International Journal of Business and Management December‚ 2009 Problems of Adoption and Application of International Financial Reporting Standards (IFRS) in Bangladesh Sumon Bhattacharjee (Corresponding author) Department of Business Administration‚ East West University 43-46 Mohakhali C/A‚ Dhaka‚ Bangladesh Tel: 88-17-1285-9617 E-mail: sumon@ewubd.edu Muhammad Zahirul Islam Department of Business Administration‚ East West University 43-46 Mohakhali C/A‚ Dhaka‚ Bangladesh Tel: 88-17-1665-3964
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INTRODUCTION - FINANCIAL INSTRUMENTS In today’s world of Globalization‚ we are witnessing free trade agreements between different countries‚ international exchanges are multiplying‚ and commercial barriers are falling. Hence competition is measured on global scale. In this wave of globalization‚ financial instruments have been growing at an incredible pace. We are currently witnessing a rapid expansion phenomenon of the use of the financial instruments in the international financial market. These
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monitoring activity‚ and regulatory measures. Financial statements must conform to certain rules and conventions defined by agencies like the Securities and Exchange Commission (SEC)‚ the Financial Accounting Standards Board (FASB)‚ and the International Accounting Standards Board (IASB). Managerial Accounting produces information for internal users‚ such as managers‚ executives‚ and workers. Thus‚ managerial accounting could be properly called internal accounting‚ and financial accounting could be called
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Business Combination Amendments November 29‚ 2008 Introduction There have recently been a number of significant accounting changes due to FASB and the International Accounting Standards Board (IASB) making modifications for the accounting treatment of business combinations in SFAS 141(R) and IFRS 3. Business combinations have implemented the newly created accounting treatment called the “acquisition method.” It will replace of the current “purchase method” strategy effective January
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References: AAAJ 23‚8 Journal of Accountancy (2007)‚ “Simplifying global accounting: IASB chair discusses the future of IFRS‚ US GAAP and the global accounting profession”‚ Journal of Accountancy‚ Vol
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Implementing IFRS Extract from: IFRS compared with US GAAP and French GAAP Assurance Services The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information‚ there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without
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two key international players in the development of international accounting standards? Explain their role. The two organizations involved in international standard-setting are IOSCO (International Organi-zation of Securities Commissions) and the IASB (International Accounting Standards Board.) The IOSCO does not set accounting standards‚ but ensures that the global markets can operate in an efficient and effective manner. Conversely‚ the IASB’s mission is to develop a single set of high quality
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covers liquidty‚ cap structure‚ results from operations. Financial statements‚ financial statement footnotes‚ highlights‚ 5-yr financial data‚ independent auditors report. Regulation: SEC (delegates rule making power to FASB) FASB: established GAAP (standards of financial acctg). IASB: established IFRS‚ PCAOB: created by Sarbanes-oxley act: established auditing standards for public
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following is an answer to some of the most frequently asked questions that come up during the debate. Answering the Big Questions IFRS 8-1: What are some steps taken by both the FASB and IASB to move to fair value measurement for financial instruments? In what ways have some of the approaches differed? Both the FASB and IASB are having a tough time making this happen and have started with a slow but reasonable approach. The first step requires a disclosure of the fair value information in the notes
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Exchange Commission (SEC)‚ American Institute of Certified Public Accountants (AICPA)‚ Financial Accounting Standards Board (FASB)‚ and the Governmental Accounting Standards Board (GASB). Sources of GAAP The major sources of GAAP are FASB Standards‚ Interpretations‚ and Staff Positions; Accounting Principles Board (APB) Opinions; and AICPA Accounting Research Bulletins. FASB standards are considered GAAP. Interpretations that
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