Team

Consensus
 Name ID

Fahmida Farjana 16301016

Mst. Fahmida Akter Kakon 17301079

Srima Chowdhury 18301034

Rasheda Akter 18301036

Tajmin Hossain 18301039

Sanjida Akther 18301041

Shazia Sharmin 18301044

Taspia Tarannum 18301047

Sadia Sultana 18301049

Fahmina Nasrin 18301062

 United Kingdom

Accounting
Regulation and Financial
Accounting
Enforcement Reporting
Measurement
 ACCOUNTING REGULATION & ENFORCEMENT
Revenues and expenses
1 are matched on an accrual
basis.
Individual asset and liability
items within each class of assets
2 and liabilities are valued
separately.
The principle of conservatism is
applied, (recognition of realized
3 income and all known liabilities
and losses).

Consistent application of
4 accounting policies from year to
year is required.
The going concern principle is
5 applicable to the entity being
accounted .
 Financial Reporting
1 Director’s report

British financial 2 Profit and Loss account and Balance sheet

reporting is among
the most 3 Cash Flow Statement
comprehensive in
the world. 4 Statement of Total Recognized Gains and Loss

Financial
statements 5 Statement of Accounting Principles

generally include:
6 Notes Referenced in the Financial Statement

7 Auditor’s Report
 ACCOUNTING MEASUREMENTS

1 3 5
Depreciation and amortization
Allows both the Inventory is valued at the
must correspond to the
acquisition and lower of cost or net
merger methods of measurement basis used for the
underlying asset. Depreciation realizable value on a FIFO
accounting for
business and amortization must correspond or average cost basis ;
combination to the measurement basis used LIFO isn’t applicable.
for the underlying asset.

2
4
Assets maybe
Research expenditures
valued at historical
are written off in the year
cost, current cost
of the expenditure, and
or using a mixture
development cost maybe
of the two.
deferred under specific
circumstances.
 United State of America

Accounting
Regulation and Financial
Accounting
Enforcement Reporting
Measurement
Accounting Regulation and Enforcement

Financial Accounting
1 Standard Board or FASB

American Institute of
2 Certified Public Accountants

Public Company Accounting

3 Oversight Board
 Accounting Measurement
Asset
Purchase Depreciation Inventory Probable loss
valuation

Business
Usage of historical Accelerted and Contingent loses are
combination must be
cost to value tangible straight-line method Lifo is used. accrued when they
accounted for as a
and intangible asset. are followed. are probable.
purchase.

Estimated economic
Acquired asset and Revaluations are It is used for tax
usefulness
liabilities will be permitted only after a purpose and The amount can be
determines
accounted in fair business financial reporting reasonably estimated
depreciation and
value combination. purpose
amortized period
Financial Reporting
A typical annual financial report of a large U.S.
corporation includes the following components:
1. Report of management
2. Report of independent auditors
3. Primary financial statements (income statement, balance
sheet, statement of cash flows, statement of
comprehensive income, and statement of changes in stock
holders’ equity, etc.)
4. Management discussion and analysis of results of
operations and financial condition
5. Disclosure of accounting policies with the most critical
impact on financial statements
6. Notes to financial statements
7. Five- or ten-year comparison of selected financial data
8. Selected quarterly data
 Japan

1 2 +25.6
3
Accounting Financial Accouting
Regulation Reporting Meaurement
and
Enforcement
 Accounting Regulations and Enforcement
Regulatory Framework: Accounting regulation is based on
three main laws: the Company Law, the Securities and
Exchange Law (SEL), and the Corporate Income Tax Law.
Business Accounting Council (BAC): Advises the Financial
Services Agency (FSA) on accounting matters and establishes
auditing standards.
Accounting Standards: The Accounting Standards Board of
Japan (ASBJ) collaborates with the International Accounting
Standards Board (IASB) to align Japanese standards with
International Financial Reporting Standards
Japanese Institute of Certified Public Accountants
(JICPA): Provides guidance on audit conduct, publishes
implementation guidelines, and contributes to accounting
standards development.
Certified Public Accountant and Auditing Oversight
Board: Monitors and oversees the auditing profession to
enhance audit quality.
 Financial Reporting
Companies incorporated under the Company Law are required to prepare a statutory report. This information is
prepared for a single year on a parent-company basis and is audited by the statutory auditor. A cash flow forecast
for the next six months is included as supplemental information. Other forecast information is also reported, such
as forecasts of new capital investments and production levels and activities.
The elements of statutory report:

