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ANNUAL REPORT
ICMAB
The Institute of Cost and Management Accountants of Bangladesh
2014
ANNUAL REPORT
ICMAB
The Institute of Cost and Management Accountants of Bangladesh
TABLE OF CONTENTS
Notice of AGM
About ICMAB
Vision and Mission
Past Presidents
Council and Office Bearers
President's Statement
01
02
04
05
06
09
12
13
15
22
25
29
36
42
45
47
50
51
56
61
63
64
65
67
90
AUDITED ACCOUNTS
Auditors Report
Balance Sheet
Statements of Income and Expenditure
Statements of Cash Flows
Notes to the Accounts
EXECUTIVES OF ICMAB
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99
100
101
102
NOTICE OF AGM
NOTICE OF THE
AGENDA
To confirm the minutes of the 42nd Annual General
Meeting held on December 27, 2013
To consider the Annual Report of the Council and the
Annual Accounts of the Institute for the year
2013-2014 together with the Auditors' Report there on
Post-facto approval of appointment of J.U. Ahmed &
Co., Chartered Accountants in the casual vacancy of
Auditors for the year 2013-2014
To appoint the Auditors for the year 2014-2015 and
fix their remuneration
To transact any other business with the permission of
the Chair
01
ABOUT ICMAB
THE INSTITUTE
Institute of Cost and Management Accountants of
Bangladesh (ICMAB) is the national body of the
professional Cost and Management Accountants of
Bangladesh. Established with the prime objective of
promoting and regulating the Cost and Management
Accounting profession in the country, the Institute offers
LEGAL STATUS
ICMAB is a statutory organization constituted by the
Government under the Cost and Management
Accountants Ordinance 1977 (Ordinance No Llll of
1977) and regulated under the Cost and Management
GOVERNANCE
The Institute is governed by a Council constituted under
the provision of the Cost and Management Accountants
Ordinance, 1977. The Council consists of 12 Fellow
Members elected by the members of ICMAB and 4
nominees from the Government of Bangladesh. The
Council is elected for a period of three years. Every year
02
ABOUT ICMAB
GLOBAL AFFILIATION
ICMAB is a member of:
Head Office
ICMA Bhaban
Nilkhet, Dhaka-1205
Tel: 9615460, 9611799, 9615477
8628293, Fax: 88-02-8615703
E-mail: icmab@accesstel.net
www.icmab.org.bd
ICMAB Chittagong
Branch Council
CMA Bhaban, House # 43, Road # 27
CDA R/A, Agrabad, Chittagong
Tel : 031-727638, 01611 727638
E-mail: icmabctg@yahoo.com
ICMAB Rajshahi
Coaching Centre
138, Islampur (Madrasha Moar)
P.O. Kazla, Boalia, Rajshahi.
Tel: 0721-751332, Cell : 01711039364
E-mail: icmabrajshahi@gmail.com
OVERSEAS CHAPTERS
ICMAB Canada Chapter Council
ICMAB KSA Chapter Council
ICMAB UK Chapter Council
ICMAB Dhaka
Branch Council
ICMA Bhaban, Nilkhet
Dhaka-1205.
Tel: 9615460, 9611799, 9615477
E-mail: dbc@accesstel.net
ICMAB Khulna
Branch Council
KDA Plot No. 24-25, Mozid Sorani
Road, Sonadanga, Khulna.
Tel: 041-722335, 01710-657129
E-mail: icmabkhulna@gmail.com
03
MISSION
The Institute's mission is to develop, equip and promote
Cost and Management Accounting profession by
maintaining highest professional standard of its
members in order to enable them to provide better
services to the society.
The Institute is entrusted with the formulation and
implementation of National Accounting as well as Cost
04
PAST PRESIDENTS
FCMA
1995
FCMA
FCMA
2006
FCMA
1975-86
FCMA
1992
FCMA
FCMA
2003
FCMA
1987-89
FCMA
1993
FCMA
1999
FCMA
FCMA
FCMA, FCA
1990
FCMA
2000
2005
FCMA
2009
FCMA
05
VICE-PRESIDENT
Mr. Abu Sayed Md. Shaykhul Islam FCMA is an Independent Management
Consultant and Financial Adviser to a number of leading business houses of the
country. Previously, he served the Institute as Vice President (2009) & Secretary
(2008). He was also the Chairman of the Dhaka Branch Council in 1996.
In his long career, Mr. Shaykhul has worked in top level positions in leading
local business conglomerates including Square Pharmaceuticals, Beximco,
Partex Group and at overseas. He authored two books, published a good
number of articles in newspapers and professional journals and presented
papers in national and international seminars and conferences. He is also a
member of the Institute of Internal Auditors and Institute of Management
Consultants, Bangladesh.
VICE-PRESIDENT
Mr. Arif Khan FCMA, MBA, CFA is currently a Commissioner of Bangladesh
Securities and Exchange Commission (BSEC). Before joining the regulatory
body, he served many national and multinational companies at differrent
capacities- the latest being the Deputy Managing Director of IDLC Bangladesh
Limited. He was a member of the "Core Committee" of Bangladesh Bank for
developing guidelines for "Domestic Factoring Operation in Bangladesh" and
"Asset-Liability Management of NBFIs".
Mr. Khan works as guest faculty in different educational and professional
institutions including ICMAB, BIBM, Department of Finance and IBA of Dhaka
University.
Mr. Khan did his MBA from IBA and CFA from CFA Institute, USA.
06
TREASURER
Mr. Md. Abdur Rahman Khan FCMA, is working as First Secretary (Tax Policy),
National Board of Revenue, Bangladesh. He worked in the United Nations as
International Adviser (2004-05) and The World Bank as International Consultant
(2005-2011).
Mr. Rahman is involved as a Part time faculty in universities and professional
institutions. He presented papers in professional forums and wrote a number of
articles in professional journals. He obtained B.Com (Hons) and M.Com in
Accounting from the University of Chittagong; an MSc from UK and several high
level training in the areas of tax policy and administration from overseas. He is
actively involved with different socio-cultural organizations including Asiatic
Society of Bangladesh (Member), Officers Club, Dhaka (Member), and Shahid
Beer Muktijoddha Enayet Smrity Shangho (Founder President).
