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Adoption Status of International Accounting Standards (IAS) by ICAB as Bangladesh Accounting

Standards (BAS)
IAS/ BAS

Title of Adopted IAS as BAS

Effective DateApplicable on or
after

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Presentation of Financial Statements


Inventories
Statement of Cash Flows
Accounting Policies, Changes in Accounting Estimates and Errors
Events After the Reporting Period
Construction Contracts
Income Taxes
Property, Plant and Equipment
Leases
Revenue
Employee Benefits
Accounting for Government Grants and Disclosure of Govt Assc
The Effects of Changes in Foreign Exchange Rates
Borrowing Costs
Related Party Disclosures
Accounting and Reporting by Retirement Benefit Plans
Consolidated and Separate Financial Statements
Investments in Associates
Financial Reporting in Hyperinflationary Economics
Interests in Joint Ventures
Financial Instruments: Presentation
Earnings per Share
Interim Financial Reporting
Impairment of Assets
Provisions, Contingent Liabilities and Contingent Assets
Intangible Assets
Financial Instruments: Recognition and Measurement
Investment Property
Agriculture

1 Jan 2007
1 Jan 2007
1 Jan 1999
1 Jan 2007
1 Jan 1999
1 Jan 1999
1 Jan 1999
1 Jan 2007
1 Jan 2007
1 Jan 2007
1 Jan 2004
1 Jan 1999
1 Jan 2007
1 Jan 2010
1 Jan 2007
1 Jan 2007
1 Jan 2010
1 Jan 2007
Not adopted
1 Jan 2007
1 Jan 2010
1 Jan 2007
1 Jan 1999
1 Jan 2005
1 Jan 2007
1 Jan 2005
1 Jan 2010
1 Jan 2007
1 Jan 2007

Adoption Status of International Financial Reporting Standards (IFRS) by ICAB as Bangladesh Financial
Reporting Standards (BFRS)
SL
#

IFRS /
BFRS

Title of Adopted IFRS as BFRS

Effective DateApplicable on or
after

1.

BFRS 1

First-time Adoption of IFRS

1 Jan 2009

2.

BFRS 2
BFRS 3
BFRS 4
BFRS 5

Share-based Payment
Business Combinations
Insurance Contracts
Non-current Assets Held for Sale and Discontinued
Operations
Exploration & evaluation of Mineral Resources
Financial Instruments: Disclosures
Operating Segments
Financial Instruments
Consolidated Financial Statements
Joint Arrangements
Disclosure of Interests in Other Entities
Fair Value Measurement

1 Jan 2007
1 Jan 2010
1 Jan 2010
1 Jan 2007

BFRS for SMEs (Small Medium Size Entities)

1 Jan 2013

3.
4.
5.

6.
7.
8.
9.
10.
11.
12.
13.

BFRS 6
BFRS 7
BFRS 8
IFRS 9
BFRS 10
BFRS 11
BFRS 12
BFRS 13

IFRS for SMEs

1 Jan 2007
1 Jan 2010
1 Jan 2010
Not Adopted
1 Jan 2013
1 Jan 2013
1 Jan 2013
1 Jan 2013

Adoption Status of International Standards on Auditing (ISA) by ICAB as Bangladesh Standards on


Auditing (BSA)
Sl. #

ISA/
BSA

1.

200

2.
3.
4.
5.
6.
7.
8.

210
220
230
240
250
260
265

9. 300
10. 315

ISA/ BSA Title


Overall Objectives of the Independent Auditor and the Conduct of an Audit in
Accordance with ISA
Agreeing the Terms of Audit Engagements
Quality Control for an Audit of Financial Statements
Audit Documentation
The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements
Consideration of Laws and Regulations in an Audit of Financial Statements
Communication with Those Charged with Governance
Communicating Deficiencies in Internal Control to Those Charged with Governance
and Management
Planning an Audit of Financial Statements
Identifying & Assessing Risks of Material Misstatement - Understanding Entity and its

11.
12.
13.
14.
15.
16.
17.
18.
19.
20.

320
330
402
450
500
501
505
510
520
530

21. 540
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.