Balance sheet 1 4 Business Report

Income Statement 2 5 Supporting schedule

Statement of Changes in 3
shareholder’s equity
 Accounting Measurement
Particulars
Business combination must be accounted for as a
1 Purchase purchase. And equity method is used for
investment and joint venture.

2 Inventory
Inventory is valued on the basis of FIFO, Average
Cost Method and also on LIFO method.

Basic accounting principles are Matching principle,

Accounting
3 Principle
Going Concern principle, Consistent application of
accounting policies.

Tax and asset

4 valuation
Tax rules influence financial reporting of Japan.
Assets are valued by using historical cost method.

Using declining balance method depreciation is

5 Depreciation calculated. And proportional consolidation is not
allowed here.
 China

Accounting
Regulation and Financial
Accounting
Enforcement Reporting
Measurement
 Accounting Regulations and Enforcement
Financial Accounting and Reporting Rules (FARR):
Focuses on bookkeeping, financial statements, and
reporting practices.
Ministry of Finance: Formulates accounting and
auditing standards.
Accounting Standards for Business Enterprises (ASBE):
Introduced in 1992 to harmonize domestic practices
and align with international standards.
China Accounting Standards Committee (CASC):
Responsible for developing accounting standards.
Issued the ASBE and monitors its implementation.
China Securities Regulatory Commission (CSRC):
Oversees stock exchanges. Formulates market rules
and regulatory guidelines.
Institute of Certified Public Accountants (CICPA):
Develops auditing standards and maintains
professional ethics codes.
 Financial Reporting

Financial statements
1 Balance Sheet

must be consolidated,
2 Income Statement
comparative, in
Chinese, and 3 Cash Flow Statement
expressed in the
Chinese currency. 4 Statement of Changes in Equity
The annual financial
statements must be
5 Notes
audited by a Chinese
CPA.

:
 The purchase method must be used to
Purchase account for business combination.

Historical cost is the basis for the valuation of

Historical Cost
Accounting Measurement

tangible assets, revaluations are not allowed.

Using straight line method, accelerated

Depreciation and unit of production are acceptable
for calculating depreciation.

FIFO and Average cost are acceptable for the

Inventory valuation of inventory.

Tax rules do not significantly influence financial

Tax and goodwill reporting. Goodwill is capitalized and amortized.
Research costs are expense but development
costs are capitalized.
 Financial Reporting in India

Legal and Regulation of

regulatory Accountancy
environment Profession
1.Two sets of accounting
standards are applied. They are
❖ ICAI-CMA
Indian accounting standard(IND
AS) and local accounting ❖ Charted accountant
standard.
❖ Cost accountants
2. All companies are required to
be audited in accordance with
Indian Standards on Auditing (SA)
issued by the Auditing and
Assurance Standards Board
(AASB) of ICAI.
 Financial Reporting in Pakistan

Legal and Regulatory Adoption of International Standards

environment 1. The Institute of Chartered Accountants of Pakistan (ICAP);

2. The Institute of Cost and Management Accountants of Pakistan

ICAP is also responsible for adopting and (ICMAP)
issuing standard
3. The Pakistan Institute of Public Finance Accountants (PIPFA).
1.Under the Companies Act of 2017,
accounting standards are approved for use The SECP Act establishes the functions of the AOB, which include:
as adopted (SECP).
4.Chartered Accountants (CAs)

5.Cost and Management Accountants (CMAs)

6.Public Finance Accountants (PFA)

Financial Reporting in SriLanka
Legal and ● Outlined in several laws, which include the
Companies Act No. 7 of 2007 and many more.
regulatory
authority • SLAASMB share responsibility for regulating the
accountancy profession in Sri Lanka

• the Institute of Chartered Accountants of Sri Lanka (CA Sri

Regulation of Lanka) is responsible for establishing initial professional
Accountancy development (IPD) and (CPD) requirements.

