Accounting Standards of Banks and the Extent of Compliance
Research Journal of Finance and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 2, No 4, 2011
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Compliance of IAS-30: A Case Study on the Specialized Banks of Bangladesh
Md. Shamim Hossain (Corresponding author) School of Business and Economics, Manarat International University Plot # CEN 16, Road # 106 Gulshan, Dhaka-1212, Bangladesh E-mail: samimhosain@yahoo.com Mobile No.: +8801927652385 Abdul Alim Baser Brac Business School, Brac University 66 Mohakhali Dhaka 1212 Bangladesh E-mail: mail_alim84@yahoo.com Mobile No.: +8801814750380 Abstract This Journal aimed at scrutinizing the prevailing accounting standard for the banks and find out the extent of compliance by them. To find out the degree of compliance the study has gone through the annual reports of all the sample banks. Very naturally it is hoped that all of them are required to comply with the standard to uphold the stakeholders’ interest. Banking industry’s nature of operation is totally different .Recognizing this aspect some specific IAS (International Accounting Standard) have been prescribed for them. One of which is IAS 30(Disclosures requirements for banks and similar financial institutions). Although IAS-30 has been superseded by IFRS (International Financial Reporting Standard)-7, ICAB (Institute of Chartered Accountants of Bangladesh) prescribed to comply with IFRS-7 from on or after 1st January, 2010. Hence compliance of IAS-30 is of importance here. Keywords: IAS, IFRS, Specialized banks, compliance. 1. Introduction Banking industry is the most flourishing as well as the most contributing sector of our economy. Banking can be termed as one of the primitive business though its institutional look is not so old. Banking sector is the driving force of any country for its sustainable development. It is more than truth for a developing country like ours. At present Bangladesh have 49 scheduled commercial banks, 6specialized banks, 4 nationalized commercial banks and
www.iiste.org
Compliance of IAS-30: A Case Study on the Specialized Banks of Bangladesh
Md. Shamim Hossain (Corresponding author) School of Business and Economics, Manarat International University Plot # CEN 16, Road # 106 Gulshan, Dhaka-1212, Bangladesh E-mail: samimhosain@yahoo.com Mobile No.: +8801927652385 Abdul Alim Baser Brac Business School, Brac University 66 Mohakhali Dhaka 1212 Bangladesh E-mail: mail_alim84@yahoo.com Mobile No.: +8801814750380 Abstract This Journal aimed at scrutinizing the prevailing accounting standard for the banks and find out the extent of compliance by them. To find out the degree of compliance the study has gone through the annual reports of all the sample banks. Very naturally it is hoped that all of them are required to comply with the standard to uphold the stakeholders’ interest. Banking industry’s nature of operation is totally different .Recognizing this aspect some specific IAS (International Accounting Standard) have been prescribed for them. One of which is IAS 30(Disclosures requirements for banks and similar financial institutions). Although IAS-30 has been superseded by IFRS (International Financial Reporting Standard)-7, ICAB (Institute of Chartered Accountants of Bangladesh) prescribed to comply with IFRS-7 from on or after 1st January, 2010. Hence compliance of IAS-30 is of importance here. Keywords: IAS, IFRS, Specialized banks, compliance. 1. Introduction Banking industry is the most flourishing as well as the most contributing sector of our economy. Banking can be termed as one of the primitive business though its institutional look is not so old. Banking sector is the driving force of any country for its sustainable development. It is more than truth for a developing country like ours. At present Bangladesh have 49 scheduled commercial banks, 6specialized banks, 4 nationalized commercial banks and
References: Research Journal of Finance and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 2, No 4, 2011 www.iiste.org Research Journal of Finance and Accounting ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol 2, No 4, 2011 Table-3: (%) compliance of the requirement: Requirement