“We need to ensure high standard professional judgement in addition to International Financial Reporting Standard (IFRS) to handle the economic and financial issues,” said Abu Sayed Md Shaykhul Islam, former president of Institute of Cost and Management Accountants of Bangladesh (ICMAB).

He was speaking as keynote presenter at the virtual seminar organised by the organisations.

Commerce Secretary Dr Md Jafar Uddin urged the professional accountants to play their due role in recovering the damage caused by Covid-19 on the economy.

He emphasised taking necessary steps to actualise the implementation of cost audit for all public limited companies. 

Jafar also expressed his hope that new conceptual framework will emerge from this Covid-19 situation.

ICMAB President Jasim Uddin Akond said that though there was a circular given in 2001 for the cost audit at all listed public limited companies, it is very unfortunate that till date Cost Audit at all public limited companies has not been ensured. 

The post Covid-19 situation will be different and complicated situation and professional accountants will be able to give big services at that moment, and they’ll need support from relevant sectors also.

The speakers said the issues like business organisations’ ability to continue their business, valuation of assets and inventory under IFRS, physical verification of assets, inventories and cash balances and development of digital platform for providing online and remote professional services will be major challenges for the professional accountants and auditors amid Covid-19. 

The webinar was also participated by Zia Ul Mustafa Awan, CA. Atul Kumar Gupta - President of the Institute of Chartered Accountants of India (ICAI); CMA Balwinder Singh - President of Cost Accountants of India (ICAI); Prof Lakshman R Watawala - President of the Certified Management Accountants of Sri Lanka; CA, Krishna Prasad Acharya -President of the Institute of Chartered Accountants of Nepal; Shaifur Rahman Mazumdar  FCA, FCMA,  COO, Dhaka Stock Exchange and Munirul Islam, Secretary of ICMAB.

Arif Khan, Managing Director, IDLC Finance Limited acted as Commentator and Md Mamunur Rashid, DMD of Index Group of companies conducted and moderated the international Webinar. 

Also read: Proper action plan needed for post-coronavirus economic regime: Experts