Financial Reporting Council Bangladesh Explained

Financial Reporting Council Bangladesh
Formation:	2016
Headquarters:	Dhaka, Bangladesh
Region Served:	Bangladesh
Language:	Bengali

The Financial Reporting Council Bangladesh is a Bangladesh government regulatory agency responsible for regulating financial reporting, auditing and audit firms.^{[1] [2] [3]}

History

The Financial Reporting Council Bangladesh was established on 19 April 2016 as per Financial Reporting Act, 2015 as an independent regulatory agency. The agency is controlled by 12 member-governing body which has representatives from the government, Bangladesh Bank, Bangladesh Securities and Exchange Commission, Federation of Bangladesh Chambers of Commerce & Industries, professional accountants association and academia.^{[4] [5]} It was created through the passage of Financial Reporting Act 2015 in the parliament of Bangladesh.^[6]

In 2020 it signed agreements with International Valuation Standards Council, International Federation of Accountants, and IFRS Foundation.^[7]

Notes and References

1. Web site: About FRC – FRC BD – Financial Reporting Council Bangladesh . Financial Reporting Council Bangladesh . 20 August 2020.
2. News: FRC includes more firms as public interest entities . 20 August 2020 . The Business Standard . 16 March 2020 . en.
3. News: 'Financial Reporting Council to be functional this year' . 20 August 2020 . Dhaka Tribune . 19 September 2016.
4. Web site: Background – FRC BD – Financial Reporting Council Bangladesh . Financial Reporting Council Bangladesh . 20 August 2020.
5. News: Formation of Financial Reporting Council gets another boost . 20 August 2020 . observerbd.com . 10 June 2021 . https://web.archive.org/web/20210610131206/https://www.observerbd.com/2015/11/07/119483.php . dead .
6. News: Financial Reporting Council not fully ready . 20 August 2020 . The Daily Star . 12 March 2019 . en.
7. News: FRC inks deals with 3 int'l standard setting orgs . 20 August 2020 . New Age . en.