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Bangladesh National Professional Organiation Website: The Institute of Chartered Accountants of Bangladesh [Domain expired 27 March 2008. Link no longer works.] National Professional Organiation Website: Institute of Cost and Management Accountants of Bangladesh Response to IFAC Member Body Survey on Standard Setting and Regulation World Bank ROSC Accounting and Auditing Report Update for August 2007 Update for April 2006 Dhaka: August 2007 Update Status of Adoption of IASs/IFRSs in Bangladesh at July 2007 IAS No. IAS Title Date of Pronouncement Effective Date as IAS Status of Adoption by ICAB Effective Date as BAS 01 Presentation of Financial Statements September 1997(Amended) 01 January 2005 Originally adopted on 1 July 1984. 05 July 2006 (latest version) 05 July 2006 02 Inventories December 1993 (Amended) 01 January 2005 Originally adopted on 1 January 1986. 05 July 2006(latest version) 05 July 2006 07 Cash Flow Statements December 1992 01 January 1994 Originally adopted on 1 January 1986. Subsequently amended. 01 January 1994 08 Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies December 1993 (Amended) 01 January 2005 Originally adopted on 1 January 1991. 05 July 2006 (latest version) 05 July 2006 10 Events after the Balance Sheet Date May 1999 (Amended) 01 January 2005 Originally adopted on 1 January 1990. 05 July 2006 (latest version) 05 July 2006 11 Construction Contracts December 1993 01 January 1995 Originally adopted on 1 January 1990. Subsequently amended. 01 January 1999 12 Income Taxes October 1996 01 January 1998 Originally adopted on 1 January 1990. Subsequently amended. 01 January 1998 14 Segment Reporting August 1997 01 July 1998 Adopted on 27 July 2003 01 January 2004 16 Property, Plant and Equipment December 1993 (Amended) 01 January 2005 Originally adopted on 1 January 1985. 05 July 2006 (latest version) 05 July 2006 17 Leases December 1997 (Amended) 01 January 2005 Originally adopted on 18 November 2003. 05 July 2006 (latest version) 05 July 2006 18 Revenue December 1993 01 January 2005 Originally adopted on 1 January 1993. Subsequently amended. 01 January 1995 19 Employee Benefits February 1998 1 January 1999 Adopted on 27 July 2003. IAS 19 (Revised 2004) not yet considered by ICAB. 01 January 2004 20 Accounting for Government Grants and Disclosure of Government Assistance April 1983 Reformatted in 1994 01 January 1984 Adopted on 8 November 1998 01 January 1999 21 The Effects of Changes in Foreign Exchange Rates December 1993 (Amended) 01 January 2005 Originally adopted on 1 January 1990. 05 July 2006 (latest version) 05 July 2006 23 Borrowing Costs December 1993 (Amended) Reformatted in 1994 01 January 1995 Originally adopted on 1 January 1990. 05 July 2006 (latest version) 05 July 2006 24 Related Party Disclosures July 1984 (Amended) 01 January 2005 Originally adopted on 27 July 2003. 05 July 2006 (latest version) 05 July 2006 26 Accounting and Reporting by Retirement Benefit Plans January 1987 Reformatted in 1994 01 January 1988 Adopted on 27 July 2003 01 January 2004 27 Consolidated Financial Statements and Accounting for Investments in Subsidiaries April 1989 (Amended) 01 January 2005 Adopted on 27 December 1998. 05 July 2006 (latest version) 05 July 2006 28 Accounting for Investments in Associates April 1989 (Amended) 01 January 2005 Adopted on 1 January 2005. 05 July 2006 (latest version) 15 July 2006 29 Financial Reporting in Hyperinflationary Economies July 1989 01 January 1990 Not yet adopted — 31 Financial Reporting of Interests in Joint Ventures December 1990 (Amended) Reformatted in 1994 01 January 2005 Adopted on 27 December 2003. 05 July 2006 (latest version) 05 July 2006 32 Financial Instruments: Presentation June 1995 1 January 1996 Not yet adopted — 33 Earnings per Share February 1997 (Amended) 01 January 2005 Adopted on 27 December 1998. 05 July 2006 (latest version) 05 July 2006 34 Interim Financial Reporting February 1998 01 January 1999 Adopted on 27 December 1998 01 January 1999 36 Impairment of Assets June 1998 31 March 2004 Adopted on 27 December 2003 IAS 36 (Revised 2004) not yet considered by ICAB. 01 January 2004 37 Provisions, Contingent Liabilities and Contingent Assets September 1998 Reformatted in 1994 01 July 1999 Adopted on 27 December 2003 01 January 2004 38 Intangible Assets September 1998 Limited amendments were made 31 March 2004 Adopted on 18 April 2004 IAS 38 (Revised 2004) not yet considered by ICAB 01 January 2005 39 Financial Instruments: Recognition and Measurement March 1999 1 January 2001 Under review by ICAB. Not yet adopted — 40 Investment Property April 2000 (Amended) 01 January 2005 Adopted on 18 April 2004. 