Accounting practice in Bangladesh companies free essay sample

Accounting in Bangladesh In Bangladesh, the profession of accountancy developed during the British colonial period. Today it is represented by two professional bodies, the Institute of Cost Management Accountants of Bangladesh (ICMAB) and the Institute of Chartered Accountants of Bangladesh (ICAB). Chartered Accountants complete their training in practicing firms and specialize in financial accounting, financial audit and tax. CMAs receive particular training in cost audit, management audit and management accounting, as well as general accounting and taxation. Both the ICMAB and ICAB are under the administrative control of the Ministry of Commerce. The Government of Bangladesh considers both type of professional accountants equal in respect of employment in government services. The Generally Accepted Accounting Principles (GAAP) in Bangladesh is based upon standards set by the ICAB, which has stated its intention to adopt International Financial Reporting Standards. As of 2001, 23 such standards had already been adopted, and listed companies are required to use IFRS. We will write a custom essay sample on Accounting practice in Bangladesh companies or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Different Branches of Accounting: 1. Financial accounting: Limits its activities in recording business transaction and determining financial results and position. 2. Cost Accounting: Takes the responsibility of determining cost of products and services and controlling costs with a view to maximizing profit. 3. Management Accounting: Takes the duty of helping management in planning and decision making. Functions of different Branches of Accounting Financial Accounting: Recording business transaction. Determining the end results of the business. Determining the financial position on the closing date of the accounting period. Cost Accounting: Determining cost of product or services. Controlling cost of product or services. Measuring efficiency. Supplying financial and cost data. Management Accounting: Assisting management in planning. Assisting management in taking decisions in special situation. Management accounting practise in Bangladesh companies Management accounting practice helps an organization to survive in the competitive, ever-changing world, because it provides an important competitive advantage for an organization that guides managerial action, motivates behaviours, supports and creates the cultural values necessary to achieve an organization’s strategic objectives. Management accounting is concerned primarily with the internal needs of management. It is oriented toward evaluation of performance and development of estimates of the future as opposed to traditional financial accounting which emphasizes historical data related to such legal financial matters as ownership, investment, credit granting, taxation, regulation, and the building of foundations for consistent and conservative external reporting, â€Å"in accordance with generally accepted accounting principles. † Flexibility is an essential characteristic of management accounting since it presupposes that careful attention has been given to determine the important needs of management, many of which cannot be precisely identified in advance. The Institute of Management Accountants (IMA), the professional association of practicing and academic management accountants, defines management accounting as: â€Å"The process of identification, measurement, accumulation, analysis, preparation, interpretation, and communication of financial information used by management to plan, evaluate, and control within an organization and to assure appropriate use of and accountability for its resources. Management accounting also comprises the preparation of financial reports for non-management groups such as shareholders, creditors, regulatory agencies, and tax authorities. † Management accounting provides information from its environment to management to facilitate decision-making. Good management accounting information has three attributes: Technical-it enhances the understanding of the phenomena measured and provides relevant information for strategic decisions, Behavioural-it encourages actions that are consistent with an organization’s strategic objectives, and Cultural-it supports and/or creates a set of shared cultural values, beliefs, and mindsets in an organization and society. The development of management accounting is responsive to the demands of management and the environment. Management accounting adapts to organizational change and three major forces cause organizations to evolve: technological change, globalization, and customer needs (Ma Watters, 2001) [1]. In order to remain competitive in today’s global market, business must continually improve. Good management accounting practices help the organization to improve continually. Due to these all over the world there are so many management accounting tools techniques developed and practiced. Bangladeshi organizations as a member of global market need to adopt these techniques in order to remain competitive. A survey has been conducted based on a questionnaire to examine the management accounting practices in the manufacturing sector of Bangladesh. The all over evolution of management accounting system and its development in Bangladesh is also examined in order to provide a better understanding of present practices. Cost accounting practice in Bangladesh companies Cost accounting is valuable to an organization if it significantly improves the decision making process within the organization by providing accurate and timely input regarding the cost behavior in organizations. Generally based on standard accounting practices, cost accounting is one of the tools that managers utilize to determine what type and how much expenses is involved with maintaining the current business model. At the same time, the principles of cost accounting can also be utilized to project changes to these costs in the event that specific changes are implemented. When it comes to measuring how wisely company resources are being utilized, cost accounting helps to provide the data relevant to the current situation. By identifying production costs and further defining the cost of production by three or more successive business cycles, it is possible to note any trends that indicate a rise in production costs without any appreciable changes or increase in production of goods and services. By using this approach, it is possible to identify the reason for the change, and take steps to contain the situation before bottom line profits are impacted to a greater degree. Product development and marketing strategies are also informed by the utilization of cost accounting. In terms of product development, it is possible to determine if a new product can be produced at a reasonable price, considering the cost of raw materials and the labor and equipment necessary to product a finished product. At the same time, marketing protocols can make use of cost accounting to project if the product will sell enough units to make production a viable option. Cost accounting is helpful in making a number of business decisions. By weighing the actual costs versus the anticipated benefit, cost accounting can help a company to avoid launching a product with no real market, prevent the purchase of unnecessary goods and services. Conclusion: Globalization and the increasing complexity of business, together with high-powered computing technology, have contributed to the development of new management accounting techniques all over the world. The present study shows that though privatization and authoritative pronouncement has  contributed a lot in the development of accounting in Bangladesh, the survey result of the present practices of management accounting in listed manufacturing sector reveals that state of use of sophisticated techniques (like target costing, throughput costing, life cycle costing and probabilistic CVP) is not satisfactory. To keep pace with the world changing accounting environment, Bangladeshi firms should use the newly developed techniques. A well-balanced practice of those techniques ir respective of the sectors may be enhanced through compulsory enactment of cost and management accounting audit in Bangladesh.

