B Mirror Report: Bangladesh’s securities regulator has no immediate plans to abolish quarterly financial reporting requirements for listed companies, although the reports may be simplified in line with international standards, according to a senior Bangladesh Securities and Exchange Commission (BSEC) official.

The official, speaking on condition of anonymity, said the current commission is prioritising greater transparency, quality and credibility in financial reporting rather than eliminating quarterly disclosures.

Under the proposal being considered, listed companies would continue to publish quarterly reports, but in a shorter format. More comprehensive financial statements could instead be required every six months.

The clarification follows confusion sparked by remarks made by BSEC Chairman Masud Khan at a programme organised by the DSE Brokers Association (DBA) on July 2. His comments on reviewing the requirement for detailed quarterly reports were widely interpreted by some media outlets as indicating that quarterly reporting would be scrapped altogether.

The BSEC official said the chairman had referred to adopting the International Accounting Standard (IAS) 34, which allows for condensed interim financial statements, rather than abolishing quarterly reporting.

The commission is also working closely with the Institute of Chartered Accountants of Bangladesh (ICAB) and strengthening coordination with the Financial Reporting Council (FRC) to improve the quality, transparency and accountability of financial reporting and audits.

The official said enhancing the reliability of financial disclosures is essential for ensuring market stability, protecting investors’ interests and attracting foreign investment.

He added that the commission will consult stakeholders before making any final decision on changes to reporting requirements.