Bangladesh Accounting Standards - Audit. Introduction. This guide to doing business in Bangladesh will provide foreign investors with an insight into the key aspects of undertaking business and investing in Bangladesh. The country offers a competitive market, business- friendly environment and a growing population. Bangladesh has a well- educated, highly adaptive and industrious workforce with the lowest wages and salaries in the region. Furthermore, Bangladesh's location next to India, China and the ASEAN markets provides foreign investors with a strategic location to access these markets. Bangladesh has proved to be an attractive investment location with its 1. Bangladesh offers the most liberal FDI regime in South Asia, allowing 1. Bangladesh also offers a number of export- oriented industrial enclaves with infrastructural facilities and logistical support for foreign investors. Download learning Pdf book Free Online Fro Business English Global Viose in English Many Things One Language ToLearnEnglish The adoption of international accounting standards in Bangladesh An exploration of rationale and process Monir Zaman Mir School of Business and Government, University of Canberra, Canberra, Australia, and Abu Shiraz Rahaman The Haskayne School of. Despite social unrest in the first half of fiscal year 2. GDP grew by 6. 1 per cent and the economy is expected to continue to grow at a brisk pace in 2. Bangladesh has set a target to be in the middle income group status by 2. This is expected to be achieved through simultaneous improvement of the political, economic, social, technological, legal and environmental infrastructure. While the economy is likely to retain its competitive advantage in producing clothing and apparel, rising incomes, better regulation and improved infrastructure will encourage a shift towards investment in higher value- added sectors. In the long term, rising Foreign Direct Investment (FDI) inflows will have a key role in supporting investment in Bangladesh. Growing household incomes will also open up a substantial market for consumer goods, including high- tech products. While this guide makes reference to some of the most common issues investors might face, it must be noted that certain industries, such as the financial services sector, are subject to special regulation and therefore companies wishing to invest in this area should seek legal advice. The information in this publication is current at December 2. Legal overview. Political and legal system. Bangladesh is a constitutional republic with a multi- party parliamentary democracy. Elections in Bangladesh are held on the basis of universal suffrage. The Parliament of Bangladesh is a unicameral legislature consisting of 3. They are directly elected from each constituency on the basis of a first- past- the- post system. The President is the head of the state elected by the members of the parliament for a five year term. Executive power of the Republic is, in accordance with the Constitution, exercised by or on the authority of the Prime Minister. The President is responsible for appointing the Prime Minister. The Cabinet shall be collectively responsible to Parliament. The present structure of the local government in Bangladesh had its origin in the British colonial period. The first attempt at establishing a local government institution was made during the latter part of the nineteenth century. The structure, function and financial management of local government institutions have undergone many changes from the British colonial period to the present day. Currently, the rural/regional local government of Bangladesh has three tiers, namely 'Zila Parishads', 'Upazila Parishads' and . Due to the rapid growth of towns and cities, in sub- urban areas the 'Union Parishad' is frequently replaced by the Municipal Corporations (Pourashava) and City Corporations. The Constitution of Bangladesh is the supreme law of the Republic. However, it can be amended by an ordinary law- making procedure; this amendment can only be passed through a vote of no less than two thirds of the members of Parliament. If any other law is inconsistent with the Constitution that other law shall, to the extent of the inconsistency, be void. Part III and Article 2. Constitution provide 1. The present legal and judicial system of Bangladesh owes its origin mainly to the two centuries of British rule in the Indian Sub- Continent, although some elements are remnants of the pre- British period tracing back to Hindu and Muslim administration. Most legislation in Bangladesh originates from English law and the legal system is based on English common law. The term “law” has been defined in the Constitution of Bangladesh as any Act, ordinance, order, rule, regulation, bylaw, notification or other legal instrument, and any custom or usage, having the force of law in Bangladesh. Besides, Article 1. Constitution of Bangladesh provides that the law declared by the Appellate Division shall be binding on the High Court Division and the law declared by either division of the Supreme Court shall be binding on all courts subordinate to it. Therefore, the statutory laws, secondary legislation and judgment laws or precedent, along with customs and usage, all form the sources of law in Bangladesh. The judiciary of Bangladesh consists of a Supreme Court, subordinate courts and tribunals established under the provisions of different statutes. The Supreme Court of Bangladesh is the highest court of law in Bangladesh. It consists of an Appellate Division and High