International Federation of Accountants (IFAC) has issued most comprehensive International Financial Reporting Standard, “IFRS-15: Revenue from Contracts with Customers” to be effective from January 01,2018. Considering the significance and gravity of the standard, the Institute of Cost and Management Accountants of Bangladesh (ICMAB) has arranged for Continuing Professional Development (CPD) program for its members on December 19, 2017 at ICMAB Ruhul Quddus Auditorium, Nilkhet, Dhaka.
Mr. M. Abul Kalam Mazumdar FCMA, Chairman of the Cost Accounting and Financial Reporting Standards Committee (CAFRSC) and former President of the Institute Chaired discussion session. Ms. Akhtar Sanjida Kasem FCA, FCMA, Partner, A. Qasem & Co. presented standard as key Resource Person. Mr. Mustafa Alim Aolad, Deputy CFO, Grameenphone Limited and Dr. Md Musfiqur Rahman ACMA, Associate Professor, Dept. of Accounting & Information Systems, University of Dhaka took part as panel discussants. ICMAB Secretary Mr. Md. Abdur Rahman Khan FCMA offered vote of thanks.
In his welcome speech Mr. Mazumdar mentioned that to be a professional accountant the Cost and Management Accountants are required to be thorough about financial accounting as well as Cost accounting standards. In an effort to this direction the CPD program was arranged.
Ms. Akhtar Sanjida Kasem FCA, FCMA, Partner, A. Qasem & Co. while presenting the standard highlighted the importance of making the stakeholders of corporate bodies aware of the implications of the standards, in revenue recognition and cost estimation, upon its implementation.
Dr. Md Musfiqur Rahman ACMA, Associate Professor, Dept. of Accounting & Information Systems, University of Dhaka, in his speech mentioned that IFRS 15 is robust standard which is going to replace a number of existing standards. While elaborating the technical aspects he emphasized the need for appropriate readiness of the companies for its implementation.
Mr. Mustafa Alim Aolad, Deputy CFO, Grameen Phone Limited discussed about their experience in implementing the standards. He mentioned that Telco companies are one of the companies who would have huge impact on its revenue, cost, tax and VAT while implementing the standard.
A large number of Fellow and Associate Members of the Institute attended the CPD program.