Partnership of Chartered Accountants in SMART Bangladesh
The role of Chartered Accountants in SMART Bangladesh, focusing on smart government, economy, society, and citizens. Learn how CAs contribute to financial literacy, transparency, sustainability, and economic prosperity in the nation's development journey towards a SMART society by 2041.
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Presentation Transcript
Smart Bangladesh: Partnership of Chartered Accountants (CA) Sabbir Ahmed FCA Council Member, ICAB Partner, Hoda Vasi Chowdhury & Co
SMART Bangladesh: Myth busting SMART ??? Intelligent, sharp, bright, clever, presentable etc. Digital, internet of things (IoT), automation, innovation, virtual etc. In budget and performance evaluation: Specific Measurable Achievable Realistic Timely How Government of Bangladesh (GoB) has defined SMART Bangladesh?
SMART Bangladesh by 2041: Four pillar Developed country, per capita income USD 12,500, fully digital and free from poverty ( SonarBangla ). GoB has also identified four key components which are stated as four pillars of SMART Bangladesh. Smart Govern ment Smart Econom y Smart Banglad esh Smart Citizens Smart Society Focus appears to be in digital front but in reality there are multiple elements in each components. Moreover, all four components need to move together in synchronized manner to achieve desired goal.
SMART Citizen: Role of CAs People are the biggest asset SMART Citizen need to know how to manage their own finance Low financial literacy resulting in bad financing decision (Ponzi scheme, illegal MLM, prone to market manipulation etc.) Assist them with financial literacy, better management of own finance, tax compliance etc. Develop age/class base curriculum on personal finance from tertiary level
SMART Government: Role of CAs Transparency and accountability in government spending Assessing social impact of government spending and policy initiatives Implementation of accrual accounting Investment promotion and attracting foreign direct investment Supporting digital initiatives of government Capacity building in negotiation with bilateral and multilateral partners
SMART Society: Role of CAs Climate change and sustainability/ ESG reporting Economic and financial crime prevention Assistance with price and supply stability of essential commodity
SMART Economy: Role of CAs Economic Prosperity High quality financial information Improvement in trade, finance and investment Improved livelihood Better life quality Higher HDI ranking Global sustainable development Prudent economic decision Private sector growth Stronger public sector Higher HDP Involvement of CAs Overall Development Strong correlation between the number of accountants working in economies with per capita GDP of that country, and an even stronger correlation with the UN Human Development Index (HDI) of the country.
SMART Economy: Role of CAs Relationships between economic variables and numbers of Accountants and Professional Accountants (i.e. CA) Increase of 500 Accountants Per Million Population Increase of 500 professional accountants per Million Population Change Increase in per capita GDP USD 5,073 USD 11,224 2.21x Increase in size of service sector relative to GDP 3.3% 4.2% 1.27x Increase in value of exports relative to GDP 9.8% 9.8% * Decrease in the sum of tax rates 7.4% 9.8% 1.32x Increase in size of inward FDI relative to GDP 16.0% 34.3% 2.14x Increase on the World Economic Forum s Global Competitive Index Quality of Education Measure 0.3 index points 0.4 index points 1.33x As per research promoted by IFAC and conducted by Centre for Economics and Business Research (CEBR) based on relevant data of G20 countries (including each EU countries) sourced from WB, WEF and OECD. As per IFAC report titled Nexus 2: The Accountancy Profession A Global Value-Add the global accountancy profession contributes $575 billion (USD) annually to the global economy.
Unique position of CAs in ecosystem Government and related entities Investors (Domestic & Foreign) Businesses CAs Non Governmen t Sector Consumers Market intermediaries Multifaceted role of CA and association with various stakeholders assist to assess economic parameters on real time basis and enable providing valuable, timely and relevant feedback on economic indicators
