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Financial Reporting Act -2015 (Unofficial Draft)

DISCLAIMER

This a is translated English version of Financial Reporting Act 2015, compiled by Dr. Swapon Kumar Bala, Professor of Department of Accounting and Information System, University of Dhaka. This is not an official English version of Financial Reporting Act (FRA).

The National Parliament of Bangladesh

Dhaka, 25 Bhadro, 1422/09 September, 2015

        The following Act adopted by the Parliament has obtained the assent of the President on 25 Bhadro, 1422, that is, 09 September, 2015 and this Act is hereby published for the intimation of general public:–

Act No. XVI of 2015

An Act for the purpose of making provisions for establishing a Council for bringing public interest entities’ financial reporting activities under a well-regulated structure, setting standards for the accounting and auditing profession, properly observing, implementing, supervising and executing other activities relating thereto.

         WHEREAS it is expedient and necessary to make provisions for establishing a Council for bringing public interest entities’ financial reporting activities under a well-regulated structure, setting standards for the accounting and auditing profession, properly observing, implementing, supervising and executing other activities relating thereto;
It is hereby enacted as follows: –

CHAPTER I

Preliminary

  1. Short title and commencement.–(1) The Act may be called the Financial Reporting Act,2015. (2) It shall come into force immediately.
  2. Definitions.– In this Act, unless there ….

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CHAPTER II

Council’s Establishment, Formation, etc.

  1. Establishment of the Council.–(1) After commencement of this Act, the Government shall establish a Council namely the Financial Reporting Council by ….

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CHAPTER III

Council’s Chairman, Officers etc.

  1. Selection committee.–(1) The Government shall, by a notification in the official Gazette, for the purpose of giving recommendation for appointment in the posts , ….

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CHAPTER IV

Council’s Functional Divisions,…

  1. Functional divisions of the Council.–(1) For the fulfillment of the purpose of this Act, functional divisions of the Council shall be formed by incorporating following…

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CHAPTER V

Enlistment, Renewal etc.

Enlistment of auditors.–(1) Notwithstanding anything contained in any other laws for the time being in force, after the effectiveness of this Act, no auditor or audit firm shall, without..

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CHAPTER VI

Standards Setting and Monitoring, ….

  1. Standards setting, etc.–(1) The Council, with a view to rendering professional accounting services for public interest entities, shall set and issue–

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CHAPTER VII

Offence, Investigation, Fine and ….

Offence and punishment, etc.–When any person obtains registration as an auditor violating any condition mentioned in this Act or rules, regulations, guidelines, standards or…

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CHAPTER VIII

Financial Matters of the Council

  1. Fund of the Council.–(1) The Council shall have a fund namely the Financial Reporting Council Fund and the money as stated below shall be deposited to it, namely:–

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CHAPTER IX

Appurtenant Amendment of Certain Statutes

  1. Amendment of P.O. No. 2 of 1973.–Of the Bangladesh Chartered Accountants Order, 1973 (P.O. No. 2 of 1973)–
    1. New sub-clause (dd) shall be inserted..

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CHAPTER X

Miscellaneous

  1. Not to extenuate any measures under any other laws.–(1) The proceeding or measure taken under this Act, rules or regulations shall be in excess…

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PDF of Financial Reporting Act 2015_english_unofficial version is avaible here. To download please click here.