05 July 2006 (latest version) 05 July 2006 41 Agriculture February 2001 (Amended) 01 January 2003 05 July 2006 05 July 2006 IFRS No. IFRS Title Date of Pronouncement Effective Date as IFRS Status of Adoption by ICAB Effective Date as BAS IFRS 1 First-time Adoption of International financial Reporting Standards June 2003 01 January 2004 Under review by ICAB — IFRS 2 Share Based Payment February 2004 01 January 2005 05 July 2006 01 January 2007 IFRS 3 Business Combinations October 1998 31 March 2004 15 December 2005 01 January 2007 IFRS 4 Insurance Contracts March 2004 01 January 2005 Under review by ICAB -- IFRS 5 Non-Current Assets held for Sale and Discontinued Operations June 1998 01 January 2005 15 December 2005 01 January 2007 IFRS 6 Exploration for and Evaluation of Mineral Resources December 2004 01 January 2006 05 July 2006 01 January 2007 IFRS 7 Financial Instruments: Disclosures August 1990 01 January 2006 Not yet Adopted — IFRS 8 Operating Segments November 2006 01 January 2009 Not yet Adopted — April 2006 Update Update on the Use of IFRSs in Bangladesh The South Asian Federation of Accountants sponsored the First South Asian Accounting Summit on 18-19 April 2006 in Karachi, Pakistan. Representatives of the Institute of Chartered Accountants of Bangladesh (ICAB) presented an update on the adoption of IFRSs in Bangladesh: Legal Framework The Companies Act of 1994 provides basic requirements for financial reporting by all companies in Bangladesh. It is silent about either Bangladesh Accounting Standards (BASs) or International Accounting Standards (IASs/IFRSs). Listed companies. The Securities and Exchange Commission of Bangladesh regulates financial reporting by listed companies. SER 1987 requires compliance with IASs/IFRSs as adopted in Bangladesh (these are known as Bangladesh Accounting Standards, or BASs). Banks. The Bank Company Act of 1991 mandates reporting formats and disclosures based on BAS 30, which is similar to IAS 30. The Act is silent about other BAS, and compliance with BASs by banks is mixed. Insurance companies. The Insurance Act 1938 does not mandate compliance with BASs. In practice, insurance companies often do not follow BASs. Other companies. Neither the law nor the by-laws of the Institute of Chartered Accountants of Bangladesh mandates compliance with BASs by unlisted companies. Actual compliance varies widely. Bangladesh Accounting Standards (BASs) BAS are developed by the ICAB and are based on older IASs – generally those developed by the IASC rather than the improved IASs and new IFRSs developed by the IASB. The Technical and Research Committee of the ICAB develops the standards. Adoption requires approval of the ICAB Council. Adopted BASs are legally enforceable for listed companies under the SEC Rules. They are not mandatory or enforceable through the ICAB by-laws. The auditor's report and basis of presentation note refer to conformity with international accounting standards applicable in Bangladesh. There are no separate standards for small and medium-sized entities (SMEs). Status of Adoption of IASs/IFRSs in Bangladesh at 16 February 2005 IAS Version of IAS Adopted in Bangladesh BAS Number Remarks 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 Accounting Estimates, and Errors 1993 BAS 8 2003 revisions not yet considered by 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 Disclosure of Government Assistance 1983 BAS 20 — IAS 21 The Effects of Changes in Foreign Exchange Rates 1993 BAS 21 2003 and later revisions not yet considered by ICAB IAS 22 Business Combinations 1998 BAS 22 IAS 22 has been superseded by IFRS 3, which has not yet been considered by ICAB IAS 23 Borrowing Costs 1993 BAS 23 — IAS 24 Related Party Disclosures 1994 BAS 24 2003 revisions not yet considered by ICAB IAS 25 Accounting for Investments 1987 BAS 25 IAS 25 has been superseded by IAS 39, which has not yet been considered by ICAB IAS 26 Accounting and Reporting by Retirement Benefit Plans 1987 BAS 26 — IAS 27 Consolidated and Separate Financial Statements 1998 BAS 27 2003 revisions not yet considered by ICAB IAS 28 Investments in Associates 1998 BAS 28 2003 revisions not yet considered by ICAB IAS 29 Financial Reporting in Hyperinflationary Economies Not yet Adopted — — IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions 1990 BAS 30 IAS 30 has been superseded by IFRS 7 (effective 2007), which has not yet been considered by ICAB IAS 31 Interests In Joint Ventures 1999 BAS 31 2003 revisions not yet considered by ICAB IAS 32 Financial Instruments: Disclosure and Presentation Not yet adopted — — IAS 33 Earnings Per Share 1999; BAS 33 2003 revisions not yet considered by ICAB IAS 34 Interim Financial Reporting 1998 BAS 34 — IAS 35 Discontinuing Operations 1998 BAS 35 IAS 35 has been superseded by IFRS 5, which has not yet been considered by ICAB IAS 36 Impairment of Assets 1998 BAS 36 2004 revisions not yet considered by ICAB IAS 37 Provisions, Contingent Liabilities and Contingent Assets 1998 BAS 37 1998 IAS 38 Intangible Assets 1998 BAS 38 2004 revisions not yet considered by ICAB IAS 39 Financial Instruments: Recognition and Measurement Not yet adopted — — IAS 40 Investment Property 2000 BAS 40 2003 revisions not yet considered by ICAB IAS 41 Agriculture Not yet adopted — — IFRS 1 First-time Adoption of International Financial Reporting Standards Not yet adopted — — IFRS 2 Share-based Payment Not yet adopted — — IFRS 3 Business Combinations Not yet adopted — — IFRS 4 Insurance Contracts Not yet adopted — — IFRS 5 Non-current Assets Held for Sale and Discontinued Operations Not yet adopted — — IFRS 6 Exploration for and Evaluation of Mineral Assets Not yet adopted — — IFRS 7 Financial Instruments: Disclosures Not yet adopted — — Framework for the Preparation and Presentation of Financial Statements Not yet adopted — — SIC Interpretations Not yet adopted — — IFRIC Interpretations Not yet adopted — — Click for article titled Roadmap for the Accountancy Profession in Bangladesh (PDF 130k) by Jamaluddin Ahmed, vice president of the ICAB, Financial Express, 19 February 2006.