he present government will not be able to pass the proposed Financial Reporting Act-2013 in the Parliament ‘due to time constraint’. The act will, however, be approved by the cabinet, finance minister AMA Muhith told reporters after a meeting with representatives of Institute of Cost and Management Accountants of Bangladesh at his secretariat office on Monday.Last month he expressed his resolution that the government would send the act to the Parliament for enactment of law under which punishment could be given to errant chartered accountants.
He also blamed chartered accountant firms for preparing unrealistic reports.
The share market stakeholders alleged it was a major hurdle to improving the situation in the share market, Muhith said.
The finance minister’s comments about the delay in passage of the act in the parliament came following strong protests by the chartered accounts about the law.
Institute of Chartered Accountants of Bangladesh leaders met Muhith on Monday morning and requested the minister to review the law again.
ICMAB leaders in the evening, however, supported the law and expressed their willingness to implement it.
The finance ministry, which has prepared
the act aimed at
establishing transparency in reporting of financial entities, is now
inserting recommendations by the cabinet before placing it again for final approval.
-With New Age input
