Adoption of IFRS in Bangladesh. Challenges and Opportunities

Topics: International Financial Reporting Standards, Qualitative research, Accountant Pages: 14 (4209 words) Published: October 15, 2014
ADOPTION OF INTERNATIONAL FINANCIAL REPORTING
STANDARDS (IFRS)
IN BANGLADESH
CHALLENGES AND OPPERTUNITIES

Research Methods for Managers in an International Context
MOD 001105

Prepared by
MD MONIRUL ISLAM ARIF
Student ID: 1230634
Academic Year: 2013/2014

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Table of content

INTRODUCTION………………………………………………………………………………………..3 Statement of Problem………………………………………………………………………………...4 Research Questions…………………………………………………………………………………..4 Research Objectives………………………………………………………………………………….4 LITERATURE REVIEW…………………………………………………………………………………5 International Financial Reporting Standard (IFRS)…………………………………………………5 Adoption History of Bangladesh………………………………………………………………………6 Accounting Profession Growth in Bangladesh………………………………………………………6 Problems of Adoption………………………………………………………………………………….7 Challenges and Opportunities…………………………………………………………………………7 RESEARCH DESIGN AND METHODOLOGY……………………………………………………….8 Research Methods…………………………………………………………………………………....8 Data Collection…………………………………………………………………………………………9 Data Sampling……………………………………………………………………………………….10 Data Analysis…………………………………………………………………………………………10 Research Ethics…………………………………………………………………………………………11 Autonomy………………………………………………………………………………………………11 Beneficence…………………………………………………………………………………………....11 Research Limitation……………………………………………………………………………………..11 Time Scale……………………………………………………………………………………………….12 References……………………………………………………………………………………………….13

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INTRODUCTION
The exceptional blast of organizations and financial services industry has carried about vast prospects to utilize newer principles, approaches, tools and practices not only in the field of finance but also in the field of Accounting. It is most challenging field for every business around the globe. Accounting is one of the main bodies of an every business wheatear it is small medium enterprise or large multinational company. These systems give a proper way as well as help to find out an accountant how should be company can increase their profit to current level to high level through minimizing additional costs of company. In every large business entity have this sector to improve their financial performance and also provides a crystal clear financial statement to the board of the company to ensure that how their company performance. To improvement of accounting system for each company is very essential issue although every country has their own accounting body which is define by the government of that particular country. However, to improvement practice of accounting and follow the rules and regulation of accounting board every country are taking necessary steps to connect each other globally. „„International Financial Reporting Standards (IFRS) refer to a comprehensive, high quality set of accounting standards and interpretations used in the preparation of financial statements. IFRS are considered a principles-based set of standards in that they establish broad rules with greater emphasis on interpretation and the use of judgment, rather than reliance on specific bright-lines‟‟ Tomaszewsk(2009) and Showerman(2009) page no-60). IFRS (International Financial Reporting Standard) is a high quality set of accounting standards stating particular type of transaction should be reported in financial statements. It is also known as by the older name of International Accounting Standards (IAS).

Nevertheless, more than 12,000 public companies in over 100 countries have adopted IFRS which included with listed company in the European Union. There have still remain fewer of countries like Japan, Canada, Bangladesh India, Pakistan which is planning to take also IFRS adoption most recently. As earlier mentioned that, despite of IFRS every country have their own accounting rules and regulation which is controlled by the government of that particular country and the account board of that country. Hence, it is also important to take adoption of IFRS to improve accounting system as well as to spare business around the...


References: 1. Mir, M. Z., and Rahaman, A. S. 2005. The adoption of international accounting standards in
Bangladesh
3. Shil, C. N., Das, B. Dr, and Pramanik, K. A., 2009. Harmonization of Accounting Standards through
Internationalization
4. Tomaszewski, G. S., and Showerman, S. 2010. IFRS in the United States: Challenges and
Opportunities
5. Leuz, C., and Robert E. Verrecchia. 2000. The Economic Consequences of Increased Disclosure.
6. Hillman, D. A., Histon, H. P., and Dodd, L. J., 2012. Convergence or Adoption of IFRS in the
United States?
7. Saunders, M., Lewis, P. and Thornhill, A., 2012. Research Methods for Business Students. 6 th ed.
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