Financial Reporting Act 2015
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The Financial Reporting Act 2015 (known as FRA 2015) is an act of the parliament of Bangladesh. The act was passed on September 6, 2015, in order to follow the accountability and transparency of the financial reporting procedures in the country. On September 9, 2015, the act was officially published by the government of Bangladesh.[1]
The Institute of Chartered Accountants of Bangladesh (ICAB) is the only governing body for regulating the country's chartered accountants, while the Institute of Cost and Management Accountants of Bangladesh (ICMAB) is for the cost and management accountants. In order to monitor the ICAB and ICMAB, the Financial Reporting Council (FRC), with 12 members, formed a body under the act to ensure accountability and performance among the chartered accountants and management accountants in Bangladesh. Moreover, the council will be a statutory body with expert members from various government bodies, institutions and professional groups.[2]
Functional objectives
The FRC is expected to be the watchdog body tasked with monitoring the functions of auditors, ensure transparency and accountability in accounting and the auditing of financial organisations, including various government, autonomous and non-government institutions.[3] The stated mission of this institution is to be a model organization in Bangladesh with a view to ensuring quality in auditing, accounting and financial and non-financial reporting. [4]
