Adoption of New IFRS in Bangladesh: Disclosure Level and Benefits

Abstract

This study dissects the application and disclosure status of the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) in 157 companies in 16 different sectors which are listed on the Dhaka Stock Exchange (DSE). The major focus of the report is to analyse the implementation status of the Accounting Standards after recent amendments in the IAS and the introduction of the new IFRS. Annual reports of 157 companies are examined to check the disclosure status of the Accounting Standards. Though some IAS/IFRS are not applicable for all sectors, through descriptive statistics, the study will help us know how different companies utilize Accounting Standards in practice and maintain consistency. 30 accountants have been interviewed to know the most influential factors and the challenges regarding the adoption and disclosure. Paper and Telecommunication industries are the most consistent in maintaining Accounting Standards. The findings of the current study are different from earlier studies in that a comparison from 2015 to 2019 has been drawn to depict the changing adoption pattern of IAS/IFRS in Bangladesh.