In Bangladesh, the profession of accountancy developed during the British colonial period. Today it is represented by two professional bodies, the Institute of Cost & Management Accountants of Bangladesh (ICMAB) and the Institute of Chartered Accountants of Bangladesh (ICAB).

Chartered Accountants complete their training in practicing firms and specialize in financial accounting, financial audit and tax. CMAs receive particular training in cost audit, management audit and management accounting, as well as general accounting and taxation. Both the ICMAB and ICAB are under the administrative control of the Ministry of Commerce. The Government of Bangladesh considers both type of professional accountants equal in respect of employment in government services.

The Generally Accepted Accounting Principles (GAAP) in Bangladesh is based upon standards set by the ICAB, which has stated its intention to adopt International Financial Reporting Standards. As of 2001, 23 such standards had already been adopted, and listed companies are required to use IFRS.

ICMAB: The Institute of Cost and Management Accountants of Bangladesh (ICMAB) at Nilkhet, Dhaka, Bangladesh is the only institution in the country dedicated to Cost and Management Accounting education and research. It is managed as an self-directed professional body under the Ministry of Commerce. As well as education, it is also engaged in regulating and promoting the profession of cost and management accounting in Bangladesh. The Institute is managed by a National Council of 16 members. It is a member of the International Federation of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA), and South Asian Federation of Accountants (SAFA).

ICMAB members are known as CMAs with their designatory title ACMA and FCMA. They play leading roles in the accountancy and finance profession in Bangladesh. 30% of members live and work in UK, USA, Canada, Australia and Gulf Countries. ICMAB UK Chapter is a lively forum for members working in the UK The Institute’s vision is to help Bangladesh become an industrialized nation by promoting and regulating the Cost and Management Accounting profession towards market economy to enhance economic competitiveness and quality of life.

The Institute’s mission is to develop, equip and promote Cost and Management Accounting profession by maintaining highest professional standard of its members in order to enable them to provide better services to the society. The Institute is entrusted with the formulation and implementation of National Accounting as well as Cost Accounting Standards and take other necessary steps with a view to regulating the Cost and Management Accounting profession commensurate with global standard with the ultimate objective of developing Bangladesh’s human and natural resources to ensure common welfare and to enrich our shared future

The Institute of Chartered Accountants of Bangladesh (ICAB) is the national professional accountancy body in Bangladesh. It is the sole organization in the Bangladesh with the right to award the Chartered Accountant designation. It was established under the Bangladesh Chartered Accountants Order 1973 (Presidential Order No. 2 of 1973). The mission of ICAB is to provide leadership in the development, enhancement and coordination of the accountancy profession in Bangladesh in order to enable the profession to provide services of consistently high quality in the public interest. ICAB is also a member of Asia Oceania Tax Consultants’ Association (AOTCA)