2. NO. NAME ID
01. MD.MEHEDI HOSSAIN 2013210000008
02. RAFAT ARA TOMA 2013210000001
03. MD.ASHFIQUL ISLAM 2013210000032
04. LAMIYA RAHMAN 2013210000034
3. This study investigated our ability to identify the appropriate accounting standards for
the Bangladesh and other major regions and to measure their perceptions
regarding several aspects of Bangladesh and International Accounting Standards.
What were the 'International Accounting Standards - IAS'
The international accounting standards (IAS) were an older set of standards stating
how particular types of transactions and other events should be reflected in
financial statements. In the past, international accounting standards were issued by
the Board of the International Accounting Standards Committee (IASC); since
2001, the new set of standards has been known as the international financial
reporting standards (IFRS) and has been issued by the International Accounting
Standards Board (IASB). Although IASC has no authority to require compliance
with its accounting standards, many countries require the financial statements of
publicly-traded companies to be prepared in accordance with IAS.
4.
5. The ACME Laboratories Ltd. is a leading company for manufacturing world-class and
top-quality pharmaceutical products in Bangladesh. They are currently producing
more than 500 products in different dosage forms covering broader therapeutic
categories which include anti-infective, cardiovascular, anti diabetics,
gastrointestinal, CNS, respiratory disease etc. among many others.
They are united, inspired and fuelled by our mission to ensure health Vigour and
happiness for all. Since their founding in 1954 by Mr. Hamidur Rahman Sinha, an
entrepreneur and philanthropist in this region of the British divided Indian sub-
continent.
7. Beximco Pharmaceuticals Ltd (Beximco Pharma) is a leading manufacturer and
exporter of medicines in Bangladesh. Incorporated in the late 70s, Beximco
Pharma began as a distributor, importing products from global MNCs like Bayer,
Germany and Upjohn, USA and selling them in the local market, which were later
manufactured and distributed under licensing arrangement.
Since then, the journey continued, and today, Beximco Pharmaceutical is one of the
largest exporters of medicines in Bangladesh, winning National Export Trophy
(Gold) a record five times.
8.
9. Renata Limited (formerly Pfizer Limited) is one of the leading and fastest growing
pharmaceutical and animal health product companies in Bangladesh. The company
started its operations in 1972 as Pfizer (Bangladesh) Limited. In 1993, Pfizer
transferred the ownership of its Bangladesh operations to local shareholders and
the name of the company was changed to Renata Limited.
10.
11. IAS 1 — Presentation of Financial Statements -
Presentation of Financial Statements or IAS 1 is an international financial
reporting standard adopted by the International Accounting Standards Board
(IASB). It lays out the guidelines for the presentation of financial statements
and sets out minimum requirements of their content; it is applicable to all
general purpose financial statements that are based on International Financial
Reporting Standards (IFRS).
12. IAS 16 — Property, Plant and Equipment –
International Accounting Standard 16 Property, Plant and Equipment or IAS 16 is
an international financial reporting standard adopted by the International
Accounting Standards Board (IASB). It concerns accounting for property,
plant and equipment (known more generally as fixed assets), including
recognition, determination of their carrying amounts, and
the depreciation charges and impairment losses to be recognized in relation to
them.
IAS 16 was issued in December 1993 by the International Accounting Standards
Committee, the predecessor to the IASB. It was reissued in December 2003
and has been amended multiple times, most recently in May 2012.
13. IAS 18 — Revenue –
International Accounting Standard (“IAS”) 18 applies to revenue arising from:
a) The sale of goods
b) The rendering of services, other than construction contracts (1) and
c) The use by others of entity assets yielding interest, royalties and dividends.
IAS 18 contains high-level general principles applicable to different industries and
transactions. While US GAAP is based on the same principles, it contains
more detailed implementation guidance and includes industry specific
guidance, such as software, which results in more consistent revenue
recognition.
14. This report involves a critical analysis of IAS standards in financial statements. This
analysis indicates the effects of IAS implementation in financial report of
pharmaceutical company.
. It reiterates the commitment of the corporate to include those sections of society in
the growth process, which had till now, remained excluded from the main stream
development. Company has from the outset given considerable importance to
human and financial development as it creates goodwill and creates an atmosphere
in which business can succeed in a greater measure and plays a vital part in
business continuity.
