{"id":98193,"date":"2025-10-17T09:27:07","date_gmt":"2025-10-17T09:27:07","guid":{"rendered":"https:\/\/abmglobalcompliance.com\/bd\/?page_id=98193"},"modified":"2025-10-17T14:31:42","modified_gmt":"2025-10-17T14:31:42","slug":"corporate-accountants","status":"publish","type":"page","link":"https:\/\/abmglobalcompliance.com\/bd\/corporate-accountants\/","title":{"rendered":"Corporate Accountants"},"content":{"rendered":"\t\t
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Corporate Accountants & IFRS Advisory<\/span><\/div>

As the financial world evolves and transactions become more complex, your accounting policies need to keep pace with change.<\/h2><\/div>
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Financial statements are not just a statutory obligation; they are a window to investors, lenders and suppliers, present and future and high quality reporting can add significantly to the credibility of your market offering.<\/p>

Bangladesh has adopted IFRS Standards. Domestic companies whose securities trade in a public market and other large public accountability companies are required to use IFRS Standards. Banks, insurance companies and Non-Banking Financial Institutions (NBFI) prepare financial statements in accordance with their respective Acts and guidelines and at present have some deviations from IFRS Standards.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Financial Reporting framework in Bangladesh<\/h2><\/div>
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Legal framework<\/h4>
The Companies Act of 1994 provides basic requirements for financial reporting by all companies in Bangladesh. It is silent about either Bangladesh Financial Reporting Standards (BFRS\/BAS) or International Financial Reporting Standards (IASs\/IFRSs).<\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Listed companies<\/h4>
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 Financial Reporting Standards and include Bangladesh Accounting Standards).\n\n<\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Banks<\/h4>
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\/BFRS, and compliance with BAS\/BFRS by banks is mixed.\n\n<\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Insurance companies<\/h4>
The Insurance Act 1938 does not mandate compliance with BAS\/BFRS. In practice, insurance companies often do not follow BAS\/BFRS.\n\n<\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Other companies<\/h4>
Neither the law nor the by-laws of the Institute of Chartered Accountants of Bangladesh mandates compliance with BAS\/BFRS by unlisted companies. Actual compliance varies widely and the ICAB has published the Bangladesh Financial Reporting Standard for Small and Medium-sized Entities (BFRS for SMEs) (see below).\n\n<\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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+44 207 515 7080<\/a><\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Bangladesh Financial Reporting Standards (BFRS)<\/h2><\/div>
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BFRS developed by the ICAB were originally based on older International Accounting Standards (IASs) – generally those developed by the IASC rather than the improved IASs and new IFRSs developed by the IASB. In more recent times, the ICAB has adopted the updated IASB standards as BFRS and all BFRSs have been updated based on IFRSs 2012.<\/p>

The Technical and Research Committee, a standing committee of the ICAB, is responsible for reviewing on a regular basis, the latest national and international pronouncements and standards on accounting, auditing and allied matters, and recommend the same for adoption to the Council, after carrying out a technical review for adoptability and acceptability in the Bangladeshi context.<\/p>

The Council is responsible for approving and adopting the Standards, Interpretations and related documents.<\/p>

As at January 2013, a version of all IFRS (and IAS) issued by the IASB had been adopted as BFRS by the ICAB, with the following exceptions:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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