Md Shafiqul Alam is a fellow chartered accountant (FCA), fellow cost and management accountant (FCMA), and fellow chartered secretary (FCS) with more than two decades of experience in audit, financial reporting, corporate finance, governance, and professional education. He currently serves as managing partner and CEO of Shafiqul Alam & Co., Chartered Accountants, and is council member of the Institute of Chartered Accountants of Bangladesh (ICAB) for the 2025–2027 term.
As Bangladesh continues to align its financial reporting framework with international standards, the need for technical expertise and continuous professional education has become increasingly important. In an interview with Dhaka Tribune, Md Shafiqul Alam shares his views on IFRS implementation, capacity building, and the evolving role of finance professionals.
How has IFRS influenced financial reporting in Bangladesh over the past two decades?
The transition has been gradual but significant.
Financial reporting today is more transparent and internationally comparable than it was two decades ago.
International standards have strengthened disclosure practices and increased awareness of governance and risk management.
However, standards alone do not guarantee quality. Effective implementation requires trained professionals, strong internal controls, and institutional preparedness.
How did your involvement with IFRS education and professional training begin?
My career has involved work across audit, corporate finance, governance, and advisory functions.
Over time, I became increasingly involved in education and technical training. A significant milestone came in 2013 when I participated in a five-day “Train the Trainer” program on IFRS for SMEs in Sri Lanka under the leadership of Darrel Scott, then chairman of the IFRS for SMEs Implementation Group of the International Accounting Standards Board (IASB).
The program provided exposure to implementation challenges and international experiences relating to IFRS.
How have international programs and regional forums shaped your perspective?
International and regional forums create opportunities to understand how similar issues are addressed in different jurisdictions.
Through programs organized by the South Asian Federation of Accountants (SAFA), I have had opportunities to discuss developments relating to IFRS 15, IFRS 16, and IFRS 18 with professionals from across the region.
Such exchanges contribute to professional dialogue and broaden perspectives on financial reporting practices.
What are the major challenges in implementing IFRS, and why is continuous professional education important?
One of the main challenges is translating technical requirements into practical application.
Effective implementation requires reliable data, information systems, and coordination among finance, operations, and risk management functions.
Since standards continue to evolve, continuous learning remains essential. Regulations alone are not enough; successful implementation ultimately depends on people who understand the requirements and can apply them consistently.
Why has IFRS 9 become particularly important for the banking sector?
IFRS 9 introduced significant changes in expected credit loss methodology and financial asset classification.
It requires a more forward-looking approach to risk assessment.
In recent years, I have been involved in technical workshops and training programs for Bangladesh Bank and several commercial banks on IFRS 9 implementation, expected credit loss methodology, and related reporting issues.
Demand for technical guidance has increased as institutions adapt to evolving requirements.
Has demand for IFRS-related training expanded beyond banks?
Certainly. Over the years, training activities have extended beyond banks to institutions in the capital market, insurance, energy, and public sectors. I have conducted programs for organizations including the Dhaka Stock Exchange, Petrobangla, Dhaka Wasa, government-owned power distribution companies, the Insurance Development and Regulatory Authority, and Jiban Bima Corporation.
I have also been involved in academic and professional programs at institutions such as the Institute of Business Administration (IBA), University of Dhaka, Bangladesh Power Management Institute, and Bangladesh Institute of Capital Market, and was associated with the inaugural training activities of the Bangladesh Academy for Securities Market.
What is the relationship between corporate governance and financial reporting?
Corporate governance and financial reporting are closely interconnected.
Transparent reporting supports accountability, while effective governance strengthens oversight and internal controls.
Accounting standards alone cannot eliminate misconduct, but they provide a framework that promotes transparency and disclosure.
Reliable financial reporting depends not only on standards but also on governance, ethics, and institutional culture.
You have been involved in seminars and publications for many years. How do these activities contribute to professional development?
Professional forums create opportunities to exchange experiences and discuss implementation challenges.
Over the past 18 years, I have participated as a trainer, speaker, or resource person in more than 500 seminars and professional development programs in Bangladesh and abroad.
During training sessions and classroom discussions, I also observed that many students and practitioners faced difficulties in translating theoretical concepts into practice.
This encouraged me to write books on IFRS and related subjects using illustrations and examples relevant to local business practices.
What opportunities and challenges lie ahead for Bangladesh's financial reporting ecosystem?
Bangladesh has made considerable progress in aligning its reporting framework with international standards.
Continued investment in professional education, digital infrastructure, and institutional capacity will remain important.
As the economy becomes increasingly integrated with global markets, strengthening reporting quality and governance practices will continue to be essential.
What advice would you offer to the next generation of accountants and finance professionals?
Technical competence will always remain important, but future professionals will need a broader perspective.
Besides accounting standards, they should develop an understanding of technology, governance, risk management, and communication.
Continuous learning and professional ethics will remain fundamental.
As reporting requirements continue to evolve, the profession will increasingly depend on individuals who combine technical competence with ethics, adaptability, and a broader understanding of business and governance.