reporting activities of different corporate and business under a well-regulated structure, the FRC said. FRS Foundation develops and sets standards, interpretations for accounting and financial reporting, known as IFRS, IASs, IFRIC Interpretations. IFAC develops and sets standards, code of ethics, practice notes for auditing, assurance, review, and other related services for professional accountants while IVSC develops and sets International Valuation Standards for business and assets valuation services. IFRS, ISAs, Code of Ethics have been in practice in Bangladesh accounting and auditing profession through the Institute of Chartered Accountants of Bangladesh for more than a decade. With the enactment of Financial Reporting Act, 2015 and signing of the contracts with the global standard setting organisations, these standards are now being included into the national law. IVS for valuation of business and assets will be a new set of standards for valuation practices in Bangladesh. At present, a total of 166 countries are involved in the process of adoption of IFRS, 170 members from 130 countries are using IFAC published auditing standards and IVSC consists of more than 130 member organisations from around the world.
