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The Financial Reporting Council (FRC) has formed another working group to identify the challenges in implementing the international financial reporting standards (IFRS) in the country as well as to suggest ways to overcome those challenges.
The country's auditing watchdog organised a meeting at its city office on Tuesday to form the working group. FRC Chairman C Q K Mustaq Ahmed chaired the meeting.
The FRC formed the 10-member group with cost and management accountants. M Anwarul Karim FCA, the FRC executive director, is the head of the group.
Its members are: Md. Kishlur Rahman, FCMA, Kamrul Haque Maruf, FCMA, Sandip Halder, FCMA, Saiful Islam, FCMA, Md. Kausar Alam, FCMA, Prahallad Chandra Das, ACMA, Dr. Mohammad Farooq Ali Tarafder, ACMA, Chowdhury Mohammad Wasiuddin, FCMA, Md. Keramot Ali, ACMA, and Rafiqul Islam, FCMA.
Meetings of the group will be convened by the chair, and more members may be included in the group, if required.
Earlier, the FRC formed two working groups to implement the IFRS locally.
The FRC was formed under an act passed in 2015. Its main purpose is to regulate the financial reporting process, followed by the public interest entities. It also regulates auditing profession in the country.