It is the routine manner in which the day-to-day financial activities of a business entity are gathered and recorded. A firm’s accounting practice refers to the method by which its accounting policies are implemented and adhered to on a routine basis, typically by an accountant and auditor or a team of accounting professionals. Accounting in Bangladesh:
In Bangladesh, the profession of Accountancy developed during the British colonial period. Today it is represented by two professional bodies, the Institute of Cost and Management Accountant of Bangladesh (ICMAB) and the Institute of Chartered Accountants of Bangladesh (ICAB). Chartered Accountants complete their training in practicing firms and specialize in financial accounting, financial audit and tax. CMAs receive particular training in cost audit, management audit and management accounting as well as general accounting and taxation. Both the ICMAB and ICAB are under the administrative control of the Ministry of Commerce. The government of Bangladesh considers both type professional accountants equal in respect of employment in government services. The Generally Accepted Accounting Principles (GAAP) in Bangladesh is based upon standards set by the ICAB which has stated its intention to adopt International Financial Reporting Standards (IFRS). The Institute of Cost and Management Accountants of Bangladesh (ICMAB) It is the only institution in the country dedicated to Cost and Management Accounting education and research. It is managed as an autonomous professional body under the Ministry of Commerce. As well as education, it is also engaged in regulating and promoting the profession of cost and management accounting in Bangladesh. The Institute is managed by a National Council of 16 members. It is a member of the International Federation of Accountants (IFAC), Confederation of Asian and Pacific Accountants (CAPA), and South Asian Federation of Accountants (SAFA). ICMAB members are known...
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