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08
PRESIDENT'S STATEMENT
Dear Members:
It is my privilege to welcome you to the 43rd Annual
General Meeting of the Institute of Cost and
Management Accountants of Bangladesh (ICMAB). You
entrusted me the noble responsibility to run the office of
president. It was indeed a great honor for me and I
would like to convey my heartfelt thanks and gratitude
for the trust and confidence you have placed.
This year we have lost four members of our family-our
past president Zahir Uddin Ahmed FCMA, Dr. Habibur
Rahman FCMA, Moral Md. Amzad Hossain FCMA, Md.
Mohibullah, FCMA. I pray to the Almighty Allah for the
09
PRESIDENT'S STATEMENT
historic MoU with CIMA. This collaborative arrangement
as detailed in the activity report, will help achieve global
benchmark. Our endeavor for gaining global
accreditation is not limited to CIMA alone; we are in the
process of finalizing an MoU with the Chartered Institute
of Public Finance and Accounting (CIPFA), UK for mutual
partnership and recognition as well.
You are all aware that ICMAB pioneered the concept of
an independent Audit and Accounting Standard
Monitoring Board as back as in 1999 and a proposal to
form an independent oversight body was submitted to
the concerend ministry.The recent initiative taken by the
Government to introduce Financial Reporting Act (FRA)
is in line with our concept and is aimed at establishing
good governance. However, due to the influence of a
section of professionals, the act was going to be passed
without proper representation of your beloved institute
ICMAB. We have taken this issue seriously and left no
stone unturned to establish our role in this regard. As a
president, I have attended interviews and talk shows in
different electronic and print media; our members have
written articles in leading dailies; we have organized a
press conference with high coverage; met concerned
ministers and secretaries and finally with our collective
effort have established our legitimate position in the
Council under FRA.
The institute has spent significant time and efforts to
maintain good lobby with the policy makers and
government agencies. We met several ministers and
secretaries; Chairmen of NBR, BSEC, BCIC, BPC on
different bi-lateral issues. We also worked to build
enduring rapport with the entrepreneurs and employers
in the private sector.
ICMAB has submitted a project proposal to the
Information and Communication Technology (ICT)
ministry to train around 4000 commerce and accounting
educated graduates in Information Technology Enabled
Services (ITES) for Business Process Outsourcing (BPO).
ICMAB will be a strategic partner with the concerned
ministry in this project. We are hopeful of a positive
outcome of the proposal.
The Institute's representation in the regional accounting
bodies was very vibrant. This year ICMAB has been
elected Chairman of SAFA Committee on Non-profit
Organizations and Co-operatives. ICMAB presented
papers in seminars and conferences organized by
10
YEAR 2014
In acordance with the provisions of CMA ordinance 1977, the Council is
pleased to publish its Annual Report on the activities for the year 2014
together with the Audited Accounts of the Institute for the year ended
June 30, 2014 to the honorable members of the Institute of Cost and
Management Accountants of Bangladesh.
11
President
Vice-President
Vice-President
Secretary
Treasurer
given as Annexure: 1
The Council also approved 22 Other Committees for
smooth functioning of the activities of the Institute. The
details of the Other Committees are given in Annexure: 2
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MEMBERS MEETING
42ND ANNUAL GENERAL MEETING
13
MEMBERS MEETING
MEETING TO UPDATE PROGRESS AND THANKS GIVING TO OFFICE BEARERS OF THE
BRANCH COUNCILS
In recognition of the contribution made by the office
bearers of different branches, the council organized a
Thanks Giving Ceremony on May 16, 2014 at ICMAB.
The office bearers of Dhaka, Chittagong and Khulna
branch councils were accorded reception in the
program. The outgoing office bearers of different
branches also spoke in the event and offered valuable
suggestions for development and growth of the
profession. Mr. Mohammed Salim FCMA President of
14
POLICY ON EXEMPTION
Students getting admitted in ICMAB are allowed
exemptions on certain subjects based on their past
academic results. But the administrative procedure to
give exemption to the entitled students had been a very
cumbersome and time consuming process. Difficulties
were being faced by the newly admitted students to get
quick decision on their exemption status. Moreover,
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STUDENTS ACHIEVEMENT
Following students achieved awards for their outstanding performances in CMA examinations:
18
Name
Examination
Award
December, 2013
Presidents
Silver Medal
December,2013
Cash Prize of
Tk. 2,000.00
Awarded for
Passing Professional Level-I in
one attempt securing highest
total marks
Securing highest marks in
Business Economics and
International Business
April, 2013
Cash Prize of
Tk. 3,000.00
STUDENTS' WORKSHOP
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20
EXAMINATION RESULTS
42 students have passed CMA final examination during the last three sessions. The level wise pass results are as follows:
Year wise Enrolment of Students
Level
December-2013 April-2014
Passed CMA final examination
14
14
Professional Level-IV
04
10
Professional Level-III
16
16
Professional Level-II
07
19
Professional Level-I
59
17
Foundation Level
86
41
Total
186
117
August-2014
14
09
14
52
11
107
207
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22
COLLABORATION WITH THE CHARTERED INSTITUTE OF PUBLIC FINANCE AND ACCOUNTING (CIPFA)
UK: MOU TO BE SIGNED IN DECEMBER 2014
a member of ICMAB UK Chapter accompanied the
president. During the meeting they further discussed on
the issues of partnership and co-operation between the
two institutions including mutual recognition of
professional degrees/certifications, organizing joint
program on the development of public finance in
Bangladesh, sharing of resources etc. A draft MoU was
subsequently sent to ICMAB for review.
