Sun- Thur : 09:00 - 17:00
info@frcbd.org
+88 02 48810289
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

Work steps:

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:
  1. Bank and financial institution accounting guide
  2. Educational institute (school, college, private university) accounting guide
  3. Educational institute (school, college, private university) audit guide
  4. Airlines accounting guide
  5. Insurance company accounting guide
  6. Real estate and apartment developers accounting guide
  7. Construction contractor accounting guide
  8. Ngo accounting guide
  9. Micro-credit accounting guide
  10. Hospital, health care institute accounting guide
  11. Agriculture, poultry firm accounting guide
  12. Oil, gas company accounting guide
  13. Electricity generation, transmission and distribution company accounting guide
  14. Hospitality (hotel, restaurant) accounting guide
  15. Buying and selling businesses accounting guide
  16. SME Accounting guideline