A strong financial reporting framework is needed to ensure transparency and accountability across public and private sectors, said Md Abdur Rahman Khan, chairman of the National Board of Revenue (NBR).

Outdated infrastructure and a lack of skilled professionals to meet international standards are the challenges in financial reporting for state-owned enterprises, he said.

He was speaking at a discussion on "Financial Reporting and Regulatory Framework: Public and Private Sector," held at the Radisson Blu Dhaka Water Garden in the capital recently. 

The event, organised by the Finance Division in collaboration with the World Bank, discussed the country's third report on the "Observance of Standards and Codes – Accounting and Auditing (ROSC A&A) for 2025", according to a press release. 

Past ROSC reports in 2003 and 2015 have laid the groundwork for adopting international financial reporting standards and establishing a Financial Reporting Council (FRC). 

However, enforcement gaps persist, necessitating continued reforms, as stated in the press release.

The event saw key remarks from Bilquis Jahan Rimi, additional secretary, who reiterated the government's commitment to aligning financial regulations with global standards to enhance public trust and economic resilience. 

Marga Peeters, programme manager of the EU Delegation to Bangladesh, underscored the importance of regulatory compliance within state-owned enterprises, while Suraiya Zannath, lead governance specialist (Financial Management) of the World Bank, highlighted challenges like weak enforcement and professional training gaps.