Dr. Nikhil Chandra Shil joined a seminar on ‘Financial Reporting Act: Role and Responsibilities of Professional Accountants’ as resource person
Mr. C. Q. K. Mustaq Ahmed, Chairman, Financial Reporting Council (FRC) attended the program as Chief Guest. President of ICMAB Mr. Jamal Ahmed Choudhury FCMA presided over the function. It is to be noted that Financial Reporting Council (FRC) is the supreme body under the Financial Reporting Act (FRA) 2015 enacted to ensure transparency and accountability in countries accounting, auditing and reporting framework bringing professional accountants into new and more stringent regulatory regime. Dr. Shil has explained the requirements of professional accountants under FRA alongwith the challenges they will face. This FRA in Bangladesh is enacted with the same spirit of SOX Act in United States to bring the professional accountants under revised regulatory framework breaking the long years self regulatory regime. The seminar calls for discharging professional responsibilities by professional accountants maintaining the highest level of professional integrity and care so that they are not facing any negative consequences of the act.
Dr. Shil has explained the role of professional accountants in economic development particularly the role that professional accountants play as mediator, protecting public interest and combating corruptions. The conference was attended by policy makers, professional accountants from SAARC and other countries, high officials from European Federation of Accountants and Auditors, World Congress of Accountants, International Accounting Standards Board, Central Banks and other Banks from SAARC countries etc.