With the theme ‘Learn, Lead and Succeed’ Institute of Cost and Management Accountants of Bangladesh (ICMAB) is holding the first ever CFO conference in Bangladesh.
Senior Secretary of Ministry of Commerce, Hedayetullah Al Mamoon, ndc; inaugurated the conference as its chief which is currently going on at Pan Pacific Sonargaon Hotel in the city. .
The senior commerce secretary congratulated ICMAB for organising such an event.
“I hope that the organisation will continue to arrange more such events which benefits the professionals,” said Hedayetullah Al Mamoon.
Among others ICMAB president Mohammed Salim, FCMA; Vice President of ICMAB ASM Shaykhul Islam, FCMA; Chairman of Seminar and Conference Committee of ICMAB Mozaffar Ahmed, FCMA and representative from CIMA Aubrey Joachim were present during the inauguration of the conference.
In an organisation the CFO's job is a very complex one. A CFO's job can be broken down into three major components:
Controllership duties - These make up the backward looking part of a CFO's job. Controllership duties hold the CFO responsible for presenting and reporting accurate and timely historical financial information of the company he or she works for. Every stakeholder in the company - including shareholders, analysts, creditors, employees and other members of management - relies on the accuracy and timeliness of this information. It is imperative that the information reported by the CFO is accurate, because many decisions are based on it.
Treasury duties – The CFO is also responsible for the company's present financial condition, so he or she must decide how to invest the company's money, taking into consideration risk and liquidity. In addition, the CFO oversees the capital structure of the company, determining the best mix of debt, equity and internal financing. Addressing the issues surrounding capital structure is one of the most important duties of a CFO.
Economic strategy and forecasting - Not only is a CFO responsible for a company's past and present financial situation, he or she is also an integral part of a company's financial future. A CFO must be able to identify and report what areas of a company are most efficient and how the company can capitalize on this information. For example, the CFO of an auto manufacturer must be able to pinpoint which models are making the most money for the company and how this information can best be used to improve the company in the future. This aspect of a CFO's duties also includes economic forecasting and modeling - in other words, trying to predict (given multiple scenarios) the best way to ensure the company's success in the future.
“To help the accountants of the country become successful in their respective professions ICMAB regularly arranges different conferences and this time we are holding the first ever CFO (Chief Financial Officer) conference in Bangladesh,” said ASM Shaykhul Islam, while speaking about the programme.
“The conference aims at providing the CFOs of different organisations with a platform where they can exchange their experience, knowledge and ideas. We are optimistic that such initiative will greatly benefit the participants to achieve success in the professional life,” Shaykhul Islam added.
More than 100 CFOs from different leading organisations including Robi, Standard Chartered Bank, Islami Bank and Exim Bank are participating at the event. A number of foreign delegates from CIMA (Chartered Institute of Management Accountants) are also attending the programme as resource speakers.
A number of papers on different topics were presented at the conference by the local and international guest speakers through out the day. Among the papers the one on the topic “Journey from CFO-CEO” was an interesting one. It highlights how a CFO, by exceeding in the professional arena, can become a CEO in the long run.
More than 500 participants are attending the day long event which will continue till 5:00 pm.
In the evening ICMAB will hold ICMAB Best Corporate Award ceremony at the same venue. At the programme the institute will award a total of 66 business enterprises including Megha Cemet Mills Ltd, a concern of Bashundhara Group, for excellence in the respective field. Finance Minister AMA Muhith is expected to attend the programme as the chief guest. Daily Sun is the media partner of the event.