Bangladesh, Oct. 24 -- The country's audit watchdog has formed two working groups to set accounting rules in line with the international financial reporting standards (IFRS) to further standardise the accounting practices here.
The Financial Reporting Council (FRC) Bangladesh, an independent oversight body, has formed the groups as companies deviate from the accounting standards in preparing their financial statements.
Local accountants prepare financial statements by applying different methods of accounting, guided by their ill-motives in many cases.
Many follow the direct cash flow method of accounting with some others going by the indirect method.
On the other hand, some do accounting based on their cash flows and others do it on the...