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Corporate Social Responsibility in Banking Sector of Bangladesh

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Corporate Social Responsibility in Banking Sector of Bangladesh
Chapter 1

Introducing IFRS
In This Chapter
▶ Seeing how standards are set, and amended ▶ Rolling out IFRS globally ▶ Presenting IFRS financial statements

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In this chapter, I move beyond telling you what standards are to helping you understand what they do. To start, I explain how the standards are created and amended, and then I take a look at the scope of IFRS worldwide. Finally, I introduce you to the important financial statements that you must present to conform with IFRS: the statement of financial position, statement of comprehensive income and the statement of changes in equity. By the end of this chapter, you’ve a good grounding in IFRS.

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Over recent years, the IFRS have become more and more prevalent throughout the world, but a frequently asked question is why? Well, many countries like the idea of being able to produce financial information comparable to that of other companies that report under IFRS – for example, comparing against other companies in the same industry but in a different country. Think from a potential investor’s point of view: if you’re planning to pump money into a company, you need to see clear and comparable financial information. And because IFRS is now gathering pace all around the world, you can compare financial information far more easily now than, say, 20 years ago.

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any organisations use International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) in preparing their general purpose financial statements – the year-/period-end statements prepared for users: shareholders and external stakeholders like employees, tax authorities, banks and financiers. The IFRS and IAS tell accountants and other preparers of financial statements how to account for transactions and events, and what to disclose, within the accounts.

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Part I: Concepts and Basic Standards

Creating and Amending the Standards
The standards don’t
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