Accounting Standard of NCC Bank Limited

Abstract

International Financial Reporting Standard (IFRS) and International Accounting Standard (IAS) are the common guidelines for the accounting people to prepare the accounting report all over the world. The objectives of this report are to focus on NCC Bank Limited’s procedures and adaptation of IFRS. Moreover, the report has been prepared to identify the legal and regulatory environment required for the adoption of IFRS and to understand the IFRS adoption process. In the study, the data used are primarily derived from internship works and secondary material. From the end of the internship, it is found that IFRS adoption benefitted NCC Bank Limited by improving the quality of financial reporting, and providing a truthful, fair perspective to the stakeholders. The findings of the study will help to understand the advantages and problems of implementing the IFRS in the context of banking industry in emerging economy like Bangladesh.