Tk6.17cr to be allocated for FRC in next fiscal

The government is going to allocate Tk6.17 crore to operate the much talked-about Financial Reporting Council (FRC) from next fiscal year. The FRC will be an independent watchdog against manipulated balance sheet of institutions and enterprises, specially of listed companies in the country’s two stock markets, said a source in the Financial Institutions Division. It said the appointment of the council chairman is awaiting the approval of Prime Minister’s Office. The process of formation of the council has delayed due to opposition from professionals in the accounting and auditing sectors, according to the source. Official sources said they sent the names for the post of chairman more than two weeks ago to the Prime Minister’s Office and now waiting for the decision. The Finance Division on Tuesday urged the authorities concerned to take necessary measures as it has already allocated Tk11.94 lakh in the current fiscal year while in the next fiscal year it will allocate Tk6.17 crore to run the council for the Fiscal year 2017-18. In September 2015, the financial reporting and council act was passed in the Parliament. Executive orders for the formation of the high-powered body also came sometime in 2016, but the council has remained non-operational for absence of its chairman and other major officials.