Internship Report on "Accounting Standard of NCC Bank PLC- An Overview"

Abstract

IFRS and IAS serve as the main rules for financial reporting worldwide, guaranteeing uniformity and clarity in accounting procedures. This report delves into NCC Bank PLC’s procedures & adaptation of IFRS, highlighting bank’s alignment with these standards. The objectives include examining the legal and regulatory framework essential for IFRS adoption and understanding the overall implementation process. Data for this study were gathered through an internship and secondary sources. The findings reveal that IFRS adoption has significantly enhanced the quality of financial reporting at NCC Bank PLC, giving stakeholders a clearer & more open look at the bank's financial well-being. Furthermore, the adoption of IFRS has contributed to better comparability and reliability in financial statements, fostering greater investor confidence. The report also identifies challenges faced during the IFRS implementation process, such as regulatory hurdles and the need for extensive staff training. These insights are crucial for appreciating the benefits and obstacles of IFRS adoption within the banking sector of emerging economies like BD.