1/15/ICAB-2010
29 August 2010
CIRCULAR
This is for information of all concerned that in supersession of all
previous Circulars issued in this regard, this Circular is being
issued in the context of the Council decisions taken in its meeting
held on 05 July 2010 in respect of the ending PE-II and PE-III
Examinations as follows:
(i) As per earlier decision the May-June 2010 examinations were
scheduled to be the last PE-II examinations. After re-consideration
of all relevant factors, the Council-ICAB has decided that another
PE-II Examination will be held in November-December 2010 and the
examinees may appear in that examination for the last time. After
November-December 2010 there will be no more PE-II Examination and
the concerned examinees will have to appear in examinations under the
new Curriculum from May-June 2011 Examinations.
(ii) As per earlier decision the last PE-III examinations were
scheduled to be held in November-December 2010. After
re-consideration of all relevant factors, the Council-ICAB has
decided that the last PE-III examination will be held in May-June
2011 and after that there will be no more PE-III Examinations. The
concerned examinees will have to appear under the new Curriculum from
November-December 2011 Examinations.
By order of the Council-ICAB
N I Chowdhury FCA
Secretary-ICAB
TO : ALL CA FIRMS
NOTICE BOARDS OF ICAB
Tuesday, August 31, 2010
Wednesday, August 25, 2010
Consumer’s behavior
The factors affecting consumer’s behavior:
To identify the buying behavior of a customer is very difficult subject. A customer buying behavior is influenced by cultural, social, personal and psychological factors. The factors affecting the customer behavior are as follows with a diagram:
1. Cultural Factor:
Culture, subculture and social classes are particularly important in buying behavior.
o Culture: Culture is most fundamental determination of a person’s wants and behavior. The important characteristics of culture are it’s learned, it is shared through social institutions, and it changes with the time.
o Subculture: Each culture consists of smaller subculture that provides more specific identification and socialization for the member. Subculture includes nationalities, region, and geographical region.
o Social Class: Virtually all-human societies exhibit social stratification. Each culture has social class, which are follows.
2. Social Factors:
In additional to cultural factors a customers behaviors influence by such social factor like following:
o Reference group: A person’s reference groups consist of all the groups that have a direct and indirect influence on the person’s attitudes.
o Family: Family members constitute the most influential primary reference group. Family choice influence in buyer’s mind.
o Roles & Status: The person’s position in each group can be defined in items of role & statuses. Each role carries a status.
3. Personal factors:
Byers decision also influence personal characteristic.
o Age & Life cycle Stage: Buyer’s decision differs on their age and stage in life cycle. Their choice is related of them.
o Occupation: Customers buy product consist their occupation.
o Economic circumstance: Product choice is greatly affected by ones economic circumstance.
o Life Style: Lifestyle means the pattern of living. It also influences to buyers what he should be bought?
o Personality & Self confidence: By personality means distinguishing psychological characteristics, self-confidence. A person must buy a product with consistence his Personality and self-confidence.
4. Psychological Factors:
Buyers choice also influence by followings:
o Motivation: A motive is a need that is sufficiently pressing to dr4ive the person to act. Psychologists have developed theories of motivating.
o Perception: Perception is the process by which an individual selects organizes information input to create a meaningful picture of the world.
o Learning: It involves change in an individual’s behavior arising from experience.
o Beliefs and Attitudes: Through doing and learning people acquire beliefs and attitudes.
In fine we can say a buyer behavior greatly influence by this above portion.
Culture, subculture and social classes are particularly important in buying behavior.
o Culture: Culture is most fundamental determination of a person’s wants and behavior. The important characteristics of culture are it’s learned, it is shared through social institutions, and it changes with the time.
o Subculture: Each culture consists of smaller subculture that provides more specific identification and socialization for the member. Subculture includes nationalities, region, and geographical region.
o Social Class: Virtually all-human societies exhibit social stratification. Each culture has social class, which are follows.
2. Social Factors:
In additional to cultural factors a customers behaviors influence by such social factor like following:
o Reference group: A person’s reference groups consist of all the groups that have a direct and indirect influence on the person’s attitudes.
o Family: Family members constitute the most influential primary reference group. Family choice influence in buyer’s mind.
o Roles & Status: The person’s position in each group can be defined in items of role & statuses. Each role carries a status.
3. Personal factors:
Byers decision also influence personal characteristic.
o Age & Life cycle Stage: Buyer’s decision differs on their age and stage in life cycle. Their choice is related of them.
o Occupation: Customers buy product consist their occupation.
o Economic circumstance: Product choice is greatly affected by ones economic circumstance.
o Life Style: Lifestyle means the pattern of living. It also influences to buyers what he should be bought?
o Personality & Self confidence: By personality means distinguishing psychological characteristics, self-confidence. A person must buy a product with consistence his Personality and self-confidence.
