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Accounting reports examples

Accounting reports examples

Accounting Professionals:
The Institute of Chartered Accountants of Bangladesh (ICAB) is the professional
body which represents the accountancy profession at national and international
levels.
The ICAB is also responsible for the continuous development of accounting
professionals in the country.
Auditing Requirements
The auditing of company accounts is compulsory under the Companies Act 1994.
Companies prepare their financial statements based on historical cost as per the
provisions of the companies Act 1994. These financial statements are required to be
audited by chartered accountants and an Annual Report must be circulated to
members every year.
Components of a Financial Statements
A financial statement consists of following components:
 Statement of Financial Positions
 Statement of Comprehensive Income
 Cash flow statement
 Statement of changes in equity
 Notes to the accounts.
Accounting Standards and Principles:
An audit is conducted by a practicing member of the Institute of Chartered
Accountants of Bangladesh following the Bangladesh standards on auditing as
adopted by the ICAB from ISA.
The ICAB is a member of the International Federation of Accountants (IFAC) and
adopts International Financial Reporting Standards and International Accounting
Standards as Bangladesh Financial Reporting Standards (BFRS) and Bangladesh
Accounting Standards (BAS). All the IFRS and IAS have been adopted by the
ICAB.
Listed companies and financial Institutions are compulsorily required to follow the
BFRS and BAS. Though not mandatory, private and non-listed public limited
companies, and other government and non-government organizations should follow
the BFRS and BAS to the greatest possible extent.

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