Update on the use of IFRSs in Bangladesh

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26 Apr 2006

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. The Companies Act of 1994 provides basic requirements for financial reporting by all companies in Bangladesh. It does not refer to which specific accounting standards should be used. Bangladesh Accounting Standards (BASs) are developed by the ICAB and are based on older IASs – generally those developed in the 1980s and 1990s by the IASC rather than the improved IASs and new IFRSs developed by the IASB. The ICAB has not yet adopted IASs 29, 32, 39, or 41, nor IFRSs 1-7. 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). Our new Bangladesh Page has a table listing the status of adoption of each IAS and IFRS in Bangladesh.

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