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PHOTO GALLERY
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PHOTO GALLERY
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PHOTO GALLERY
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WORKSHOP ON IFRS/IAS
Cost Accounting and Financial Reporting Standards
Committee organized a workshop on IFRS/IAS for the
members of the Institute. Mr. Sandip Halder FCA, ACMA
presented a paper on IAS 39: Financial Instruments Recognition and Measurement while Mr. Md. Monowar
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PHOTO GALLERY
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APPOINTMENT OF DIRECTOR
Lt. Col. Md Humayun Kabir, psc (Retired) has joined
ICMAB as Director. He will be responsible for
supervision of overall affairs of the Institute. Born in
1965 in Gazipur district, Mr. Kabir got commission in
Bangladesh Army in 1985 in the Corps of Infantry and
retired from service in 2013. He is a graduate from
Command and Staff College, Dhaka and obtained MBA
Degree from the University of Science and Technology,
APPOINTMENT OF CONSULTANT
Mr. Nikhil Chandra Shil FCMA has been appointed as
part time consultant with effect from July 2014. He will
be looking after the academic affairs of the institute
besides certain other responsibilities. Mr. Shil obtained
his graduation and post-graduation in Accounting from
the Department of Accounting and Information Systems,
42
TRAINING ON COMMUNICATION
Five selected ICMAB officers namely, Mr. Masud Alam,
Asst. Director (Accounts); Md. Rafiqul Islam, Asst.
Director (Administration); Md. Hanif, Computer
Programmer, Md. Moslem Uddin, Public Relations
Officer and Ms. Kusum Akter, Sr. Assistant (Education)
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Order has been placed with a local ERP solutions provider who has already started one-to one exploratory sessions
with concerned department. The full project is expected to be completed by June 2015.
ELEGANT ADMINISTRATIVE OFFICE
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PHOTO GALLERY
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RESEARCH
ICMA Bangladesh being the Chairman the SAFA Task
Force on Implementation of Basel II in SAFA Region is
carrying out a research titled Impact of Basel II
implementation on national economy with special
reference to Disclosure requirement and Risk
management of banks and financial institutions. This is
part of the SAFAs research initiative to review the
progress of implementation of Basel II in SAFA region.
Mr. Muzaffar Ahmed FCMA, the Chairman of the SAFA
Committee is lead researcher of the project.
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investments.
During the discussion, Professor A. K. Monaw-war
Uddin Ahmad pointed out the need for effective
implementation of the budget, establishment of good
governance and eradication of corruption from the
society to bring tangible benefit to the nation.
Mr. Abdul Matlub Ahmad in his speech, opined that in
order to encourage people to pay tax, procedure of
collection should be simplified. He suggested for
widening the tax base and lowering the tax rates. Mr.
Mohammed Salim FCMA, President, ICMAB presided
over the discussion session. Vice President Mr. A. S. M.
Shaykhul Islam FCMA also spoke on the occasion. It was
conducted by Mr. Muzaffar Ahmed FCMA, Chairman,
Seminar and Conference Committee, ICMAB.
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ICMAB submitted a proposal to the Pay and Service Commission formed by the Government to review and
recommend pay scales for the Government employees. A delegation of ICMAB headed by the President met Dr.
Mohammed Farashuddin, Chairman, Pay and Service Commission at his office on September 01, 2014. During the
meeting the ICMAB president emphasized the need for a competitive pay packages to attract talented professionals
to the government sectors. ICMAB's proposal to the Commission included recommendations for:
Separate Pay Package and Special Increment for Professionals including CMAs
Provision of Accommodation/Housing facilities for the retired Govt. ofcials
Arrangement of health insurance scheme in lieu of medical allowances for the Govt. ofcials
Enhancement of education allowance for the Government ofcials
Rational Conveyance Allowance; Interest free car/motor cycle loan facility
Tax credit benets for private sector employees paying tax above a threshold
The Chairman of the Commission highly appreciated the proactive role of ICMAB in the national Interest. He
informed the president that ICMAB's proposals will be reviewed with due consideration. Past President Prof. Mamtaz
Uddin Ahmed FCMA who is also a member of the Pay and Service Commission and senior officials of ICMAB
including the Director of the Institute attended the meeting along with the president. Members of the commission
were also present in the meeting.
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PHOTO GALLERY
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CAPA MEETING
During his visit to Italy, the President also joined the
CAPA Board Meeting and General Assembly Meeting
held on November 9 and 10, 2014 respectively at the
IFAC ACTIVITY
As a member of the International Federation of
Accountants (IFAC), ICMAB throughout the year
maintained constant contact with the global body;
submitted reports and information on ICMAB including
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INDIA
during October 10 -11, 2014. Mr. Mohammed Salim
FCMA, President, Mr. A K M Delwer Hussain FCMA
Member SAFA Committee on SMP, Dr. Swapan Kumar
Bala FCMA, Member, SAFA Committee on Quality
Control and Mr. Naba Krishna Muni FCMA were the
ICMAB delegates to the events.
Mr. Naba Krishna Muni FCMA Presented a Technical
Paper titled Global and Regional Trends and
Development Impacting Small and Medium Sized
SAFA-IFAC Regional SMP Forum Conference and SAFA Practitioners (SMPs): Bangladesh Perspective. He also
Board meeting were organized by The Institute of attended as a panel discussant on Capacity Building of
Chartered Accountants of India (ICAI) at New Delhi, India SMPs in SAFA Region".
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BANGLADESH
The Institute of Chartered Accountants of Bangladesh
(ICAB) organized SAFA Board and Committee Meetings
in Dhaka on September 9-10, 2014. They also arranged
SAFA international Conference 2014 on the theme
PAKISTAN
SAFA BOARD AND COMMITTEE MEETINGS AND CFO CONFERENCE
A three member delegation of ICMAB headed by its
President Mr. Mohammed Salim FCMA attended the
SAFA Board and other Committee meetings in Karachi,
Pakistan. The delegation also attended meetings of
various SAFA committees. Besides, the delegation
joined the CFO Conference on Conformance to
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SRILANKA
CONFERENCE ON FINANCIAL REPORTING FOR ECONOMIC DEVELOPMENT (FRED), AND CAPA
BOARD MEETING
Institute of Chartered Accountants of Sri Lanka in
association with the World Bank, IFAC and CAPA
organized a conference on Financial Reporting for
Economic Development (FRED) during May 19-23,
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The Institute of Certified Management Accountants Sri Vice President of ICMAB presented a paper on South
Lanka organized the CMA National Management Asian Experience in Fast Tracking Economic
Accounting Conference on June 18-20, 2014 at Development: Bangladesh Experience.
