The impact of the International Financial Reporting Standards on the quality of Banking Industry in Bangladesh: A case study on the impact of the IFRS on the quality of financial statements of top four Banks in Bangladesh

Abstract

The study showed how banks can succeed by following IFRS in recognizing, measuring, and disclosing its transaction as well as preparing financial statements. Besides, this study also showed the management’s proper choices in selecting accounting policies, assumptions and estimates for accounting entries and its influence on the future functioning outcome of the banks. In preparing my report, I have considered the issue of not following every standard of IFRS due to limitation of local rules and regulations. I have also taken into consideration all conflicts of the provisions of local rules with IFRS, Banks own policy and managements intention in preparing financial statements and making profit of the banks. Notwithstanding some limitations, I have tried to my best to show the impact of IFRS in selecting policies, implementing accounting issues, preparing financial statements and its results on the operation and hence profit of a bank.