Standardization of Accounting and Financial Reporting Practices in the Banking Sector in Bangladesh : An Evaluation of the Implementation of IAS 30 by the Banks in the Private Sector

Business enterprises especially corporate bodies report their financial performance (s) through financial reporting. The pattern of financial reporting varies in the different countries or regions following different pattern of accounting and financial reporting of the European colonial powers of 15th to 20th century in Asia, Africa and Latin American countries. This variation stands in the way of sound comparability of financial reporting among different countries. Therefore, the necessity of standardization was felt worldwide. For standardization and harmonization of accounting and financial reporting, International Accounting Standard Committee (IASC) has developed a number of 'International Accounting Standards' (IASs) relevant to different aspects of accounting and reporting. IAS # 30 was developed for the banks and othr similar financial institutions, which was adopted in Bangladesh in 1999 by the Bangladesh Bank and Institute of Chartered Accountants of Bangladesh (ICAB). Hence, the implementation of the IAS # 30 in our banking sector deserve evaluation and appraisal. The study was pursued by selecting some banks from the private sector. The study reveals that the banks follow the IAS partially. For full compliance, proper training and monitoring are necessary