Colombo, Sri Lanka. Mr. A. S. M. Shaykhul Islam FCMA,
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ICMAB organized a grand gala program at Radisson Blu unusually important in the country due to rapid
Water Garden Hotel in the city on April 27, 2014 for expansion of the private sector growth. Terming the day
distribution of the "ICMAB Best Corporate Award 2013". "very important", he said it must lead to a competitive
This year 38 enterprises covering different sectors mindset of other corporate organizations who did not get
including banks, NBFIs, insurance, pharmaceuticals, award this year.
power etc., got the awards. ICMAB introduced the
award in 2007 to recognize the country's best corporate
enterprises and encourage others to go for good
corporate culture and management.
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MEDIA COVERAGE
VIBRANT MEDIA PRESENCE
ICMAB had a strong foothold over national print and
electronic media with wide coverage of its activities
throughout 2014. During the year, the president of the
Institute was invited in live Talk Shows in leading TV
channels including ETV, NTV, Independent TV, ATN etc.
Besides, different national dailies including the Financial
Express and the Independent published detailed
interview of the president on various financial and
regulatory policy matters. Through these interviews and
talk shows, the position of ICMAB on different national
policy issues reached to the wider society of the country.
The print and electronic media also well covered various
activities of the Institute including Best Corporate
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WE LOST
With burdened heart, we report the demise of the following
members during the period under review:
Moral Md. Amzad Hossain FCMA (F-0127), a dignified member of the
Institute expired on 3rd May, 2014 at his residence in Khulna. He was
72. He remained actively attached with different professional activities of
the Institute through Khulna Branch Council till his death. Late Amzad
Hossain was four times Chairman of Khulna Branch Council. Through his
departure we miss his experienced guidance.
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MEMBERS' UPDATE
ADMISSION TO ASSOCIATE AND FELLOW MEMBERSHIP
The Institute admitted 43 Associate and 72 Fellow
members, raising the total membership to 1130 as on
October, 2014. Of the 1130 members, 101 Fellows and
MEMBERS' ACHIEVEMENT
We are pleased to report the appointment/election of
some of our members in the Boards of Directors/ Policy
level positions of important national organizations and
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MEMBERS' UPDATE
DIRECTORS IN THE BOARD OF RUPALI BANK LIMITED
Mr. A. K. M. Delwer Hussain FCMA, also a two times President (2004 and 2013) of the
Institute and a Member of the present council has been appointed as Director, Rupali Bank
Limited. Mr. Hussain is presently serving as Director (Finance) of Bangladesh Sugar and
Food Industries Corporation (BSFIC). He is the Secretary General of Consultative
Committee of Public Enterprises (CONCOPE): Chairman and Director in the Board of a
number of companies. He was also in the board of Bangladesh Institute of Capital
Management (BICM). Previously, he was the Member of National Wages and Productivity
Commission (2010) and Price Fixation Committee of Essential Commodities (2010). Mr.
Hussain was aslo a board member of CAPA for the period 2004-05.
Prof. Md. Salim Uddin FCMA, FCA, a veteran professor of the Department of Accounting
and Information Systems of University of Chittagong has been appointed as Director of
Rupali Bank Limited. Mr. Salim has long been involved with the private sector enterprises
of the country and has been working as Financial Consultant/Adviser in the leading
organizations since 1993. Mr. Salim has more than fifty research publications at home
and abroad to his credit.
INDEPENDENT DIRECTOR OF THE WEST ZONE POWER DISTRIBUTION COMPANY
Mr. Md. Mamunur Rashid FCMA, a member of the present council has been appointed
as an Independent Director of West Zone Power Distribution Company Ltd. Presently Mr.
Rashid is the Deputy Managing Director of Index Group of Companies. He is also serving
as an Independent Director of Nitol Insurance Co. Ltd. His long career includes holding the
position of CFO in Kazi Farms Group, Director of Finance in Sheba Phone, Financial
Controller & Company Secretary in Summit Power Limited, besides serving in senior
positions in different state-owned enterprises. In addition, Mr. Rashid served as
Vice-Chairman (2004) and Secretary (1999 & 2002) of the Dhaka Branch Council of
ICMAB. He served as Executive Secretary of SAFA for the year 2013.
MD. MAHSUDUR RAHMAN BECAME 5TH IN THE ASIAN BODYBUILDING CHAMPIONSHIP
Mr. Mahsudur Rahman FCMA, FCA, General Manager of Rahimafrooz Group,
participated in the Asian Bodybuilding Championship held in June 2014 in Colombo,
Srilanka and achieved 5th position in his category. He is the only athlete from
Bangladesh participating in this highest level sport event in Asia. He brought pride for
the nation in an area exceptional to the CMA profession. Mr. Mahsud earlier achieved
'Gold Medal' in the Bangladesh Games organized by Bangladesh Olympic Association
and obtained 'Mr. Bangladesh' and 'Mr. Dhaka' titles organized by Bangladesh
Bodybuilding Federation and Dhaka City Corporation respectively.
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A Kids' Corner has been set up on the DBC floor for the members' children. President of the Institute along with the
Chairman of DBC inaugurated the room.
WORKSHOP ON "MAXIMIZE BUSINESS POTENTIAL WITH ACCOUNTING SOFTWARE
A Workshop on the topic "Maximize Business Potential with
Accounting Software was organizzed for the members on
November 15, 2014 at ICMA Bhaban. Mr. Jayanta Kumar
Podder FCMA, Chairman of DBC Seminar & Conference
Committee presided over the workshop. Mr. Ashwani
Kumar Sharma, Senior Software Consultant Overseas,
Busy InfoTech. Pvt. Ltd. India & Mr. Md. Faruque Sikder
FCMA, Managing Director, Symphony Softtech Ltd. spoke
as the rsource persons. DBC Secretary Mr. S.M. Shawon
Mahmud FCMA offered the vote of thanks.
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PHOTO GALLERY
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ANNUAL SEMINAR-2013
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CBC PICNIC-2013
A family get together and three day long Annual Picnic
for Chittagong based members, their spouses and
children was arranged at Cox's Bazar. The participants
members enjoyed the cultural shows and raffle draw at
Hotel Uni Resorts during their two night stay in the
picnic. Abul Khair group, Rhythm group, Sunman group
and past president Mr. Mohammed Mohiuddin FCMA
arranged special gifts for each participant of the Picnic.
CBC CELEBRATED PAHELA BAISHAK-1421 & CMA FAMILY NIGHT
CBC celebrated Pahela Baishak-1421, on April 26,
2014 at CMA Bhaban.
