Editorial

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C

orona Virus (Covid-19) has disrupted our social and business activities globally. As the impact of covid is more or less all over the world, it is a global pandemic. The policy of lockdown has saved lots of lives but at the same time, poor people suffered the most. Many job cuts in the economy and salary curtailment of the employees have put the mass people in financial jeopardy. The fight against this pandemic is still going on. On the other hand, we are apprehending another virus outbreak, a covid variant named Omicron. Nevertheless, together we shall overcome this situation, Insha Allah.

We, as professional accountants, have a much higher responsibility to come forward in reporting to the stakeholders a true and fair view of the financial statements. Professional Institute like ICMAB has published research work on “Treatment of various items of Cost in the light of Covid-19” in the year 2020 which is much appreciated. The losses arising out of lockdown should be capitalized and amortized over 5 to 10 years. Pandemic losses are acts of God and should not be charged in fiscal years.

This will help stakeholders in the long run.

To face such an act of God, all corporate houses should have insurance for properties as well as their employees and their families.

I ask the business community why do you have to make so much profit in the pandemic? They

should not exploit the situation. Poor will suffer and in the long run, you will also suffer too. With the skyrocketing prices of essential commodities like onion, vegetables, rice, edible oil, etc during Ramadan and other festivals, the poor suffer the most. The business community and the Government can address such a situation together.

Businesses can grow with risk management through having insurance coverage of their properties warehouse and covering the lives of the employees. It will reduce employee turnover eventually.

Social Security has become imperative to the Government of Bangladesh for graduating as the middle-income country status in the UN.

That’s why the Government is encouraging people to invest in both life and general insurance.

Investing in life insurance is a forced saving for future calamities. Government should focus more on encouraging people through the press and media to create awareness on the matter.

NBR should also encourage its taxpayers to invest in life insurance the gateway to social security which the government is now doing through paying as freedom fighters and old age allowances. We are proud to obtain the UN’s status of a developing country and bring everyone under social security to graduate as a middle-income country in the future.

Ruhul Ameen FCMA

Bi-monthly Journal of the ICMAB

ISSN 1817-5090

NUMBER-05, SEPTEMBER-OCTOBER 2021VOLUME XLIX

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THE COST AND MANAGEMENT

ISSN 1817-5090, VOLUME-49, NUMBER-05, SEPTEMBER-OCTOBER 2021