![]() ![]() This very low passing rate is an indication of the lack of appreciation of the importance of accountancy education in Thailand and calls for change in perspective of accounting and auditing education in Thailand's universities. Approximately 5-6% of the candidates pass each examination. At any given examination, at least 3000 candidates attempt the professional CPA examination administers by the FAP. The Federation of Accounting Professions (FAP), the regulatory body of Thailand's professional accountants, requires potential members to have successfully completed a bachelor's degree or its equivalent in any of the approved universities in Thailand by the Federation. However, the strategic role played by strong professional accountancy system in sustainable economic development has not been given national importance as has been given other academic spheres such as science and technology. ![]() Thailand's accountancy and corporate financial reporting have seen great improvement after the 1996/97 Asia financial crisis which originated from Thailand. ![]() This paper strongly recommends that the ICAB council may be reformed consisting of Three Board-(i) Accounting Standard Board, (ii) Auditing Standard Board and (iii) Financial Reports Review Board to ensure compliance of international standard and effective implementation. The paper also argues that the Financial Reporting Council (FRC), as proposed Financial Reporting Act 2015 (FRA) should not be handled by non-experts body. which must be overcome for successful adoption of IAS/IFRS. Some challenges also exist like the development of a legal and regulatory framework, low audit fees, awareness campaign and training of personnel etc. IFRS adoption promises a lot of benefits like decreased cost of capital, improved financial reporting quality, increased ability to secure borders-listing, better Access to Global Capital Markets and attraction of foreign direct investment, etc. The study is purely based on the information from prior works of literature and secondary data sources. The objectives of this paper are to identify the development of the accounting profession in Bangladesh, the legal and regulatory framework of accounting, IFRS adoption process, benefits and challenges of adopting IFRS in Bangladesh. The study focuses on the recent adoption status of International Financial Reporting Standards (IFRS) in a developing economy like Bangladesh. This paper strongly recommends that the ICAB council may be reformed consisting of Three Board - (i) Accounting Standard Board, (ii) Auditing Standard Board and (iii) Financial Reports Review Board to ensure compliance of international standard and effective implementation. IFRS adoption promises a lot of benefits like decreased cost of capital, improved financial reporting quality, increased ability to secure borders-listing, better access to global capital markets and attraction of foreign direct investment, etc. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |