Accounting in Bangladesh
In Bangladesh, the profession of accountancy developed during the British colonial period. Today it is represented by two professional bodies, the Institute of Cost & Management Accountants of Bangladesh (ICMAB) and the Institute of Chartered Accountants of Bangladesh (ICAB).
Chartered Accountants complete their training in practising firms and specialise in financial accounting, financial audit and tax. CMAs receive particular training in cost audit, management audit and management accounting, as well as general accounting and taxation. Both the ICMAB and ICAB are under the administrative control of the Ministry of Commerce. The Government of Bangladesh considers both type of professional accountants equal in respect of employment in government services.[1]
The Generally Accepted Accounting Principles (GAAP) in Bangladesh are based upon standards set by the ICAB, which has stated its intention to adopt International Financial Reporting Standards. As of 2001[update], 23 such standards had already been adopted, and listed companies are required to use IFRS.[2]
See also
- Sections on British rule in History of Bangladesh and History of Bengal
References
- ^ Circular No.Com/PTMA/AP/2/19/87 cited at Services of CMAs, ICMAB
- ^ David O'Regan (2003). "Bangladesh". International auditing: practical resource guide. John Wiley and Sons. p. 138. ISBN 0-471-26382-6.
Further reading
- World Bank (2002). "Public Sector Accountants and Auditors". Bangladesh: financial accountability for good governance. World Bank e-Library. World Bank Publications. ISBN 0-8213-5137-0.
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