Dhaka: National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan emphasized the necessity of establishing a strong and efficient financial reporting and regulatory framework for both the public and private sectors. He highlighted that this move is crucial for creating a governance system that ensures transparency and accountability in Bangladesh's financial management. According to Bangladesh Sangbad Sangstha, the NBR chairman made these remarks during the inaugural discussion on 'Financial Reporting and Regulatory Framework: Public and Private Sector' at a city hotel, organized by the Finance Division in collaboration with the World Bank. Khan stressed that financial transparency is a collective responsibility that extends beyond the NBR and taxpayers, suggesting it should be viewed as a national duty to combat corruption and promote prosperity. Khan drew attention to the challenges faced by State-Owned Enterprises (SOEs), autonomous bodies, and statutory organizations in aligning with international ac counting standards, attributing these difficulties to inadequate infrastructure. He emphasized the importance of academic excellence and the development of robust systems, supported by skilled professionals, to ensure effective financial reporting in preparation for the upcoming ROSC exercise. The 2003 and 2015 ROSC reports played a significant role in shaping Bangladesh's financial regulatory landscape. The 2003 report identified weaknesses and recommended adopting IFRS and establishing a Financial Reporting Council (FRC). By 2015, progress was noted with IFRS adoption, though challenges in enforcement and compliance persisted, necessitating ongoing reforms. The event, presided over by Bilquis Jahan Rimi, Additional Secretary (Budget-1) and National Program Director of the Strengthen Public Financial Management Program to Enable Service Delivery (SPFMS), also featured insights from Marga Peeter, EU Delegation Project Manager Union Delegation to Bangladesh, and Suraiya Zannath, Lead Governance Specialist (F inancial Management) at the World Bank. In her address, Bilquis Jahan Rimi focused on the government's efforts to enhance financial reporting and regulatory frameworks, particularly in the public sector. She stated that by aligning with international standards, Bangladesh aims to improve government resource management, service delivery, and national development outcomes, thereby fostering greater public trust and economic stability. Marga Peeters highlighted the importance of raising awareness among SOEs about the SOE monitoring cell, which can aid their compliance with financial reporting requirements. She reaffirmed the EU's commitment to supporting Bangladesh's journey towards a mature financial reporting framework aligned with IFRA standards and ROSC objectives. Suraiya Zannath's presentation concentrated on the Financial Reporting and Regulatory Framework, emphasizing the World Bank and IMF's Report on the Observance of Standards and Codes - Accounting and Auditing (ROSC A and A). This initiative eval uates countries' adherence to international accounting and auditing standards to enhance financial systems, transparency, and private sector growth. The open discussion at the event, with participants from government ministries, professional bodies, and development organizations, underscored a shared commitment to a financial framework that promotes transparency in the public sector and equitable growth in the private sector.
