The President of the Dhaka Chamber of Commerce & Industry (DCCI) has emphasized that adherence to International Financial Reporting Standards (IFRS) would enhance financial transparency, improve access to finance, and strengthen Bangladesh’s global competitiveness.

Speaking at a discussion on “Implementation of IFRS for SMEs” at DCCI on Saturday, President Md. Sameer Sayeed Taskeen highlighted that small and medium enterprises (SMEs) contribute over 25% to the country’s GDP.

He stated that adopting IFRS for SMEs would create a structured framework, reducing financial misreporting and boosting tax compliance.

“IFRS adoption will significantly impact tax revenue collection by improving compliance, minimizing tax evasion, and bringing more businesses into the tax net,” he said.

However, Taskeen noted challenges such as limited financial capacity, a shortage of skilled professionals, and compliance costs as barriers to IFRS adoption. He stressed the need for investment in training and regulatory alignment to facilitate implementation.

Dr. Mohammad Abu Yusuf, acting chairman of the Financial Reporting Council, underscored that while IFRS is crucial for SMEs, a lack of awareness and skilled manpower remains a major challenge. He urged efforts to enhance SME capacity to meet international standards.

Bangladesh Bank officials also emphasized the need for training and a supportive regulatory environment for IFRS adoption, pointing out that similar frameworks are already in place in 80 countries worldwide.