Profession • The Institute of Certified Management Accountants of

Srilanka

• (SLAASMB) provides an audit oversight arrangement .

Adoption of Focused on whether firms had established policies and

International procedures in compliance with SLSQC.(not adopted)

Standard
Financial Reporting in Nepal
Institute of Chartered Accountants of Nepal

Legal and regulatory environment:

Overview of Statutory Framework for Accounting and Auditing

➢ Provides basic requirements.

➢ Accounting and auditing standards are established by the Accounting
Standards Board (ASB) and the Auditing Standards Board (AuSB).
➢ The ASB developed the Nepal Financial Reporting Standards (NFRS)
➢ NFRS for SMEs by December 2016.
➢ Nepal Standards on Auditing based on the 2012 ISA.

Regulation of Accountancy Professional :Chartered Accountant

Membership Certificate

Audit Oversight Arrangements: No independent audit oversight

arrangements

Professional Accountancy Organizations: Institute of Chartered

Accountants of Nepal

Projects or Other Information: The Government of Nepal has been working

closely with development partners.
 Adoption of International Standard

Quality assurance International International Standards International

Education standard of accounting financial reporting
standards
Independent 15 hours of
quality CPD each year Nepal standard
assurance and 60 hours of accounting Accounting
board in a rolling Standard
three-year board
period.
Financial Reporting in Afghanistan
Legal and Regulatory Environment: In progress

Adoption of International Standards: In progress

Accounting and accounting rules in Afghanistan

Accounting Rules

Tax Year: From 21 December to 20 December.

Accounting Standards: IFRS standards for all companies. ,

Supreme Audit Office

Accounting Reports: Statement of financial position, Statements of

comprehensive income and Changes in equity and cash flows.

Publication Requirements: All companies are required to deliver their

financial statements to shareholders

Professional Accountancy Bodies: CPA Afghanistan , Certified

Professional Accountants Afghanistan

Certification and Auditing

Financial Reporting in Maldives
Institute of Chartered Accountants of Maldives, ICAM is “a legal body
mandated with the regulation of the accounting profession in the Maldives”.

Governance Structure

The Transitional Council of the Institute includes:

• Auditor General
• State Financial Controller
• Commissioner General of Taxation
• Two members appointed by the Auditor General
• Four members appointed by the Auditor General

Acts And Regulation

• Chartered Accountants Act 13/2020

• Membership Regulation
• Regulation for Statutory Audit and Assurance Services in the Maldives
• Regulation for Registration of Public Interest Entity Auditors
• Regulation for Registration of Accountants in Business
 Members organization
Institute of Chartered Accountant in Bangaldesh and
Institute of cost and Management accountant in
Bangladesh

Legal and Regulatory Authority

Bangladesh • Overview of Statutory Framework for Accounting
and Auditing
• Regulation of Accountancy Profession
• Audit Oversight Arrangements
• Professional Accountancy Organizations
• Projects or Other Information

Adoption of International Standard

• Quality Assurance (adopted)
• International Education Standards (Partially Adopted)
• International Standards on Auditing (Adopted)
• International Public Sector Accounting Standards (Not
Adopted)
• Investigation and Discipline (Partially Adopted)
• International Financial Reporting Standards (Adopted)
 Introduction of SAFA

SAFA

MISION Objective

The primary goals of the South Asian Federation of

Accountants (SAFA) are to promote financial integrity and
"As a forum of professional accounting bodies, SAFA is dedicated to
transparency in the South Asian area and to further the
establishing, preserving, and growing the accounting profession in
accounting profession. Among these objectives are the
the South Asian Association for Regional Co-operation (SAARC)
following:
Region and guaranteeing its continuous prominence in the accounting
1) Standardization:
field; in the public interest and towards the region's broad economic
2) Professional Development:
development."
3) Advocacy
4) Collaboration
5) Ethics and Integrity etc
Thank you