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 per circular No.Com/PTMA/AP/2/19/87.
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 2013, ICAB has adopted the IFRS as issued by the IASB, except for IAS 39 and All foreign companies, and domestic companies listed on the Dhaka Stock Exchange (DSE) and/or the Chittagong Stock Exchange (CSE) are required to use IFRS.
