Accounting Standard in Bangladesh

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A REPORT ON
APPLICATION OF
BANGLADESH ACCOUNTING STANDARDS
IN BUSINESS

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DEPARTMENT OF FINANCE
UNIVERSITY OF DHAKA

REPORT ON
APPLICATION OF
BANGLADESH ACCOUNTING STANDARDS
IN BUSINESS

FINANCIAL ACCOUNTING –I
F-103

Submitted To
Dr. H. M. Mosarof Hossain
Associate Professor
Department of Finance
Faculty of Business Administration
University of Dhaka

Submitted By
Members of Group-3
Section-B
14th Batch
Department of Finance

|Names |Roll No | |Upoma Antara Husain |14-052 | |Zubairia Khan |14-050 | |Nazmul Ehsan Omiya |14-054 | |Monowar Hossain |14-008 | |Md. Rubel Ahmed |14-030 |

DATE OF SUBMISSION
31 May 2008

TABLE OF CONTENTS

CHAPTER I:

□ INTRODUCTION
□ OBJECTIVES OF APPLYING BAS IN BUSINESS
□ IAS ADDOPTED AS BAS
□ SHORT DESCRIPTION OF BASs

CHAPTER II:

□ ABOUT PRIME BANK LIMITED
□ BAS USED IN PBL
□ APPLICATION OF BASs IN PBL
□ IMPORTANCE OF APPLYING BAS IN PBL
□ CONCLUSION

CHAPTER III:

□ ANNEXURE
□ BIBLIOGRAPHY

CHAPTER I

INTRODUCTION

The rules and guidelines adopted and implimented worldwide in accounting record keeping and statement preparation ror maintaining uniformity are known as International Accounting Standared (IAS). IAS were issued between 1973 and 2001 by the board of the International Accounting Standards Committee (IASC).

Bangladesh Accounting Standards (BAS) are adopted From IAS by Institute of Chartered Accountants of Bangladesh (ICAB) for preferred accounting practices in all kinds of business in bangladesh.

To standardize the accounting system with the level of IAS, the ICAB (Institute of Chartered Accountants of Bangladesh) has been adopting BAS since 1984. The Institute of Chartered Accountants of Bangladesh is a professional accountancy body in the Bangladesh. It is the sole organisation in the Bangladesh with the right to award the Chartered Accountant designation. The ICAB updated and adapted many important and the time demanding standards in several time BAS is a set of standards which controls the system of accounting in Bangladesh.

In our country Companies listed with Dhaka & Chittagong Stock exchange are to prepare their accounts according to the Securities and Exchange Rules 1987 and the International Accounting Standards (IAS) as adopted by the Institute of Chartered Accountants of Bangladesh known as Bangladesh Accounting Standards (BAS). At present the (TRC) Technical research Committee of ICAB screens and evaluates IFRSs and recommends particular IFRS to the council of the ICAB for adoption.

Prime Bank Limited is one of the promising banks in our banking sector. It is listed with Dhaka and Chittagong Stock Exchange. The financial statements of the Bank are prepared under the historical cost convention except investments and in accordance with the Bank Companies Act, 1991, Bangladesh Bank Circulars, International Accounting Standards and International Financial Reporting Standards adopted by the Institute of Chartered Accountants of Bangladesh as BAS, Companies act 1994, SEC Rules 1987 and other laws and rules applicable in Bangladesh.

IAS ADOPTED AS BAS

BAS are developed by the ICAB and are based on older IASs – generally those developed by the IASC rather than the improved IASs and new IFRSs developed by the IASB. The Technical and Research Committee of the ICAB develops the standards. Adoption requires approval of the ICAB Council.

A list of IASs Adopted as BASs...
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