4. Psychological Factors:
Buyers choice also influence by followings:
o Motivation: A motive is a need that is sufficiently pressing to dr4ive the person to act. Psychologists have developed theories of motivating.
o Perception: Perception is the process by which an individual selects organizes information input to create a meaningful picture of the world.
o Learning: It involves change in an individual’s behavior arising from experience.
o Beliefs and Attitudes: Through doing and learning people acquire beliefs and attitudes.
In fine we can say a buyer behavior greatly influence by this above portion.
Tuesday, August 24, 2010
Annual Report
Parts of annual report:
1. Mission /Vision Statement.
2. Brief description of Board & Management.
3. Statistical Data.
4. Notice of the Annual General Meeting.
Agenda: a. To confirm the presiding of the last Annual General Meeting.
b. To receive, consider and adopt the audited Financial Statements together with the auditors report and the directors report there on.
c. To elect directors.
d. To declare dividends.
e. To appoint auditors and fix there remularation.(Dividend raised to 7%)
f. To transact any other business with the permission of chair.
5. Chairman’s statement:
Topics:
a. Operations
b. Marketing
c. Human resources
d. Environmental control
e. Future plans
f. Dividend
g. Conclusion. (Date is very important)
6.Corporate Governance: Method of operating company.
1.Internal Financial Control.
a. Management structure
b. Financial Reporting
c. Asset management d. Functional reporting.
2.Board Committees.
a. The Board
b. Board structure and preside.
c. Others (Relation with shareholder.
3. Report of the Director: (Result of the operation)
a. Financial results and appropriations.
b. Dividend.
c. Director (Who was elected)
d. Auditors
4. Value added statements:(Economic statements)
5. Financial Information.
6. Report of the Auditors:(ISF-15) (Name address & Date)
1. Mission /Vision Statement.
2. Brief description of Board & Management.
3. Statistical Data.
4. Notice of the Annual General Meeting.
Agenda: a. To confirm the presiding of the last Annual General Meeting.
b. To receive, consider and adopt the audited Financial Statements together with the auditors report and the directors report there on.
c. To elect directors.
d. To declare dividends.
e. To appoint auditors and fix there remularation.(Dividend raised to 7%)
f. To transact any other business with the permission of chair.
5. Chairman’s statement:
Topics:
a. Operations
b. Marketing
c. Human resources
d. Environmental control
e. Future plans
f. Dividend
g. Conclusion. (Date is very important)
6.Corporate Governance: Method of operating company.
1.Internal Financial Control.
a. Management structure
b. Financial Reporting
c. Asset management d. Functional reporting.
2.Board Committees.
a. The Board
b. Board structure and preside.
c. Others (Relation with shareholder.
3. Report of the Director: (Result of the operation)
a. Financial results and appropriations.
b. Dividend.
c. Director (Who was elected)
d. Auditors
4. Value added statements:(Economic statements)
5. Financial Information.
6. Report of the Auditors:(ISF-15) (Name address & Date)
Devaluation & Its Impact on Bangladesh Export.
Introduction:
Devaluation of money can affect in any economic system & can influence total production, total income, import & export. It may be positive or negative. But everything depends on the market system and economic policy of a country. The influence of devaluation of money is closely observed in Bangladesh. To increase export every year there is devaluation of money in Bangladesh.
What is devaluation of money?
To discuss about this matter we have to know about value of goods & service, value of money & quantity of money.
Value of goods & service: The quantity of money, which spends to buy goods & service, is called value of goods & service.
Value of money : Value of money means the purchasing power of money.
Quantity of money : Quantity of money means total prevalent money or currency in an economics.
Devaluation of money: The decrease of purchasing power of money is called devaluation of money.
How it occurs?
The value of money & quantity of money are directly related between each other. When quantity of money increases thus consumer gets more money than they had before. In this circumstance consumer wanted to fulfill their demand, but the resource are limited. So, in the same way price increase in the same rate and causes devaluation of money.
It is controlled by Central Bank. In Bangladesh it is controlled by Bangladesh Bank.
Influence of devaluation of money on export:
Devaluation is causes of inflation. It mainly affect on import & export. Due to inflation price of import items are rises and in other hand foreign traders can buy more items than the past. So export increase. But export doesn’t depend on only one variable. Production quality, quantity & international relationship etc. are also affect on export. The policy of devaluation money can enhance export if another variable are remain unchanged in an economic system.
