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  • Accounting Lecture 1 & 2

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    Mizanur Rahman Babla
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    This document provides an overview of accounting for limited liability companies under Bangladeshi standards. It discusses [1] the key chapters that will be covered, including preparing basic financial statements and company financial statements; [2] the components and elements of financial statements such as assets, liabilities, equity, income and expenses; and [3] financial reporting requirements for private and public limited companies including recognition, measurement and presentation of financial statements.

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    Accounting

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    This document provides an overview of accounting for limited liability companies under Bangladeshi standards. It discusses [1] the key chapters that will be covered, including preparing basic financial statements and company financial statements; [2] the components and elements of financial statements such as assets, liabilities, equity, income and expenses; and [3] financial reporting requirements for private and public limited companies including recognition, measurement and presentation of financial statements.

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    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
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    42 views20 pages

    Accounting Lecture 1 & 2

    Uploaded by

    Mizanur Rahman Babla
    This document provides an overview of accounting for limited liability companies under Bangladeshi standards. It discusses [1] the key chapters that will be covered, including preparing basic financial statements and company financial statements; [2] the components and elements of financial statements such as assets, liabilities, equity, income and expenses; and [3] financial reporting requirements for private and public limited companies including recognition, measurement and presentation of financial statements.

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    of 20

    ACCOUNTING

    Limited Liability Company Accounts

    • Chapter- 1 : Overview of f/s


    • Chapter- 5 : Preparing basic f/s
    • Chapter- 12 : Company f/s
    Marks distribution

    • Class attendance [***]

    • 2-Class tests to be conducted by teachers

    • Final exam to be conducted by ICAB

    *** More emphasis


    Chapter-1
    Overview of financial statements
    • Meaning of f/s
    • Components
    • Elements
    • Objectives
    • Users
    • Reporting framework
    • Qualitative characteristics
    • Recognition
    • Measurement
    • Comparative
    • Presentation format
    Chapter-5
    Preparing basic financial statements

    • Preparing trial balance

    • Preparing extended trial balance (work-sheet)


    Chapter-12
    Company financial statements
    • Nature of Limited Company
    • Accounting for Share capital
    • Accounting for Dividends
    • Reserves
    • Accounting for Revaluation
    • Issuance of Bonus share
    • Issuance of Debenture
    • Treatment for provision
    • Accounting for Tax
    • Regulatory framework
    • Preparation of financial statements
    • Application of BAS-8
    Forms of business entity

    • Sole-tradership
    • Partnership
    • Limited Liability Company
    Limited Liability Company

    • Registered with RJSC;

    • Legal existence

    • Formed under the Companies Act 1994;

    • Shareholders are responsible only for amount of shares


    held by them.

    • Agency relationship
    Private vs. Public

    • No. of shareholders [2-50] [7+]

    • Minimum no. of directors [2] [3]

    • Transfer of shares [N] [Y]

    • Restriction on public offering [N] [Y]

    • Certificate of commencement of business [N] [Y]


    Financial reporting framework

    • Companies Act 1994

    • Bangladesh Accounting Standards

    • SEC Rules 1987


    Components of f/s - BAS

    • Balance sheet [Statement of financial position]

    • Income statement [Statement of comprehensive income]

    • Statement of changes in equity (SCE)

    • Cash flow statement [Statement of cash flows]

    • Notes to the financial statements


    Components of f/s- CA’ 1994

    • Balance sheet

    • Profit & Loss Account / I&E Account


    Elements of f/s

    • Asset

    • Liability

    • Equity

    • Income

    • Expense
    Objectives of f/s

    Providing information about financial position, financial


    performance and changes in financial position of an
    enterprise that is useful to wide range of users in making
    economic decision
    Users of financial statements

    • Directors
    • Employees
    • Shareholders
    • Trade contracts
    • Finance providers
    • Tax authority
    • Financial analysts
    • Government agency
    • Public
    Qualitative characteristics

    • Relevance

    • Understandability

    • Reliability

    • Comparability
    Recognition criteria

    • Future economic benefit will flow to the entity

    • Cost can be measured reliably


    Measurement criteria

    • Historical cost

    • Current cost

    • Realizable value

    • Present value

    • Fair value
    Comparative

    • Annual financial statements (BAS-1)

    • Interim financial statements (BAS-34)


    Format

    • Balance sheet

    • Income statement

    • SCE

    • Cash flow statement

    • Notes to the financial statements


    .

    THANK YOU

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