Skip to main content

Basic Accounting rules in Bangladesh

and ac

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

Comments

Post a Comment

Popular posts from this blog

What are the limitations of assurance?

5.What are the limitations of assurance? Ans: The fact that testing is used The fact that accounting systems have inherent limitations  Audit evidence is persuasive rather than conclusive    Assurance provide would not test every items in the subject matter     Subjective and professional matter Use estimates               
Post a Comment
Read more

Introduction to Taxation

Introduction To Taxation    ★Definition of Taxation :                                       The term 'tax' has been derived from the French word 'taxe' and etymologically,the Latin word 'taxare' is related to the term 'tax',which means 'to charge'. "Tax' means the income tax payable under the ordinance and includes any additional tax,excess profit tax,penalty, interest, fees or other charges leviable or payable under this ordinance "_ section 2(26) of the ITO 1984. "A tax  is purely and simply a contribution, whether direct or masked which the public authorities impTose upon the inhabitants or goods for the purpose of defraying government expenditures."_ Leroy Beaulieu. "Taxes are compulsory payment to government without expectation of direct return in benefit to the tax payer."_ P.E.Taylor. ★ Characteristics of Tax: 1. Tax is a payment to the government by the p...
Post a Comment
Read more

Cost concept & Cost classifications

Cost concept Cost is "a foregoing, measured in monetary terms, incurred or potentially to be incurred to achieve a specific objective" (American Accounting Association). Cost refers the monetary measure of the amount of resources given up or used for some specified purpose. It is the value the goods or services expended to obtain current or future benefits. All types of organizations incurred costs─governmental, not-for-profit, manufacturing, retail and service. Generally the kinds of costs that are incurred and the way in which these cost are classified depend on the type of organization such as─ manufacturing merchandising, and service.              Cost Classifications Costs can be classified in different ways. There are manufacturing costs and non-manufacturing costs, direct and indirect costs, product and period costs, fixed and variable, sunk and opportunity costs, etc. Management accountants need to understand cost...
Post a Comment
Read more