Bangladesh breaks human flag record By Tania Rashid, for CNN January 4, 2014 -- Updated 1445 GMT (2245 HKT) Thousands of participants form the national flag of Bangladesh in Dhaka's National Parade Ground on December 16. Bangladesh sets new record for world's largest flag More than 27,000 students and members of the army held placards Organizers attempted the record on Bangladesh's Victory Day Dhaka (CNN) -- Bangladesh has smashed a record set by Pakistan last year by forming the world's largest human flag, Guinness World Records has confirmed. Tens of thousands of Bangladeshi students and armed forces held up red and green colored placards in Dhaka's National Parade Ground last month to create the huge Bangladeshi national symbol. The formation broke a record set in October 2012, in Pakistan, when 24,000 people assembled a flag in the city of Lahore. On December 16, a total of 27,117 people held the flag together for at least five minutes, following instructions provided by Guinness World Records. "This is the first time our nation is breaking a record like this with Pakistan," said Akhika Akhtar, a 17-year-old student who heard about the event from her professors. The date was chosen to celebrate Bangladesh's Victory Day, according to an event organizer, Tofaeel Rashid. Victory Day commemorates the day Bangladesh officially gained independence from Pakistan on December 16, 1971, after a nine-month war that left between 1 million and 3 million people dead. An accounting firm oversaw the record-breaking attempt and submitted materials to Guinness World Records, which verified the record. January 4, 2014 -- Updated 0640 GMT (1440 HKT)