Objectives of monetary policy of Bangladesh:
Bangladesh is a progressive country. Government of Bangladesh took a liberal monetary policy to rearrange and rehabilitation the economic base after independent. For this purpose government increase the supply of money. A gentle rising monetary policy observes in Bangladesh from the first.
Devaluation of money can affect in any economic system & can influence total production, total income, import & export. It may be positive or negative. But everything depends on the market system and economic policy of a country. The influence of devaluation of money is closely observed in Bangladesh. To increase export every year there is devaluation of money in Bangladesh.
What is devaluation of money?
To discuss about this matter we have to know about value of goods & service, value of money & quantity of money.
Value of goods & service: The quantity of money, which spends to buy goods & service, is called value of goods & service.
Value of money : Value of money means the purchasing power of money.
Quantity of money : Quantity of money means total prevalent money or currency in an economics.
Devaluation of money: The decrease of purchasing power of money is called devaluation of money.
How it occurs?
The value of money & quantity of money are directly related between each other. When quantity of money increases thus consumer gets more money than they had before. In this circumstance consumer wanted to fulfill their demand, but the resource are limited. So, in the same way price increase in the same rate and causes devaluation of money.
It is controlled by Central Bank. In Bangladesh it is controlled by Bangladesh Bank.
Influence of devaluation of money on export:
Devaluation is causes of inflation. It mainly affect on import & export. Due to inflation price of import items are rises and in other hand foreign traders can buy more items than the past. So export increase. But export doesn’t depend on only one variable. Production quality, quantity & international relationship etc. are also affect on export. The policy of devaluation money can enhance export if another variable are remain unchanged in an economic system.
Objectives of monetary policy of Bangladesh:
Bangladesh is a progressive country. Government of Bangladesh took a liberal monetary policy to rearrange and rehabilitation the economic base after independent. For this purpose government increase the supply of money. A gentle rising monetary policy observes in Bangladesh from the first.
Thursday, August 19, 2010
How to write a cover letter?
Dear Mr./Ms.____________________.
Immediately explain why your background makes you the best candidate for the position you are applying for. Keep the first paragraph short and hard-hitting.
Detail what you could contribute to this company. Show how your qualifications will benefit this firm. Remember to keep this letter short; few employers will read a cover letter over one page.
Describe your interest in the corporation. Subtly emphasize your knowledge about this firm (the result of your research effort) and your familiarity with the industry. You should present yourself as eager to work for any company which you interview with.
In the closing paragraph, you should specifically request an interview. Include your phone number and the hours when you can reached. Alternatively, you might prefer to mention that you will follow up with a phone call (to arrange an interview at a mutually convenient time within several days).
Immediately explain why your background makes you the best candidate for the position you are applying for. Keep the first paragraph short and hard-hitting.
Detail what you could contribute to this company. Show how your qualifications will benefit this firm. Remember to keep this letter short; few employers will read a cover letter over one page.
Describe your interest in the corporation. Subtly emphasize your knowledge about this firm (the result of your research effort) and your familiarity with the industry. You should present yourself as eager to work for any company which you interview with.
In the closing paragraph, you should specifically request an interview. Include your phone number and the hours when you can reached. Alternatively, you might prefer to mention that you will follow up with a phone call (to arrange an interview at a mutually convenient time within several days).
Wednesday, August 18, 2010
Bangladesh Professional: Issue of IAASB meeting held on July 29, 2010
Bangladesh Professional: Issue of IAASB meeting held on July 29, 2010: "The IAASB deliberated issues relating to the following projects: •Revision of International Standard on Assurance Engagements (ISAE) 3000, ..."
