In a recent discussion on “Financial Reporting and Regulatory Framework: Public and Private Sectors,” Chairman of the National Board of Revenue (NBR), Md. Abdur Rahman Khan, emphasized the urgent need for a comprehensive and effective financial reporting and regulatory structure to ensure transparency and accountability in Bangladesh’s financial management. He underscored that financial transparency is a collective responsibility beyond the National Revenue Board and taxpayers, and it should be seen as a national duty crucial for tackling corruption and building a prosperous nation.
The discussion event was held on Tuesday evening at the Radisson Blu Dhaka Water Garden, organized by the Finance Division of the Ministry of Finance with support from the World Bank. The event aimed to gather input from various stakeholders for the third report on Standards and Codes Observance (ROSC A&A) by 2025.
During the event, NBR Chairman Khan highlighted the challenges faced by state-owned enterprises (SOEs), autonomous bodies, and legal entities in complying with international accounting standards due to infrastructure constraints. He advised that the upcoming ROSC report prioritize the development of professional education and skill enhancement programs along with robust systems to ensure effective financial reporting.
Earlier ROSC reports in 2003 and 2015 played significant roles in advancing Bangladesh’s financial management. The 2003 report highlighted key weaknesses, such as inadequate regulatory frameworks and limited adoption of international standards, recommending the implementation of International Financial Reporting Standards (IFRS) and establishing an independent Financial Reporting Council (FRC). Despite progress, the 2015 report noted ongoing challenges in standard compliance.
The event was presided over by Bilkis Jahan Rimi, Additional Secretary (Budget-1) and National Program Director of Strengthening Public Financial Management to Enable Service Delivery (SPFMS). Special guests included Marga Peters, Program Manager of the European Union, and Suraiya Jannat, Lead Governance Specialist (Financial Management) of the World Bank, who delivered the keynote speech.
In her remarks, Bilkis Jahan Rimi stated that the government is committed to establishing a transparent, accountable, and sustainable financial environment through enhanced regulatory frameworks in both public and private sectors. Marga Peters emphasized the need for increased awareness on the importance of financial reporting in state enterprises, highlighting the EU’s support for Bangladesh’s journey toward a robust financial reporting structure.
Suraiya Jannat from the World Bank presented insights on ROSC A&A evaluations by the World Bank and the IMF, which assess compliance with accounting and audit standards across countries, supporting financial system transparency and private sector growth. She noted that Bangladesh’s ongoing reforms include adopting new accounting and audit standards, updating professional education curricula, and establishing an FRC to enhance the quality of reporting in public services and SOEs.
The event concluded with an open discussion among representatives from government ministries, professional bodies, and development agencies, offering various recommendations to strengthen the financial reporting and regulatory framework.
