• Skip to primary navigation
  • Skip to main content
  • Skip to footer

Resource Portal | OGR Legal

Business laws and regulations of Bangladesh

  • Home
  • Blog
  • About
  • Contact
  • Start a business
    • Proprietorship
    • Partnership
    • Company registration in Bangladesh
      • Change name of a company
      • Transfer shares
      • Object clause amendment in the MoA
      • Winding up of a company
    • Liaison or branch office in Bangladesh
  • License and Approval
  • Legal system
  • Foreign Investment

Financial Reporting

FRC expands the definition of public interest entities

June 30, 2020

The Financial Reporting Council (FRC), the newly established regulatory body has issued a notification on 11 Match 2020 (Gazette Published on June 29, 2020). By this notification, FRC extended the range of companies that will be considered as ‘Public Interest Entity’ in addition to what was initially defined in the Financial Reporting Act 2015. Section 2(8)(Ka) allows the FRC Act to make such determination.

As per the notification, if a firm earns annual revenue of Tk 5 crore, it will be treated as a public interest entity.

In addition to that, companies having assets of Tk 3 crore or more, or liabilities of Tk 1 crore apart from the shareholders’ equity, will also be a public interest entity.

Public Interest Entities are required to abide by the rules and regulations of FRC and the Financial Reporting Act (FRA) 2015.

Download: Notification on Definition of the public interest entity.

Filed Under: Financial Reporting

Share money deposit of public interest entities must be converted into paid up capital within six month – FRC

March 5, 2020

The Financial Reporting Council (FRC), a regulatory body under the Financial Reporting Act (FRA) 2015 recently issued a notification in this regard on 11 February 2020 (Gazette published on 2 March 2020). This notification was issued as a number of listed companies have misused the share money deposit to manipulate their performance.

According to the notification:

  • the share money deposit received for increasing equity or paid up capital of a company must not be withdrawn or taking back at any means.
  • Share money deposit must be converted into paid up capital within six months of deposit.
  • Share money deposit will be considered as potential share until its conversion into paid up capital, and the company must show the diluted earnings per share in the financial statement or impact of the new shares on EPS.

Public Interest Entities are required to abide by this notification.

Download: Notification on Accounting and Reporting on Share Money Deposit

Filed Under: Financial Reporting

  • Blog
  • Foreign Exchange Laws
  • Foreign loan
  • Bangladesh visa
  • Contact
  • Useful links

Footer

Quick Contact

[email protected]
+880 9617-171888
WA: +8801765449020

Connect with us

  • Facebook
  • LinkedIn
  • Twitter

Recent Posts

  • Regulations for speedy release and disposal of perishable goods introduced
  • Duty Drawback Regulations 2021 introduced
  • Unpaid vat must be Paid: RJSC
  • FRC expands the definition of public interest entities
Close

Get the latest legal news


Email Address *
First Name
Last Name



© 2023 · OGR Legal All rights reserved. The content may not be reproduced, published without written permission of OGR Legal.

Disclaimer | Privacy Policy |Sitemap