1. . Introduction:
This assignment has been prepared as the partial fulfillment of Accounting Theory Course. With the approval of Stamford University, Bangladesh we have conducted our assignment on “Changing Rules & Regulations In Textile Sector & Their Implementation” under the supervision of Shyamali Biswas, lecturer, department of Business Administration, Stamford University, Bangladesh.
1.2. Objective of the study:
The objectives of the study are as follows: a) This study helps to know the rules and regulation for disclosure in financial reports. b) This study shows the necessity of accounting standard in textile sectors. c) It shows that how many company follow the rules.
d) It shows the link between IAS & BAS with Textile sector.
1.3. Scope of the study:
This assignment will help us to know about: a) Rules of International Accounting Standard and Bangladesh Accounting Standard. b) Bangladesh Textile sector.
c) 6 listed textiles in Bangladesh
d) The financial position of those textiles.
e) Whether they follow IAS and BAS rules.
2.1. Literature review:
Status of Adoption of IASs/IFRSs in Bangladesh at July 2007
|IAS No. |IAS Title |Date of |Effective Date as IAS | | | |Pronouncement | | |IAS 1 Presentation of Financial Statements |1987 |BAS 1 |2003 revisions not yet considered by | | | | |ICAB | |IAS 2 Inventories |1992 |BAS 2 |2003 revisions not yet considered by | | | | |ICAB | |IAS 7 Cash Flow Statements |1992 |BAS 7 |— | |IAS 8 Accounting Policies, Changes in |1993 |BAS 8 |2003 revisions not yet considered by | |Accounting Estimates, and Errors | | |ICAB | |IAS 10 Events After the Balance Sheet Date |1999 |BAS 10 |— | |IAS 11 Construction Contracts |1993 |BAS 11 |— | |IAS 12 Income Taxes |2000 |BAS 12 |— | |IAS 14 Segment Reporting |1997 |BAS 14 |— | |IAS 16 Property, Plant and Equipment |1997 |BAS 16 |2003 revisions not yet considered by | | | | |ICAB | |IAS 17 Leases |1998 |BAS 17 |2003 revisions not yet considered by | | | | |ICAB | |IAS 18 Revenue |1993 |BAS 18 |— | |IAS 19 Employee Benefits |2002 |BAS 19 |2003 and later revisions not yet | | | | |considered by ICAB | |IAS 20 Accounting for Government Grants and |1983 |BAS 20 |—...