Industrial Tour Report

On
Compliance with International
Accounting Standard in
Padma Oil Company Limited

Submitted To
Mr. Amal Bhusan Nag
Professor
Department Of Accounting and Information Systems
University of Chittagong

Submitted By

Md. Waliullah
BBA 4th year
Class Roll: 3826
Exam Roll: 2002/01
Session: 2001-2002
Department of Accounting and Information Systems
University of Chittagong

Date of Submission: 21st April 2008

 LETTER OF SUBMISSION

Dated: 21/04/2008

To
Mr.Amal Bhusan Nag
Professor
Department of Accounting and Information Systems
University of Chittagong

Subject: Submission of Industrial Tour Report.

Dear Sir,
I am very glad to submit an Industrial Report on “Padma Oil Compnany
Limited” which is organized as a precondition for the 4th year B.B.A. curriculum.
It was induced a great opportunity for me to know about this organization.
I have gathered about realistic awareness throughout this Industrial Tour. I hope
that I have been able to fulfill our academic necessities.
I shall constantly be geared up to respond to you call for any kind of information
assembly the Industrial Tour.

Yours truly,

Md. Waliullah
BBA 4th year
Exam Roll: 2002/01
Session: 2001-200
Department of Accounting and Information Systems
University of Chittagong
 PREFACE

After completing the requisite courses and a comprehensive examination,

the students of B. B. A. (4 th year) of Chittagong University are required to
undertake a fieldwork program. In order to implement this program, every
student must be involved with an organization. According to the instruction of
selected teacher, the students have to complete an industries tour and require
preparing a report on a selected topic on the organization where he/she has
been involved/ attached. The main purpose of this attachment is to expose the
student to the real business world and acquaint him/her with the current
business practices in the modern business. This type of exposure is very much
helpful to find out the gap between theory and practices knowledge.

This report also develops from the same perception about the practical situation

as a fresh student. The industrial tour report is prepared on ‘Padma Oil

Company Limited”.

The comments and suggestions for future development of the report or any
concept must be appreciated.

.....................
Md. Walillah
 ACKNOWLEDGEMENT

At first, I summon up the utmost Allah for enabling me to preserve

capability, keep endurance and to have opportunity to make endeavor for
preparing this industrial tour report. It is a nice experience for me to submit a
report based on the tour familiarity.
in the direction of initiate with, I finding the middle ground appreciatively the
heartiest and buoyant teamwork of my generous and cleric supervisor, Mr.
Amal Bhusan Nag, professor Department of Accounting and
Information Systems, University of Chittagong. His foreseeable guidance,
excellent encouragement and fruitful suggestion through out the whole concern,
enables me to complete and submit this report. I also need to articulate my
gratefulness to the Padma Oil Company Limited high officials namely Ahmed
Jamal Khan Choudhri (Manging Director), M. Mahfuzul Haque, ACMA
(D.G.M. of Finance) , Hamidul Haque (D.G.M. of Operation), Major(Rtd.)
A T M Hamidul Hossain, Bir Bikram (Asstt.G.M. P&A) for their cordial
collaboration and magnificent arrangement.
Also appreciation to my acquaintances and group companion for delivering the
pleasant maintain for preparing this report.

............................

Md. Waliullah
 OBJECTIVES OF THE STUDY

The preparation of industrial tour report has immense important

objectives. The most significant intention of preparing this industrial tour report
is to gather knowledge about management practice in public sector of
Bangladesh.

The overall objectives of this study are stated as follows:

 To develop a clear and comprehensive view of “Padma Oil Company

Limited”.
 To acquire knowledge about accounting system.
 To know about contribution of the company in our country.
 To identity problems existed in the company.
 To know about progress & prospect of “ Padma Oil Company Limited”.
 METHODOLOGY OF THE STUDY

The current study has been conducted primarily in theoretical approach

and secondarily on practical analysis. A one day industrial tour was arranged.
This tour was highly helpful to give a theoretical insight into the study. The
industrial tour is conclusive as well as descriptive in nature. Necessary statistical
tools have been applied to carry out the assigned study.
 Making a formal questionnaire.
 Questionnaire has been designed through department wise.
 Discussion with high officials. .
 Finally, the collected data are classified, tabulated, interpreted, analyzed
and presented in the form of research report there after.
The information to be present on this report has been collected from primary
sources.

Hence, data was thereby collected from two main sources. These are:
Primary sources:
 Observation of the management of the company,
 Discussion with officials and concerned experts.
Secondary sources:
 Reports
 Relevant books
 Journals
 Finally, the collected data are classified, tabulated, analyzed, interpreted
and presented in the form of research report thereafter.
 TABLE OF CONTENTS

Particulars Page No.

Definition of Accounting Standard 1
Objective of the Accounting Standard 1
The process of setting Standards 2
Advantages of Accounting Standards 3
IAS & Standards Adopted in Bangladesh with status 5
IAS under consideration for Adoption in Bangladesh 6
BAS-1 7
BAS-2 11
BAS-7 12
BAS-8 14
BAS-10 15
BAS-11 16
BAS-12 18
BAS-14 19
BAS-16 21
BAS-17 22
BAS-18 25
BAS-19 26
BAS-20 28
BAS-21 30
BAS-23 30
BAS-24 31
BAS-25 32
BAS-26 33
BAS-27 34
BAS-28 35
BAS-30 36
BAS-31 37
BAS-33 38
BAS-34 39
BAS-36 40
BAS-37 40
BAS-38 41
BAS-40 42
BAS-41 43
Compliance with International Accounting Standard 44
in Padma Oil Company Limited.
Conclusion 46