List of work to be performed by Standard Setting Division:
|Sl. No.||Name of work||Frequency of work|
|1||Standard Setting||Once at the beginning, and after that updating as and when required.|
|2||Accounting, auditing and other standard implementation guideline preparation||Once at the beginning, and after that updating as and when required.|
|3||Workshop, seminar on standards||Recurring on a monthly/ weekly basis|
|4||Web based technical helpline||As and when required|
Standard Setting Work:
|Sl. No.||Types of standards||Discussion, feedback from Stakeholders||End product – FRC approved and issued Standards|
|1||Financial Reporting Standards||ICAB, ICMAB, FBCCI, RJSC, BB, BSEC, NBR, BIDA, Association of Bankers, Bangladesh, CFO Forum. Academicians.||Financial Reporting Standards of Bangladesh (FRSB)|
|2||SME Financial Reporting Standards||ICAB, ICMAB, FBCCI, RJSC, BB, BSEC, NBR, BIDA, Association of Bankers, Bangladesh, CFO Forum. Academicians.||FRSB (SME)|
|3||Audit and Assurance Standards||ICAB, ICMAB, FBCCI, RJSC, BB, BSEC, NBR.||Standards on Auditing in Bangladesh (SAB)|
|4||Valuation Standards||ICAB, ICMAB, FBCCI, RJSC, BIDA, BB, BSEC, NBR, CFO Forum, Academicians.||BVS (Bangladesh Valuation Standards)|
|5||Actuarial standards||Bangladesh Insurance Academy, ICAB, CMAB, FBCCI, BB, BSEC, NBR,||BASOP (Bangladesh Actuarial Standard of Practice)|
|6||Code of Corporate Governance||ICAB, ICMAB, FBCCI, RJSC, BB, BSEC, NBR, BIDA, Association of Bankers, Bangladesh, CFO Forum, Academicians||Code of Corporate Governance|
1. Meeting, communicate with the standard initiator, preparer.
2. Obtain existing latest official standards from relevant institutes.
3. Review of standards prepared, developed and recommended by relevant authority.
4. Redraft the standards.
5. Arrange for meeting, workshop, feedback, suggestions, and comments from different stakeholders.
6. Document all the suggestions, recommendations.
7. Review, analyze the standards in light with Bangladesh local laws, practicability, usefulness, and understandability.
8. Propose most suitable, best practice standards.
Industry specific Accounting & Audit Guidebook preparation work:
FRC would prepare following industry specific Accounting and auditing guidebook/ booklet:
- Bank and financial institution accounting guide
- Educational institute (school, college, private university) accounting guide
- Educational institute (school, college, private university) audit guide
- Airlines accounting guide
- Insurance company accounting guide
- Real estate and apartment developers accounting guide
- Construction contractor accounting guide
- Ngo accounting guide
- Micro-credit accounting guide
- Hospital, health care institute accounting guide
- Agriculture, poultry firm accounting guide
- Oil, gas company accounting guide
- Electricity generation, transmission and distribution company accounting guide
- Hospitality (hotel, restaurant) accounting guide
- Buying and selling businesses accounting guide
- SME Accounting guideline