Monday, August 16, 2010
BSAs
200–299 GENERAL PRINCIPLES AND RESPONSIBILITIES
BSA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing
BSA 210, Agreeing the Terms of Audit Engagements
BSA 220, Quality Control for an Audit of Financial Statements
BSA 230, Audit Documentation
BSA 240, The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements
BSA 250, Consideration of Laws and Regulations in an Audit of Financial Statements
BSA 260, Communication with Those Charged with Governance
BSA 265, Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
300–499 RISK ASSESSMENT AND RESPONSE TO ASSESSED RISKS
BSA 300, Planning an Audit of Financial Statements
BSA 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment
BSA 320, Materiality in Planning and Performing an Audit
BSA 330, The Auditor’s Responses to Assessed Risks
BSA 402, Audit Considerations Relating to an Entity Using a Service Organization
BSA 450, Evaluation of Misstatements Identified during the Audit
AL STANDARDS ON AUDITING AND QUALITY CONTROL PART I
500–599 AUDIT EVIDENCE
BSA 500, Audit Evidence
BSA 501, Audit Evidence—Specific Considerations for Selected Items
BSA 505, External Confirmations
BSA 510, Initial Audit Engagements—Opening Balances
BSA 520, Analytical Procedures
BSA 530, Audit Sampling
BSA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
BSA 550, Related Parties
BSA 560, Subsequent Events
BSA 570, Going Concern
BSA 580, Written Representations
600–699 USING THEWORK OF OTHERS
BSA 600, Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)
BSA 610, Using the Work of Internal Auditors
BSA 620, Using the Work of an Auditor’s Expert
700–799 AUDIT CONCLUSIONS AND REPORTING
BSA 700, Forming an Opinion and Reporting on Financial Statements
BSA 705, Modifications to the Opinion in the Independent Auditor’s Report
BSA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
BSA 710, Comparative Information—Corresponding Figures and Comparative Financial Statements
BSA 720, The Auditor’s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements
800–899 SPECIALIZED AREAS
BSA 800, Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks
BSA 805, Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
BSA 810, Engagements to Report on Summary Financial Statements
BSA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing
BSA 210, Agreeing the Terms of Audit Engagements
BSA 220, Quality Control for an Audit of Financial Statements
BSA 230, Audit Documentation
BSA 240, The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements
BSA 250, Consideration of Laws and Regulations in an Audit of Financial Statements
BSA 260, Communication with Those Charged with Governance
BSA 265, Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
300–499 RISK ASSESSMENT AND RESPONSE TO ASSESSED RISKS
BSA 300, Planning an Audit of Financial Statements
BSA 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment
BSA 320, Materiality in Planning and Performing an Audit
BSA 330, The Auditor’s Responses to Assessed Risks
BSA 402, Audit Considerations Relating to an Entity Using a Service Organization
BSA 450, Evaluation of Misstatements Identified during the Audit
AL STANDARDS ON AUDITING AND QUALITY CONTROL PART I
500–599 AUDIT EVIDENCE
BSA 500, Audit Evidence
BSA 501, Audit Evidence—Specific Considerations for Selected Items
BSA 505, External Confirmations
BSA 510, Initial Audit Engagements—Opening Balances
BSA 520, Analytical Procedures
BSA 530, Audit Sampling
BSA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
BSA 550, Related Parties
BSA 560, Subsequent Events
BSA 570, Going Concern
BSA 580, Written Representations
600–699 USING THEWORK OF OTHERS
BSA 600, Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)
BSA 610, Using the Work of Internal Auditors
BSA 620, Using the Work of an Auditor’s Expert
700–799 AUDIT CONCLUSIONS AND REPORTING
BSA 700, Forming an Opinion and Reporting on Financial Statements
BSA 705, Modifications to the Opinion in the Independent Auditor’s Report
BSA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
BSA 710, Comparative Information—Corresponding Figures and Comparative Financial Statements
BSA 720, The Auditor’s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements
800–899 SPECIALIZED AREAS
BSA 800, Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks
BSA 805, Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
BSA 810, Engagements to Report on Summary Financial Statements
IFRSs & IASs
IFRS:
IFRS 1 First-time Adoption of International Financial Reporting
IFRS 2 Share-based Payment
IFRS 4 Insurance Contracts
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
IFRS 6 Exploration for and Evaluation of Mineral Resources
IFRS 7 Financial Instruments: Disclosures
IFRS 8 Operating Segments
IAS:
IAS 1 Presentation of Financial Statements
IAS 2 Inventories
IAS 7 Cash Flow Statements
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10 Events After the Balance Sheet Date
IAS 11 Construction Contracts
IAS 12 Income Taxes
IAS 14 Segment Reporting
IAS 16 Property, Plant & Equipment
IAS 17 Leases
IAS 18 Revenue
IAS 19 Employee Benefits
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
IAS 21 The Effects of Changes in Foreign Exchange Rates
IAS 23 Borrowing Costs
IAS 24 Related Party Disclosures
IAS 26 Accounting and Reporting by Retirement Benefit Plans
IAS 27 Consolidated and Separate Financial Statements
IAS 28 Investments in Associates
IAS 29 Financial Reporting in Hyperinflationary Economies
