Dhaka, March 22 -- The President of the Dhaka Chamber of Commerce & Industry (DCCI) has said adherence to International Financial Reporting Standards would not only improve compliance, but also open up more opportunities for access to finance and investment, boost the country's global competitiveness and reduce the risks of financial misreporting.

"The SMEs are the lifeline of Bangladesh's economy contributing over 25 percent to the GDP. The adoption of International Financial Reporting Standards (IFRS) for SMEs provides a structured framework that enhances financial transparency," Taskeen said, while speaking at a focus group discussion on "Implementation of IFRS for SMEs" held at DCCI on Saturday.

He also said that IFRS will significa...