Finance Adviser on Sunday issued a series of directives aimed at accelerating institutional reforms and strengthening financial discipline in Bangladesh, underscoring the Financial Reporting Council’s (FRC) growing role in economic governance.
The directives came at a seminar titled 'FRC and Economic Governance in Bangladesh', held at the Finance Division of the Ministry of Finance.C
Chaired by the Finance Adviser, the meeting was attended by the Finance Secretary, senior officials of the Finance Division and the FRC.
Presenting the keynote paper, FRC Chairman Dr Md Sazzad Hossain Bhuiyan highlighted the council’s mandate and its contribution to improving transparency, accountability and credibility in financial reporting and auditing practices in the country.
In his remarks, the Finance Adviser lauded the FRC’s performance over the past eight months, particularly its initiatives to reinforce accounting, auditing and overall financial discipline—key pillars of sound economic governance.
He emphasised that a strong and functional FRC is essential for restoring confidence in financial reporting, safeguarding public interest and supporting sustainable economic management.
To further enhance the effectiveness of the regulator, the Finance Adviser instructed the Finance Division and the FRC to take immediate steps to implement a set of priority action plans.
He directed that the recruitment process for 57 officers and staff be completed on an urgent basis, noting that adequate manpower is critical for the council to discharge its statutory responsibilities efficiently.
The Finance Adviser also instructed the relevant authorities to take necessary measures for the prompt issuance of four FRC regulations, which he said are vital for strengthening the regulatory framework governing accounting and auditing practices in Bangladesh.
Emphasising the importance of technology-driven oversight, he called for the approval and implementation of a comprehensive automation programme for the FRC, aimed at improving operational efficiency, data management and regulatory monitoring.
In a move to align Bangladesh’s financial reporting ecosystem with global best practices, the Finance Adviser directed the relevant agencies to facilitate the acquisition, renewal and continued support of FRC’s memberships in key international standard-setting and professional bodies.
These include the IFRS Foundation, International Federation of Accountants (IFAC), XBRL International Inc., Asian-Oceanian Standards Setters Group, International Forum of Accounting Standard Setters (IFASS) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
He further instructed that all necessary assistance be extended to the FRC for engaging with international organisations through knowledge-based training programmes, bilateral meetings and the signing of memoranda of understanding (MoUs), with the objective of enhancing institutional capacity and technical expertise.
Officials present at the seminar said the directives reflect the government’s commitment to strengthening regulatory institutions and improving financial governance as part of broader economic reforms.
The seminar reached a consensus that timely implementation of the Finance Adviser’s directives would significantly enhance the FRC’s ability to promote transparency, accountability and international compliance in Bangladesh’s financial reporting and auditing landscape.
END/UNB/FF/SAM