A cultural program was arranged on this occasion. The
best harmonium player of Asia & countrys renowned
Parody artist Mr. Nukul Kumar Biswash was the main
IFTAR MAHFIL
An iftar party was arranged at Silver Spoon Hotel,
Agrabad, Chittagong on July 19 2014. Open
discussions on different issues like Islamic Financial
System, Values and learning of Ramadan, Benefit of
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DOA MAHFIL
A Doa Mahfil was arranged by Khulna Branch Office for
the demised wife of Mokbul Ahmed FCMA, the
immediate past chairman of Khulna Branch Council, on
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IFTAR PARTY
KBC arranged an Iftar Party on July, 21, 2014 at CMA
Bhaban, Khulna. Members, faculties, officers and staff
of the branch joined the Iftar party. A discussion on the
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PROMOTIONAL VISIT
A five member team led by Prof. Dr. Md. Akhtar Uddin
FCMA held meeting with the Dean, Faculty of Business,
University of Rajshahi on July 6, 2014. Prof. Akhtar
pointed out the Institutes legal status, mission, global
linkage, mutual recognition and career opportunities for
qualified CMAs. He also highlighted the placement of
CMAs in key positions of different trade, business,
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FAMILY DAY
Family day 2014 was held on June
14, 2014 at Massey Square Party
hall, Toronto, Canada. The day long
program included events like art
competition, poem recitation,
singing competition for children and
the family members. Program was
followed by an attractive raffle draw
and distribution of prizes among the
participants. A large number of
members and their families
attended the program
ANNUAL PICNIC 2014
Annual Picnic 2014was held on August 16, 2014 at Christie Lake, Hamilton Canada. Large number of Chapter
members and their families participate in the picnic.
IFTARMEHFIL
A discussion session on upcoming event and an
ifterMehfil was held on July 07,2014 at 2986 Danforth
Toronto, Canada. The Chairman of the chapter
highlighted the upcoming programs for the rest of the
year to the audience and asks the audience to give their
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ACKNOWLEDGEMENT
Continued support of our members is the driving force
behind the growth and development of the profession.
We are grateful to our members for the assistance and
co-operation we have received throughout the year.
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ANNEXURE 1
LIST OF STANDING COMMITTEES
EXECUTIVE COMMITTEE
Mr. Mohammed Salim FCMA
Mr. A S M Shaykhul Islam FCMA
Mr. Jamal Ahmed Choudhury FCMA
Mr. Md. Abdur Rahman Khan FCMA
Mr. M Abul Kalam Mazumdar FCMA
EDUCATION COMMITTEE
Mr. Arif Khan FCMA
Mr. Jamal Ahmed Choudhury FCMA
Mr. Muzaffar Ahmed FCMA
Mr. A. K. M. DelwerHussain FCMA
Prof. Dr. Swapan Kumar Bala FCMA
Deputy Director (Edn.)
EXAMINATION COMMITTEE
Mr. A S M Shaykhul Islam FCMA
Mr. Md. Abdur Rahman Khan FCMA
Mr. M. Abul Kalam Mazumdar FCMA
Prof. Mamtaz Uddin Ahmed FCMA
Mr. Md. Mamunur Rashid FCMA
F-0218
F-0192
F-0411
F-0305
F-0103
Chairman
Member
Member
Member
Member
F-0304
F-0411
F-0038
F-0215
F-0328
Chairman
Member
Member
Member
Member
Secretary
F-0192
F-0305
F-0103
F-0191
F-0314
Chairman
Member
Member
Member
Member
Disciplinary Committee
Mr. Mohammed Salim FCMA
Mr. A S M Shaykhul Islam FCMA
Mr. Jamal Ahmed Choudhury FCMA
Mr. A R M Nazmus Sakib
F-0218
F-0192
F-0411
Ministry of Finance
Chairman
Member
Member
Member
Member
Member
Chairman
Member
Member
Member
91
ANNEXURE 2
DETAILS OF OTHER COMMITTEES
Name of the Committee
Chairman
Vice Chairman
Taxation Committee
Placement Committee
Welfare Committee
ICT Committee
Public Relations Committee
Training Committee
92
ANNEXURE 3
OFFICE BEARERS OF BRANCH AND CHAPTER COUNCILS
Dhaka Branch
Mr. Md. Ali Haider Chowdhury FCMA
Kazi Muhammad Ziauddin ACMA
Mr. S.M. Shawon Mahmud FCMA
Md. Abdus Satter Sarker ACA, FCMA
Chairman
Vice Chairman
Secretary
Treasurer
Chittagong Branch
Mr. Mohammed Monoarul Hoque FCMA
Mr. Mohammed Nurul Huda Siddiquee FCMA
Mr. Golam Kibria ACMA
Mr. Muhammad Mahbubur Rahman Bhuiyan ACMA
Chairman
Vice Chairman
Secretary
Treasurer
Khulna Branch
Mr. Md. Ala Uddin Akanda FCMA
Sheikh Ziaul Islam ACMA
Mr. S.M. Zakir Hossain ACMA
Mr. Md. Moslem Uddin ACMA
Chairman
Vice Chairman
Secretary
Treasurer
KSA Chapter
Mr. Md. Safiullah FCMA
Mr. Muhammad Emdad Ullah FCMA
Mr. Md. Abul Hossain Bhuian FCMA
Mr. Mohammad Ashraful Alam FCMA
Chairman
Vice Chairman
Secretary
Treasurer
UK Chapter
Mr. A.K.M. Golam Morshed FCMA
Mr. Md. Mahbubur Rahman FCMA
Mr. Md. Kamal Uddin FCMA
Sufian Mohammad Anisul Hoque ACMA
Chairman
Vice Chairman
Secretary
Treasurer
Canada Chapter
Mr. Md. Mahfuzur Rahman ACMA
Mr. A.H.M. Munir ACMA
Mr. Md. Babul Ahmed ACMA
Mr. Md. Gulam Faruk ACMA
Chairman
Vice Chairman
Secretary
Treasurer
93
ANNEXURE 4
ATTENDANCE RECORDS OF COUNCILORS
94
Meeting Attended
11
11
9
11
10
6
5
8
10
9
10
10
9
5
9
9
Meetings Attended
7
6
7
5
6
Meeting Attended
5
4
4
3
3
4
ANNEXURE 4
ATTENDANCE RECORDS OF COUNCILORS
Meetings Attended
10
9
6
3
6
Meeting Attended
1
1
1
95
AUDITED
ACCOUNTS
FOR
THE YEAR ENDED
JUNE 30, 2014
96
AUDITORS REPORT
AUDITORS REPORT TO THE MEMBERS OF
THE INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF BANGLADESH (ICMAB)
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying Financial
Statements of The Institute of Cost and Management
Accountants of Bangladesh (ICMAB), which comprise
the Balance Sheet as at June 30, 2014 and the
AUDITORS RESPONSIBILITY
Our responsibility is to express an opinion on these
financial statements based on our audit. We conducted
our audit in accordance with Bangladesh Standards on
Auditing (BSA). These standards require that we comply
with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the
financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the
financial statements. The procedures selected depend
on the auditors judgment, including the assessment of
the risks of material misstatement of the financial
statements, whether due to fraud or error. In making
OPINION
In our opinion, the financial statements referred to above
give a true and fair view of the state of the affairs of the
97
AUDITORS REPORT
WE ALSO REPORT THAT
a. we have obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purpose of our audit and made due verification thereof;
b. in our opinion, proper books of account as required have been kept by the Institute so far as it appeared from
our examination of those books; and
c. the Balance Sheet, Statement of Income and Expenditure and Statement of Cash Flows dealt with by the report
are in agreement with the books of account.