IAS 30 Disclosures in Financial Statements of Banks and Similar Institutions
IAS 31 Interests in Joint Ventures
IAS 32 Financial Instruments: Disclosure and Presentation
IAS 33 Earnings per Share
IAS 34 Interim Financial Reporting
IAS 36 Impairment of Assets
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
IAS 38 Intangible Assets
IAS 39 Financial Instruments: Recognition and Measurement
IAS 40 Investment Property
IFRS 1 First-time Adoption of International Financial Reporting
IFRS 2 Share-based Payment
IFRS 4 Insurance Contracts
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
IFRS 6 Exploration for and Evaluation of Mineral Resources
IFRS 7 Financial Instruments: Disclosures
IFRS 8 Operating Segments
IAS:
IAS 1 Presentation of Financial Statements
IAS 2 Inventories
IAS 7 Cash Flow Statements
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10 Events After the Balance Sheet Date
IAS 11 Construction Contracts
IAS 12 Income Taxes
IAS 14 Segment Reporting
IAS 16 Property, Plant & Equipment
IAS 17 Leases
IAS 18 Revenue
IAS 19 Employee Benefits
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
IAS 21 The Effects of Changes in Foreign Exchange Rates
IAS 23 Borrowing Costs
IAS 24 Related Party Disclosures
IAS 26 Accounting and Reporting by Retirement Benefit Plans
IAS 27 Consolidated and Separate Financial Statements
IAS 28 Investments in Associates
IAS 29 Financial Reporting in Hyperinflationary Economies
IAS 30 Disclosures in Financial Statements of Banks and Similar Institutions
IAS 31 Interests in Joint Ventures
IAS 32 Financial Instruments: Disclosure and Presentation
IAS 33 Earnings per Share
IAS 34 Interim Financial Reporting
IAS 36 Impairment of Assets
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
IAS 38 Intangible Assets
IAS 39 Financial Instruments: Recognition and Measurement
IAS 40 Investment Property
Who should submit Income Tax Return ?
•If total income of any individual other than female taxpayers, senior taxpayers of 70 years and above and retarded taxpayers during the income year exceeds Tk 1,65,000/-.
•If total income of any female taxpayer, senior taxpayer of 70 years and above and retarded taxpayer during the income year exceeds Tk 1,80,000/-.
•If any person was assessed for tax during any of the 3 years immediately preceding the income year.
•A person who lives in any city corporation/paurashava/divisional HQ/district HQ and owns a building of more than one storey and having plinth area exceeding 1,600 sq. feet/owns motor car/owns membership of a club registered under VAT Law.
•If any person subscribes a telephone.
•If any person runs a business or profession having trade license.
•Any professional registered as doctor, lawyer, income tax practitioner, Chartered Accountant, Cost & Management Accountant, Engineer, Architect and Surveyor etc.
•Member of a Chamber of Commerce and Industries or a trade Association.
•Any person who participates in a tender.
•A person who has a Taxpayer's Identification Number (TIN).
•Candidate for Union Parishad, Paurashava, City Corporation or Parliament.
•If total income of any female taxpayer, senior taxpayer of 70 years and above and retarded taxpayer during the income year exceeds Tk 1,80,000/-.
•If any person was assessed for tax during any of the 3 years immediately preceding the income year.
•A person who lives in any city corporation/paurashava/divisional HQ/district HQ and owns a building of more than one storey and having plinth area exceeding 1,600 sq. feet/owns motor car/owns membership of a club registered under VAT Law.
•If any person subscribes a telephone.
•If any person runs a business or profession having trade license.
•Any professional registered as doctor, lawyer, income tax practitioner, Chartered Accountant, Cost & Management Accountant, Engineer, Architect and Surveyor etc.
•Member of a Chamber of Commerce and Industries or a trade Association.
•Any person who participates in a tender.
•A person who has a Taxpayer's Identification Number (TIN).
•Candidate for Union Parishad, Paurashava, City Corporation or Parliament.
Wednesday, August 11, 2010
Issue of IAASB meeting held on July 29, 2010
The IAASB deliberated issues relating to the following projects:
•Revision of International Standard on Assurance Engagements (ISAE) 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Information
•Development of ISAE 3410, Assurance on a Greenhouse Gas Statement
•Authority of International Auditing Practice Statements (IAPSs), and development of revised IAPS 1012, Auditing Complex Financial Instruments
•Revision of International Standard on Review Engagements (ISRE) 2400, Engagements to Review Financial Statements
•Revision of International Standard on Related Services (ISRS) 4410, Engagements to Compile Financial Instruments
•Revision of International Standard on Assurance Engagements (ISAE) 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Information
•Development of ISAE 3410, Assurance on a Greenhouse Gas Statement
•Authority of International Auditing Practice Statements (IAPSs), and development of revised IAPS 1012, Auditing Complex Financial Instruments
•Revision of International Standard on Review Engagements (ISRE) 2400, Engagements to Review Financial Statements
•Revision of International Standard on Related Services (ISRS) 4410, Engagements to Compile Financial Instruments
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