Adding cost of goods sold statements by professional cost and management accountants (CMAs) to company tax returns will help increase government revenue, said ICMAB Chairman Md Mamunur Rashid.
“CMA professionals can leave a big impact by lending their expertise to bring clarity to various economic aspects,” he said Friday at a one-day international workshop on trade finance, according to A press release.
The cost of goods sold (COGS) statement is the direct cost of manufacturing products by a company. It includes material cost, labor cost, and factory direct overhead.
The Institute of Cost and Management Accountants of Bangladesh (ICMAB), in association with 360tf, Singapore, organized the event at the ICMAB Ruhul Quddus Auditorium in the Nilkhet district of the capital.
ATM Nesarul Hoque, Head of Financial Institution Services at Mutual Trust Bank Ltd, presented a paper on “Introduction to Trade Finance” in the first technical session.
Pinaki Roy, Senior Advisor, 360tf, Singapore, presented on “The Digital Journey of Trade Finance” while CA Pankaj Mundra, Co-Founder and Chairman, 360tf, Singapore presented on “Trade Opportunities and Challenges of Trade Finance, 360tf – Enabling Trade Finance Globally” in the second and third technical sessions respectively.
In the three technical papers presented at the workshop, panellists and presenters discussed various aspects of trade finance and transparency of international financial transactions.
Tapan Kanti Ghosh, Principal Secretary, Ministry of Commerce, chaired the 3rd session and graced the closing session as the chief guest, while Ahmed Jamal, Deputy Governor of Bangladesh Bank, and Anis A Khan, Former Managing Director and CEO of Mutual Trust Bank Ltd. , chaired various sessions.
Former ICMAB President and Board Member Abu Sayed Md Shaykhul Islam presented an issue paper. ICMAB President, Md Mamunur Rashid chaired all sessions.
Approximately 350 Cost and Management Accountants (CMAs) from the Institute attended the workshop and took the opportunity to meet and gain experience with global trade finance business leaders.
The objective of the workshop was to create a platform for connecting professionals and global business leaders and to promote the cost and management accounting profession in the country.
Imtiaz Alam, vice president, ICMAB and president, Infinity Group of Companies; Md Jabedul Alam, Head of Transaction Banking, Brac Bank Ltd, and Mir Shahriar Ahmed, Asia Country Head Bangladesh, 360tf, Singapore attended different technical sessions as commentators.
The Chairman of the ICMAB Seminar and Conference Committee, AK M Delwer Hussain, delivered a welcoming address.