Problems of Implementing of International Financial Reporting Standards in Bangladesh

Abstract

The adoption of International Financial Reporting Standards (IFRS) around the world represents the most important accounting regulatory changes in last decades. The adoption process and application of IFRS in every country is not same. It depends on the legal and institutional framework of a country. Bangladesh has been adopted IAS/IFRS since 1999. For adopting and issuing the standards in this country, ICAB has the supreme power which leads the conflict with other professional body and legal compliance. Though IFRS promises a lot of benefits for the adopting country, but there are many challenges which must be overcome. This paper argues that to implement the IFRS in Bangladesh, all the concerned parties should be involved.

Keywords: IFRS, Adoption, ICAB, Bangladesh.