Presenting financial statements according to BAS 1: a study on organization of ACNABIN chartered accountants

Abstract

ACNABIN Chartered Accountants is one of the biggest and reputed CA firm in Bangladesh. The organization provided different types of services related to audit, taxation and advisory. The organization’s main task about audit is they need to evaluate whether the enterprise are publish their financial statements correctly or not. Similarly the firm try to find any error or fraud which are made by the enterprise. These types of practices make the organization’s employee, trainee or articaleship students more skillful and experienced and the organization’s name is becoming prudent in this particular industry. For presenting financial statements each organization need to follow the guidelines of various accounting standards. In our country we follow GAAP, BFRS, BAS and other guidelines which is very helpful to make any statement appropriate. Every accounting Standard is important for presenting a statement but I have focused on BAS which indicates Bangladesh Accounting Standards. I am specifically working on the standard 1 or BAS 1 which is explained about the presenting of financial statements. Basically, all organizations are following this particular standard because it is highly applicable in the practice of accounting methods. BAS 1 consists with few features which are related to reporting financial statements. The features are materiality, offsetting, matching, going concern, descriptive analysis, and accrual basis principles and the topics are explained broadly in the report. On the other hand BAS 1 describes about how any financial statement should be presented like Balance Sheet, Income Statements or Cash Flow Statements which are also explained in the report. During the internship program, I got the opportunity to work closely at audit and assigned to prepare a report. While preparing the report lots of challenges I faced and tried to construct this report with the amount of resources I had. The report contains a comprehensive explanation about BAS 1. I have built-in some findings, regarding on the issue of BAS 1 . Lastly, some recommendations also given for any further research regarding this topic.