Court Division. The Institute of Chartered Accountants of Bangladesh (ICAB) is the national professional accountancy body in Bangladesh. Bangladesh Accounting Standards (BASs) and Bangladesh Financial Reporting Standards (BFRSs) Volume -II (BAS 26 - BAS 41 and. Bangladesh Accounting Standard (BAS-1) - Free download as PDF File (.pdf), Text File (.txt) or read online for free. Bangladesh Accounting Standard (BAS) BAS 1 Objectives This standard prescribes the basis for presentation of general purpose financial. Academia.edu is a platform for academics to share research papers. Enforcement and Compliance of Accounting Standards: A Proposal for Bangladesh Dr. Monirul Alam Hossain* Associate Professor, Department of Accounting Rajshahi University. The Supreme Court is independent of the executive branch and is able to rule against the government. Data protection. There is no specific privacy or data protection law in Bangladesh, except for the Information and Communication Technology Act, 2. Nevertheless, the right of privacy is a fundamental right in Bangladesh. Article 4. 3 of The Constitution of Bangladesh declares that every citizen shall have the right to the privacy of his correspondence and other means of communication. Under the Information and Communication Technology Act 2. In addition, it is a punishable offence to disclose any record, book, register, message exchange, data or file to another person, even if authorised to view or process those materials without the permission of the concerned person(s). The Information and Communication Technology Act, 2. Cyber Crimes and relevant issues therein. According to the Right to Information Act 2. Nevertheless, no one has the right to intervene in one’s personal information unless (s)he willingly discloses it. Exchange controls. Bangladesh operates an exchange controlled economy under the Foreign Exchange Regulation Act, 1. All inward and outward remittances are regulated by the Central Bank of Bangladesh (that is, Bangladesh Bank). Foreign investor rights are protected under the Foreign Private Investment (Promotion and Protection) Act, 1. It also guarantees non- discriminatory treatment between foreign and local investment, and repatriation of proceeds from sales of shares and profits. Bangladesh Bank has outlined relevant procedures and formalities for all inward and outward remittance in its Guidelines for Foreign Exchange Transaction. The Guidelines cover the procedures for, among others: Foreign dealings in securities. Remittance of royalty/technical assistance fees. Foreign ownership. Mergers and acquisitions. Divestments. Remittance of profit, dividends, capital gains. Foreign and local borrowings. Retention quota of exporters. Any transaction that has not been outlined in the Guidelines for Foreign Exchange Transactions must obtain specific approval from the Bangladesh Bank. Bangladeshi 'Taka' (BDT) is convertible for current external transactions. Individuals or firms resident in Bangladesh may conduct all current external transactions, including trade and investment related transactions, through banks in Bangladesh authorised to deal in foreign exchange (Authorised Dealers) without prior approval from Bangladesh Bank. Similarly, non- resident direct investment in industrial enterprise and non- resident portfolio investment through stock exchanges do not require prior approval of the Bangladesh Bank. Remittance of post- tax dividends or profits on non- resident direct or portfolio investment does not require prior approval. Sales proceeds, including capital gains on non- resident portfolio investment, may also be remitted abroad without prior approval. Prior approval from Bangladesh Bank is required for the repatriation of sale proceeds of non- resident equity investment in public limited companies that are not listed on the stock exchange, and private limited companies. In determining the repatriable amount, Bangladesh Bank works out the net asset value of the shares on the basis of audited financial statements as on the date of the sale and the net asset value is thus calculated is considered repatriable. Money laundering regulations. In line with international initiatives and standards, Bangladesh promulgated the Money Laundering Prevention Act (MLPA), 2. Subsequently, MLPA, 2. To strengthen the AML/CFT regime of Bangladesh and meet the international standards, MLPA, 2. MLPA, 2. 00. 9 and Anti- Terrorism Act (ATA), 2. Both Acts have empowered Bangladesh Bank (BB), thus Bangladesh Financial Intelligence Unit (BFIU) to perform an anchor role in combating money laundering and terrorist financing. According to section 2. MLPA, 2. 01. 2, if any reporting organisation violates the directions mentioned in sub- section (1) of section 2. MLPA, 2. 01. 2, Bangladesh Bank may impose a fine of at least BDT5. BDT2,5. 00,0. 00 on the reporting organisations. Additionally, Bangladesh Bank may cancel the license or the authorisation for carrying out commercial activities of the said organisation or any of its branches, service centres, booths or agents. Alternatively, the Central Bank shall inform the corresponding registration or licensing authority about the violation for the relevant authority to take appropriate measures against the organisation. Intellectual Property Rights. Intellectual Property Rights are established in the Constitution of Bangladesh. Bangladesh's main intellectual property laws comprise: the Trademarks Act, 2. Patents and Designs Act 1. Copyright Act, 2.
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