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Status of adoption of IFRSs in Bangladesh as at July 2012

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11 Jul 2012

Provides a summary as at July 2012 of which standards issued by the International Accounting Standards Board have been adopted by the Institute of Chartered Accountants in Bangladesh (ICAB) as equivalent Bangladesh Financial Reporting Standards (BFRSs).


International Accounting Standards (IAS)

IAS No.

Title

Status of adoption by ICAB

Effective date as BAS

1 Presentation of Financial Statements Adopted 1 January 2007
2 Inventories Adopted 1 January 2007
7 Cash Flow Statements Adopted 1 January 1999
8 Accounting Policies, Changes in Accounting Estimates and Errors
Adopted 1 January 2007
10 Events after the Balance Sheet Date Adopted 1 January 2007
11 Construction Contracts Adopted I January 1999
12 Income Taxes Adopted. 1 January 1999
16 Property, Plant and Equipment Adopted 1 January 2007
17 Leases Adopted I January 2007
18 Revenue Adopted 1 January 2007
19 Employee Benefits Adopted 1 January 2004
20 Accounting for Government Grants and Disclosure of Government Assistance Adopted 1 January 1999
21 The Effects of Changes in Foreign Exchange Rates Adopted 1 January 2007
23 Borrowing Costs Adopted 1 January 2010
24 Related Party Disclosures Adopted 1 January 2007
26 Accounting and Reporting by Retirement Benefit Plans Adopted 1 January 2007
27 Consolidated and Separate Financial Statements
Adopted 1 January 2010
28 Investments in Associates Adopted 1 January 2007
29 Financial Reporting in Hyperinflationary Economies Not adopted - impractiable in the Bangladeshi context
31 Interests in Joint Ventures Adopted 1 January 2007
32 Financial Instruments: Presentation Adopted 1 January 2010
33 Earnings per Share Adopted 1 January 2007
34 Interim Financial Reporting Adopted 1 January 1999
36 Impairment of Assets Adopted 1 January 2005
37 Provisions, Contingent Liabilities and Contingent Assets Adopted 1 January 2007
38 Intangible Assets Adopted 1 January 2005
39 Financial Instruments: Recognition and Measurement Adopted 1 January 2010
40 Investment Property Adopted 1 January 2007
41 Agriculture Adopted 1 January 2007


International Financial Reporting Standards (IFRS)

IFRS No.

IFRS title

Status of adoption by ICAB

Effective Date as BFRS

1 First-time Adoption of International Financial Reporting Standards Adopted 1 January 2009
2 Share Based Payment Adopted 1 January 2007
3 Business Combinations Adopted 1 January 2010
4
Insurance Contracts Adopted 1 January 2010
5 Non-Current Assets held for Sale and Discontinued Operations Adopted 1 January 2007
6 Exploration for and Evaluation of Mineral Resources Adopted 1 January 2007
7 Financial Instruments: Disclosures Adopted 1 January 2010
8 Operating Segments Adopted
1 January 2010
9 Financial Instruments Not adopted
10 Consolidated Financial Statements Adopted 1 January 2013
11 Joint Arrangements Adopted 1 January 2013
12 Disclosure of Interests in Other Entities Adopted 1 January 2013
13 Fair Value Measurement Adopted 1 January 2013

Source: ICAB website, ICAB annual report 2011.

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