98
BALANCE SHEET
THE INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF BANGLADESH (ICMAB)
ICMA BHABAN, NILKHET, DHAKA
Balance Sheet
As at June 30, 2014
Notes
4
5
6
7
8
9
10
11
Current Liabilities
Security deposits
Library caution money
Payables and accruals
Receipts in advance
12
13
14
15
16
30-06-2014
Taka
30-06-2013
Taka
49,872,464
500,000
50,372,464
51,804,815
500,000
52,304,815
18,308,944
33,822,478
106,608,607
3,794,101
1,392,921
652,515
164,579,566
18,827,893
27,600,783
95,138,488
3,208,850
4,574,924
1,033,559
150,384,497
263,149
719,998
3,887,320
67,843
4,938,310
314,148
692,998
5,285,651
241,844
6,534,641
159,641,256
210,013,720
143,849,856
196,154,671
188,438,030
21,400,690
175,000
210,013,720
177,529,973
18,449,698
175,000
196,154,671
Secretary
President
99
2012-2013
Taka
17
18
19
20
21
22
23
3,596,055
50,102,980
14,500,000
15,743,980
629,418
(2,300)
11,587,019
96,157,152
3,211,950
53,894,480
12,500,000
13,620,247
1,111,996
(13,090)
7,824,836
176,495
92,326,914
24
25
26
27
28
29
30
31
32
33
34
32,818,705
5,931,520
8,551,052
10,782,106
6,736,242
1,588,111
1,247,000
12,297,601
158,926
1,110,673
4,027,159
85,249,095
10,908,057
27,285,351
5,166,742
7,076,496
10,913,754
5,112,939
2,338,486
1,264,000
9,597,551
149,843
706,278
3,731,012
73,342,452
18,984,462
Notes
A. Income
Fees from members
Subscriptions and fees from students
Government grant
Interest income
Rental income
Income from infoTech Center (Net)
Other income
Surplus/(Deficit) from sale of fixed assets
B. Expenditure
Employee cost
Occupancy cost
General and Administrative expense
Students Education expense
Examination expense
Post Qualifying Education expense
Members Activity expense
Seminar and Conference expense
Research and Development expense
Journal Publication expense
Depreciation
C. Surplus of income over expenditure for
the year transferred to General Fund (A-B)
The annexed notes 1 to 34 from an integral part of these financial statements.
Treasurer
Secretary
President
100
2012-2013
Taka
10,908,057
4,027,159
2,950,992
18,984,462
3,731,012
1,756,540
(6,221,695)
(11,470,119)
(585,251)
3,182,003
381,044
(1,398,331)
(174,001)
27,000
(50,999)
(4,745,479)
(20,201,963)
(1,131,887)
(1,595,152)
(287,699)
483,543
74,933
21,000
(52,000)
1,575,859
(2,962,690)
(2,094,808)
-
(3,856,042)
13
(2,094,808)
(518,949)
18,827,893
(3,856,029)
(6,818,719)
25,646,612
18,308,944
18,827,893
Particulars
Cash flows from Operating Activities
Surplus of Income over Expenditure for the year
Depreciation
Provision for Gratuity
Changes in Working Capital
Investment for Gratuity
Short term investments
Advances, deposits & prepayments
Receivable
Inventories
Payables and accruals
Receipts in advance
Library caution money
Security deposits
Net Cash flows from Operating Activities
Secretary
President
101
2. PRINCIPAL ACTIVITIES
The Institute's mission is to develop, equip and promote
Cost and Management Accounting profession by
maintaining highest professional standards of its
members in order to enable them to provide better
services to the society.
The Institute is also entrusted with the formulation and
102
of the items.
Subsequent cost of enhancement of an existing asset is
recognized as a separate asset, only when it is probable
that future economic benefits associated with the item
can be measured reliably. All other repair and
maintenance are charged to the income statement
during the accounting period in which they are incurred.
