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Accounting and accounting rules in Bangladesh

Head

Explanation

Tax Year

From 1 July to 30 June

Accounting Standards

The main source of accounting principles is the series of approved accounting standards issued by the Institute of Chartered Accountants of Bangladesh (ICAB). Most of these standards are based on international accounting standards IFRS and IAS.

Accounting Regulation Bodies

Securities and exchange commission in Bangladesh

Accounting Reports

The financial statements consist of a balance sheet, an income statement (profit and loss) and cash flows. Accounts should be accompanied by an Auditor’s reports and Director's report.

Publication Requirements

Financial statements must be prepared annually. Companies with shares listed on the stock exchanges in Dhaka or Chittagong must comply with additional requirements in terms of financial disclosure and public announcements. The Government may ask for, via notification in the Official Gazette, an annual information return.

Professional Accountancy Bodies

Institute of Chartered Accountants of Bangladesh (ICAB):

Institute of Cost and Management Accountants of Bangladesh(ICMAB)

Certification and Auditing

Only members of the Institute of Chartered Accountants of Bangladesh (ICAB) can apply for an audit license, which allows them to audit companies. For more information see the KPMG website

counting rules in Bangladesh

Head	Explanation
Tax Year	From 1 July to 30 June
Accounting Standards	The main source of accounting principles is the series of approved accounting standards issued by the Institute of Chartered Accountants of Bangladesh (ICAB). Most of these standards are based on international accounting standards IFRS and IAS.
Accounting Regulation Bodies	Securities and exchange commission in Bangladesh
Accounting Reports	The financial statements consist of a balance sheet, an income statement (profit and loss) and cash flows. Accounts should be accompanied by an Auditor’s reports and Director's report.
Publication Requirements	Financial statements must be prepared annually. Companies with shares listed on the stock exchanges in Dhaka or Chittagong must comply with additional requirements in terms of financial disclosure and public announcements. The Government may ask for, via notification in the Official Gazette, an annual information return.
Professional Accountancy Bodies	Institute of Chartered Accountants of Bangladesh (ICAB): Institute of Cost and Management Accountants of Bangladesh(ICMAB)
Certification and Auditing	Only members of the Institute of Chartered Accountants of Bangladesh (ICAB) can apply for an audit license, which allows them to audit companies. For more information see the KPMG website