After much delay Bangladesh parliament passed the Financial Reporting Act 2015 on September 6, 2015. On September 9, 2015 it is officially published as gazette.
This is a big step for ensuring more transparency and accountability in financial reporting activities. After the recent crisis in the stock market, the need for monitoring the auditing and accounting activities grows louder. Back in 2003, the World Bank recommend to establish an independent oversight body in a report. The last caretaker government approved a financial reporting ordinance, however it was not approved by parliament later on. In 2012, a financial reporting law was proposed by the concerned community. After three years, the long awaited the law has been passed.