2.50%
10%
20%
30%
15%
10%
10%
25%
103
104
30-06-2014
Taka
30-06-2013
Taka
108,594,116
2,094,808
110,688,924
110,688,924
108,491,219
3,856,042
112,347,261
3,753,145
108,594,116
56,789,301
4,027,159
60,816,460
60,816,460
49,872,464
56,811,421
3,731,012
60,542,433
3,753,132
56,789,301
51,804,815
500,000
500,000
80,500
225,575
2,624,842
15,378,027
18,308,944
80,500
1,032,170
1,076,076
16,639,147
18,827,893
31,927,380
1,895,098
33,822,478
25,733,430
1,867,353
27,600,783
106,358,960
249,647
106,608,607
94,897,317
241,171
95,138,488
889,838
1,841,714
1,062,549
3,794,101
573,068
1,585,240
1,050,542
3,208,850
1,392,921
4,574,924
105
106
30-06-2014
Taka
30-06-2013
Taka
256,174
508,713
179,774
100,147
39,144
37,907
39,369
652,515
300,565
100,357
38,951
43,552
41,421
1,033,559
37,500
777,440
166,109
2,281,649
377,790
73,454
3,713,942
24,601
148,777
3,887,320
330,725
560,306
256,455
3,533,630
354,995
89,000
5,125,111
24,601
135,939
5,285,651
26,140
41,703
67,843
40,140
201,704
241,844
177,529,973
10,908,057
188,438,030
158,545,511
18,984,462
177,529,973
18,449,698
2,950,992
21,400,690
21,400,690
16,693,158
2,420,280
19,113,438
663,740
18,449,698
175,000
175,000
2013-2014
Taka
2012-2013
Taka
292,000
3,172,055
132,000
3,596,055
215,000
2,780,750
216,200
3,211,950
6,542,642
11,753,000
6,504,000
10,360,078
10,198,000
3,500,460
419,600
340,000
168,800
189,400
22,000
105,000
50,102,980
7,018,710
12,611,000
7,068,500
11,502,250
10,882,400
3,506,220
453,600
363,400
189,700
193,600
26,000
79,100
53,894,480
14,500,000
12,500,000
14,682,686
1,061,294
15,743,980
13,121,868
498,379
13,620,247
125,000
240,000
264,418
629,418
265,000
521,000
325,996
1,111,996
7,200
(9,500)
(2,300)
10,400
(23,490)
(13,090)
107
108
2013-2014
Taka
2012-2013
Taka
55,000
8,961,183
1,440
1,345,227
619,000
24,646
519,065
61,458
11,587,019
173,000
5,023,448
720
1,565,346
103,200
21,702
134,000
707,300
96,120
7,824,836
24,430,522
1,803,616
69,415
2,950,992
2,130,617
1,138,864
79,109
215,570
32,818,705
20,083,525
1,713,942
70,000
2,420,280
1,786,650
961,272
49,984
199,698
27,285,351
395,551
2,222,499
2,083,314
116,051
1,114,105
5,931,520
253,259
1,707,159
1,931,916
123,304
1,151,104
5,166,742
1,791,248
344,575
604,096
1,721,262
2,011,387
260,327
60,000
548,085
49,050
52,154
180,000
713,500
26,752
188,616
8,551,052
1,305,646
252,853
656,979
1,140,687
1,288,109
725,448
50,000
512,521
25,500
44,203
160,000
802,150
100,000
12,400
7,076,496
2013-2014
Taka
2012-2013
Taka
7,862,844
164,240
934,960
457,371
453,882
665,764
93,335
30,860
81,500
22,350
15,000
10,782,106
8,575,980
173,340
676,182
458,992
341,730
439,010
82,589
33,392
71,500
53,039
8,000
10,913,754
2,392,220
1,904,097
1,194,420
390,934
583,148
48,400
223,023
6,736,242
1,834,816
1,206,512
990,750
355,446
518,785
45,000
161,630
5,112,939
587,338
530,922
132,690
8,427
38,500
290,234
1,588,111
1,311,018
459,054
156,325
17,613
87,950
306,526
2,338,486
585,000
552,000
110,000
1,247,000
755,500
431,500
77,000
1,264,000
109
2013-2014
Taka
2012-2013
Taka
2,832,259
4,806,990
1,682,415
189,340
562,008
32,251
5,970,006
575,322
454,000
12,297,601
497,655
81,477
422,375
37,848
3,035,734
353,972
361,500
9,597,551
Seminar and Conference expense (Local) Includes cost relating to SAFA International Conference held on October 10-11,
2013 in Dhaka, and also cost of holding Convocation 2013 and Best Corporate Award 2013.
32. Research and Development expense
Administrative expense
Cost Audit Committee/Implementation expense
33. Journal Publication expense
Honorarium to Script Writers
Honorarium to Editor
Printing and stationary
Traveling and conveyance
Meeting expense
34. Depreciation
Depreciation on building
Amortization on land
Depreciation on furniture & fixture
Depreciation on office equipments
Depreciation library books
110
74,026
84,900
158,926
59,843
90,000
149,843
23,870
146,120
847,614
51,410
41,659
1,110,673
55,650
97,076
482,108
25,790
45,654
706,278
1,412,665
51,096
559,209
1,863,104
141,085
4,027,159
1,412,665
51,096
497,828
1,641,670
127,753
3,731,012
111
2.5%
10%
20%
10%
15%
30%
189,976
2,857,403
1,759,771
446,371
58,730,955
6,170,098
595,000
5,885,077
9,139,826
22,819,639
108,594,116
108,491,219
PARTICULARS
Main Building
Prayer Hall
Garage Temporary Shed
Furniture & Fixtures
Office Equipments
Computer
Balance as on
July 01, 2013
3,753,145
189,976
2,857,403
1,759,771
446,371
58,753,455
6,170,098
595,000
6,018,401
9,346,172
24,552,277
110,688,924
108,594,116
Adjustment/
Disposal during Balance as on
the year June 30, 2014
Taka
22,400
133,324
206.346
1,732,638
2,094,808
3,856,042
Addition during
the year
COST
189,975
674,244
315,819
68,287
19,210,779
6,170,097
594,999
5,719,322
5,592,030
18,253,749
56,789,301
56,811,421
28,863
17,725
4,508
1,412,665
141,085
559,209
1,863,104
4,027,159
3,731,012
Taka
3,753,132
189,975
703,107
333,544
72,795
20,623,444
6,170,097
594,999
5,860,407
6,151,239
20,116,853
60,816,460
56,789,301
