A robust financial reporting framework is essential to ensure transparency and accountability in both public and private sectors, according to Md Abdur Rahman Khan, chairman of the National Board of Revenue (NBR).

Speaking at a discussion titled “Financial Reporting and Regulatory Framework: Public and Private Sector” held at Radisson Blu Dhaka Water Garden in the capital, Khan emphasized the pressing challenges facing financial reporting, particularly for state-owned enterprises, such as outdated infrastructure and a shortage of skilled professionals.

The event, organized by the Finance Division in partnership with the World Bank, focused on Bangladesh’s third “Observance of Standards and Codes – Accounting and Auditing (ROSC A&A) for 2025” report. According to a press release, the discussions underscored progress since the earlier ROSC reports in 2003 and 2015, which contributed to adopting international financial reporting standards and establishing the Financial Reporting Council (FRC). However, the report pointed out persistent gaps in enforcement, calling for further reforms.

Additional Secretary Bilquis Jahan Rimi reiterated the government’s dedication to harmonizing financial regulations with global standards to bolster public trust and economic stability.

Marga Peeters, programme manager of the EU Delegation to Bangladesh, stressed the critical need for regulatory compliance among state-owned enterprises.

Meanwhile, Suraiya Zannath, lead governance specialist at the World Bank, identified challenges such as weak enforcement mechanisms and the shortage of professional training as significant hurdles to financial reporting reforms.