The Institute of Chartered Accountants, Bangladesh (ICAB) has been opposing tooth and nail the move to set up the FRC on the plea that the institute remains an effective oversight body for the accounting professionals, a claim that lot many people would not subscribe to.
The ICAB organised a press conference Friday last and a roundtable next day to air its opposition to the passage of a law that would pave the way for establishing the FRC to oversee, among others, the effectiveness of the financial reporting framework in the country.
The move to establish an FRC is not a new one. Following suggestions from the World Bank and other stakeholders at home, the then government in 2006 prepared a draft bill for setting up the FRC but it did not place the same before parliament.
During the military-backed caretaker government, the issue of reforming the archaic business laws, rules and regulations came to the fore strongly. It had further revised the proposed law and approved the same on the day before it stepped down. However, the new parliament constituted in 2009 decided to review the proposed law yet another time. Now that the revision process has been completed and the bill concerned might be introduced during the next and last session of the present parliament for adoption.
The ICAB, the representative body of the accounting professionals, is opposed to the formation of FRC on the plea that the proposed body would undermine its (ICAB's) status as an 'oversight' organisation. But other regulatory bodies and major stakeholders do not subscribe to the ICAB's view and do strongly feel that there should be an independent oversight