Acknowledgements

First of all I would like to grateful to the Almighty Allah, the merciful
and the benevolent who has enabled me to complete this report. It is a
great pleasure to express my deepest sense of gratitude and sincere
appreciation to my reverend sir Amal Bushan Nag, Professor, Dept. of
AIS, University of Chittagong, for his immense support, supervision,
guidance and all time cooperation and kind suggestion which help me to
prepare these report successfully. I would like to expresses my special
gratitude to M. Mahgfuzul Haque, ACMA, Deputy General Manage
(Finance, of POCL), I also want to thank to Major (RTD( A.T.M.
Hamidul Hossain, Bir Bikram Asstt. General Manager (P & A) of POCL.
I want to remember that person who introduced the different section in
the company. His name is Md. Sarwar Chowdhry, who control the
finance section in the company. I am also indebted to Managing Director
Mr. Ahmed Jamal Khan Chowdhury and I acknowledge all employee of
POCL. Because, I could not complete the report if they would not supply
the data.
 Preface

As a part of BBA program, every student is bound to make an industrial

tour to acquire practical knowledge from any reputed industry and he or
she has to submit a report to the group supervisor his theoretical
knowledge he or she acquired over the time in the University. For that,
students are divided into several groups. Each group generally consists of
ten students and is supervised by a teacher. We also have a group of ten
members under the supervison of our honorable teacher Mr. Amanl
Bhusan Nag, Professor, Dept. of AIS, University of Chittagong.

I am greatful to my honourable teacher Mr. Amal Bhusan Nag for giving

me chance to acquire the practical knowledge. I visited the Padma Oil
Company Limited to prepare the report about ‘Compliance of Accounting
Standard’. This report is prepared on the basis of primary and secondary
data from the Padma Oil Company Limited.

However, one may find a very few unintentional human errors and
printing mistakes. For that I am seeking apologize for that mistakes.
 Letter of Submission

Dated : March 01, 2007

To
Dr. Mohammad Shamim Uddin Khan (Convener)
Associate Professor
Department of Finance and Banking.
University of Chittagong.
Chittagong.

Sub: Submission of Industrial Tour Report.

Dear Sir,
It gives me immense pleasure to submit the Industrial Tour titled,
“Compliance with International Accounting Standard of Padma Oil
Company Limited.” I have tried my best to observe the real situation of the
POCL and financial statement as well as their financial control and planning
system. My effort will be successful only if it pleased you.

I sincerely believe that the findings of this paper may help to develop my career
tract. I also think that my paper does not cent percent accurate. For any kind of
explanations and clarification of any part of this paper, please make me oblige
by contact. I sincerely hope this Report will receive you attention and approval.

Sincerely Yours

Md. Osman
Exam Roll # 2002/05
Class Roll # 3905
4th year BBA (Hons)
Department of AIS
University of Chittagong.
 ON

COMPLIANCE WITH INTERNATIONAL ACCOUNTING

STANDARD
OF
PADMA OIL COMPANY LIMITED

SUBMITTED TO:
Mr. Amal Bhusan Nag
Professor
Dept. of AIS
University of Chittagong

SUBMITTED BY:
Md. Mahmmud Miah
Class Roll No.: 3845
Exam. Roll No.: 2002/08
Session: 2001 - 2002
Dept. of AIS
University of Chittagong

Date of Submission: 20 - 04 - 2008

 Table of Contents

SL. Title Page

No. No.
01 Definition of Accounting Standards 01
02 Objectives of the Accounting Standard 01
03 The Process of Setting Standard 02
04 Advantages of Accounting Standard 03
05 IAS & Standards Adopted in Bangladesh with 05
Status
06 IAS under Consideration for adoption in 08
Bangladesh
07 BAS – 01 to BAS – 41 44
36 Compliance with International Accounting 45
Standard of Padma Oil Company Ltd.
37 Conclusion 48