Bangladesh Financial Reporting Standards (BFRS/BAS)
Financial advertisement framework in Bangladesh Legal framework The Companies Act of 1994 provides basal requirements for banking advertisement by all companies in Bangladesh. It is bashful about either Bangladesh Banking Advertisement Standards (BFRS/BAS) or All-embracing Banking Advertisement Standards (IASs/IFRSs). o Listed companies. The Securities and Exchange Commission of Bangladesh regulates banking advertisement by listed companies.
SER 1987 requires acquiescence with IASs/IFRSs as adopted in Bangladesh (these are accepted as Bangladesh Banking Advertisement Standards and accommodate Bangladesh Accounting Standards). o Banks. The Bank Company Act of 1991 mandates advertisement formats and disclosures based on BAS 30, which is agnate to IAS 30. The Act is bashful about alternative BAS/BFRS, and acquiescence with BAS/BFRS by banks is mixed. o Allowance companies. The Allowance Act 1938 does not authorization acquiescence with BAS/BFRS. In practice, allowance companies about do not chase BAS/BFRS. o Alternative companies.
Neither the law nor the by-laws of the Institute of Chartered Accountants of Bangladesh mandates acquiescence with BAS/BFRS by unlisted companies. Actual acquiescence varies broadly and the ICAB has appear the Bangladesh Banking Advertisement Standard for Small and Medium-sized Entities (BFRS for SMEs) (see below). Bangladesh Banking Advertisement Standards (BFRS) The Banking Advertisement Standards assigned by the Institute of Chartered Accountants in Bangladesh (ICAB) are accepted as Bangladesh Banking Advertisement Standards (BFRS, including Bangaldesh Accounting Standards, BAS).
BFRS and are carefully modelled on All-embracing Accounting Standards and All-embracing Banking Advertisement Standards issued by the All-embracing Accounting Standards Board. BFRS developed by the ICAB were originally based on beforehand All-embracing Accounting Standards (IASs) - about those developed by the IASC rather than the bigger IASs and new IFRSs developed by the IASB. In added contempo times, the ICAB has adopted the adapted IASB standards as BFRS.
The Abstruse and Research Committee, a continuing board of the ICAB, is amenable for reviewing on a approved basis, the latest civic and all-embracing pronouncements and standards on accounting, auditing and affiliated matters, and acclaim the aforementioned for acceptance to the Council, afterwards accustomed out a abstruse analysis for adoptability and acceptability in the Bangladeshi context. The Council is amenable for acknowledging and adopting the Standards, Interpretations and accompanying documents.
As at July 2012, a adaptation of all IFRS (and IAS) issued by the IASB had been adopted as BFRS by the ICAB, with the afterward exceptions: o IAS 29 Financial Advertisement in Hyperinflationary Economies - this has not been adopted as it is advised absurd in the Bangladeshi ambience o IFRS 9 Financial Instruments. Adopted BAS/BFRS are accurately acknowledged for listed companies beneath the SEC Rules. They are not binding or acknowledged through the ICAB by-laws. The auditor's address and base of presentation agenda accredit to acquiescence with all-embracing accounting standards applicative in Bangladesh.
Small and medium-sized entities In June 2011, the ICAB appear the Bangladesh Banking Advertisement Standard for Small and Medium-sized Entities (BFRS for SMEs), which is based on the IFRS for SMEs. Section 31 on hyperinflation is not reproduced in the BFRS for SMEs as, constant with the non-adoption of IAS 29, the ICAB considers that anon it is not accessible in the Bangladeshi context. For acceptable entities, the BFRS for SMEs is applicative to anniversary periods alpha on or afterwards 1 January 2013, which beforehand acceptance permitted.
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