Compliance of IAS-30: A Case Study on the Specialized Banks of Bangladesh

Abstract

This Journal aimed at scrutinizing the prevailing accounting standard for the banks and find out the extent of compliance by them. To find out the degree of compliance the study has gone through the annual reports of all the sample banks. Very naturally it is hoped that all of them are required to comply with the standard to uphold the stakeholders' interest. Banking industry's nature of operation is totally different .Recognizing this aspect some specific IAS (International Accounting Standard) have been prescribed for them. One of which is IAS 30(Disclosures requirements for banks and similar financial institutions). Although IAS-30 has been superseded by IFRS (International Financial Reporting Standard)-7, ICAB (Institute of Chartered Accountants of Bangladesh) prescribed to comply with IFRS-7 from on or after 1^st January, 2010. Hence compliance of IAS-30 is of importance here.

Keywords: IAS, IFRS, Specialized banks, compliance.