BAS and BFRS

 

Adoption Status of International Accounting Standards (IASs) by ICAB as Bangladesh Accounting Standards (BFRS) as on 1 January 2013.

BAS No. BAS Title BAS Effective Date Remarks 1 Presentation of Financial Statements on or after 1 Jan 2010   2 Inventories on or after 1 January 2007   7 Statement of Cash Flows on or after 1 January 1999   8 Accounting Policies, Changes in Accounting Estimates and Errors on or after 1 January 2007   10 Events after the Reporting Period on or after 1 January 1999   11 Construction Contracts on or after 1 January 1999   12 Income Taxes on or after 1 January 1999   16 Property, Plant & Equipment on or after 1 January 2007   17 Leases on or after 1 January 2007   18 Revenue on or after 1 January 2007   19 Employee Benefits on or after 1 January 2013   20 Accounting of Government Grants and Disclosure of Government Assistance on or after 1 January 1999   21 The Effects of Changes in Foreign Exchange Rates on or after 1 January 2007   23 Borrowing Costs on or after 1 January 2010   24 Related Party Disclosures on or after 1 January 2007   26 Accounting and Reporting by Retirement Benefit Plans on or after 1 January 2007   27 Separate Financial Statemens on or after 1 January 2013   28 Investments in Associates and Joint Ventures on or after 1 January 2013   IAS 29 Financial Reporting in Hyperinflationary Economics on or after 1 January 2015   31 Interest in Joint Ventures on or after 1 January 2007   32 Financial Instruments: Presentation on or after 1 January 2010   33 Earnings per Share on or after 1 January 2007   34 Interim Financial Reporting on or after 1 January 1999   36 Impairment of Assets on or after 1st January 2005   37 Provisions, Contingent Liabilities and Contingent Assets on or after 1 January 2007   38 Intangible Assets on or after 1 January 2005   39 Financial Instruments: Recognition and Measurement on or after 1 January 2010   40 Investment Property on or after 1 January 2007   41 Agriculture on or after 1 January 2007   Adoption Status of International Financial Reporting Standards (IFRS) by ICAB as Bangladesh Financial Reporting Standards (BFRS) as on 1 January 2013. IFRS / BFRS Title Effective Date on or after BFRS 1 First-time adoption of International financial Reporting Standards 1 January 2009 BFRS 2 Share-based Payment 1 January 2007 BFRS 3 Business Combinations 1 January 2010 BFRS 4 Insurance Contracts 1 January 2010 BFRS 5 Non-current Assets Held for Sale and Discontinued Operations 1 January 2007 BFRS 6 Exploration for and Evaluation of Mineral Resources 1 January 2007 BFRS 7 Financial Instruments: Disclosures 1 January 2010 BFRS 8 Operating Segments 1 January 2010 IFRS 9 Financial Instruments NA (Not yet adopted but under review process) BFRS 10 Consolidated Financial Statements 1 January 2013 BFRS 11 Joint Arrangements 1 January 2013 BFRS 12 Disclosure of Interests in other Entities 1 January 2013 BFRS 13 Fair Value Measurement 1 January 2013 N.B: All of these BFRSs are updated based on IFRSs 2012.