Status of adoption of IASs/IFRSs in Bangladesh as at July 2007
30 Jul 2007
Provides a summary as at July 2007 of which standards issued by the International Accounting Standards Board (and its predecessor, the International Accounting Standards Committee) have been adopted by the Institute of Chartered Accountants in Bangladesh (ICAB) as equivalent Bangladesh Accounting Standards (BASs) or Bangladesh Financial Reporting Standards (BFRSs).
International Accounting Standards (IAS)
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 1983Reformatted 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 1987Reformatted 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 1998Reformatted in 1994 | 01 July 1999 | Adopted on 27 December 2003 | 01 January 2004 |
38 | Intangible Assets | September 1998Limited 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 |
International Financial Reporting Standards (IFRS)
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 | — |