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Implementation of National Accounting as well as Cost Accounting Standards are also used with other necessary steps in order to regulate the profession. The ultimate goal of this is to develop Bangladesh's natural and human resources to enrich the shared future of the country and to ensure common welfare.
The Institute of Cost and Management Accountants of Bangladesh (ICMAB) is an institution dedicated to cost and management accounting education and research in Bangladesh. It is managed as an autonomous professional body under the Ministry of Commerce .
It was established under the Bangladesh Chartered Accountant Order 1973 (Presidential Order No. 2 of 1973). The Ministry of Commerce, Government of the People's Republic of Bangladesh is the administrative Ministry of ICAB. [5] [6] [7]
The Financial Reporting Act 2015 (known as FRA 2015) is an act created by the Bangladesh National Assembly. The act was passed on September 6, 2015, in order to follow the accountability and transparency of the financial reporting procedures in the country. On September 9, 2015, the act was officially published by the Government of Bangladesh. [1]
Accounting standard setting bodies are national or international organisations that have been delegated responsibility for setting Generally Accepted Accounting Principles by statute in a country or jurisdiction. International The International Accounting Standards Board issues IFRS
It started the journey with two departments- the Department of Accounting and the Department of Management. Two more departments were created in 1974 and the authority introduced the semester system from the 1977–1978 session. The names of B.Com and M.Com degrees were changed to BBA and MBA respectively during the 1994–95 sessions. [37]
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The possible transition towards accrual accounting has been planned incremental and in phases spanning from 10–12 years. The central government and the majority of Indian state governments have accepted the idea of accrual accounting. The Committee on Accounting Standards for Local Bodies is reviewing IPSAS with a view to their adoption.