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Bangladesh Accounting Standard (BAS)BAS 1 Objectives This standard prescribes the basis for presentation of general purpose financial statements to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. It sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content.10. Complete set of financial statements A complete set of
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Bangladesh Accounting Standard (BAS)Bangladesh Accounting Standard (BAS)Bangladesh Accounting Standard (BAS)Bangladesh Accounting Standard (BAS)
BAS 1
Objectives
This standard prescribes the basis for presentation of general purpose financial statements to
ensure comparability both with the entity’s financial statements of previous periods and with the
financial statements of other entities. It sets out overall requirements for the presentation of
financial statements, guidelines for their structure and minimum requirements for their content.
10. Complete set of financial statements
A complete set of financial statements comprises:
a) A statement of financial position as at the end of the period;
b) A statement of comprehensive income for the period;
c) A statement of changes in equity for the period;
d) A statement of cash flows for the period;
e) Notes, comprising a summary of significant accounting policies and
other explanatory information; and
f) A statement of financial position as at the beginning of the earliest
comparative period when an entity applies an accounting policy
retrospectively or makes a retrospective restatement of items in its
financial statements, or when it reclassifies items in its financial
statements.
� Both the companies (Beximco Pharmaceuticals Ltd. & Square Pharmaceuticals Ltd.)
have shown the complete set of financial statements including a statement of financial
position, a statement of comprehensive income, a statement of changes in equity, a
statement of cash flows and notes for the period according to the BAS 1(10). The
document is attached at the end of the report.
51. An entity shall clearly identify each financial statement and the notes. In
addition, an entity shall display the following information prominently, and repeat
it when necessary for the information presented to be understandable:
a) The name of the reporting entity or other means of identification, and
any change in that information from the end of the preceding
reporting period;
b) Whether the financial statements are of an individual entity or a
group of entities;
c) The date of the
the set of financ
�
The name of the reporting
Beximco Pharmaceuticals
It is also clear that both of
reporting period are covere
d) The presentatio
e) The level of rou
statements.
Foreign currencies are translated into
accordance with BAS-21 "The Effect
currency for retention quota account h
ruling on that date and gain/(loss) hav
Statement.
There is no rounding figure in the
he end of the reporting period or the period
ancial statements or notes;
rting entity or other means of identification are follow
ticals Limited and Square Pharmaceuticals Limited.
oth of them are individual entities. The dates of the en
covered by the set of financial statements or notes.
tion currency, as defined in BAS 21;
ounding used in presenting amounts in the
d into taka at the exchange rates ruling on the date of trans
Effects of Changes in Foreign Exchange Rates". Bank dep
count has been translated into taka at the year end at the ra
ss) have been accounted for as other income/(loss) in the I
in the statements. The amounts are shown in full figur
iod covered by
followed by
the end of the
he financial
f transactions in
nk deposit in foreign
the rate of exchange
n the Income
l figure.
54. Statement of financial po
Information to be presented
As a minimum, the statemen
present the following amoun
a) Property, plant and eq
b) Investment property;
c) Intangible assets;
d) Financial assets(exclu
e) Investments accounted
f) Biological assets;
g) Inventories;
h) Trade and other receiv
i) Cash and cash equivale
j) The total of assets clas
groups classified as he
Assets Held for Sale an
k) Trade and other payab
position
ed in the statement of financial position
ent of financial position shall include line it
unts:
equipment;
y;
luding amounts shown under (c), (h) & (i))
ted for using the equity method;
eivables;
alents;
lassified as held for sale and assets included
held for sale in accordance with BFRS 5 Non
and Discontinued Operations;
ables;
items that
i));
ed in disposal
on-current
l) Provisions;
m) Financial liabilities [excluding amounts shown under (k) and (l)];
n) Liabilities and assets for current tax, as defined in BAS 12 Income Taxes;
o) Deferred tax liabilities and deferred tax assets, as defined in BAS 12;
p) Liabilities included in disposal groups classified as held for sale in accordance
with BFRS 5;
q) Non-controlling interests, presented within equity; and
r) Issued capital and reserves attributable to owners of the parent.
=> Both companies followed the BAS-1 (54) in completing financial position statement. But
some of the elements are absent.
83. An entity shall disclose the following items in the statement of comprehensive
income as allocations of profit or loss for the period:
a) Profit or loss for the period attributable to:
i. Non-controlling interests, and
ii. Owners of the parent.
b) Total comprehensive income for the period attributable to:
i. Non-controlling interests, and
ii. Owners of the parent.
=> Both of companies followed BAS- 1 (83) requirements.
84. An entity may present in a separate income statement (see paragraph 81) the
line items in paragraph 82 (a)-(f) and the disclosures in paragraph 83(a).
=> Both companies have followed the format of comprehensive income statement according to
the BAS-1(81, 82, and 83).
97. When items of income or expense are material, an entity shall disclose their
nature and amount separately.
=> Items of income or expense are shown separately both in the statements and notes.
98. Circumstances that would give rise to the separate disclosure of items of income
and expense include:
a. Write downs of inventories to net realizable value or of property,
plant and equipment to recoverable amount, as well as reversals of
such write-downs;
b. Restructuring o
provisions for t
c. Disposals of item
d. Disposals of inv
e. Discontinued op
f. Litigation settle
g. Other reversals
=> Both of the companies have fol
g of the activities of an entity and reversals
r the costs of restructuring;
tems of property, plant and equipment;
nvestments;
operations;
tlements and
als provisions.
ave followed BAS-1(98) for above elements.
als of any
106. An entity shall present a
statement:
a. Total comprehe
total amounts a
controlling inte
b. For each compo
or retrospective
and
c. For each compo
amount at the b
disclosing chang
i. Profit or
ii. Each item
iii. Transacti
separatel
changes i
in a loss o
� Both of the companies have f
t a statement of change in equity showing i
hensive income for the period, showing sep
s attributable to owners of the parent and t
terests;
ponent of equity, the effect of retrospective
ive restatement recognized in accordance w
ponent of equity, a reconciliation between t
e beginning and the end of the period, separ
anges resulting from;
or loss;
em of other comprehensive income; and
ction with owners in their capacity as owne
tely contributions by and distributions to ow
s in ownership interests in subsidiaries tha
s of control.
have followed the above rules of BAS-1(106). See the figu
g in the
eparately the
d to non-
ive application
with BAS 8;
n the carrying
arately
ners, showing
owners and
hat do not result
he figures,
112. The notes shall:
a. Present in
financial
accordan
b. Disclose t
elsewher
c. Provide in
financial
of them.
� Both of the companies hav
are attached with the repor
t information about the basis of preparation
ial statements and the specific accounting po
ance with paragraphs 117-124;
e the information required by BFRS that is
ere in the financial statement; and
e information that is not presented elsewhe
ial statements, but is relevant to an understa
es have perfectly followed BAS-1(112). The notes of
report.
ion of the
policies used in
is not presented
here in the
standing of any
tes of both company
117. An entity shall disclose in the summary of significant accounting policies:
a. The measurement basis (or bases) used in preparing the financial
statement, and
b. The other accounting policies used that are relevant to an
understanding of the financial statements.
� Both of them followed the related accounting policies.