Stocks
“International Financial Reporting Standards shall increase transparency in Insurance”
Full compliance with International Financial Reporting Standards (IFRS)-17 will increase transparency and accountability in the insurance sector and companies will be able to gain public trust, which will help bring about fundamental changes in the insurance sector, said Mohammad Zainul Bari, chairman of the Insurance Development and Regulatory Authority (IDRA).
“IDRA will give more importance to complying with IFRS-17 so Bangladeshi insurance companies can prepare their financial statements according to international accounting standards immediately upon implementation of this standard next year,” said Zainul Bari speaking as chief guest at the “IFRS – Insurance Contracts: Overview, Implementation Challenges and Way Forward” program, organized by the Institute of Chartered Accountants of Bangladesh at Pan Pacific Sonargaon Hotel in Dhaka on Sunday.
Compliance with IFRS-17 will be effective from 1 January 2023 and listed companies will follow this standard in preparing annual reports. Currently, companies prepare annual reports following International Financial Reporting Standards, International Accounting Standards, and Bangladesh Financial Reporting Standards, he added.
Insurance development and regulatory bodies will develop an action plan to fully comply with IFRS-17, said the IDRA chairman and sought the cooperation of various stakeholders, including ICAB, and FRC in this regard.
Md Shahadat Hossain, president of the Institute of Chartered Accountants of Bangladesh, said insurance companies are major investors in financial markets. Hence, the increasing linkage between insurers and banks is considered in safeguarding the country’s financial stability.
He added that accounting standards in this sector are an important element for sustainable growth, alongside increasing transparency.
Wasequl H Reagan, a partner at Mahfel Huq and Co, presented the keynote article. Chairmen, managing directors, chief executive officers, and directors of life and non-life insurance companies, participated in the seminar.
Dhaka Stock Market DSE, Bourse on the last working day of the week, 25th July, ended with a hike in Indices and Turnover from the previous working session. This information is known from DSE sources.
497 crore 34 lakh taka shares were traded on this day. 337 crore 97 lakh more tradings were done in DSE today compared to the previous workday, July 24th, Shares worth Tk 159 crores 37 lakh shares were traded last time, Wednesday.
The benchmark DSEX increased 62.81 points or 5,413 The Shariah-based index DSES added 13.81 points or 1,183 and the blue-chip index DS30 gained by 24.25 points or 1,932.
Of the issues traded, 286 advanced, 66 declined and 40 remained unchanged.
Techno Drugs Limited ranked top gainer on DSE, the share price increased by Tk 3.80 paisa or 9.87 percent. On this day, the share was last traded at Tk 42.30 paisa.
Rangpur Foundry Limited ranked top loser on the DSE, the share price dropped by Tk 5.40 paisa or 2.98 percent. On this day, the share was last traded at Tk 175.70 paisa.
DSE topped on trade is Square Pharmaceuticals PLC 35 crore 9 lakh takas of company shares have been traded.
A total of 28 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 82 lakh 94 thousand 29 shares of the companies were traded. The financial value of which is 21 crore 92 lakh taka
One of the listed companies, Eastland Insurance Company Limited discloses its financial reports for the second quarter, (April – June 24).
The company’s earnings per share (EPS) Tk 0.27 paisa in Q2 of the current financial year (April – June 24). EPS was Tk. 0.41 for January-June 2024 as against Tk. 1.47 for the same period last year. EPS was Tk 0.80 paisa during the same period last year. NAV per share was Tk. 20.85 as of June 30, 2024.
One of the listed companies, Shahjalal Islami Bank PLC discloses its financial reports for the second quarter, (April – June 24).
The company’s Consolidated earnings per share (EPS) Tk 1.50 paisa in Q2 of the current financial year (April – June 24). Consolidated EPS was Tk. 1.50 for January-June 2024 as against Tk. 1.47 for the same period last year. EPS was Tk 0.80 paisa during the same period last year. Consolidated NAV per share was Tk. 20.85 as of June 30, 2024.
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