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Bangladesh Accounting Standard (BAS)

BAS 1 Objectives This standard prescribes the basis for presentation of general purpose financial statements to ensure comparability both with the entitys financial statements of previous periods and with the financial statements of other entities. It sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content.
10. Complete set of financial statements A complete set of financial statements comprises: a) b) c) d) e) A statement of financial position as at the end of the period; A statement of comprehensive income for the period; A statement of changes in equity for the period; A statement of cash flows for the period; Notes, comprising a summary of significant accounting policies and other explanatory information; and f) A statement of financial position as at the beginning of the earliest comparative period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements.

Both the companies (Beximco Pharmaceuticals Ltd. & Square Pharmaceuticals Ltd.) have shown the complete set of financial statements including a statement of financial position, a statement of comprehensive income, a statement of changes in equity, a statement of cash flows and notes for the period according to the BAS 1(10). The document is attached at the end of the report.

51. An entity shall clearly identify each financial statement and the notes. In addition, an entity shall display the following information prominently, and repeat it when necessary for the information presented to be understandable: a) The name of the reporting entity or other means of identification, and any change in that information from the end of the preceding reporting period; b) Whether the financial statements are of an individual entity or a group of entities;

c) The date of the end of the reporting period or the period covered by he iod the set of financ ancial statements or notes;

The name of the reporting entity or other means of identification are followed by rting follow Beximco Pharmaceuticals Limited and Square Pharmaceuticals Limited. ticals It is also clear that both of them are individual entities. The dates of the end of the oth en reporting period are covere by the set of financial statements or notes. covered
d) The presentatio currency, as defined in BAS 21; tion e) The level of rou ounding used in presenting amounts in the financial he statements.

Foreign currencies are translated into taka at the exchange rates ruling on the date of transactions in d f trans accordance with BAS-21 "The Effect of Changes in Foreign Exchange Rates". Bank deposit in foreign Effects nk dep currency for retention quota account h been translated into taka at the year end at the rate of exchange count has ra ruling on that date and gain/(loss) hav been accounted for as other income/(loss) in the Income ss) have n I Statement.

There is no rounding figure in the statements. The amounts are shown in full figure. l figur

54. Statement of financial po position Information to be presented in the statement of financial position ed As a minimum, the statemen of financial position shall include line items that ent it present the following amoun unts: a) b) c) d) e) f) g) h) i) j) Property, plant and eq equipment; Investment property; y; Intangible assets; Financial assets(exclu luding amounts shown under (c), (h) & (i)) i)); Investments accounted for using the equity method; ted Biological assets; Inventories; Trade and other receiv eivables; Cash and cash equivale alents; The total of assets clas lassified as held for sale and assets included in disposal ed groups classified as he for sale in accordance with BFRS 5 Non held on-current Assets Held for Sale an Discontinued Operations; and k) Trade and other payab ables;

l) Provisions; m) Financial liabilities [excluding amounts shown under (k) and (l)]; n) Liabilities and assets for current tax, as defined in BAS 12 Income Taxes; o) Deferred tax liabilities and deferred tax assets, as defined in BAS 12; p) Liabilities included in disposal groups classified as held for sale in accordance with BFRS 5; q) Non-controlling interests, presented within equity; and r) Issued capital and reserves attributable to owners of the parent. => Both companies followed the BAS-1 (54) in completing financial position statement. But

some of the elements are absent.

83. An entity shall disclose the following items in the statement of comprehensive income as allocations of profit or loss for the period: a) Profit or loss for the period attributable to: i. Non-controlling interests, and ii. Owners of the parent. b) Total comprehensive income for the period attributable to: i. Non-controlling interests, and ii. Owners of the parent. => Both of companies followed BAS- 1 (83) requirements. 84. An entity may present in a separate income statement (see paragraph 81) the line items in paragraph 82 (a)-(f) and the disclosures in paragraph 83(a). => Both companies have followed the format of comprehensive income statement according to

the BAS-1(81, 82, and 83).

97. When items of income or expense are material, an entity shall disclose their nature and amount separately. => Items of income or expense are shown separately both in the statements and notes.

98. Circumstances that would give rise to the separate disclosure of items of income and expense include: a. Write downs of inventories to net realizable value or of property, plant and equipment to recoverable amount, as well as reversals of such write-downs;

b. Restructuring o the activities of an entity and reversals of any g of als provisions for t costs of restructuring; r the c. Disposals of item of property, plant and equipment; tems

d. Disposals of inv nvestments; e. Discontinued op operations; f. Litigation settle tlements and g. Other reversals provisions. als

=> Both of the companies have fol ave followed BAS-1(98) for above elements.

106. An entity shall present a statement of change in equity showing in the t gi statement: a. Total comprehe hensive income for the period, showing sep eparately the total amounts a s attributable to owners of the parent and to nondt controlling inte terests; b. For each compo ponent of equity, the effect of retrospective application ive or retrospective restatement recognized in accordance with BAS 8; ive w and c. For each compo ponent of equity, a reconciliation between the carrying nt amount at the b e beginning and the end of the period, separ arately disclosing chang resulting from; anges i. Profit or loss; ii. Each item of other comprehensive income; and em iii. Transacti ction with owners in their capacity as owne ners, showing separatel contributions by and distributions to owners and tely ow changes i ownership interests in subsidiaries tha do not result s in hat in a loss o control. s of Both of the companies have f followed the above rules of BAS-1(106). See the figures, he figu

112. The notes shall: a. Present in t information about the basis of preparation of the ion financial statements and the specific accounting policies used in ial po accordan with paragraphs 117-124; ance b. Disclose t information required by BFRS that is not presented e the elsewher in the financial statement; and ere c. Provide in e information that is not presented elsewhe in the here financial statements, but is relevant to an understa ial standing of any of them.

Both of the companies hav perfectly followed BAS-1(112). The notes of both company es have tes are attached with the repor report.

117. An entity shall disclose in the summary of significant accounting policies: a. The measurement basis (or bases) used in preparing the financial statement, and b. The other accounting policies used that are relevant to an understanding of the financial statements.

Both of them followed the related accounting policies.