Fixed asset management & discloser in financial statements of BRAC Bank Limited

Abstract

BRAC Bank Limited (BBL), which is one of the fast growing private commercial bank, inaugurated its banking operations at 4th July 2001 in Bangladesh. Within a very short time BBL became one of the successful and fastest growing private banks in Bangladesh. The Bank operates under a "Triple-Bottom-Line" approach, where profit and social responsibility march together as it strives to achieve a poverty-free and enlightened Bangladesh. The primary objective of BRAC Bank Limited is to provide all kinds of banking services, while being the market leader in the Small and Medium Enterprises (SME) business. The bank is strongly supported by modern IT equipments as well as technology and updating it with the changes in modern banking sector. The management of the Bank believes that this sector of the economy can contribute the most to the rapid generation of employment in Bangladesh. Since inception in July 2001, the Bank's footprint has grown to 100 branches, 60 SME service centers, 3 SME / Krishi branches, 424 SME unit offices and more than 300 ATM sites across the country. Being the youngest bank took a step to break away from usual tradition and tapped into the true community entrepreneurial initiatives by disbursing over BDT 14,500 Crores in loans to more than 320,000 small and medium entrepreneurs. In internship repot, I have discussed about the sources and utilization of funds with the help of figure as well as the corporate vision, mission, values, goals and objectives of BRAC Bank Limited. I have also discoursed a little about the meanings of the logo as well as the slogan of BBL and tried my level best to identify the achievements from the inception of the bank. After that, I have described about all the products and services that the bank offers to the customers. A brief overview and description of the processes have been included with charts and diagrams. A short description about the management as well as the department of the bank is also given in the organization part. In the job part I have discussed about the nature of the job and the specific responsibilities that I had to do throughout the internship period in BBL. I have also tried to figure out what are the criteria‟s that the bank is looking for to become an enlisted supplier or vendor of the bank. A brief understanding of how BRAC Bank Limited is going to manage its fixed assets and what are the objectives as well as the benefits associated with the management of those fixed assets. I have also discussed about the auction policies as well as the responsibilities of the auction committee of BBL. I have also tried to figure out whether BRAC Bank Limited is following the “ISA 16 Property, Plant and Equipments” and how this mechanism works within the Bank. Finally I have made a SWOT analysis of BRAC Bank Limited and figure out some of the finding regarding the performance of BBL. Meanwhile I have included my suggestions and recommendations in order to eradicate the weaknesses of their department. Finally I have ended my report through including references and sources that I have used to make this report.