Professional Documents
Culture Documents
Assignment On Regulatory Framework of Financial Reporting in Bangladesh
Assignment On Regulatory Framework of Financial Reporting in Bangladesh
Assignment on
Regulatory Framework of Financial Reporting in
Bangladesh
Submitted To
Prof.Dr. AMIRUS SALAT
Submitted By
Md Ashraful Rahman
ID: 220201015
Subject: Corporate Financial Accounting (6101)
Submission Date: 27th October, 2023
Financial Reporting:
Financial reporting is the process of documenting and communicating
financial activities and performance over specific time periods, typically
on a quarterly or yearly basis. Companies use financial reports to
organize accounting data and report on current financial status.
Also, financial reporting is a crucial element of regulatory compliance
for the organizations. It entails the compilation and dissemination of
financial statements and other reports that give stakeholders a
thorough picture of the financial performance, status, and prospects of
a business. Financial reporting also ensures that investors obtain
accurate information about a company’s operations, allowing them to
make educated investment decisions.
Financial Reporting Authorities in Bangladesh:
Different types of organizations are regulated by different regulators
under different regulations. So, disclosure requirements are different
for different organizations. Some companies are financial in nature
whereas others are non-financial in nature. The Registrar of Joint Stock
Companies and Firms (RJSC) is the sole authority which facilitates
formation of companies etc. and keeps track of all ownership related
issues as prescribed by the laws in Bangladesh (Hossain 2011, pp. 23).
RJSC deals with the different types of entities like private companies,
public companies, foreign companies, partnership firms, etc.
Bangladesh Bank (BB), central bank of Bangladesh, regulates all Banking
and Non-banking Financial Institutions. Securities and Exchange
Commission (SEC) regulates all of the listed companies whereas
Insurance Development & Regulatory Authority (IDRA) Bangladesh is
authorized to regulate the insurance companies. So, it is important to
know the disclosure provisions under various legislations. The
Companies Act 1994, the Bank Companies Act 1991, the Financial
Institutions Act 1993, the Insurance Act 2010, the Securities and
Exchange Ordinance 1969, Securities and Exchange Rules 1987,
International Accounting Standards (IASs), or Bangladesh Accounting
Standards (BASs), International Financial Reporting Standards (IFRSs) or
Bangladesh Financial Reporting Standards (BFRSs), the Listing
Regulations of Dhaka Stock Exchange Limited, the Listing Regulations of
the Chittagong Stock Exchange Limited-CSE etc. are the most important
legislations to govern the financial reporting environment in
Bangladesh. So, it is important to identify the disclosure requirements
of organizations depending upon the nature and their regulators.
The Provisions Regarding Financial Reporting under the
Companies Act 1994:
Monetary policy