Environment
Materiality in Planning and Performing an Audit
The Auditors Responses to Assessed Risks
Audit Considerations Relating to Entities Using Service Organization
Evaluation of Misstatements Identified during the Audit
Audit Evidence
Audit EvidenceSpecific Considerations for Selected Items
External Confirmations
Initial Audit EngagementsOpening Balances
Analytical Procedures
Audit Sampling

Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related
Disclosures
550 Related Parties
560 Subsequent Events
570 Going Concern
580 Written Representations
600 Special ConsiderationsAudits of Group FS (including Work of Component Auditors)
610 Using the Work of Internal Auditors
620 Using the Work of an Auditors Expert
700 Forming an Opinion and Reporting on Financial Statements
705 Modifications to the Opinion in the Independent Auditors Report
706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent
Auditors Report
710 Comparative InformationCorresponding Figures and Comparative FS
720 The Auditors Responsibilities Relating to Other Information in Documents Containing
Audited FS
800 Special ConsiderationsAudits of FS Prepared in Accordance with Special Purpose
Frameworks
805 Special Considerations Audits of Single FS and Specific Elements, Accounts or Items of
FS
810 Engagements to Report on Summary Financial Statements
Total BSA / Code of Ethics /BSQC 1 /Framework

Adoption Status of International Auditing Practice Statements (IAP by ICAB as Bangladesh Auditing
Practice Statements (BAPS)
Sl. #
1.
2.
3.
4.
5.
6.
7.
8.

IAPS / BAPS
1000
1004
1005
1006
1010
1012
1013
1014

BAPS Title
Inter-Bank Confirmation Procedures
The Relationship Between Banking Supervisors and Banks External Auditors
The Special Considerations in the Audit of Small Entities(withdrawn in 2010)
Audits of the Financial Statements of the Banks
The Consideration of Environmental Matters in Audit of Financial Statements
Auditing Derivative Financial Statements
Electronic Commerce-Effect on the Audit of Financial Statements
Reporting by Auditors on Compliance with IFRS (withdrawn in 2010)

International Public Sector Accounting Standards (IPSAS) 2011 (Not Adopted by ICAB)
Cash Basis IPSASFinancial Reporting Under the Cash Basis of Accounting
IPSAS 1Presentation of Financial Statements
IPSAS 2Cash Flow Statements
IPSAS 3Accounting Policies, Changes in Accounting Estimates and Errors
IPSAS 4The Effects of Changes in Foreign Exchange Rates
IPSAS 5Borrowing Costs
IPSAS 6Consolidated and Separate Financial Statements
IPSAS 7Investments in Associates
IPSAS 8Interests in Joint Ventures
IPSAS 9Revenue from Exchange Transactions
IPSAS 10Financial Reporting in Hyperinflationary Economies
IPSAS 11Construction Contracts
IPSAS 12Inventories
IPSAS 13Leases
IPSAS 14Events after the Reporting Date
IPSAS 15Financial Instruments: Disclosure and Presentation
IPSAS 16Investment Property
IPSAS 17Property, Plant, and Equipment
IPSAS 18Segment Reporting
IPSAS 19Provisions, Contingent Liabilities and Contingent Assets
IPSAS 20Related Party Disclosures

IPSAS 21Impairment of Non-Cash-Generating Assets


IPSAS 22Disclosure of Financial Information about the General Government Sector
IPSAS 23Revenue from Non-Exchange Transactions (Taxes and Transfers)
IPSAS 24Presentation of Budget Information in Financial Statements
IPSAS 25Employee Benefits
IPSAS 26Impairment of Cash-Generating Assets
IPSAS 27Agriculture
IPSAS 28Financial Instruments: Presentation
IPSAS 29Financial Instruments: Recognition and Measurement
IPSAS 30Financial Instruments: Disclosures
IPSAS 31Intangible Assets
IPSAS 32Service Concession Arrangements - Guarantor
INTOSAI International Standards of Supreme Audit Institutions (ISSAI).
Not Adopted by ICAB/ Implemented by OCAG?
ISSAI 1000 General Introduction to the INTOSAI Financial Audit Guidelines
ISSAI 1003 Glossary of Terms to the INTOSAI Financial Audit Guidelines
ISSAI 1200 Overall Objectives of the Independent Auditor and Conduct of Audit in Accordance
with ISA
ISSAI 1210 Agreeing the Terms of Audit Engagements
ISSAI 1220 Quality Control for an Audit of Financial Statements
ISSAI 1230 Audit Documentation
ISSAI 1240 The Auditors Responsibilities Relating to Fraud in an Audit of Financial Statements
ISSAI 1250 Consideration of Laws and Regulations in an Audit of Financial Statements
ISSAI 1260 Communication with Those Charged with Governance
ISSAI 1265 Communicating Deficiencies in Internal Control to Those with Governance and
Management
ISSAI 1300 Planning an Audit of Financial Statements
ISSAI 1315 Identifying and Assessing Risks of Material Misstatements by Understanding Entity
Environment
ISSAI 1320 Materiality in Planning and Performing an Audit
ISSAI 1330 The Auditors Responses to Assessed Risks
ISSAI 1402 Audit Considerations Relating to an Entity Using a Service Organization
ISSAI 1450 Evaluation of Misstatements Identified during the Audit
ISSAI 1500 Audit Evidence
ISSAI 1501 Audit Evidence Specific Considerations for Selected Items
ISSAI 1505 External Confirmations
ISSAI 1510 Initial Audit Engagements Opening Balances

