Strong collaboration between Regulators is needed to bridge the gap between Financial Statements of Banks in Bangladesh. The regulators in banking sector to adjust the requirements between International Financial Reporting Standards (IFRS) and Local Laws and Regulations to repair the gaps while preparing the Financial Statements of Banks in Bangladesh.

The Financial Reporting Council (FRC) under the Ministry of Finance on Tuesday signed a Memorandum of Understanding(MoU) on the use of Document Verification System (DVS) with the Institute of Chartered Accountants of Bangladesh (ICAB) in the city.