Adjustment/
Balance as on Charged during Disposal during Balance as on
June 30, 2014
July 01, 2013
the year
the year
DEPRECIATION
1
2,154,296
1,426,227
373,576
38,130,011
1
1
157,994
3,194,933
4,435,424
49,872,464
51,804,815
Taka
Written down
value as on
June 30, 2014
Annexure-1
A. Income
Notes
Fees from members
17
Subscriptions and fees from students 18
Government grant
19
Interest income
20
Rent
21
Income from infoTech center (Net)
22
Other income
23
2013-2014
Revised
Budget (Taka)
2013-2014
Actual
(Taka)
Variance
Fav. (Unfav)
(Taka)
%
Fav. (Unfav)
3,175,000
52,105,713
14,500,000
14,240,969
583,448
3,350
9,856,328
94,464,808
3,596,055
50,102,980
14,500,000
15,743,980
629,418
(2,300)
11,587,019
96,157,152
421,055
(2,002,733)
1,503,011
45,970
(5,650)
1,730,691
1,692,344
13.26
(3.84)
10.55
7.88
(168.66)
17.56
32,873,529
5,359,954
8,021,886
11,419,662
62,08,797
886,240
1,080,500
10,790,159
523,030
1,098,969
3,814,397
82,077,123
12,387,685
2,318,850
10,068,835
32,818,705
5,931,520
8,551,052
10,782,106
6,736,242
1,588,111
1,247,000
12,297,601
158,926
1,110,673
4,027,159
85,249,095
10,908,057
2,094,808
8,813,249
54,824
(571,566)
(529,166)
637,556
(527,445)
(701,871)
(166,500)
(1,507,442)
364,104
(11,704)
(212,762)
(3,171,972)
(1,479,628)
224,042
(1,255,586)
0.17
(10.66)
(6.60)
5.58
(8.50)
(79.20)
(15.41)
(13.97)
69.61
(1.06)
(5.58)
B. Expenditure
Employee cost
Occupancy cost
General and Administrative expense
Students education expense
Examination expense
Post Qualifying Education expense
Members Activity expense
Seminar and Conference expense
Research and Development expense
Journal Publication expense
Depreciation
C. Surplus/(Deficit) (A-B)
D. Capital expenditure (Annexure-1)
C. Net Surplus/(Deficit) (C-D)
112
24
25
26
27
28
29
30
31
32
33
34
2013-2014
Taka
Annexure-A
2012-2013
Taka
22,035
265,573
287,608
43,419
40,627
84,046
585,000
544,500
40,500
555,500
300,000
255,500
359,500
1,000,000
70,000
512,500
999,992
2,559,900
384,750
1,078,705
12,000
1,689
6,979,036
7,307,144
344,500
1,200,000
200,000
30,000
175,000
1,644,548
2,209,200
320,200
1,156,530
994
7,280,972
7,620,518
113
B. Payments
DBC Fellowship Night
Training Course expense (VAT & Tax etc)
Seminar/Workshop
DBC Activities expense:
(Reception to office Bearers, Thanks and Prize Giving Ceremony etc)
Indoor Games
DBC Annual picnic
Donation and incentive (ICMAB students and incentive to staff)
Loan refund to DBC office Bearer
Loan refund to ICMAB
Repairs and maintenance
DBC Jobsite development
Office expenses (Meeting and Stationary)
Postage Dish and Internet expense
IFRS expense
Misc. Expense (Doa and Milad Mohfil)
Bank Charge
C. Closing Balance: (A-B)
Cash-in-hand
Cash at Bank
114
2013-2014
Taka
Annexure-A
2012-2013
Taka
2,223,223
1,062,246
-
2534,496
776,744
109,302
946,995
125,266
732,514
120,600
70,000
1,000,000
205,083
452,115
82,350
130,028
2,571
7,152,991
739,226
142,310
733,491
116,200
186,000
800,000
48,007
350,000
640,941
56,814
96,798
2,581
7,332,910
41,355
112,798
154,153
22,035
265,573
287,608
2013-2014
Taka
Annexure-B
2012-2013
Taka
4,655
2,661
7,316
715
1,902
2,617
192,000
181,500
360,000
567,400
81,845
17,000
991,413
56,500
220,260
2,043
2,296,461
2,495,777
331,869
407,465
15,000
826,100
60,000
178,000
65,000
4,122
1,887,556
2,071,673
94,530
678,150
760,571
365,998
45,088
220,260
112,278
40,389
77,155
1,486
2,395,905
150,993
507,848
745,613
365,189
60,000
88,413
21,116
81,007
42,381
1,797
2,064,357
9,867
90,005
99,872
4,655
2,661
7,316
115
A. Receipts
Opening Balance:
Cash-in-hand
Cash at Bank
Donation from ICMAB National Council
Special Fund from ICMAB National Council
Sponsor
Loan from Office Bearer, KBC
B. Payments
Meeting expense
Printing and stationary
Traveling and conveyance
Annual Picnic and others
Entertaiment expense
KBC Night
Student orientation
Memorial Day, etc
Ifter Party,Doa and Milad Mhhfil
Misc. expenses
C. Closing Balance: (A-B)
Cash-in-hand
Cash at Bank
116
2013-2014
2012-2013
196
1,237
1,433
120
525
645
80,000
30,000
15,445
125,445
126,878
77,000
63,514
20,000
160,514
161,159
5,500
4,000
2,400
85,445
5,000
5,010
15,376
125
122,856
12,809
4,728
110
25,958
57,785
41,485
11,881
4,970
159,726
2,785
1,237
4,022
196
1,237
1,433
: 8615989
: 01914-898621
: dir@icmab.org.bd
: 12
Cell
: 01922-101612
e-mail
: ad.af@icmab.org.bd
PABX Ext. : 16
Cell
: 01716-509054
PABX Ext. : 13
Cell: 01715-158512
e-mail : ad.exam@icmab.org.bd
PABX Ext.: 17
Cell
: 01552-414317
e-mail
: asd.af1@icmab.org.bd
PABX Ext. : 35
Mr. K. M. Bahauddin
Additional Director (Admin.)
Cell
: 01714-214998
e-mail
: ad.admin@icmab.org.bd
PABX Ext. : 14
Cell
: 01922-106880
e-mail
: library@icmab.org.bd
PABX Ext. : 18
Cell
: 01732-227909
e-mail
: dd.pub@icmab.org.bd
PABX Ext. : 29
Cell
: 01716-793119
PABX Ext. : 35
Cell
: 01756-403422
e-mail
: mam@icmab.org.bd
PABX Ext. : 22
Cell
: 01710-367828
E-mail
: it.info@icmab.org.bd
PABX Ext. : 26
117
ICMAB
www.icmab.org.bd