ISSAI 1520 Analytical Procedures


ISSAI 1530 Audit Sampling
ISSAI 1540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates and
Related Disclosures
ISSAI 1550 Related Parties
ISSAI 1560 Subsequent Events
ISSAI 1570 Going Concern
ISSAI 1580 Written Representations
ISSAI 1600 Special Considerations Audits of Group Financial Statements (Incl. Work of
Component Auditors)
ISSAI 1610 Using the Work of Internal Auditors
ISSAI 1620 Using the Work of an Auditors Expert
ISSAI 1700 Forming an Opinion and Reporting on Financial Statements
ISSAI 1705 Modifications to the Opinion in the Independent Auditors Report
ISSAI 1706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in Independent
Auditors Report
ISSAI 1710 Comparative Information Corresponding Figures and Comparative Financial
Statements
ISSAI 1720 The Auditors Responsibilities Relating to Other Information in Documents
Containing Audited FS
ISSAI 1800 Special Considerations Audits of FS Prepared in Accordance with Special Purpose
Frameworks
ISSAI 1805 Special Considerations Audits of Single FSt and Specific Elements, Accounts or
Items of FS

ACRONYMS / ABBREVIATIONS
ADB
- Asian Development Bank
AP
- Audit Practices
BAPS
- Bangladesh Audit Practice
Statements
BAS
- Bangladesh Accounting
Standards
BB
- Bangladesh Bank
BFRS
- Bangladesh Financial Reporting
Standards
BSA
- Bangladesh Standards on
Auditing
CAG
- Comptroller and Auditor
General

CAPA
- Confederation of Asian and
Pacific Accounts
CFAA
- Country Financial Accountability
Assessment
CGA
- Controller General of Accounts
CIDA
- Canadian International
Development Agency
CPD
- Continuing Professional
Development
DFID
- Department for International
Development
DSE
- Dhaka Stock Exchange
EDC
- Eurozone Debt Crisis

FASB
- Federal Accounting Standards
Board
FEE
- Federation European
Encompatables
FR
- Financial Reporting
FRA
- Financial Reporting Act
FRC
- Financial Reporting Council
FS
- Financial Statements
GAAP
- Generally Accepted Accounting
Principles
GAO
- Government Accountability
Office
GATS
- General Agreement on Trade in
Services
GATT
- General Agreement on Tariffs
and Trades
GFC
- Global Financial Crisis
HFR&AP - Harmonization of Financial
Reporting and Audit Practices
IAASB
- International Auditing and
Assurance Standards Board
IAPS
- International Audit Practice
Statements
IAS
- International Accounting
Standard
IASB
- International Accounting
Standards Board
ICAB
- Institute of Chartered
Accountants of Bangladesh
ICMAB
- Institute of Cost and
Management and Accountants of Bangladesh
IES
- International Educational
Standards
IFAC
- International Federation of
Accountants
IFRIC
- International Financial
Reporting Interpretations Committee
IFRS
- International Financial
Reporting Standards
IMF
- International Monitory Fund

INTOSAI
International Organization of
Supreme Audit Institutions
IOSCO
- International Organization of
Securities Commissions
IPSAS
- International Public Sector
Accounting Standards
IPSASB
- International Public Sector
Accounting Standards Board
ISA
- International Standards on
Auditing
ISAR
- International Standards on
Accounting and Reporting
ISSAIs
- The International Standards of
Supreme Audit Institutions
MFI
- Micro Finance Institutions
NBR
- National Board of Revenue
NGO
- Non Government Organization
NYSE
- New York Stock Exchange
OCAG
- Office of the Comptroller and
Auditor General
PPP
- Public Private Partnership
PSFM
- Public Sector Financial
Management
SAFA
- South Asian Federation of
Accountants
SAFA
- South Asian federation of
Accountants
SAI
- Supreme Audit Institutions
SEC
- Securities and Exchange
Commission
SEC
- Security Exchange Commission
SER
- Securities and Exchange Rules
SME
- Small and Medium Enterprises
SMO
- Statement of Membership
Obligations
UN
- United Nations
UNCTAD
- United Nations Conference on
Trade and Development
WB
- World Bank
WTO
- World Trade Organization