Beyond The Dead Essays - American Film Directors, Free Essays

Beyond The Dead Essays - American Film Directors, Free Essays Beyond The Dead This play was the resounding voice of the dead. The direction of the play closely followed the original direction of the script. By that I mean that the unity of the play was contingent on the premise of the original writer. I believe that the director of this play was trying to uphold the message that Irwin Shaw first presented with this play. The play was directed very well. It seemed that it drove the intended message home well, which in this case I would consider an appreciative success. The view that I carried while watching this performance changed dramatically. Before the viewing, and during the first scenes, I was convinced that the plot was too dramatic. There has always been an enormous amount of sacrifice by soldiers during times of war. I thought this to be more of a degrading look at war, and it's atrocities. I believe in the sacrifices of war, or at least I thought I did. The play convinced me that not always is sacrifice necessary, and often times the sacrifice goes un noticed, or without proper revere for those giving up their lives. I would call the performance a sensitive, yet very real portrayal of the very large, yet mostly unseen, and unappreciated, losses of life. The actors did a pretty good job. On simple terms, they all remembered their lines, and the specific movements required of them. I guess that I don't know that for fact. If there was a mistake though, it was covered very well, which would indicate even better acting to me. The group of men that played the soldiers worked well together. They all seemed to be plagued by exactly the same symptoms. Of course they were all dead, but no one knows how to act dead-alive. Their individual acting of the symptoms was great, because in each we could see the same traits. They all swayed from side to side, or all kept a very somber, quiet look on their faces. Then they six were all further challenged by having to maintain these similarities, while at the same time displaying individual characteristics. The biggest part to all of the acting was the realness that all of the characters portrayed. The general is the best example of this. He was strong, and loud. The way he acted produced fear even in me. He was exactly the general I would picture or imagine if reading this performance to myself. The acting overall was strong. I don't know the scenery that was originally intended for this play, but I didn't like the set that was used. I however did agree with the structure being plat formed. The use of height to represent power or authority was an excellent choice. It is very easy to distinguish who they were, and what status they held because of the platform. One thing we discussed in class was the use of plain fatigues by the director. I believe that this choice was excellent. It made clear that the brutally and horror of war could be felt by anyone an any army. The lighting in the play was great as well. There were two particular parts that I noticed specifically. The first was the mood the lights cast. The back lights were blue and orange in color, and I believe that they helped set the mood. The second way I noticed the lighting was in more specific ways. The blinds on the wall in the press woman's office, or the leave cutout that were displayed through the larger covering lights to produce a leaf lik e effect on the floor and set. The spotlights on the individual soldiers when they were talking to their loved ones was also extremely creative. The way in which each soldier was totally lit, while the rest of the stage was dark had a profound effect. It gave more seriousness, or emphasis on their lines. The sound was vague. The gunshots sounded fake, and were difficult for the actors too act out correctly. Other than the gunshots though the sound seemed to fit in. I didn't notice any other problems, so I would assume that it was sufficient. The audience seemed to enjoy the