2. OVERVIEW
What is accounting? People in the business world consider it
to be quite important. When you plan to invest in McDonald's
stock, buy new equipment, or forecast future sales and
expenditures, you almost certainly use accounting
information. Why? Because, accounting provides information
for decision-making in the business world
Accounting is a service-based profession that provides
reliable and relevant financial information useful in making
decisions.
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3. INTRODUCTION
Accounting is the language of business. It is the system of
recording, summarizing, and analyzing an economic entity's
financial transactions. Effectively communicating this
information is key to the success of every business. Those
who rely on financial information include internal users, such
as a company's managers and employees, and external
users, such as banks, investors, governmental agencies,
financial analysts, and labor unions
Accounting is now in modern stage, most of the work is done
by software. Now you need ERP system in yours company to
ensure real-time service. The importance of accounting is start
when you start working with the numbers in any firm or
company.
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4. Accounting and its History in
Bangladesh
The profession of accountancy developed during the
British colonial period. Today it is represented by two
professional bodies, the Institute of Cost & Management
Accountants of Bangladesh (ICMAB) and the Institute of
Chartered Accountants of Bangladesh (ICAB)
The history of accounting profession in Bangladesh can be
describe under two section-
Pre-Independence History
Post-Independence History
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5. >>1850-1914: The accounting profession was legally accepted in Indian
Subcontinent by bringing company law into force in 1850
1947-1972: After separation of Indian sub-continent, the Government of
Pakistan accepted the “Companies Act 1913” and the “Auditors
Certificate Rule” of 1932
After corrections “Auditors Certificate Rule, 1950”
After liberation war in 1971, Bangladesh which was formerly known as
East Pakistan was separated from Pakistan and appeared as an
independent country.
The Parliament of Bangladesh made some additions and alterations of
the “Companies Act 1913” and passed the “Companies Act1994”
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6. Generally Accepted Accounting Principles (GAAP) is a term used to refer to
the standard framework of guidelines for financial accounting.
The Financial Reporting Standards prescribed by the Institute of Chartered
Accountants in Bangladesh (ICAB) are known as Bangladesh Financial
Reporting Standards (BFRS, including Bangladesh Accounting Standards,
BAS).
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7. Cont.
The National Board of Revenue (NBR)
Companies will have to prepare their annual financial statements by
following (BAS) and (BFRS).
Partnership or proprietorship firms certified by chartered accountants.
Management is responsible for the preparation and fair presentation of these
financial statements in accordance with Bangladesh Accounting Standards
(BAS),Bangladesh financial reporting standards (BFRS).
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8. Importance of Accounting
Accountancy profession has its importance to record the business transactions and to
verify its accuracy. This profession is also take part into the fastest economic
development of Bangladesh
• Proper maintenance of financial institution-Bank, Insurance Company and
other financial institutions are supplying capital to carry on their business.
• Preparing budget-It is necessary to prepare a budget into the business
organizations for economic development.
• Determination of national income
• Statistical work
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9. .
Scope for Accounting jobs in Asia:
◦ In bdJobs.com, everyday about 150 jobs are available related
to accounting and finance in Bangladesh.
2014 2013
% of companies adding permanent
finance & accounting employees
% of companies adding permanent
finance & accounting employees
China 69 China 66
Brazil 63 Brazil 65
Hong Kong 48 HK 48
Singapore 45 Singapore 38
Germany 41 UAE 35
France 38 New Zealand 32
Switzerland 37 France 32
The UAE 37 Switzerland 30
The UK 36 Germany 27
Chile 35 Chile 27
Table1: Most Active Hiring markets for Accounting and Finance Professionals
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10. • SAP (Systems, Applications & Products in Data Processing)
• Tally
– Tally Solutions Pvt Ltd is a Bangalore-based software company.
• QuickBook
– 1983 by Scott Cook and Tom Proulx in Mountain View, California, USA
– In Bangladesh QuickBooks is established in July-2011
• MYOB
– Mind Your Own Business, MYOB was founded in the early 1980s by
Christopher Lee and a team of developers at Teleware, Inc.
• AccPac
– Sage Pro ERP, A full ERP system designed by Sage. Formerly known as
ACCPAC Pro
Software
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12. CONCLUSION
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History says accounting is older than Finance, Economy, Marketing. In our
county, Accounting is still very demandable subject. To work with this
subject you have a big scope to get a job. Not only in Bangladesh, As is
shown you the demand for accountant in Asia Pacific Region. And if you
know the use of the software, it will be easy to get a job and if you know
wich company using which software, and if you have knowledge for that
particular software, it could be a good advantage for you.
13. Economic tablet with numeric signs. Called Proto Elamite, period (3200 BC to
2700 BC). Department of Oriental Antiquities,
14. Reference
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http://www.iasplus.com/en/jurisdictions/asia/bangladesh [Accessed Date: 26 December 2014]
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http://www.thedailystar.net/strict-accounting-standards-for-firms-to-stem-tax-evasion-27503 [Accessed Date: 26
December 2014]
[3] Md.Bazlur Rahman Khan, Accounting Practice in Bangladesh [online] available from:
https://www.scribd.com/doc/60623659/073-116-020-Accounting-Practice-in-Bangladesh#download [Accessed Date:
26 December 2014]
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December 2014]
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[accessed date: 27 December2014] 14
